Are you using the best accounting software yet for your small businesses? If the answer is no, then you are definitely missing out on the numerous benefits that accounting software tools offer. It is different from what you believe, accounting software need not be expensive.

There are lots of free accounting solutions that can provide all the little and everyday bookkeeping needs. Many vendors offer free plans that have all the basic features that should be present in such a system, eliminating the need for additional tools.

Now, you may be a small business owner seeking to move away from spreadsheets and take your accounting process to a whole new level. You know you can easily accomplish this with the use of accounting tools but the thought of having to spend a fortune on such systems is keeping you from doing so.

There are hundreds of solutions out there and choosing the right one can be a taxing undertaking. This is why we thought it prudent to narrow down your choices to a small selection of products that are the best in the niche. Here, we will present the best free accounting software for you to try out.

9 Best Free Accounting Software For Small Businesses To Try In 2019-20

Various free accounting software is now cloud-deployed, are either available at completely no cost or offered as free basic or lite packages of premium finance tools designed for a limited number of users.

In some cases, the number of users and available storage will be the only criteria to distinguish between their functionality, but most of the time, vendors choose to arrange features in a basic or premium package for users to quickly find the plan that works for them.

But above all, cloud accounting can also help your business grow. This can be a reason for why cloud accounting and financial management applications continue to enjoy being among the most commonly used business systems around.

Fortunately, for small businesses, sole accountants and developing teams, there are many free and freemium accounting software tools that can keep their finances under control.

And especially for most of the premium system, the transition to a paid plan (should you need it as your company grows) is also made painless with affordable prices, annual reductions, and refund guarantees. Well, here are some of the best accounting software tools for your small business.

1. CloudBooks

Essentially an online invoicing application, CloudBooks also functions as an accounting solution. This highly-intuitive tool offers an advanced feature set, which includes, estimates, client management, invoicing and time and expense tracking, to name a few.

And also, it even facilitates payments via secure online payment channels. Payments can likewise be made through credit cards, checks, and cash, allowing you to receive your payments on time.

Why Choose CloudBooks?

With CloudBooks, every billable minute can be monetized as it keeps a  record of how time is spent on any project. But more importantly, it helps you get a handle on your expenses by tracking them and invoicing clients. Billing inaccuracies are avoided as expense tracking is done in real-time with additional expenses added to existing invoices.

Income and spending are also managed by the solution as it can generate detailed reports that reflect expenses, payment collection, and profits, and losses.

Basic invoicing and accounting features will be available with CloudBooks’s free plan that will work just fine for any small business.

These are the features comes up with CloudBooks accounting software’s free plan:-

  • Limited to a single client
  • Unlimited staff users
  • 5 invoices
  • SSL encryption
  • Email support
  • Secure data storage in the cloud

CloudBooks free accounting cloud software is ideal for small businesses, start-ups, and industries looking to manage travel expenses and make their financial operations more productive.

2. Expensify

Expensify is another affordable choice for money-matter control to starters and low-tier market users. And it offers many benefits situated around a transparency maintenance mechanism.

Expensify seems the best choice for businesses who are looking to improve financial control, maintain summaries of several accounts at once, balance debt-to-income ratios, or particularly handle travel expenses.

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Why Choose Expensify?

Expensify can submit expenses for later reimbursement or track personal receipts using individual policies. For the collection of expenses from clients and staff, you can create a group policy. Expenses can be submitted to any user with a validated Expensify withdrawal account for fast reimbursement.

If you need to make changes to your personal policy, you can do so using the tool’s mobile app, which also supports modifications to currencies. This likewise makes expense tracking a lot easier.

Both personal and business expenses may be tracked and even those of non-Expensify users. Companies also appreciate the numerous customer relationship management (CRM) for small business, enterprise resource planning (ERP) and e-Commerce integrations that help them blend expense management with other sales or accounting operations.

Expensify provides a basic free plan for teams with an undefined and the various number of members, which has all the essential accounting functionalities and does not limit receipt storage. Free users, however, will not have access to the system’s direct integrations with accounting, ERP and business intelligence software.

Best Free Features In Expensify

  • Unlimited receipt storage
  • Free mobile app
  • 10 free SmartScans per month
  • Auditor access
  • Credit card import
  • Duplicate expense detection
  • Automatic reimbursement
  • Approval
  • Reporting and submitting automatically
  • Automatic accounting sync
  • Advanced tax tracking
  • Candidate reimbursement
  • Basic approval hierarchies
  • Direct deposit reimbursement
  • Corporate cards
  • Real-time expense reports

Expensify free accounting software is ideal for teams of all sizes and industries looking to manage travel expenses and make their financial operations more transparent.

