If you’re a small business owner or have ever been one, you know that accounting is the most important part of running a company. It’s not just about keeping track of your finances—it’s about making sure that your business is profitable and sustainable.
To do this, you need to understand all the numbers and how they work together. Your accountant can help with this. But if you don’t have an accountant, there are lots of tools available to make sure your business budget is on track.
In this article, we’ll go over some of the best free accounting tools for small businesses so that you can keep your finances in order without breaking the bank!
Small Business Accounting Tools Free
As a small business owner, you know how quickly expenses can add up. Fortunately, you don’t have to sacrifice quality to find affordable accounting software. Here are 10 free accounting tools you can try in your small business.
Wave
Wave is one of the best options available for sole proprietors, freelancers and small businesses. It’s a simple and straightforward option for managing cash flow and keeping your finances in order.
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You can connect Wave to an unlimited number of bank accounts and credit cards to track your expenses. Wave also makes it easy to create customizable invoices. And Wave partners with OnDeck to provide small business financing options.
ZipBooks
ZipBooks Starter is one of the best options for anyone new to accounting. The software is completely free and is a good option for businesses with limited accounting needs. You’ll receive essential bookkeeping tools, and you can manage unlimited customers and vendors.
With ZipBooks, you can send as many invoices as you want and receive payments through PayPal or Square. However, the free plan comes with limited integrations and only allows you to connect to one bank account.
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NCH Express Accounts
NCH Express Accounts is free desktop accounting software for businesses with five employees or fewer. You can use the software to generate quotes, send invoices and track expenses.
And the software lets you generate over 20 different financial reports so you can monitor how your business is performing financially. You can also break down your sales by customer, team member or item.
Zoho Invoice
Zoho Invoice is one of the best options available when it comes to automating your invoicing workflow. The free version allows you to invoice up to five customers and create five different invoicing workflows.
You can use the software to create customized invoice templates, set up recurring invoices and set automatic payment reminders. But the free version is only available for one user, so it’s a better option for small businesses with limited bookkeeping needs.
If you’re looking for free accounting software that can grow with your business, Odoo is one of the best options on this list.
Akaunting
Akaunting provides free online accounting software for small businesses with no strings attached. There’s no limited trial or premium version for you to upgrade to; the software is always completely free.
The software comes with a variety of features, including open source accounting, secure deposits and transfers, vendor management and powerful reporting; however, to access many of the advanced features, you’ll have to download multiple third-party apps, which may not be free.
GnuCash
GnuCash is free desktop accounting software, and to get started, all you have to do is download the app from the company’s website. With GnuCash, you can manage your bank accounts, cash flow and monthly expenses.
The software is actually designed for personal and business use, but it contains many beneficial features for small businesses. For instance, you can track customers and vendors, send invoices and even manage your employee payroll.
AND CO
AND CO was designed with freelancers and independent contractors in mind. It’s owned by the freelancing platform Fiverr, but you can use the software whether you’re a Fiverr user or not.
With AND CO, you can send invoices, and the software will let you know when your client views the invoice. You can accept credit cards and ACH payments directly from your invoices. And the software offers many other features that are useful to freelancers, like time tracking, expense management and recurring payments.
Cloud Books
Cloud Books is free invoicing and accounting software for freelancers and small businesses. You can use the software to send estimates and invoices, accept payments and track expenses.
Keep in mind, however, that the free version only lets you send five invoices per month to one customer. If you choose to upgrade to unlimited invoices, the paid version is just $10 per month.
Odoo
Odoo makes it easy to send professional invoices and receive online payments. Once you’ve sent your invoice, you can monitor its progress and send automated reminders to customers. You can also use Odoo to monitor your point of sale transactions, expenses and inventory.
Odoo Accounting is free for a single user, but if you need to add additional users, you’ll have to pay to upgrade. If you’re looking for free accounting software that can grow with your business, Odoo is one of the best options on this list.
Sunrise
Sunrise is free bookkeeping software for small businesses. You can automatically import your transactions and monitor your income and expenses. And you can use the app to create invoices and accept online and mobile payments.
If you choose to upgrade your account at some point, Sunrise also offers professional bookkeeping support. You’ll receive monthly financial reports and be well-prepared come tax season.
small business accounting tools free
Free accounting software might seem like a myth—in fact, many business accounting software options that say they’re free end up charging you in some form or fashion, whether they require you to upgrade for some crucial feature or require that you pay for installation.
