11 Free Accounting Software To Streamline Your Finances

Khyati Hooda
By Khyati Hooda 27 Min Read

Accounting software is a powerful tool that assists individuals, businesses, and organizations in managing their financial transactions, records, and reporting effectively. Automating and streamlining diverse accounting processes enhances efficiency and precision in financial management. In today’s article, you’ll explore everything about free accounting software.

There are many free accounting software in the market. However, it’s important to note that these software options may provide supplementary paid features or require charges for specific advanced functionalities. 

It is crucial to carefully examine their offerings and consider your business’s unique requirements before selecting. In this article, you will learn everything about the free accounting software.

Overview: Free Accounting Software

Accounting software encompasses computer programs or applications created to aid individuals, businesses, and organizations in handling their financial transactions, records, and processes.

It streamlines various accounting tasks and offers capabilities like bookkeeping, invoicing, expense tracking, financial reporting, payroll management, and tax calculations. By automating these functions, accounting software enhances efficiency and accuracy in financial management.

The main aim of accounting software is to optimize and simplify financial management processes, enabling precise record-keeping, analysis, and adherence to accounting standards and regulations.

Free accounting software typically encompasses functionalities such as invoicing, expense tracking, financial reporting, and sometimes essential inventory management or payroll capabilities.

Although free accounting software may have certain limitations compared to paid alternatives, it can be a cost-effective option suitable for startups, small businesses, freelancers, or individuals with straightforward accounting requirements.

How To Choose The Best Free Accounting Software

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Here are the factors to consider while choosing the best accounting software:

  • Software aligns or not – Assess whether the software aligns with the size and intricacy of your business. Certain software options are tailored to the requirements of small businesses, while others are better suited for larger organizations with more intricate accounting needs.
  • Software features – Evaluate the software’s features and functionality, considering fundamental accounting capabilities like invoicing, expense tracking, financial reporting, bank reconciliation, and inventory management. Additionally, assess whether the software offers specific features that align with your needs, such as multi-currency support or integration capabilities with other systems.
  • Scalability – Consider the software’s scalability and ability to accommodate your business’s growth. Ensure it can effectively handle growing transaction volumes, support additional users, and meet expanding accounting requirements as your business scales up.
  • User Interface – Assess the software’s user interface and user-friendliness. It should feature an intuitive layout and navigation, enabling you and your team to understand and effectively utilize the software quickly.
  • Integration capabilities – Evaluate whether the accounting software can integrate with other essential systems or software your business depends on, such as CRM systems, payment processors, or e-commerce platforms. Integration facilitates the smooth flow of data and minimizes the need for manual data entry.
  • Security – Verify that the software implements strong security measures to safeguard your financial data. Seek features such as data encryption, regular backups, user access controls, and adherence to relevant data protection regulations to protect your sensitive information.
  • Customer support – Consider the extent of customer support the software provider provides. Look for resources such as online documentation, tutorials, community forums, and responsive customer support channels. These resources can assist you in addressing any issues that arise on using the software.

Top Free Accounting Software In The Market

Here is the top free accounting software in the market:

1. Zoho Books

free accounting software

+ Zoho products integration is available
+ Mileage tracking feature included
+ Personalized invoicing options
– Support via phone or chat is not provided

Zoho Books is developed by Zoho Corporation that offers a range of cloud-based productivity and business management tools. Its purpose is to assist small and medium-sized businesses in managing their financial activities effectively.

With Zoho Books, users can generate professional invoices and personalize them using their company logo and branding. You can easily send invoices to clients and track payment status.

Additionally, it supports online payment gateways, providing customers the convenience of electronically settling invoices.

Zoho Books simplifies the process of recording and categorizing expenses, whether they pertain to business-related purchases or personal expenditures. The software seamlessly integrates with bank accounts and credit cards, allowing for the automatic import of transactions and facilitating bank reconciliation.

Zoho Books is a favored option among small businesses and freelancers. It offers various accounting features that enable businesses to streamline their financial management processes and make well-informed decisions.

