Open Source Accounting Software for Small Business Image

Open Source Accounting Software for Small Business

When you own a small business, cutting costs wherever possible can be a necessity, when it comes to keeping your company afloat. Part of that means finding free computer programs to help your business operate at maximum effectiveness. This is where something like open source accounting software can really help you. Software to help you manage your finances is often extremely expensive, and often overpriced. You could end up  paying into the hundreds, or thousands for programs that really aren’t worth that massive expense. But in most cases, you can find open source accounting software that will do the same thing, at little to no cost from you.

The main thing, will be considering exactly what you need from your open source accounting software, before searching. This will enable you to determine the factors that are most important to you, so that you can eliminate programs that won’t get the job done, and focus on ones that will. One of the most important things will be security. You want to read reviews to ensure nobody has had any security troubles using the program. The problem with open source accounting software is that it’s developed by people you’ve probably never heard of. That doesn’t always inspire the most trust, so ensure that the program is safe before installing and using.

 Akaunting

Akaunting is an open source accounting software built using technologies like Laravel, Bootstrap, API, Swift Mailer, JQuery, etc. It is a platform and device friendly software which can help you manage all your company financials whether it is sending invoices to the clients or receiving payments online.

It is absolutely free software, no setup fees, and no hidden charges. Being an open source software, Akaunting installed on your host can facilitate full control over it. Moreover, you can manage your accounts on your fingertips from your Mac, PC, Mobile Phone, etc.

Having an easy to use interface, Akaunting is just perfect for small businesses. It has multilingual client & admin panel making it simple to use. Your financial data is extremely secure if you are using this software.

Akaunting Software

Features

  • Monitor the cash flow in your business and take smart decisions preventing loss and enabling the growth of the business.
  • Send invoices to your clients in a professional manner and get your payments released quicker.
  • Track company expenses to avoid unnecessary costs and improve the profitability of the business.
  • Generate reports to check the financial health of the company and make decisions for the future strategically.
  • Share invoices with your clients and accept payments online.
  • Create categories for expenses and income for systematic reporting and streamlined processes.
  • Add expenses and send invoices in any currency, the system would automatically convert them into your main currency.
  • You can track inventory by recording the stock coming in and going out.
  • Manage the finances of multiple companies from a single system by assigning different users to these companies.
  • Add discounts for your loyal clients and accept payments accordingly.
  • Create different types of taxes and link them to specific transactions, products, and services to ease out the entire taxation process and save time.
  • Manage permissions of different users to keep the data secure and process simple.

The Key Takeaway

Akaunting is totally free and open source accounting software which is also rich in features helping you to manage your finances and keep track of your cash flow, invoices, and payments using a single admin panel.

If you have already used Akaunting, please feel free to share your reviews here.

2. Gnucash

Gnucash is powerful accounting software which is highly flexible, easy to use, and specially designed for small businesses. It can track your bank accounts, income & expenses and provide accurate financial reports. Based on basic accounting principles, this software ensures error-free calculations and reporting.  

It is free licensed software under the GNU GPL and available for GNU/Linux, BSD, Solaris, Mac OS X, and Microsoft Windows. It can work on multiple operating systems like Windows, Linux, and MacOSX.

All the features of this software are highly customizable to suit your business. Moreover, it is a very well documented software, with systematic manual and tutorials, with many steps described step by step.

Gnucash Software

Features

  • Its cheque book style register offers a convenient and known interface for transaction entry.
  • Schedule your transactions and get a reminder on time about your due transactions.
  • Get access to customized reports in the form of pie charts, bar charts, etc., for your balance sheet, profit & loss, etc.
  • Account reconciliation feature which helps in eliminating all the errors; and gets a clear picture of the financial position of the company.
  • It can convert multiple currency transactions to the main currency.
  • It is a multilingual software supporting 50 different international languages.
  • It can manage multiple stock & mutual fund portfolio of accounts.
  • It can print cheques in a standard format.