While searching for free software for your small business, be sure to know exactly what costs each option could potentially entail. We’ve compiled some of the best accounting software options that are actually free. Of course, most of these options will include versions and add-ons that will cost you, but their most basic versions are completely free:
1. Wave
A top free accounting software to consider from the start of your search is Wave accounting software. Through this option, you’ll be able to connect unlimited bank and credit card accounts to your books. You’ll also be able to add unlimited income tracking, expense tracking, and guest collaborators for free. Plus, you’ll be able to invoice and scan receipts for free as well.
Be sure to note, though: If you want your invoiced customers to be able to pay online directly through the invoice, you’ll need to pay for that. Wave charges 2.9% + $0.30 for each credit card payment and 1% (with a minimum of $1) for each ACH payment. You’ll also need to pay for payroll through Wave. Depending on where you do business, you’ll pay a monthly base fee of either $35 or $20, plus $4 per employee and contractor on your payroll.
2. ZipBooks
Another top free accounting software for small businesses to consider is ZipBooks. ZipBooks offers all the crucial features of an accounting software—reports, bank syncing, billing, expense management, and invoicing—in one free account.
If you want to offer online payments to your invoiced customers via ZipBooks, you’ll need to do so via Square or PayPal. You’ll pay the standard PayPal rates and Square rates for those transactions.
ZipBooks offers an integrated payroll add-on option with Gusto. Gusto starts at $39 per month, plus $6 per person per month. For a limited time, you can get the Core plan for a discounted price of a monthly $19 base cost for the first six months. Gusto also has a new option for contractor-only employers, who simply pay the $6 per employee rate and no base price.
3. Akaunting
You should also consider a free accounting software called Akaunting. This option offers many of the most necessary features that a small business accounting software should. Within this technology, you’ll be able to invoice, sync accounts, track expenses, set up recurring bills, manage customers, and manage vendors. However, to access more advanced features like online payments, for example, you’ll have to download third-party apps that will cost you a yearly fee on top of whatever fees you have to pay for this third-party account.
Long story short, creating an Akaunting account won’t cost you anything, but as you navigate this software, you’ll realize that all the capabilities that you might expect to be ready-to-use will rely on your purchasing these third-party apps.
4. SlickPie
The free accounting software SlickPie is also worth looking into for your small business finances. The free version of this accounting software allows for unlimited automated receipt entries, 10 different companies on one account, and email support. It also allows you to create quotes and estimates that can easily become professional invoices. SlickPie also allows you to connect your PayPal and Stripe accounts for free. That means customers will be able to fulfill their invoices with card or PayPal payments online—and you’ll simply have to pay the standard transaction fees that PayPal and Stripe charge.
One feature that this free accounting software seems to be lacking is reports—the SlickPie website doesn’t highlight any built-in reporting capabilities. If you’re hoping to extract valuable, high-level insights from your accounting software, then you might want to consider options other than SlickPie.
5. GnuCash
If you’re looking for a free desktop accounting software for your small business, then GnuCash is a solid contender. To access this free accounting software option, all you have to do is go to the GnuCash site and download it for free—simple as that. Though GnuCash doubles as a personal and small business accounting software, it offers small business-specific features customer and vendor tracking, job costing, and invoicing.
6. CloudBooks
With the free version of CloudBooks accounting software, you’ll be able to add unlimited users, invoice, create projects, perform integrated time tracking, track expenses, and provide estimates. That said, you’ll have to upgrade from the free version—and pay at least $10 a month—to be able to send more than five invoices per month, brand your invoices, and offer online payments on your invoices.
7. Zoho Invoice
If you’re looking for the best free accounting software to automate your invoicing workflows, then Zoho Invoice will be a top option. With the free version of Zoho Invoice, you’ll be able to invoice customers and manage payments through a single account. You’ll also be able to customize and brand invoice templates, track expenses, and interact with customers through a client portal. Not to mention, you can run integrated time tracking for yourself and employees for project billing.Sign Up for Zoho Invoice for Free
8. NCH Express Accounts
Another free desktop accounting software option to consider is NCH Express Accounts. The free version of this accounting software can support the accounting needs of small businesses with fewer than five employees. Through this free accounting software for small businesses, you’ll be able to access and generate 20 crucial financial reports and analyze revenues by customer, team member, or item. You’ll also be able to manage accounts receivable and payable easily through this software. That said, in order to access your books online, you’ll have to purchase the cloud version of Express Accounts, which isn’t free and currently starts at $59.95.See Top Accounting Software Options
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