Zoho Books is ideal for small businesses seeking a seamless experience by integrating their accounting software with other Zoho products.

One of its standout attributes is its ability to integrate with other Zoho software seamlessly. This makes it a highly recommended option if you already utilize other Zoho products for your business operations.

2. Wave

free accounting software

+ Operates on a cloud-based platform
+ Features a user-friendly and visually appealing interface
+ Includes a dedicated invoicing application for both iOS & Android devices
– The competitiveness of American Express credit card processing fee is relatively lower

Wave accounting is a cloud-based software crafted explicitly for freelancers, small businesses, and entrepreneurs. It is available at no cost and provides a variety of functionalities to aid users in effectively managing their financial activities. These features encompass tracking income and expenses and generating fundamental financial reports.

With Wave, users can generate polished invoices, personalize them with their logo and branding, and conveniently send them to clients via email.

This accounting software also supports recurring invoices and automated payment reminders, ensuring timely and efficient payment processing. Clients are provided the flexibility to make payments directly through the invoice, utilizing various payment methods.

Within Wave, users can monitor and classify business expenses, regardless of whether they are paid through cash, credit cards, or bank transfers. For simplified record-keeping, receipts and bills can be uploaded and attached to respective transactions.

Wave accounting software is particularly suitable for businesses seeking a user-friendly accounting solution. While Wave provides extensive features within its accounting software, it also seamlessly integrates with various third-party applications and services.

This integration extends to payment processors, e-commerce platforms, and time-tracking tools, streamlining overall business operations.

Within Wave, you can manage multiple businesses simultaneously using a single account. Users can assess the performance of their businesses. Additionally, collaboration with unlimited partners and accountants is facilitated.

Wave offers paid plans starting at $20 per month, encompassing various features such as receipt management, double-entry bookkeeping, invoicing, and payment tracking.

3. Akaunting

free accounting software

+ Effortlessly handle an unlimited number of customers & vendors
+ Send an unlimited amount of invoices and bills
+ Generate basic reports such as profit and loss
– Only community support is offered with the free plan

Akaunting is an accounting software developed explicitly for small businesses, freelancers, and startups, and it operates on an open-source platform.

It offers diverse features to support users in effectively managing their financial activities, tracking income and expenses, and generating comprehensive financial reports. Akaunting is highly regarded for its user-friendly interface and adaptability.

Akaunting departs from the traditional double-entry accounting approach, which implies that asset and liability accounts cannot be tracked within the software.

Users can select and incorporate add-ons, such as inventory management, double-entry accounting, payment processing, and expense claims, by paying additional fees.

This enables them to construct a more comprehensive plan that aligns with the evolving needs of their business. However, automatic syncing of bank transactions requires an additional payment, whereas manual import is available without any extra charges.

Akaunting empowers users to generate polished invoices, personalize them with their branding, and send them to clients effortlessly.

It supports recurring invoices, facilitates transactions in multiple currencies, and seamlessly integrates with multiple payment gateways, simplifying the process of receiving payments from clients.

Expense tracking and categorization are made effortless with Akaunting, encompassing various types of expenses such as purchases, bills, and recurring expenses. Users can upload receipts, associate them with corresponding transactions, and conveniently reconcile expenses with bank statements.

Akaunting is a highly affordable option for small businesses searching for accounting software that offers essential features. Its open-source nature, user-friendly interface, and adaptable design have made it a favored selection among freelancers, startups, and small businesses aiming to leverage a customizable accounting solution.

4. Sunrise

free accounting software

+ Easily send invoices and quotes
+ Process payments for your business
+ Analyze your profit & loss
– Credit card payment processing fees are high

Sunrise is a free accounting software that is particularly advantageous for businesses seeking to generate comprehensive profit and loss statements.

If your objective is to find free accounting software with robust profit and loss statement capabilities, Sunrise is an excellent option.

Alongside generating detailed profit and loss statements, it offers additional functionalities such as payment processing, income management, invoice creation, expense management, and quotation generation.