3. Express Accounts

Express Accounts is NCH Software’s professional accounting and bookkeeping program for small companies. The platform is absolutely free for teams up to 5 members, allowing them to easily track payment and deposit transactions, pull off detailed balances and reports to examine their operations’ health and use those reports to facilitate the work of their official accountants. The very same functionality is available for paid users, who nevertheless get to distribute the system among more than 5 users.

Why Choose Express Accounts?

Express Accounts offers a dedicated free application to small businesses that they can download for their local and mobile devices.

Express Accounts let you access 20 different financial reports which are extremely useful in gaining insights into your company’s performance and speeding up your tax preparation process. A balance informs you of assets and liabilities so that you will know what your financial standing is.

This is further reinforced by the system’s generation of income statements where you get to find out about your profitability. It also allows you to drill down into your sales by analyzing them based on item, customer or sales agent. Another notable feature of the application is that a single installation lets you run multiple companies, even those who utilize foreign currency.

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For teams up to 5 users, Express Accounts is available absolutely for free for small businesses. These teams get to use a dedicated desktop and cloud application that combines the best features of this professional, traditionally locally hosted suite.

And when their businesses start to grow and develops, teams can always painlessly choose paid plan and download and install on the full version.

These are the features to expect from Express Accounts’ free plan:-

  • Mobile access
  • Accounts payable
  • Accounts receivable
  • Analyses and 20+ Financial reports
  • Generation of professional quotas, invoices and sales order
  • Bookkeeping
  • Sales management

Express Accounts is specifically made for start-ups businesses to well-established ones. And businesses who are looking for financial management systems that account for their stock and inventory data are quite impressed and relax with its offerings. It is also ideal for start-up sales teams.

4. Online Invoices

Web service Online Invoices is a powerful application that helps users generate invoices, accept and track payments while sporting business accounting functionalities. It also provides you with total visibility over your operations, giving you an idea of how your organization is performing.

The system is made up of three modules with the aim to perform specific tasks such as sales tracking, payment processing, invoice creation, client communication, inventory management, and accounting.

Why Choose Online Invoices?

The platform is quite prominent for tracking revenue and expenditures of any businesses with supporting any device. This way, you are able to monitor your receivables and payable anywhere you are.

And more importantly, you can add expenses and capture receipt images from any machine or device whether it is a mobile phone or tablet or any other device. It also generates comprehensive reports that can provide you with insights on financial performance or your company.

Online Invoices’ free plan comes with a variety of features that can help you solve all your accounting headaches. All you need to do is to sign up for the service.

  • Customer profile creation
  • Online accounting
  • Staff management
  • Inventory management
  • Schedule an appointment management
  • Automatic follow-ups
  • Expense tracking
  • Payment tracking

Online Invoices are ideal for any business looking to boost management of their sales, payment processing and tracking, invoice generation, and expense monitoring.

5. Odoo

Odoo is ideal in integrating sales and project management in a single tool and improves them with a variety of MRP, point of sale (POS) and e-Commerce functions to deliver a universal solution that is skilled to assist all businesses to manage all types of operations.

In addition, the system goes a step ahead in integrating every sales channel you can think of, which combined with its powerful inventory management, makes for the best business management system which is popularly found on the market these days.

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Why Choose Odoo Accounting Software?

Odoo breaks the image of traditional ERP systems as it is highly modular. There are more than a thousand modules to start with, and the user is free to add more while using it.

As integrated as it is, Odoo will never compromise the benefits it initially delivers, regardless of the app you are using to cover your business processes. What is more, Odoo is a highly customizable and flexible system that you could easily adjust to the specific needs of your business.

Odoo offers a free basic plan for one app that supports up to 50 users. The transition to the other two plans is painless and covers all the apps you need. Additionally, all of the essential sales and ERP functionality offered by the provider is available in the free plan.

This is what you are offered in Odoo free accounting software:

  • Automatic data entry
  • Automatic alerts
  • Multiple invoice payment
  • Mobile-optimized
  • Draft invoice creation
  • Real-time payment reconciliation
  • Credit card payment
  • Automated follow-ups
  • Aged receivable reports
  • Customer portal
  • Advanced customer statements

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  • Employee expense tracking
  • Expense forecasting
  • Check to print
  • Wire transfers
  • Deposit ticket tracking
  • Cash register management
  • Statement importation
  • Automated bank feeds

Odoo’s free accounting software is ideal for small, medium and large companies that are looking for an all-in-one business process management solution that combines the best of ERP, sales, accounting, marketing and project management features.

