9 Best Free Accounting Software to Know in 2020 (No.1 is Awesome)
Solopreneurs, freelancers, and small business owners are looking to save on bookkeeping and accounting services. But, they have to admit that without a software it is going to be difficult.
According to CPA Practice Advisor, cost is one of the factors that hinder companies from purchasing accounting software.
Yet only 18% of SMBs are still without one.
You may want to look up accounting software free apps as we have provided here.
With that in mind, here are nine of the best free accounting software in 2020. Select the one that fits your needs and put your mind to rest with your finances.
1. Wave (Our top pick)
Ideal users: sole proprietors, contractors, or consultants.
Making waves in accounting is this free invoicing and accounting software headquartered in Canada. Wave has a growing number of users of over 3.5 million.
Wave offers a wide range of free-forever features, a plethora of invoice templates, notifications and recording payments.
Wave also allows you to connect unlimited credit card and bank accounts, receiving payments for a reasonable fee. Professional bookkeeping services are also available.
Wave also allows for collaboration controlled by the account owner. You may invite your client to view as guest or allow your staff to edit as Payroll Manager while you remain as the Admin.
- Connect to Etsy and PayPal
- Connect to unlimited bank accounts and credit cards
- Accept payments in foreign currency
- Customizable invoices
- Receipt scanning
- Reminders for bills and invoices + Notifications for received payments
- Automatic payment transaction reconciliation (only on Payments by Wave)
- 1% for debit payments
- 2.9% + $0.3 for credit charge
- $20 – $35 per Month for Wave Payroll Subscription
- $249 – Wave+ Bookkeeping service (one time fee)
In the news: Recently H&R Block acquired Wave apps for CAD 537 Million. So you know that Wave is here to stay and would be much better with H&R Block.
Ideal users: Small business owners and their employees, suppliers, customers, and potential investors
Akaunting lets you manage your cash flow anytime, anywhere as long as you have an internet connection. It is accessible from any device with contributors worldwide.
This free accounting software online offers single-entry accounting features and support multiple users with customizable permissions. Double-entry accounting comes with a fee.
The free version with single-entry features has no setup fees and available for an unlimited time.
- View on Mac, PC, mobile, or tablet
- Managing inventory
- Expenses in multiple currencies
- Multiple user support
- Tracking deposits and transfers for unlimited bank accounts
- Attaching receipts and files to transaction data
- Client portal includes invoices and payments record
- Free for single-entry use!
- 69$/year for double-entry accounting.
- For Payroll, 99$ per year only!
Ideal users: Solopreneurs and personal users who want to automate their accounting processes.
According to a survey by Wasp Barcode, only 14% of small business owners are extremely knowledgeable yet over half are frustrated when they don’t receive advice and education from their accountants.
If you have little experience with bookkeeping, a user-friendly software like SlickPie could be the answer to your needs.
SlickPie offers an easy way to manage auto-recurring financials including invoices, bills, and receipts.
Its ease of use gives it an advantage over its competitors making it easy to transition from Excel spreadsheets to easy-to-use accounting and free bookkeeping software.
If you are looking for the 3 Integration Features in an accounting software, this should be your top pick as it reduces data entry through automation.
- Automated data entry via built-in app MagicBot that automatically add receipts and bills
- Auto-recurring invoices
- Instant online bill payments via Stripe, PayPal, and credit card processing
- Bank reconciliation
- Transaction history
- Financial reports
- Upload and attach files
- You can Sign up for a free SlickPie account! No card details required!
- SlickPie Pro costs $39.95/month which offers to add 50 companies and have email and phone support.
Ideal users: Bloggers, freelancers, startups, and SMBs.
Zipbooks is a Utah-based startup company that aims to do away with the old shoebox method and ledgers with a system that makes reconciliation easy, for free!
They have a simple interface that includes user-friendly features including a colorblind-friendly mode.
Their highly-organized accounting system includes intelligent categorization, cash flow management, and reconciliation of accounting records with your bank statements.
The free online accounting software has all the basic functions of bookkeeping as well as profit, loss, and balance sheet reports.
- Send unlimited online invoices
- Basic balance sheet reports + Profit and loss reports
- Accepts digital payment via PayPal or Square
- Connects to one bank account (free version)
- Offers upgrades for when your business expands
- ZipBooks Starter plan is free of charge.
- Smarter plan at $15/month includes time tracking, adding multiple bank accounts.