Sunrise is designed to simplify business transactions and streamline overall operations. Automating various tasks and providing comprehensive financial insights aims to provide a holistic view of your financial standing.

Its goal is to make your business processes more efficient and enable you to understand your financial picture quickly.

Sunrise enhances the transaction experience, providing increased brightness and security. It is a reliable reminder of upcoming bills, payments, and other financial obligations. With its distinctive software, Sunrise offers an improved approach to optimizing billing processes, accepting payments, and efficiently managing your database.

Sunrise offers a single-paid plan priced at $19.99 monthly, providing access to various valuable features. These features include cash flow insights, automatic categorization of expenses, and seamless integration with payment systems.

5. TrulySmall Invoices

free accounting software

+ Availability of chat support
+ Well-suited for small businesses & freelancers
+ Supports multiple currencies
– The free plan offers minimal accounting features

TrulySmall Invoices offers the fastest and easiest solution for invoicing clients. You can create and send professional invoices for free from anywhere in the world, directly from your phone.

You can manage your billing, invoicing, and financial matters on the go through the mobile app, enabling you to seize every opportunity to receive prompt payments without any delays.

TrulySmall is a free accounting software that is particularly suitable for freelancers seeking essential accounting features. As a freelancer, you may not require the extensive functionalities of more comprehensive free accounting software.

TrulySmall Invoicing is an excellent choice for those who primarily require fundamental features. It encompasses crucial aspects such as tracking of invoice statuses, access to professional templates, data storage, and automatic payment reminders.

By subscribing to a TrulySmall accounting plan, you can access a wide range of capabilities. These include tracking income, monitoring sales and sales tax, sending invoices, generating reports, accepting payments, and keeping track of expenses.

This plan costs $20 per month or a discounted rate of $18 per month when billed annually.

6. Brightbook

free accounting software

+ Adds unlimited users
+ Send an unlimited amount of invoices
+ Generate basic reports such as a P&L statement
– Bank statements need to be manually imported

Brightbook is an accounting software that operates on the cloud and is specifically designed to cater to the needs of small businesses, freelancers, and self-employed individuals. It offers comprehensive features to efficiently manage finances, track income and expenses, and generate detailed financial reports.

Brightbook sets itself apart by emphasizing simplicity, a user-friendly interface, and the notable advantage of being available at no cost to users.

Within Brightbook, users can generate professional invoices and customize them according to their preferences, including incorporating their logo and branding elements.

Sending invoices to clients and tracking payment statuses is a straightforward process. Additionally, users can establish recurring invoices for regular clients, ensuring timely and efficient billing. The software also supports multiple currencies and tax rates that facilitate international transactions.

Brightbook effectively tracks and categorizes business expenses. With Brightbook, users can conveniently upload receipts and attach them to corresponding expense records.

Through the dashboard, you gain swift access to valuable insights such as outstanding payments owed to you and cash flow status. While Brightbook’s inclusion of reporting capabilities is a notable advantage for a free product, it offers fewer reports compared to some competitors.

Due to its single-entry system, specific reports like the balance sheet are unavailable. However, you can still access basic reports about profit and loss, taxes, bills, sales, & expenses.

Brightbook has established a reputation for its user-friendly interface, which makes it a highly appealing choice for small businesses & individuals venturing into accounting software.

Although it may not offer the same breadth of features as certain paid alternatives, its emphasis on simplicity, cost-effectiveness, and core accounting functionalities renders it a fitting option for numerous users.

7. NCH ( 4.3 / 5)

free accounting software

+ User-friendly interface
+ Free for companies with fewer than 5 employees
+ Offers over 20 financial reports
– No option for bank connection

NCH Express Accounts is a sophisticated business accounting software designed to address fundamental bookkeeping responsibilities efficiently. It offers swift and effective solutions for monitoring cash flow, billing and invoicing, and generating financial reports.

NCH Express Accounts tracks accounts payable and accounts receivable, bank reconciliation, and comprehensive inventory management capabilities.