6. SlickPie

An accounting software known for its easy to use popularity, SlickPie offers numerous benefits, the most prominent of which is its ability to track sales taxes. This ensures compliance with different tax rules by monitoring different kinds of taxes, including provincial, municipal, state and federal taxes.

It also helps small businesses, non-profits and entrepreneurs save valuable time from tax computation as the system does all the work for them. An automating feature makes things easier for you, providing you with needed information at any time.

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Why Choose SlickPie?

There is more to SlickPie accounting software than tracking taxes. This free accounting software tool enables you to recognize tax names as they can be customized to your preference. To save you more time, the system links specified taxes to specific products so that they can be classified as recurring deals.

Tax calculations can be done on a quarterly basis, letting you know how much you owe for a particular quarter. It can generate financial reports that provide insights at any given time, which can help you make data-driven decisions.

SlickPie comes up with a starter plan that provides basic accounting functionalities, although it’s limited to 10 company accounts. All you have to do is sign up for the service and you’re good to go.

These are the features offered in SlickPie accounting software’s Starter plan:

  • Email support
  • Send online invoices
  • Multi-currency
  • PayPal, Stripe and credit card processing
  • Create quotes and estimates
  • Track expenses
  • Manage bills
  • Track sales tax
  • Get live bank feeds
  • Reconcile bank transactions
  • See financial performance reports
  • Set up recurring invoices
  • Set up late payment reminders
  • Add multiple companies and users
  • See transactions history
  • Bank-grade security
  • Run your business on any device
  • Upload and attach files

SlickPie’s free accounting software is highly-advisable for use to entrepreneurs, small businesses and even non-profitable organizations, giving them all the benefits of an accounting platform at very flexible pricing plans.

7. Wave

Wave is an utterly and entirely free-to-use accounting system, currently employed by over 2 million freelancers and small businesses around the world. It is often mentioned as the most popular open-source alternative to financial control, with a suite that looks very professional and has a lot of resemblances to high-profile, expensive accounting suites.

Designed to cater to the needs of small teams and start-ups, Wave is simple and strives to eliminate all distractions related to chasing payments, tracking expenses, managing employees, or handling taxes.

Why Choose Wave Accounting Software?

Users can trigger Wave to build up and deliver professional and appealing invoices, get paid on time and track finances all along with their transactions.

Wave will also give them a straightforward possibility to collect payments from credit cards, which will work fine from the customer’s end as well. For a free system, Wave also has an appreciable organization capacity, as it displays information on comprehensive dashboards and allows users to pull off detailed reports on their financial activities.

Another important feature of the system is payroll management, therefore, it is called one of the best payroll software solution for small businesses, as it makes it possible to calculate salaries and use direct deposits and pay stubs to make sure those are covered in time.

Wave is a ready-to-use on accounting software on all devices and operating systems and comes with open developer API to help you design your own integrations.

Wave is an open-source accounting system and comes up free with all its features. There are no paid upgrades, recurrent fees or expenses to worry about. All you have to do is to create an account and the following features will be available for you:-

  • Fast set-up with no training required
  • Unlimited income and expense tracking
  • Connect to PayPal, Shoeboxed, and Etsy
  • Instant updates for invoicing, payments and payroll
  • Search transaction descriptions
  • Bulk transaction updates for quicker bookkeeping
  • Automatic exchange rate calculations
  • Bill and invoice reminders
  • Dashboards
  • Exportable accounting reports
  • Customizable sales taxes
  • Journal transactions
  • Accept payments in a foreign currency
  • Customizable expense/income categories (chart of accounts) with Account Ids
  • Automatic payment transaction reconciliation for users of Payments by Wave
  • Run multiple businesses from one account
  • Unlimited customizable receipt and invoice scanning
  • Unlimited bank and credit card connections

Wave’s free accounting software tool is ideal for small businesses, sole accountants and proprietors and small teams looking to deliver invoices, manage expenses and complete payroll and taxation calculations in a single system.

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8. ZipBooks

ZipBooks is a simple, yet powerful accounting and invoicing solution for individuals and teams develop to organize their finances and turn their data into operable intelligence.

