Gone are those days of manually handling accounting and keeping track of necessary financial information all by yourself. To make your work easier and more effective, a range of accounting software is available to assist you with your work.
Business can be very demanding and some days can suck the soul out of you, but what’s better than leaving all your financial issues to a tech firm that doesn’t take a lot of your attention and still provides results?
If you’re digging around, you can find a lot of decent accounting tools available these days. Depending on the company’s needs, you can find the right package to help the company’s financial accounting system.
A range is available from pay per box to free versions when it comes to accounting tools. But if we look at the basics, there’s an important question you need to know the answer to: Do you really need accounting software?
Why Do You Need Accounting Software?
There’s one thing you need to keep in mind before you start investing in tech. Accounting software does not offer help or benefit to every single corporation or organization. Each company has a diverse set of activities, so it is not necessary for every business to need automated financial assistance.
Two separate businesses that are running at the same level can have a different need for accounting software. Perhaps if you are just starting out, it would be easy for you to manage finances through records or spreadsheets.
But as your business expands and there is a lot on your plate to manage, and you are finding it exhausting to juggle between several tasks, accounting software is certain to make things less complicated.
If you can notice the volume of your business heightening over time and find it tough to financially analyze information, that’s another area where accounting software can lend a hand. In comparison to manual accounting, it would be much less time-consuming, quick, and efficient to manage.
This software comes loaded with tools that will rapidly summarize your data, cash flow, etc. Another reason is that if most of the time goes by doing manual accounting rather than productive or profitable work, you need to leave the accounting to automated software that will handle work for you.
To carry out smooth operations, you must be sorted with your priorities and the amount of time that goes to each sector of your business. If accounting is time-consuming, better to leave it in good hands!
Let’s state another reason why automating could be a good idea for you. A majority of errors go into manual accounting work, whereas automating can minimize the errors to almost null if you decide to rely on tech for accounting.
So for accuracy and fine results, automation should be your go-to option. If you think any of the above reasons are good enough for you to shift your financial assistance to tech, there you go, there’s your sign.
Should You Go For Free Accounting Software?
Accounting software must be decided after quite a consideration regarding your business operations and after consulting professionals. If you have an accountant, his/her opinion must be regarded as crucial when it comes to choosing the kind of software you want to opt for.
When you are planning to hand over the automation to a couple of people, their views should be taken in for reflecting over the choices you have. Thankfully, before you decide to invest in software, many companies provide free software services for their basic versions.
So giving it a try and experimenting with what works for you could do your business a lot of good. As you go on and you find peace with particular software, you can consider investing in their add-on packages or versions for more complex tasks that you would like to automate.
Free software might have a range of features but it might not provide add ons or additional important features such as tax support, valuable insights, forecasting, etc.
So try and pick what suits your business, puts you to ease, and allows you to run a smooth and stress-free financial operation. Do not rush into getting software, but take your time through the options that you are browsing over.
What to Look For in a Bookkeeping Software?
Now, you are in a position where you feel the need to rely on automating your financial operations and keeping track of them.
You have decided to try free bookkeeping software, and surprisingly, you find loads of them on the internet.
Here the vital question is, How to choose a perfect accounting software?
What is it exactly that you should be looking for in accounting software?
To emphasize this grave point, your business differs from your neighbor’s operations. Therefore, the same software will not work for you both in the same manner. It’s time to start with a few crucial questions for yourself such as:
Would I prefer online or offline-based software?
What features would I make use of in my day-to-day routine?
Is the person in charge of finance capable of handling an automated technique?
If yes, is the user interface of the software I’m looking at too complex?
In case there is a gradual shift in the volume of operations, would the same software suffice for further functioning? If I need to invest in the future for their add-on packages, can I afford it or is it worth it? Would the cost incurred by a hanging dark cloud in the funds you have made over time?
There are going to be too many complex questions that you need to look at. So before you proceed, look at your business functioning and operations, what suits it, and does certain software meet the requirements?
Once you list down what you are looking for in a clear and precise manner, you shall be easily able to choose software as per your business’s liking and satisfaction.
List of Top Free Accounting Software Available
We have collated a list of the best free software available currently that will most likely be to your fulfillment and bring ease to your financial workings.
1. Wave Accounting
This software is quite popular among small businesses for handling basic financial transactions. It takes care of everything from connecting your bank accounts, allowing you to sync your expenses, taxation to your book balances.