NCH offers free accounting software that is particularly beneficial for small businesses aiming to generate diverse financial reports.

While the free version may not include certain advanced features tailored for larger enterprises, it still provides substantial functionalities that can prove valuable to your business operations.

NCH Express Accounts provides a complimentary program for small businesses with 5 or fewer employees. However, larger companies are required to acquire a license to utilize the software.

8. ZipBooks

free accounting software

+ Accept payments through PayPal & Square
+ Unlimited invoicing capability
+ No restrictions on the number of vendors and customers
– Auto-billing customers require a paid plan

ZipBooks is an accounting solution for freelancers, small businesses, and self-employed individuals operating on the cloud. It offers a comprehensive set of tools to assist users in effectively managing their financial activities, tracking income and expenses, and generating detailed financial reports.

The primary objective of ZipBooks is to simplify the accounting process and ensure that users without extensive accounting expertise can easily navigate and utilize the software.

ZipBooks empowers users to generate professional invoices using customizable templates. These invoices can be quickly sent to clients, and the software allows for seamless tracking of payment statuses. Additionally, users can establish recurring invoices for their regular clients.

ZipBooks further enhances convenience by offering support for online payment options, enabling clients to settle their invoices electronically conveniently.

With ZipBooks, users can effortlessly monitor and classify their business expenses. The software allows manually entering expenses or automatically importing transactions from connected bank accounts.

Additionally, you can attach receipts to expense records, simplifying the process of maintaining organized and accurate records.

ZipBooks seamlessly integrates with well-known payment gateways that facilitate smooth and hassle-free online payment processing. Additionally, it offers integrations with various other business tools and services, effectively enhancing workflow efficiency and overall productivity.

ZipBooks offers users free and paid subscription plans, with the free plan offering essential functionality tailored for small businesses. By opting for paid plans, users can access additional features such as advanced reporting capabilities and the ability to have multiple users.

ZipBooks endeavors to provide an intuitive and user-friendly accounting solution that caters to small businesses & individuals seeking a simplified accounting experience.

9. Baselane

free accounting software

+ The software is available at no cost for both landlords and tenants
+ Responsive customer service is provided through email, phone & chat
+ The user-friendly interface includes an intuitive dashboard
– There is no mobile application available

Baselane is a highly affordable choice for independent landlords and real estate investors searching for a user-friendly solution to streamline rent payments and financial management.

With outstanding bookkeeping tools, Baselane enables landlords to track income and expenses, simplifying tax preparation effectively.

Furthermore, its online bank account offers the additional advantage of earning interest and allowing landlords to earn cash back on their purchases.

Utilizing Baselane’s bookkeeping software, you gain the capability to automatically label transactions and categorize them based on the property and corresponding Schedule E category.

By automating your bookkeeping and reporting processes, Baselane ensures you can effectively monitor and manage your finances in a unified platform. This includes tracking real-time cash flow and performance, providing valuable insights at any moment.

Baselane’s tax package comprises a comprehensive report easily shared with your accountant or any other relevant individual requiring access to your financial information. The package includes essential reports such as Net Operating Cash Flow and a transaction ledger.

In addition, Baselane’s free checking account is tailored to meet the specific needs of landlords that offer features that facilitate tracking of multiple properties. This ensures efficient management of your properties and associated financial transactions.

10. GnuCash

free accounting software

+ Customizable and free of charge
+ Exceptional cash management and amortization features
+ Doesn’t require an internet connection
– It is challenging to use

GnuCash is a reliable option if you’re searching for a no-cost desktop accounting software solution. Accessing this free accounting software is as straightforward as visiting the GnuCash website and downloading it at no charge. It’s as simple as that.

GnuCash, a free accounting software, is particularly well-suited for businesses requiring investment tracking capabilities and seeking software compatible with Linux operating systems.

This versatile software encompasses an array of features, including bank account tracking, expense monitoring, financial calculations, and comprehensive reporting capabilities.

