How to choose the best free accounting software for small businesses?Financial information and transactions need proper maintenance, management, control m recording m, tracking, and computation for generating accurate reports and further reference. With a wide range of small business accounting software is designed and available in the market, choosing the right one depends on various factors such as organization need, skills of an accountant, cloud-based accounting system, add-on- features, budget, online/offline, data security, multi-users, the complexity of the software, after-sales support, etc. Business owners must select based on the type of business one is into after reading reviews and manuals. Some consultants or accountants are familiar with different sectors and software; getting their consultation is a valuable help. Last but not least, while opting for free accounting software for business looks for the one that grows with your business.
Wave
Wave is one of the best free accounting software that comes with useful functionalities. It offers wave invoicing and waves receipts free add on features. It can be accessed on iOS and android apps. It connects with bank accounts, synchronizes expenses, payments, and invoices, and helps during tax seasons. There are no hidden charges, no fees, and no limitations. Data can be easily transferred from other accounting software.
Price: - Free
Pros:
- Easy to use and understand.
- Unlimited bank and credit accounts can be connected.
- Unlimited income and expense tracking.
- Scanning of invoices and receipts at free cost. Add on features. Grants access to other privileged and authorized people.
- The integration of accounting is done seamlessly.
- Automatic sales tax calculation.
- Cash flow statements are easy to understand.
Cons:
- Charged for each payment made by customers.
- Lacks in tax-related concepts.
- Does not provides inventory tracking, budgeting, and vendor management.
- Not suitable for a large staff.
QuickBooks
The name is quite famous and familiar in the accountancy and finance world. Bookkeeping and accounting are both done in this software in an orderly manner. There are many options available in QuickBooks such as QuickBooks Online, QuickBooks employed, Quick book advanced, Quick book live bookkeeping, Quick book desktop for Mac, Quick book desktop pro, quick book premium, and Quick book enterprise, etc. This is good for both small and large businesses. It is a cloud-based accounting package. Accounts payable, account receivable, fixed assets management services, cash management, are some of the services offered by quick books.
Pricing: - Free trial for 30 days is available, later charges minimum monthly charges.
Pros:
- It is easy to grasp.
- It comes at an affordable reasonable price.
- The integration of third-party applications is possible.
- Ready to use templates for preparing invoices, charts are available.
- Easy online access to multiple users. Tax concepts and capabilities are greater.
Cons:
- Limited number of users.
- Not suitable for huge inventory management.
Slick Pie
This is one of the most accessible free accounting software available for small businesses. It can be approached from any part of the world. Automated data entry, tracking expensing, tracking sales tax, reconciling bank transactions, managing bills online invoicing, and billing is some of the essential features of this software. The look of the invoices can be customized by using the themes set inside. Error-free financial reports can be generated.
Pricing: Free version , Pro starts at $39.95/month.
Pros:
- It is easy to use, slick and simple. This is good for those who have less experience in bookkeeping.
- Magic bot allows bill adding and receipts automatically by pulling information.
- Highly automated with good features.
- Accounts payable is efficiently managed.
- Managing documents and billing online.
- Tax management services are offered.
- Automatic reminders to debtors.
Cons:
- No built-in report generating capability.
Turbo Cash
Turbo cash is one of the known open accounting software suitable for both small and medium scale organizations and businesses. Integrating spreadsheets, management inventory, management of invoices are some of the features of turbo cash. Turbo cash 4 is a gift to small businesses with modern desktop general ledger, cashbook, debtors, creditors that has double-entry accounting standard. It is a free download for offline accounting.
Price: - version 4 is free for single and multiple users while version 5 is charged at $60 and $200 per year.
- It comes with advanced features for accountants as well as bookkeeping.
- GAAP reports can be generated.
- Invoicing, stock, cashbook, customers, general ledger are accessible.
Cons:
- IFRS reports cannot be generated in the free version.
- Multiple companies and users can access advanced versions.
Cloud Books
Freelancers and small businesses benefit from this software with unlimited user facilities. It has cloud storage and email support. This is the most accessible software to manage invoices. It helps in managing time through time tracker features, thus saving an average of 192 hours a year. It helps in knowing the business performance by viewing it through all directions and managing the profitability of the business.
Pricing: Free trial for 30 days,
Pros:
- It is a very professional software.
- Up to 5 invoices can be generated.
- Easy to use interface.
- No billing errors through time tracker.
- Detailed reports of expenses, payables, invoicing, profit and loss, receivables, etc. secured data storage. Unlimited staff users.
Cons:
- Limited clients.
- No live chat and phone support under the free version.
Summary
Due to advanced automation, everything is aligned correctly, which helps in presenting all information in a simplified manner in the best accounting software. There is no manual processing. Thus fewer human errors in the calculation are observed. Out of the mentioned wave, accounting software is no doubt the best free accounting software for small businesses with robust features required in a company, followed by QuickBooks, Turbo cash, Slick pie, and cloud books.
