Free Accounting Software For Small Businesses

Wave is our pick for the best overall accounting because of its intuitive interface and the ability to create unlimited estimates, invoices, bills, and bookkeeping records. Founded in 2010, this US-based accounting software company has helped over 4 million users across 200 countries.

Wave is a cloud-based software that provides access to data from anywhere and manages various business accounts from a single login.

Why did we choose Wave Software?

Wave emerges as the best choice for small businesses since it includes various free accounting features. The platform has a minimalist and smart dashboard that organizes your income, expenses, payments, and invoices. It includes various tabs, launchpads, sales, payments, purchases, accounting, and banking.

Wave has a mobile-friendly app that allows users to send and receive invoices and track expenses on the go. However, It is not scalable due to the lack of features such as inventory management. Businesses needing automated payable workflows will need to integrate an accounts payable automation software with Wave to streamline invoice payments.

Wave Transaction Fee

– Visa, Mastercard, Discover: 2.9% + 60¢

– Amex: 3.4% + 60¢

Manager.io is an Australian-based accounting software that was founded in 2011. Manager.io is known for its free desktop version and offers multiple features like invoicing, expense management, bank reconciliation, reporting, and multi-currency support without any usage limits. It’s perfect for businesses that do not use mobiles and tend to work on a single desktop.

Why did We choose Manager.io?

Manager.io’s limited set of features makes its free version a perfect choice for freelancers and small businesses. The free version is intuitive, user-friendly, and secure since it’s on-premise.

To add to this, you have the flexibility in setting up the charts and enabling or disabling the modules for a more streamlined experience. Another major benefit is that Manager.io proposes multiple currencies and configurations to choose multiple countries.

In addition, the free version can later be scaled up to a paid cloud version or a self-hosted plan that comes with a free trial and, soon, be purchased with a product key.  Both versions provide access to pro features like remote access, multi-user accounts, and extensive customer support.

Manager.io is ideal for small to mid-sized businesses, offering features like time billing, which eliminates the need for external time billing software for accurate invoicing.

Odoo is an open-source accounting tool that was founded in 2002 by Fabien Pinckaers and boasts a large community of over 12 million users. It comprises a vast tech stack to build an ecosystem of business software that integrates seamlessly. Furthermore, Odoo’s modern dashboard brings various functionalities to your fingertips, including cash flow reports, invoice management and bank reconciliation.

Why did We choose Odoo?

Odoo is among our top picks for its customization option and flexibility to add or remove tabs from the dashboard. Regulatory compliance is at the core of this platform, aligning with different countries’ requirements, such as the United States GAAP principles.

The ability to add various users, manage multiple countries and currencies, and integrate with other tools just adds to its scalability.

In conclusion, Odoo’s functionalities aren’t just great for small businesses but are perfect for medium to large-sized businesses.

Zoho Books is a renowned name in the list of accounting software, whose free version is limited to businesses with $50,000 in revenue. Features include robust accounting capabilities like expense and mileage tracking, reconciliation, invoices, and email support.

Founded in 1996, this India-based organization is best for Indian startups and solopreneurs who are already using other Zoho products. Zoho Books currently has more than 13,000 active users, while Zoho has over 80 million users worldwide.

Why did We choose Zoho Books?

Zoho Books is one of the most straightforward online accounting software products that helps businesses manage their finance, automate transactional workflows, and handle accounting tasks right from the cloud.

Zoho extends its usability to various countries by compiling with tax regulations such as sales tax in the USA and 1099 tax.

Also, the Zoho mobile app is free to use for both iOS and Android users and offers various features, such as sending invoices, entering bills, and receiving payments.

As a result, Zoho Books is also perfect for its scalability. Scale as you need and add additional users to the existing plan at $3 per user per month.

ZipBooks is a cloud-based accounting and bookkeeping software that is not even a decade old but has garnered over $250K in revenue. This Utah-based software is the best we recommend for creating and sending invoices, with the ability to set automated payment reminders.

The free plan covers all the accounting functionality – reports, bank syncing, billing, expense management, and invoicing.

Why did We choose ZipBooks?

We recommend ZipBooks as the best solution for creating invoices. Users can send an unlimited number of invoices using pre-made templates and add them to expenses when they are paid.

ZipBooks is a great option for freelancers, consulting firms, construction companies, etc., that rely heavily on sending invoices.

In closing, the Geekflare team thinks that Zipbooks is most beneficial for businesses in the US and Canada because of features like 1099 tracking and bank account connections. However, the bank connection feature is limited in Europe, Asia, and Africa.

