Open Source Double Entry Accounting Software

Open source double entry accounting software is a free, easy to use and enterprise-level solution with all the basic accounting features you would expect from any standard finance software. Built by an accounting practitioner and certified public accountant, this is a software that is created to meet your business needs in the best way possible.

A free, open-source double-entry accounting package for small businesses. This program is for anyone who needs to track income and expenses, including start-ups, freelancers, self-employed consultants and more.

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
(Akaunting.com)

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.

Wave
 A screenshot of the main dashboard in Wave Accounting
The main dashboard in Wave Accounting (Source)

Designed with the small-business owner in mind, Wave—which was acquired by H&R Block for around $400 million in July of 2019—prides itself on its simplicity and ease of use. Its intuitive user interface keeps the most important financial data front and center, accessible immediately after signup via any device with a web browser.

The idea here is that keeping things simple relieves much of the stress associated with accounting software. But don’t be deceived by this bare-bones approach; for a free piece of software, Wave is rich in features. This includes informative user dashboards, unlimited income and expense tracking, and customizable invoicing and sales tax processes.

Other features include:

  • Fast setup
  • Bulk transaction updates
  • Exchange rate conversions
  • PayPal, Shoeboxed, and Etsy integrations
  • Unlimited bank and credit card accounts
  • Bill and invoice reminders

While the accounting app really is free, accepting payments (2.9% + 30 cents per credit transaction, or 1% per bank transaction) and running payroll ($20 per month plus $4 per employee) are paid, optional features.

 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.

(openmiracle.com)

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

Open miracle 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.

 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.


(moneymanagerex.org)

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.

Conclusion

We’ve all felt the frustration of managing a small business. Small business owners need to account for income and expenses from their business, but it’s extremely difficult to efficiently manage the process on paper. We’ve created a double entry accounting program that allows users to track income and expenses through your whole business cycle. Along with this program, we’ve agreed not to ask for any payment, so that every business owner can use this software.

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