The Key Takeaway

Gnucash is a well-documented accounting software with the capability of getting customized as per your business logic. Derived from the concept of double entry accounting; this software is favorable for companies expecting an extremely streamlined accounting and business process.

3. Apache OFBiz

Apache OFBiz is a set of versatile modules which can be used for different sectors, and companies regardless of their size and business type. Being extremely flexible, it allows developers to add the features required by a specific business. Highly customizable, with robust features, this software is just perfect when it comes to handling accounting, manufacturing, inventory, and CRM.

This enterprise level software has the ability to scale with your business, and also is stable enough to provide a spectrum of features required for the growth of your business.

Besides accounting, this software also includes modules for managing Point of Sales, eCommerce store, manufacturing, customers/suppliers, warehouse and inventory.

ApacheOFBiz Software

Features

  • Manage entire accounting tasks including transaction entries, balance sheet maintenance, fixed asset management, stock, account payable, account receivable, invoice preparation, billing accounts, etc.
  • Streamline catalog including product & price management.
  • Manage manufacturing, sales & purchases, customers, order fulfillment accurately.
  • Manage content for product pages, websites, blogs, forums, etc.
  • Manage business operations including events, projects, tasks, requests, etc.

The Key Takeaway

Apache OFBiz is totally free and open source software used for accounting and other business operations helping the company to streamline the processes within different departments. You can use this software for the business of any size in any country, as it is highly flexible.

4. Wave

Wave is specifically a small business accounting software meant for organizations having not more than 10 employees. It is an open source and 100% free software with no hidden costs. This software is just perfect for people who manage their accounts on their own.

Wave allows you to track your income and expenses, prepare invoices, and scan receipts. You can connect your bank accounts with the software within seconds. Know the financial health of your company with few clicks and make informed decisions.

Being a highly secure accounting software, Wave eliminates all your stress associated with accounting and taxation. You can create professionally designed invoices for your customers and accept payments online easily by using Wave as your accounting software. It eliminates human errors and get things done quicker and streamlines your accounting system required to run your business successfully.

You can even manage to send invoices to your customers on the go as Wave has its own iOS and Android mobile app specially developed for sending invoices.

Wave Accounting Software

Features

  • Allows connectivity with unlimited bank accounts and credit cards.
  • Tracks income and expenses
  • Integration with PayPal, Shoeboxed, and Etsy is possible.
  • Updates instantly with data relating to payments, payroll, and invoicing.
  • Can scan receipts instantly.
  • It reminds you of scheduled bills and invoices.
  • Can accept payments in multiple currencies.
  • It allows payment reconciliation automatically.
  • It can calculate sales tax automatically.
  • Allows creating professional invoices with your customized logo and brand identity.
  • Provides easy to understand cash flow reports.
  • Can set up automatic payment for recurring invoices.
  • Manages to store the backup in the cloud which means no risk of losing important data.
  • Allows you to set up payment reminders for your customers.

The Key Takeaway

Wave is perfect accounting software for small businesses wanting to streamline their accounting and business processes by eliminating human errors and getting insights about the financial health of the company helping to make informed decisions and succeed.

5. SQL-Ledger

SQL-Ledger is easy to install open source free accounting software which can run on Nix, Mac, and Windows platforms. It has an intuitive interface and thus is an easy to learn software. This accounting software is easily customizable as per your business requirements as it is built using simple Perl code.

Whether it is double entry accounting or maintaining a balance sheet, SQL-Ledger can justify all the tasks relating to accounting efficiently. Invoices can be generated in multiple languages making the software easy to use for international clients.

Access your income statement, balance sheet, sales, and profit reports to know the financial health of your company. Important documents like purchase orders, cheques, receipts, can be sent to the printer, fax or email to speed up the jobs for your employees and improve productivity.