GnuCash is a solid open-source accounting software that allows small business owners to record their income and expenses and run basic reports. It offers well-off double-entry accounting resources, a checkbook-style register, and a customizable reporting feature.

Why did We choose GnuCash?

GnuCash is on our list because of its open-source nature and its flexibility to customize the source codes. For instance, users can customize the appearance and the display style, GUI to create custom check layouts, and set scheduled transactions.

Also, features like customer and vendor tracking, jobs, invoicing and bill payment, and tax and billing terms are free to use.

Founded in 2020, Baselane is a US-based rental-specific accounting software for independent real estate contractors and landlords that simplifies rent collection and finance management. Baselane’s bookkeeping tool includes capabilities to track income and expenses for simplified tax preparation.

Baselane charges 2.99% for each rental transaction. It also charges some yearly interest on the online bank account.

Baselane is a top rental accounting software for its low fees and secured environment for rental transfers. Features like AES-256 encryption, tokenization, and SAML SSO Account Protection make it secure for both landlords and tenants alike. Though there is no integration option, Baselane supports payment through Apple Pay and Google Pay.

Payments are deposited within 2-5 business days, and the receipt is shared through mail. Baselane has various positive reviews on public forums like Capterra (4.8 out of 5) and Trustpilot (4.0 out of 5).

Akaunting is another open-source accounting software for SMEs. This free small business accounting software offers a full suite of accounting features – manage cash flow, track expenses, deal with invoicing, and set transaction categories.

Founded in 2017, this Turkey-based solution operates in over 100 countries with a user base of over 200k users globally. Akaunting empowers the business with various solutions, including expense management, online accounting, inventory management, CRM, stock prediction, and payroll management.

Why We Chose Akaunting?

Akaunting stands out for its extensive set of tools for invoicing, expense tracking, and accounting. Along with these features, the platform boasts of its multiple currencies and muti-region access.  Akaunting is secured by two-factor authentication (2FA) that safeguards against privacy leaks. The open-source nature allows the customization of the dashboard and widgets.

Akaunting follows regulatory compliance in accordance with the various taxation laws.

Akaunting scales with the addition of new features and when you require multiple users. The pricing plans are affordable and a perfect choice for small businesses and freelancers.

BrightBook is a web-based, free bookkeeping tool that is the best alternative to expensive paid services. Headquartered in London, BrightBook started back in 2009 and serves more than 120 countries.

Its specialization in bookkeeping capabilities makes it perfect for financial planning, payroll services, audits, and fixed asset management.

Brightbook aims to democratize accounting software with a full range of features – invoicing, visibility into your cash flow, financial reporting, and drafting financial statements. BrightBook is 100% free to use. Additional features are available on request and cost extra.

Why We Chose BrightBook?

We chose BrightBook for its specialization in basic bookkeeping services, audits and fixed asset management. Security features include Firewall, Network, and Server Security for comprehensive data security, a paranoid login feature for random password generation, and an SSL certificate for banking.

Brightbook accepts online payments through PayPal. So, it is a good choice for small businesses that need enhanced security with banking, budgeting, accounting, and invoicing.

NCH Express Accounts is a free invoicing software for small businesses in the list that’s the perfect alternative to GnuCash. The free version of NCH Express is a viable choice for businesses with five or fewer employees. Owned by NCH group in 1993, this Australian firm specializes in various software types.

The free version of NCH Express offers the following features that satisfy small businesses’ or freelancers’ needs.

Why We Chose NCH Express?

NCH Express accounts are only suitable for small businesses with the set of features they offer. The customization capabilities allow you to customize the printed quotes, orders, invoices, and reports. The on-premise software provides a backup of the software and restores it when you need it.

It offers extended functionality for small businesses that include loans, mortgages, debt consolidation, and more.

Founded in 2012, ProfitBooks is India’s most popular accounting software, with over 70,000 users in the country. ProfitBooks is specifically designed for Indian business individuals, including self-employed professionals, traders, wholesalers, and small manufacturers.

Features include expense tracking, invoicing, record bookkeeping, and inventory management.

Why We Chose ProfitBooks?

ProfitBooks makes it into our list of free small business accounting because of its power-packed features. The platform offers secure data transfer over 256-bit HTTPS encryption and an SSL certificate by COMODO. It complies with tax regulations from various countries – GST in India, VAT in UAE and more.

Businesses can pay using credit cards, debit cards, net banking (India), American Express, and even PayPal. Businesses can seek assistance from expert accountants.