This system works around strengthening and enhancing  flexibility to carry out financial control but also focuses on delivering professional and well-structured service to end-customers.

Hence, ZipBooks will allow accountants to send professional, elegantly designed invoices, get paid via credit cards or PayPal accounts, or trigger the system’s auto-billing when looking to reduce their workload.

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Why Choose ZipBooks?

To make the system more desirable, improvements to ZipBooks’ interface were made, making it easier to navigate. All needed tools are easily approachable with the creation of new items, taking but a few clicks. With its upgraded and improved search functionality finding invoices, expenses, estimates, and customer data is a breeze.

The same goes for creating these documents, which are only a click away. The platform lends you a helping hand  to prepare your taxes, either on a quarterly or annual basis, eliminating the need for endless consultations with your accountants.

ZipBooks is freemium accounting software, with a great free Starter plan for unlimited invoicing and bookkeeping. Some of the top-rated and most advanced features of this software (PayPal integration, analytic and Business Health score, for instance) are included in the free plan and the application is not limited to a number of users. The robust and enhanced knowledge base is also available to non-paying users.

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These are the features come up with ZipBooks’ Starter plan:

  • Invoice quality score
  • Analytics and business health score
  • Unlimited vendors and customers
  • Unlimited recurring invoices with auto-bill
  • Connect and manage bank
  • PayPal and credit card payments
  • Limitless bookkeeping
  • Unlimited and boundless invoicing
  • Unlimited users

ZipBooks free accounting software is ideal for both single users and corporate teams looking to complete complex accounting operations and then use their financial data for smarter forecasting.

9. Zoho Invoice

One of the best free accounting systems for a small business to try out is Zoho Invoice, considering the fact that it is a robust billing and invoicing system that furnishes all its basic functionalities such as invoice creation, management, and distribution for free.

It is one of the most organized accounting solutions out there, helping guide small businesses on their path to growth. Its automation features assist you to keep accounting processes error-free while providing users with reliable support.

Zoho Invoice is a premium billing and invoicing software and member of Zoho’s worldwide-popular business productivity suite. With all essential accounting functionality packed in a single system, Zoho Invoice offers one of the best free-of-charge alternatives for small and developing businesses. Reliable and in-time support also make the software a rare catch in the arena, having in mind that similar extras are usually only for premium users only.

Why choose Zoho Invoice?

Many businesses approach Zoho accounting services in spite of being able to afford a more expensive solution, and that is exactly due to the company’s devotion to simplicity. Zoho Invoice is one of the best accounting systems out there and involves no complex setup, maintenance, or upgrading on the user’s behalf.

This accounting solution empowers users to create, manage and distribute personalized invoices in a variety of currencies and languages and thus minimizes error-prone human interference in large and sensitive transactions.

There is more to Zoho Invoice than decimal precision though many experts also recommend it because of the streamlined integration with popular payment gateways, thanks to which customers complete their payments all from a single platform.

Zoho Invoice allows you to delete projects and payments in bulk while additional retail templates have been added to the system, which can be disabled and enabled at any time.

Specific reports that are often used can be marked as favorites, enabling you to access them with ease. The system also brings about both shareable invoice links, with the former shareable only through client portals.

These are the free features by Zoho Invoice

  • Attach files to invoices
  • Attach unbilled projects and expenses while creating an invoice
  • Calendar view of time-sheets
  • Client portal for users
  • Collection of reports
  • Integration with Authorize.Net, Paypal and PayPal Payflow
  • Invoice templates
  • Multi-language and multi-currency
  • Recurring invoices
  • Time tracking
  • Snail mail
  • SSL encryption and two-factor authentication
  • Expense management
  • Uploading of expense receipts
  • RESTful API

Zoho Invoice is ideal for sole proprietors, small and developing businesses looking to streamline invoice delivery in a secure and well-connected system. Particularly recommended to users of other Zoho Products.

Choosing A Free Accounting Software For Your Small Business

Now that you have run through our best nine free accounting software options and learned about alternate routes, it is time to make your selection. However, your next steps will depend on which option you have decided to move forward with.

If you are set on sticking with free accounting software for your small business, then it is time to start trying them out. Luckily, you can pick a few and see which works best through trying them out without incurring any costs.

Also, if you have an interest in testing out some accounting software options that are not available for free, we suggest you read reviews of the free-trial options that are available on their websites.

Pick the best fit for your business and try it out in tandem with a free option. See how they compare with one another and move forward with whichever free accounting software provides you the most net value for your small business.

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