There are many advertised free accounting software packages when completing a search on the Internet. Most of these companies are only offering a free trial of anything between 30 and 90 days. At this point, you have started using the software and then feel that you need to start paying a monthly fee.
There are some packages which are completely free and normally have a paid for version for extra features. The advantage of some of them is that your software can grow with your business.
What are the options for Free Accounting Software
The product that I have tried and tested is Wave apps. It is one of the few free of charge options and has most of the features compared to a paid for the package. The reason they offer it for free is that it includes advertising while using it. Although there is advertising, it is not off-putting for the user. I have tried several other free accounts software, but this is the easiest to use and the quickest to setup.
Advantages of Wave Apps
- It is an online software (cloud based) package, so no need to download the software and you can access it from anywhere.
- The dashboard shows a snapshot of your business, including bank balance, income and expenses over a year, sales invoices that you are owed and purchase invoices which you owe and a Pie chart showinga breakdown of payments for a year or month.
- There are several different invoice designs which will make your business look professional.
- You can connect a bank account which will download your transactions; you will just need to allocate them.
- It is simple to use and can be set up in minutes.
- There are lots of reports available to view or print off including, Profit & Loss, Balance Sheet, Invoices owing and VAT report.
- Can accept Credit Card payments, for a fee.
- A photograph of receipts can be taken on the app while out and about, making the recording of transactions easier.
- You can invite other users to access the accounts including someone else in the business, bookkeeper or accountant.
Disadvantages of Wave Apps
- You need to have online access to use it.
- There is some advertising on the software.
- If you need support, you may need to pay for it, although there is a free online community.
- It will not keep track of stock; a paid for package is best for this.
Pandle Accounting Software
Pandle is free to use, but if you want bank feeds you will require the paid for version
I recently set up an account for a small charity in the UK, after a couple of hours training they were up and running the software themselves
Advantages of Pandel
- Easy to use dashboard
- Issue Customer Invoices
- Keep track of outstanding invoices
- Reports are available and they are adding more
- Videos on how to complete transactions
- Developed by Accountants
Disadvantages of Pandle free accounting software
- Bank feeds is a paid for version
- Not as many reports as some of the more popular packages
Are there any other free options?
If you are just a small business and do not need all the features of an accounting package, then there are free Excel templates available. We offer a couple which are found on the Excel template page. Our templates include a Cashbook for recording simple income and expenses and also a combined budget and cashbook which enables you to compare the budget and actual figures during the year.
In the past, we did offer a free accounting software called Account-It, but due to having to keep it up to date and better software packages available we withdrew it from the website.
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