- For insightful reports and unlimited users, they have a Sophisticated plan worth $35 per month.
- They also offer professional accountant service! Starting at $125/month.
Ideal users: Freelancers and solopreneurs
What Pandle is not is a complex accounting software. Both free and paid versions come with a breadth of simple to use features.
From the onset, you will be guided through their quick setup and you can also access the pro version for a 14-day free trial. The free version offers unlimited use.
- Create quotes and invoices with your logo
- Unlimited bank accounts, customers, and suppliers
- Accepts payments via Pandle Pay (debit and credit) and Stripe
- Automated payment reminders for unpaid invoices
- Tax estimates
- Multiple currencies
- Sales tax and business reports
- Available on iOS and Android
- Pandle offers two plans, Free Forever plan and Pandle Pro.
- The paid version is just for $7/month and it includes PayPal feeds, receipt uploads, and unlimited users.
Ideal users: Home and small business users
If you are on the lookout for a free accounting software you can install on Windows, macOS, or on the Linux operating system, then go for Gnucash, one of the best free accounting software for small business owners.
Use it to manage your bank, retirement, and investment accounts while keeping track of stocks as well as your income and spending.
Gnucash is great for personal use while also offering some payroll features.
Users have noted a slight learning curve at the start but there are guides and tutorials.
- Available for multiple operating systems and Android (no iPhone app)
- Double-entry bookkeeping
- Multi-currency transactions
- Online stock and mutual fund quotes and portfolios
- Scheduled transactions
- Bank and credit card reconciliation
- Built-in custom reports and charts
- Mortgage and loan repayment assistance
- Automatic file back-up
- Free to download and use!
Ideal users: Small to mid-sized business owners, and accountants
Are you an accountant looking for a free accounting software you can use? Then Bullet is your choice.
It has a full range of accounting and invoicing features as well as instant human support.
Plus, there are no online advertisements with the free online software.
Designed to offer smart workflow-based accounting, Bullet can be used by accountants as well as growing enterprises.
Also, if you have staff who multitask on HR and accounting, this software can help in cost-cutting.
- Client statements
- Recurring invoices
- Attach files to transactions
- Personalize with logo, branding, and own email address
- Auto-adjust imports for reconciling
- You can access all of its features with a tweet!
- For free Invoice and Accounting – Two tweets.
- Multi-user plan is priced at $4.99/month.
- Ireland users can activate mac-friendly payroll for only €4 per month Base Fee and €3 per month per employee thereafter.
Ideal users: Freelancers and small business owners (paid version)
While CloudBooks was designed as the easiest accounting software for small business use, the free version does have limited options.
The free subscription does come with 24/7 email support.
It is user-friendly and is available over the web for invoicing, time tracking, project management, online payments, automated invoice reminders, and expense trackers.
- 5 invoices
- 1 client
- Email support
- Secure data cloud storage
- Unbranded invoice
- The free version is only for 30 days free trial.
- You can also get a 30-day free trial for both paid subscriptions.
- $10 a month for Team subscription with 5 staff, unlimited clients and invoices, branded logo, SSL encryption, and PayPal payments.
- For Agency subscription, it costs $20 per month with unlimited staff, clients, invoices, PayPal/C20, live chat, phone and email support.
Ideal users: Artists, creatives, solo business owner
Designed by freelancers for freelancers.
If you have used the Billy app accounting software before, then this is it, only it’s now free of charge.
Billy app now officially carries the name Sunrise App with a free-forever plan that includes credit card processing.
New features have been added to Sunrise App following the name change which include PayPal payments, automatic categorization, and cash-basis accounting.
- Online invoices
- Data encryption and security
- Manage accounts receivable and payables
- Invoice reminders for overdue invoices
- Balance sheet reports
- The Self Service plan is free for everyone.
- They also offer professional bookkeeping services ranging from $99 to 499$.
These free accounting software can be accessible on your web browser while others are applicable for mobile browsing too.
You may opt for single-user software or go for multi-user software depending on your needs.
Our top choice, Wave comes highly recommended for its wide range of features, reasonable pricing, and collaboration for everyone linked to your company—be they staff, suppliers, or clients. They also offer a one-time fee for professional bookkeeping services.
Our second choice, Akaunting offers the cheapest subscription plan for payroll features, but it is only a single-entry accounting software. For freelancers who don’t need to worry about payroll options, SlickPie is the way to go as it offers automation, online payments, and reports.