Best Open Source Bookkeeping Software

Open Source Bookkeeping (OSB) is the first and only double entry accounting system built right into your browser. OSB runs on most modern browsers, and has been designed to handle hundreds of thousands of accounts, millions of transactions, complex chart of accounts, calculations and online workflows.

It is easy to setup, simple to use and offers many advanced features like multi user support, email support, bank reconciliation etc. If you are looking for a best open source bookkeeping software, then QuickBooks Simple Start is the right choice. It is available in multiple language so it is useful if you speak another language.

Odoo

From agriculture and construction to real estate and telecommunication, Odoo accounting caters to businesses of all sizes, regardless of industry. It offers both on-premise and cloud deployment and is available as an app for Android and iOS devices.

Preview of Odoo Accounting’s General Ledger

A preview of Odoo Accounting’s general ledger.

Noteworthy Advantages

Odoo possesses various differentiators that set it apart from the competition.

  • Free Forever: This platform is free for infinite users so long as you don’t need additional applications or hosting options. The community/open-source version only has invoicing and payment capabilities.
  • Artificial Intelligence (AI): Scan and upload PDFs or images to vendor bills and automate their creation with AI.
  • Customer Portal: Obtain order statuses, invoice and payment tracking through the client portal. Patrons may revise their plans, order upgrades, downgrade or unsubscribe in one centralized location.
  • QR Codes: Scan QR codes with the user’s native banking program to complete transactions. The QR code is also available on PDF invoices and appears on payment screens for quotes and bills.
  • Bank Statements Import: Leverage OFX, QIF, CSV or Coda formats to import bank statements when a bank isn’t supported through Odoo.
  • Balance Sheet Calculation: Add current year earnings to balance sheets automatically. Profit and loss is promptly calculated according to selected dates. Administrators can lock entry dates for all users.
  • Multiple Currencies: Work with various currencies and automatically change currency rates at different intervals.
  • Revenue Dashboard: Access various metrics such as MRR, recurring revenues, churn, CAC, CAC ratio, growth, forecasts, ARR, CLT and CLTV.
  • Tax Audit Report: Evaluate tax report calculation for audit purposes. Pick a line and click the audit button to audit journal items.
  • Reconciliation Report: Gain reconciliation reports to account for differences between bank statement balances and accounts.
  • Country-Specific Statements: Work with country-specific statements, including Intrastat reports, VAT statements, profit and loss/BS of the country, VAT subjected customer listings and more.

Key Features

Bank Reconciliation

This apparatus offers automatic reconciliation propositions, additional journal item registrations, record searching and the inputting of manual reconciliations for open and paid invoices. You may also immediately work with partial and full reconciliation propositions from invoices or bank statements. The automated reconciliation function allows bank statements to sync from more than 15,000 banks in the U.S., Canada and New Zealand in real time.

Tax Management

The tax engine offers a wide range of tax calculations such as price included or excluded, percentage, grip, partial exemptions and more. This module delivers tax reports in accrual or cash-based formats according to a particular region. You may also implement tax rules that automatically cipher values on invoices.

User Management

Establish default configurations for accountants and adviser roles, allot infinite users with various access rights as the administrator and automate business flows with inter-company regulations. Govern company subsidiaries within the same system with the user management feature. You can even arrange documents into several journals by department or type of activity and split roles throughout multiple users.

Reporting

Handle numerous pre-made templates ranging from cash flow statements to profit and loss. Link multiple companies’ bookkeeping data into groups. You may also take notes on reports and include more modifiable rows.

Additional Accessories

Although Odoo Accounting has all of the common open-source accounting software features, it offers supplementary tools for your accounting practices. These additional accessories include:

  • Account Receivable: Build invoices with payment conditions, numerous taxes, discounts, price lists and more as well as print out invoices or send them via email.
  • Credit Management: Promptly propose emails, follow-up letters and responsibilities for users to administer credit collection procedures.
  • Bills Payment: Trace deposit tickets and print checks in large quantities.
  • Accounting Analytics: Allocate a single accounting entry into several analytic accounts with analytics tags and pliable distributions.
Limitations

Like most solutions, this program has some limitations. These drawbacks include:

  • It doesn’t offer payroll modules.
  • It lacks third-party debt recoveries.
  • It doesn’t account for unpaid fees or penalties.

Skrooge

Skrooge

Key Highlights:

  • Personal finances manager
  • Tailored for Plasma Desktop but compatible with others too
  • Cross-platform (Windows, Linux, and macOS)

Skrooge is one of the most useful personal finances manager by KDE. It is originally tailored for the Plasma Desktop but other desktop environments are compatible.

Supports most of the basic features (reporting, budgeting, etc.) and allows you to work on some pretty big data sets.

 ZipBooks: Best for Small Businesses Looking to Upgrade From Spreadsheets

best free accounting software zipbooks

Best for Small Businesses Looking to Upgrade From Spreadsheets

ZipBooks is a web-based financial software with a solid suite of accounting features. The company offers a free plan called ZipBooks Starter — an option that includes basic bookkeeping functionality, along with profit, loss, and balance sheet reporting.

It also covers certain invoicing and quote-related bases — plus the ability to accept payment via credit card or PayPal. It’s a powerful, easy-to-use solution, but its free plan is extremely free plan-ish.

The program’s features you can access with a free plan are restricted to the point that it might be easy to outgrow. You can only link one bank account and view basic reports with its starter option. Should your needs extend beyond that, you’ll need to upgrade to one of its premium plans.

And while those upper-tier plans are reasonably priced, they’re obviously not what someone who wants a free plan is looking for. Again, the solution itself is sound, but if you want a free program that will remain free as you scale, you should look elsewhere.

ZipBooks’ Key Benefits

  • Unlimited Invoices
  • Ability to manage unlimited vendors and customers
  • Accepts digital payments via Square and Paypal

ZipBooks’ Key Drawbacks

  • Only allows you to connect one bank account
  • Only lets you view basic reports

Conclusion

You might think using a bookkeeping software is a tough task, but that’s where FreshBooks comes in. The software gives you full control over your finances and helps you track time so you can stay on top of your business while doing what you love.

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