Features

  • It can manage transactions including accounts receivable and payable.
  • Manage inventory including expenses, income, and taxes.
  • Print and email invoices, cheques, purchase orders, etc.
  • Can carry out automatic reconciliation of transaction entries with bank accounts.
  • It can provide access to financial statements providing a clear picture of the financial position of the company.
  • Easy to use admin module enabling customization in report generation.
  • Manage customers in a professional manner.
  • Back-up data to email or file storage and avoid loss of important and confidential

The Key Takeaway

SQL-Ledger is a free and open source double-entry accounting & ERP system with a simple documentation system which makes it easy for developers to install and customize it as per business requirements. It can be accessed remotely, and thus it becomes quite simple for people located globally.

6. Money Manager Ex

Money Manager Ex is personal accounting software which is extremely user-friendly. This cross-platform software is totally free and open source, helping organizations to manage their finances easily.

This software keeps track of where the money is coming from and where is it going. It provides systematic financial reports, for better decision making. Extremely user-friendly software with attractive interface, helping users to get things done quickly and seamlessly.

Money Manager Ex is compatible with Windows, Linux and Mac operating systems. It is useful in terms of tracking income and expenses along with assets and liabilities. It includes a wide spectrum of features required to manage finance in an organization.

Open Source Accounting Software for Small Business Image

Features

  • It is a simple and intuitive software which helps businesses in managing finances effortlessly.
  • Keep track of savings, stock investments, assets, and credit cards.
  • Can send reminders for scheduled bills, payments, and deposits.
  • Forecasting budgets and cash flow is possible.
  • It provides access to financial reports in the form of pie charts and graphs.
  • It can import data in CSV format.
  • Installation is not required. It can even run from a USB drive.
  • Empowered with non-proprietary SQLite Database with AES Encryption.
  • Can support 24 different international languages.

The Key Takeaway

Maintain error-free financial records with the help of Money Manager Ex. You can download it for free without any ads. Moreover, it also offers an Android app, so that you can manage your finances at your own convenience.

7. Openmiracle

Openmiracle is a free open source accounting software considered as a 360-degree solution for your complete business solutions. It is an extremely user-friendly software based on professional accounting principles. So, even if you don’t have accounting knowledge, you can still make the most out of it to maintain your company finances.

It is a powerful and flexible software helping businesses to maintain accounts in a systematic manner and access accurate reports. A proper blend of traditional accounting features and modern accounting principles, this accounting software is just perfect for businesses of all sizes.

Openmiracle is accounting software which is equivalent to the expensive and high-level accounting software, as it includes many plug-ins available and study features. Without compromising on quality, it is a pocket-friendly accounting solution.

Open Source Accounting Software for Small Business Image

Features

  • Easy-to-use software including customized menu launch making it comfortable for businesses having unique requirements.
  • Design your bills and print them using this software as it can connect with the dot matrix printer.
  • Has comprehensive features relating to payroll which include preparing salary sheets, employee attendance notifications, advance payment, salary vouchers, etc.
  • Includes standard budgeting setup system and analyzing variance in the budget.
  • POS for generating invoices easily.
  • Easy to set up the standard and discounted rates for the products.
  • Can manage PDC payable, receivable, and clearance.
  • It can generate important financial reports relating to the balance sheet, profit & loss, cash flow, etc.
  • It can generate powerful reports relating to inventory management, stock, sales, and purchases, etc.
  • Can manage stock and streamline warehouse processes.
  • It has the ability to set up a barcode system and print barcodes.
  • Can handle multiple currencies and convert them at the latest exchange rates easily.

 The Key Takeaway

Openmiracle has versatile features which can help you in improving the financial performance of your business. It simplifies and automates financial management processes and increases accuracy in your critical business processes.

Conclusion

Free accounting software for small business. If you are having a startup business with a small amount of capital, you may not have the money to purchase subscription-based accounting software. In that case, there is no need to purchase costly software because most of them come with a price tag that is unaffordable for the budding entrepreneurs. Open source accounting software works great for most small businesses and can really help your organization be more successful.

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