With a neat, simple-to-use UI, it provides an attractive dashboard that will conveniently display all your information. Incomes, expenses, payments, and invoice reports will make it easier to handle tax without any complications.
But in case you want your invoiced clients to be able to pay instantly online or electronically with the invoice, you would need to pay for availing that service.
Unlimited connections to your bank account and credit cards can be managed through this software. Even freelancers and consultants can make use of this easy and effectively manageable software.
The important thing to note is that Wave has recently stopped supporting countries other than US and Canada. So, choose this software keeping this in mind.
In recent times, ProfitBooks has come up really well as a wonderful alternative to Wave accounting. For people who are not so familiar with handling business finances, ProfitBooks acts as the most befitting and suitable option.
Simple and fast usage is made comfortable with the range of features it offers such as tracking payments/expenses, creation of beautiful invoices, managing inventory, etc. Any type of business process is handled in a smooth manner as ProfitBooks simplifies purchase workflow, tracks the process of manufacturing, and also lets you track inventory.
Neat and up-to-date reports are generated with all your records in one place. No hassle, only simple and free accounting for your business!
What makes it unique is that it’s focused on ‘Sales’ aspect of the business. You can call it Sales Accounting software.
ProfitBooks offer free mobile apps on both iOS and Android platforms.
Their free plan is feature-rich. You can signup by clicking here.
FreshBooks is the software compatible with a small size to large businesses. It provides you with the basics such as invoice software, tracking your expenses, project management, online payments, reporting dashboards, etc.
They allow you to have a free trial so you could test your compatibility with the software; But following that, they have paid packages available for subscription. Lite starts at $15/month, Plus at $25/month, and Premium costs $50/month.
Time tracking features and reports with powerful insights give an edge to how you manage your business through this software.
The manager is software that is completely free with full-pack features that you will need for accounting. One of the best advantages it offers is that it allows offline access. So you do not lose data and can work without worrying about data or a strong internet connection.
The features, time access, and data record are limitless, so you can use as much as you want without the unease of facing a certain hindrance regarding the software.
The manager supports Windows, Linux, and Mac with the database being easily transferable from one operating system to the other. Without any issues, this software puts you at ease of working and managing.
This is an accounting program that applies a double-entry bookkeeping system. GNU Cash is not hard to use, quite flexible, and a powerful tool. It lets users avail themselves the same basic features such as tracking expenses, income, bank accounts, customer and vendor tracking, and stocks. Just go to their website, hit download, and you are sorted!
GNU Cash ensures that books are balanced with accurate, error-free reports at your use. Visuals make use of graphs and tables to make the data more comprehensible and engage the user with the details. All financial calculations are carried out rapidly without any trouble.
GNU cash is updated over time with refined features and is deemed suitable for businesses of all sizes. The only downsides one could find would be the outdated dashboard; if one is specific about the look, or GNU Cash being an open-source project.
SlickPie is especially suitable for small businesses to manage and track simple expenses. It lets you handle online invoices, bills, live bank feeds, reports, and data like a pro. Creation of quotes and estimates also comes along that can transform into an invoice.
You can even use 10 different companies on one single account. SlickPie aims to deliver a delightful experience through MagicBot.
An automated receipt data tool, managing your expenses, and a minimalistic approach to showcasing your data. For insights, using this software might be a bit disadvantageous so you might need to consider that.
But for micro-businesses, the bundle of features that SlickPie offers is more than enough. Accounting would not seem like a humongous task after trying out this smart software.
It is true that choosing an accounting software that results in high compatibility with your business can be a confounding task, but we tried to take that load off your hands.
Our list of free accounting software and recommendation should give you a clear idea of what you must look for and how to further carry it out.
To pick the software of our choice, we would recommend that you get your hands on ProfitBooks. It can comfortably pass off as a superb alternative to Wave accounting.
ProfitBooks allows you to use all the features that a business will need to manage its accounting. With an easy, quick set-up, it lets you create unlimited invoices, estimates, quotations, sales orders, etc.
The software supports multiple currencies and integrates payment gateways such as Instamojo or Cashfree.
Straightforward reports will let you understand the financial standing of the business without any trouble. So Balance Sheet and Profit and Loss Statements will be laid out in a manner that is not at all complex.
If you are starting out, ProfitBooks aims to be a lovely companion through your accounting journey. We would not let you face any inconvenience or difficulty while surfing through the features we deliver.
Did we miss any good software on the list? Please share it in the comments section below.