Free Accounting Software

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What Is Free Accounting Software?

For the smooth running of the business, all the business activities or transactions must be recorded in the form of accounting. For ease in accounting, there is a need for accounting software through which all business activities are to be tracked easily to fix the accountability of the concerned staff.

There are many accounting software that are available in the market for free, which is used for accounting of records and which displays the required reports and analysis. . However, their functions and facilities may differ and before implementing them the business should properly evaluate their pros and cons to understand whether they are truly useful or not.

What Is Free Accounting Software?

Free Accounting Software Explained

Free accounting software are certain accounting programs that are available free of cost online for accountants and businesses to use. They are designed to record financial transactions that take place every day within the business, and proper recording and reporting are necessary for getting information about the true financial status of the company.

Such free accounting software for small business or big business may be different based on their functions and benefits. All of them may not be suitable for any type of company. Therefore, an entity should be able to select the one that is most suitable for them, else it may lead to increase in cost but not be able to serve its purpose correctly.

Large businesses often tend to implement softwares that are customized for their operations because they usually deal with large amount of transactions, generating huge and complex data that require additional software functionality. They also usually have a varied category of departments and processes which need production that are not available for free in the internet.

Overall, free accounting software for small business or big business makes calculations are transaction recording easy and hassle free, with minimum errors, and also facilitates interpretation and analysis. The data can be maintained online which facilitates less usage of storage space for physical accounting books, thus, saving cost of rent or maintenance. The data can also be accessed as and when needed and serves as a reference for future transactions and decisions.

Top 7 Free Accounting Softwares

Let us try to identify some free accounting software online, that can help a business to record and maintain transactional data in an easy and hassle free manner. Details about some of the free accounting software are as follows:

#1 - Wave Accounting Software

This is the best free accounting software and it is one of the most efficient accounting software. In this software, recording transactions allows the user to maintain soft records of the bills, expenses, and receipts. It requires scanning the bill and recording in quiet mode. With this, the staff need not open the file of bills again and again to find details and other information. This software also allows the user to pay the bills and expenses directly through the software, and it also tracks the receipts, payments, expenses, and bank transactions. Hence through this, the transparency gets better, and chances of fraud are reduced.

#2 - Akaunting Software

Another free accounting software online is the Akaunting software, which enables the user to record the transactions and set the recurring bills to get the probable expenses for cash management. This software also allows the debtor and creditor management and tracking of the bills, which helps the organization an effective way to manage and track the expenses.

#3 - Slick Pie Accounting Software

The Slick pie software allows the user to connect to the paypal for payment, and with this, payment gets easily done. This software's main advantage is that it allows multiple companies to record the transaction on a single identity.

#4 - GnuCash Accounting Software

GnuCash allows the user to track all the costs like employee costs, purchase cost, electricity costs, management costs, etc. The organization can plan for cost-cutting measures and track the wastage of the cost. Projects can also be created with the GnuCash accounting software.

#5 - xTuplePostBoks Accounting Software

xTuplePostBoks accounting software like resource planning software. It enables customer management, inventory management, etc. It also enables the integration of accounts and inventory to reconcile the records.

#6 - Inv24 Accounting and Inventory Software

Inv24 Software is specialized in inventory management. It gives the information when the inventory is limited to order the inventory. It also allows the user to generate and download the bill to maintain it in soft records. It is one of the best management software.

#7 - NCH Express Accounts Accounting Software

NCH Express Accounts Accounting Software enables the management of the revenue. Also, it tracks the application of the revenue, which helps the organization get the accountability of all the receipts and enables the wastage of funds. It also generates more than 15 analysing reports which help in better and quick decision making.

It is very important for companies to be able to select the correct type of best free accounting software for the operations. Some criteria for the choice will be the size and nature of business, the type of information required, how the company is planning to deploy of implement it, what level of human resource is available to handle and use them, their skill and knowledge levels regarding accounting, etc.

It is also to be noted that since they are software, there is always a threat of external or even internal attacks in the form of computer virus, hacking, loss of information due to mishandling or problems related to their functionality and features not working properly. Therefore there is a cost of maintaining skilled resource who will be able to handle such issues and solve them within limited time with a permanent solution, so that there is no interruption in business process.

Even though free accounting software in excel may appear to be free; the above problems result in an overall cost for the business that cannot be avoided. Additionally, customized solutions may not be totally free, because along with installation, additional features designed for that particular business type may require some amount of payment, keeping in mind the extra facility they are providing.

While selecting such free accounting software in excel or in any other medium, companies should be vigilant and well informed about the safety features they offer due to their direct involvement with financial data that are confidential.