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Business Accounting

Best Free Accounting Software: Your Guide

Free accounting software can be cloud based, or desktop based. It lets business owners and financial professionals manage their small business’s books for free using their computer. Many people have too small of a business to want to pay for a professional accounting software.

If you want state of the art accounting software for your small business, you’ll eventually have to pay for it. Exploring the best free accounting software for your small business will give you an idea of what you can get – if you pay for it.

Keep your business running remotely with free small business accounting software 

Thousands of small businesses have permanently closed since COVID-19 shutdowns began. With the weather turning colder, more and more people will be staying indoors. We may continue to see the virus spread. Whether or not this leads to more shutdowns, businesses will need to become more resourceful and frugal in order to survive. If you own a small business that has lost customers/sales, you need all the help you can get.

Small business accounting software isn’t something that every single business use. But, if you use one religiously – you can feel more in control of your finances by using accounting software. As you grapple with the current state of the world and your own income and expenses, using free accounting software can help you make smarter plans for your business’s future.

What to free small business accounting softwares do?

Financial bookkeeping is very complicated and time consuming. Business owners find it very difficult to cover their bases when it comes to paying bills, tracking revenue, tracking time spent on projects etc — but there are even more difficult questions they grapple with, such as “Are we profitable,” – “Can we make required tax payments,” etc. Free accounting softwares help with this.

Here are the best free accounting softwares 

  • Wave
  • Zipbooks
  • Akaunting
  • Slickpie
  • Gnucash
  • Cloudbooks
  • Zoho Invoice

Without any further delays, let’s jump into it!

Free accounting software can seem like a myth. In fact, many accounting softwares say they’re free, and end up charging you later if you want to unlock additional options. In some cases, they’ll charge you after a period of time. While searching for free accounting software for your business, you should know what the exact costs are.

Wave Accounting Software

This is a top free software. You can connect unlimited bank and credit cards. You can add unlimited incoming tracking, expense tracking, etc, and even invite guest collaborators. In addition, you can invoice, and scan, receipts for free.

If you want your invoice customers to be able to pay online through the invoice – you will need to pay for that. Wave charges 2.9% and $.30 for each CC payment, and 1% for each ACH payment. Not too expensive, but not free! You’ll also need to pay for payroll via Wave. Depending on where you physically do. business, you’ll pay a fee of $35-20, plus $4 per employee and contractor.

ZipBook

This is a classic. It’s free for small businesses and it’s top tier. It has all the features you really need in an accounting software, such as report, bank sync, billing, expense management, and more. If you want to offer online payments to your customers, you’ll need to add things like Square or PayPal. You will pay the standard rates for those.

ZipBooks has an integrated add on feature with Gusto. Gusto starts at $39 per month, plus $6 per person per month.

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