5 Free accounting software for small businesses
Managing accounts is not an easy task to do, especially when one doesn’t know anything about accounting. Thanks to technology, there are many accounting software that are easy to use, have a great interface and doesn’t require a great deal of accounting knowledge.
Usually people don’t have the idea of how important an accounting software might be for them, especially when they are running a small business, are a freelancer or so. Having an accounting software saves up a lot of time and accounting work. To an accounting layman it may seem like the least important thing in a company, but it is important as it keeps track of all the cash flow.
Accounting software can be expensive, and for someone starting a business it isn’t the first thing that would come to their mind. However,there are plenty of free accounting software readily available for freelancers or small businesses.
The free plans usually have all the basic accounting functionalities and eliminates the need for any additional tool.Accounting software can easily track income and expenses, manage invoices and payrolls, in short it monitors and records all the cash flow.
Following is a list of the pros and cons of 5 free accounting software that will help one select the right software according to their requirements.
Wave
Pros:Wave is one of the most successful online accounting services. It consists of a plan that is completely free. It doesn’t require an upgrade to a paid plan to track income, expense or to add a new user. Its features include managing accounts receivable, accounts payable, easily connecting bank and credit card accounts, gives mobile access to android and apple phones, it is cloud-based, can easily be accessed anywhere, at any time with an internet connection.
Cons:If a company needs to process payrolls, accept online payments, or require a personal technical support, they will have to pay for these services.
Conclusion:The Wave accounting software is suitable for freelancers, sole accountants or small businesses who want to manage their expenses, deliver invoices and complete taxation calculations in a single system. It is a very well thought and well-designed application.
ZipBooks
Pros: ZipBooks is an accounting software that offers a free starter plan. It has a modern interface with robust features. It is a simple yet powerful tool that helps small firms move to the next level. Its starter plan offers unlimited invoices, unlimited bookkeeping, unlimited customers and vendors, can accept payments from credit cards and PayPal, can connect and manage one bank account.
Cons: ZipBooks have advanced features but they are all packaged within the paid plans. Its free plan is limited to only one user and one bank account. To add more new users, the company would have to upgrade to a paid plan.
Conclusion:ZipBooks is known to be a freemium accounting system, which offers a free starter plan of unlimited bookkeeping and invoicing. ZipBooks is a suitable option for single users and small businesses.
xTuple PostBooks
Pros: xTuple PostBooks is an ERP (enterprise resource planning) software. It can track sales, integrate inventory, has a customer management, supplier management module, manage operations and accounting.All these modules are free of cost. It is an open source software, which makes it a lot more customizable.
Cons: This software is desktop-based and can only be accessed through a computer or laptop. It does not offer access through mobile, and it is not able to connect bank and credit card accounts to the software. Its free plan only allows 4 users to concurrently access the system, and it does not provide any kind of special support.
Conclusion:xTuple PostBooks is the best software for small businesses related to manufacturing and distribution. To have access to more of its advanced features, companies can always upgrade their system to a paid version.
SlickPie
Pros:SlickPie has a starter plan that is free of cost and provides with all the basic accounting functionalities. It easily helps in managing the bills, customer invoices, and it generates financial reports for ten separate businesses with its free plan. This plan also includes an unlimited number of users and it has the ability to connect with an unlimited number of banks and credit card accounts. It is compatible with Android, iOS and Windows devices.
Cons: The free starter plan is restricted to only ten company accounts. The customer support in this plan is provided only be email. It cannot generate a statement of cash flows, and the accounts payable process is manually done.
Conclusion: SlickPie is an expense management system which is appropriate for small businesses, entrepreneurs, and even non-profit organizations.It provides companies with invoicing, detailed reports, and timely accounting.
GnuCash
Pros: GnuCash offers all of the basic accounting functionalities, under one of its pricing plan which is totally free. It is an open source software which makes it highly flexible and can easily be customized accordingly. It also has the ability to handle multiple currencies. It manages accounts payable, accounts receivable, payroll features, and employee expenses. It can also run a statement of cash flow report.It can be accessed through an Android device.
Cons:This system can have only one user in the file at a time. The bank and credit card detailsneed to be imported into GnuCash manually. It cannot be accessed by an iOS device.
Conclusion:GnuCash is a simple approach to accounting for small businesses. It is easily customizable, and with one download, it gives access to all of its accounting features.