Free Bookkeeping Software

Many people look for free bookkeeping software on the internet, but are there really any good packages or spreadsheets available?

Over the years I have looked at lots of free products, but have not found one which I feel is good enough to recommend and can save a business time and money. I have therefore put together a list of disadvantages and also alternatives which are available.

For a simple excel spreadsheet look at www.easyaccountancy.co.uk, although the spreadsheet lists all your sales and bank receipts and payments, it does not complete any of the accounting records needed to produce Profit and Loss account for your year end.

Disadvantages of free bookkeeping software

• Software is often not supported, therefore if you have a problem it may be very difficult to resolve.
• Not all downloads can be trusted, there is no way of knowning if the software is safe unless you have installed a good anti virus software.
• It is easy to make a mistake and there is no easy way of checking that the information you put in is correct. With a full accounting package there are lots of reports that can be run and it is easy to check that the details you enter are correct.
• Most of the free software is so simple it will not give you the reports required to run your business.
• Most of the products are difficult to use.

What other low cost accounting options are available

• Speak to your accountant and see what they can recommend, they may even have a free spreadsheet you can use.
• One of the most popular low start up cost options available now is cloud accounting software. Most of these run a free trial period and will grow with your business.
• DIY Accounting offer a very low cost spreadsheet. If you want to know more look at their forums.