While GnuCash is an accounting software suitable for personal and small business use, it also provides specific features tailored to small businesses. These include customer and vendor tracking, job costing, and invoicing capabilities.

Although it may offer a limited array of additional features within its small business functionalities, GnuCash compensates for this with its flexibility.

11. FreshBooks

free accounting software

+ Has a user-friendly interface
+ Includes time-tracking capabilities
+ Responsive and helpful customer support
– Some people find the price very high

FreshBooks is a cloud-based accounting software explicitly crafted for small businesses, freelancers, and self-employed professionals. It presents a comprehensive range of features that effectively streamline financial management, expense tracking, invoicing, time tracking, and reporting.

The primary objective of FreshBooks is to simplify accounting tasks that enable businesses to save time and enhance overall efficiency in their operations.

FreshBooks is an online platform that provides accounting and invoicing services, optimizing time usage, automating administrative tasks, and facilitating the organization of business finances. The platform’s primary objective is to simplify financial recordkeeping without compromising the essential level of detail required for accurate accounting.

With FreshBooks, users can effortlessly generate professional-looking invoices utilizing customizable templates, personalized branding, and tailored messages. These invoices can be conveniently sent to clients via email or traditional mail.

FreshBooks further facilitates the payment process by supporting various online gateways, allowing clients to make payments electronically.

Additionally, the software incorporates features for recurring invoices and automated payment reminders, ensuring timely and efficient payment processing.

FreshBooks integrates with various third-party applications and services, including CRM tools, project management software, payment gateways, and e-commerce platforms.

This integration enables smooth and uninterrupted data flow between different systems, enhancing operational efficiency and promoting streamlined workflows.

FreshBooks has gained recognition for its interface, seamless navigation, prioritizing user-friendliness, and exceptional customer support. It offers a range of subscription plans tailored to accommodate businesses of varying sizes.

Whether the focus is on managing invoicing, expense tracking, or generating financial reports, FreshBooks provides a comprehensive accounting solution that simplifies day-to-day financial tasks for small businesses and self-employed professionals.

FAQs (Frequently Asked Questions) On Free Accounting Software

1. Is free accounting software really free?

Free accounting software generally provides a free basic version that encompasses essential financial transactions and record management features. However, certain advanced features or functionalities might be limited or restricted.

2. How to get free accounting software for small businesses?

You can get free accounting software for small businesses by choosing the below software:

  • QuickBooks Desktop Pro
  • Xero
  • QuickBooks Online Advanced
  • QuickBooks Online
  • FreshBooks
  • Zoho Books

3. Does Google have accounting software?

Accounting by Wave is a free accounting software offered by Google.

Conclusion: Free Accounting Software

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Small businesses can take advantage of free accounting software as an economical means to effectively manage their financial transactions, records, and reporting.

Although these software options offer crucial functionalities like invoicing, expense tracking, and financial reporting without charge, it’s vital to be mindful of any potential limitations or restrictions on more advanced features.

Free accounting software can be valuable for startups, freelancers, and individuals with basic accounting needs. However, conducting thorough research and comparisons is essential to identify the software that best aligns with your business requirements and growth objectives.

Furthermore, taking into account aspects such as scalability, ease of use, integration capabilities, security measures, and the availability of customer support can assist in selecting the most suitable free accounting software for your small business.

I hope today’s article on free accounting software sounds helpful!

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Khyati is an entrepreneur, marketing consultant, and a personal finance expert.Building on her achievements, Khyati wrote two acclaimed books: "Failure's Gold," exploring success through hardship, and "Tomorrow's Wallet" on the future of money management.Her work has also been featured by LinkedIn, PPC Hero, Social Pilot, and Training Mag.Khyati has managed over $50M in marketing budgets across various industries including technology, finance, education, retail, consumer goods and more - successfully delivering over 15x ROI for her clients.Khyati has managed over $50M in marketing budgets across various industries including technology, finance, education, retail, consumer goods and more – successfully delivering over 15x ROI for her clients.
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