Top 10 Best Accounting Software

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Spreadsheets, ledgers are some of the traditional accounting practices, but they aren’t exactly efficient for businesses. The reason being they are time-consuming and there more chances of errors. Accounting software solutions are in demand right now, with many professionals opting for cloud-based accounting software. With ever-changing automation, it is difficult for many first-time users to get accustomed to these software solutions. To keep up with the ever-increasing competition in the business, it is important to adapt to the technologies quickly.

Challenges faced by accountants while using accounting software –

• Security issues
• Extra time to learn the software
• You need knowledge of data science and analytics rather than just core accounting
Benefits of using accounting software –
• Improve the quality of service
• Increased efficiency
• Centralized accounting data helps maintain transparency with other departments
• Gives clarity regarding the monetary status of the business, eventually helping with better decision making
• Simplifying tax compliance
• Lesser scope for human errors

Considering all the above aspects, we can conclude that accounting software has become a necessity for big, medium-sized, and small businesses. Some software solutions are very expensive and are not affordable to some small-scale businesses. So, we have curated a list for the top 10 free business accounting software –

1. ZipBooks

It is cloud-based accounting software with an attractive feature compilation. The starter pack is free of cost, which provides unlimited invoices and bookkeeping. The way it works is that it depends on the partnership with payment providers to make cash. Some disadvantages of this software are that it does not include recurring invoices or save invoice items, notifications, and reminders. It works well for smaller businesses.

Features –

• Tracks your transactions
• Day-to-day updates and feedbacks to improve transaction
• Bank reconciliation
• Tax management

2. GnuCash

Designed for small businesses and individuals, GnuCash has been around for more than two decades now. It works on Windows OS, Mac OS, Android. Although the interface is easy to use, it is a little outdated. It is a double-entry accounting solution with an impressive set of features. It does not have proper technical support, so if you face any problems, look solutions.

Features –

• Invoicing and credit notes
• Flexible in case of kitchen table businesses
• Handles employee expenses
• Supports multiple currencies, cards, and accounts

3. Wave

You can connect all your credit cards and bank account to Wave. You can add income and expense tracking for free. It is popular software in the market. It has a simple, basic, well-designed interface, suitable for freelancers, small-scale businesses, and individuals. Personal technical support comes with a cost and the free version does not include a payroll too.

Features –

• Financial reports such as balance sheets, customer statements, sales tax reports, etc.
• Integrations for Shopify, PayPal, etc.
• More payment options other than credit cards like online payment
• With one account, you can sign up for many organizations

4. VT Cash Book

It is a simple and powerful software. It lets you record your day-to-day transaction records. The autocomplete functionality lets you enter data effortlessly. The interface is easy to understand. The technical support is not efficient, though there is a PDF guide available on the website. If you are looking for basic accounting software, this will fulfill your requirements.

Features –

• Ledger reports, profit and loss accounts, balance sheets
• Bank reconciliation
• Many articles for technical support available
• Simple, hassle-free

5. Money Manager Ex

This accounting software will give you an in-depth analysis of your finances with the simplest interface. It works in the SQL database with AES encryption, making it a security software to use. You can customize this software according to your needs after the initial database is set up. Yes, you have to set up the database, which can be time-consuming.

Features –

• Supports different currencies
• Only works offline
• Can run this software from a USB drive
• Budgeting and cashflow forecasts

6. Sunrise

Lendio, a Utah-based company, acquired Sunrise in 2019. It offers unlimited invoices and transactions. It works with just one-click. The merger can let you get a loan through the app. The transaction is free. It helps in business growth without involving the admin. It does not have a dedicated time tracking feature like other accounting software solutions.

Features –

• Great interface
• Generating invoice is easier
• Expense tracking
• Customize and automate invoices

7. TurboCASH

It is a cloud-based software with extensive features. Other staff members can work with this software, by just signing up to the same account. All the basic tasks require a common accounting software are performed by TurboCASH. It is not the easiest software to use. Beginners may take some time to get used to this.

Features –

• Billing, invoicing, tax management
• Manages inventory
• Reporting and budgeting

8. SlickPie

The ease of use of this software beats every other software in the market. The free version suits the best for small businesses and freelancers, although it limits you with only 10 customers at a time for invoicing. It does not have a dedicated app for your mobile. It provides email support, automated receipt entries, and also creates quotes for invoices.

Features –

• You can connect your PayPal and Stripe accounts for free so that you can fulfill your invoices
• Time-tracking options
• Sales tax management
• Design is simple, clean, and top-notch

9. NCH Express Accounts

The free version supports the needs of businesses with less than five employees. It works on Windows, PC, Mac, Android. It makes invoices, quotes, and orders. It works for users of all levels of experience. You can add your own identity to your invoices and quotes. It gives you a detailed report of all the accounts too.

Features –

• Automatic VAT calculation
• Can save and send invoices as PDF files
• Detailed reporting
• Works on many platforms

10. QuickFile

It is a cloud-based software with a clean and customizable interface. It is connected with PayPal, WorldPay, SagePay, and others for connecting invoices. You can create and personalize your invoices and paperwork. It has a large community of enthusiasts for technical support so that you can look for advice, tips, and tricks. QuickFile have their blog where lots of questions are answered.

Features –

• Customizable invoices
• Schedule backups of data
• Create quotations and estimations

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