Free Accounting Software For Small Businesses

Free Accounting Software For Small Businesses

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Free Accounting Software For Small Businesses – The Top 4 On The Market

Are You trying to get your bookkeeping in order?  We rounded up the four best choices (in our opinion) of free accounting software for Australian small businesses. 

This list should help you choose the right platform so that you can keep track of all those boring finances.

Part of any good business strategy is a financial plan, and good record-keeping is critical to ensure you stick to that plan. 

However, many small Australian businesses don’t have the cash flow to hire a bookkeeper. 

And do you want to pay hundreds of dollars for comprehensive accounting software? Not to mention the training it takes to learn how to use it.

The top free accounting software for Australian small businesses are, Zipbooks, Slickpie, and Akaunting. Below you will find a summary of each platform along with the feature overview.

What Is Accounting Software?

Accounting software is typically designed to calculate, record, and report financial transactions.

It helps with the various aspects of an organization’s financial management, including tracking assets, liabilities, revenue, expenses, and other metrics.

Accounting software can also be used to generate reports in various formats for management decision-making purposes.

Accounting software is typically classified as general-purpose, industry-specific, and particular purpose.

General-purpose accounting software is designed to meet the needs of a variety of industries and organizations.

Industry-specific accounting software is designed to meet the needs of a single industry or organization.

Particular purpose accounting software offers niche functionality that most organizations don’t need. In this article on free accounting software, we include general-purpose options.

What Does Accounting Software Help With

Regardless of whether you choose free accounting software or decide to pay for a more feature-rich option, the benefits to your business are undeniable.

Below we expand on some of the three most common uses, although there are many others.

Bank reconciliation

Bank reconciliation with accounting software is a process that involves matching recorded entries in an account to the corresponding transactions on the bank statement. It consists of two parts:

1) Matching deposits, checks, electronic transfers, etc. to their corresponding entries in the journal

2) Matching withdrawals and other transactions to their corresponding entries in the journal.

This process ensures that all deposits have been entered into the company’s accounting records and that all withdrawals have also been entered, so there are no missing transactions.

Both sides of a bank statement must be reconciled with each other for accuracy.

Sending Quotes

Sending quotes and invoices to customers and allowing them to pay you through credit card, EFT, or merchant account.

Accounting software can also track these payments and assign them to your client’s data.

Tracking Expenses

A good platform will allow you to track all your expenses and summarise your tax professional when needed.

Depending on the option you choose, your accounting software may even allow you to take a picture of your receipts and automatically record the data for you.

Our List Of Top Free Accounting Software

Wave Accounting

(Please note Wave will no longer be offered in Australia. Please see below for alternative options)

Wave free accounting software

If you’re looking for free accounting software Australia based businesses excluded, then it’s hard to go past Wave. 

Wave is a top-rated yet free accounting tool that allows small businesses to easily manage their routine expenses and balance invoices and payments. 

Send professional invoices, track the status of payments. You can also link Wave to your bank accounts; it has everything you need when you’re just starting.

Wave even allows you to accept credit card payments. It can also help businesses generate sales & tax reports, balance sheets, and accounts payable/receivable reports. 

Wave works like a personal budgeting tool, using a dashboard for routine finance management. 

The app even allows you to take a snapshot of a receipt and upload it to your accounting in seconds. 

The paid subscriptions of Wave offer more in-depth functions and fewer limitations, but the free version is really impressive.

And unless you have a team of people working for you, the paid version is probably overkill.

Zipbooks Accounting

Free zipbooks accounting software

Free Option: Yes

Paid Option: Yes

User Level: Beginner

Is It Scalable: Yes, with limits


Zipbooks Popular Features
  • Vendor Creation & Management
  • Bank Reconciliation
  • Billable Expenses
  • Credit Card Processing
  • Estimates & Invoices
  • Manage & Create Customers
  • Save Receipts
  • Multi-Currency Support
  • Recurring Billing
  • Reminders & Time Tracking
  • Auto-Categorization
  • Chart Of Accounts

Zipbooks Accounting Overview

Zipbooks is another tremendous free accounting software for Australian small businesses. This can be set up for free, but like many others has paid versions with more in-depth features and flexibility. 

The free version allows users unlimited bookkeeping, customers/vendors, and invoicing while providing the ability to connect directly to your bank account. 

Zipbooks make reporting and bookkeeping a breeze with intuitive colour-coding, auto-categorization, and a full suite of reports. 

It also has automated payment reminders and billing features to keep you on top of your day-to-day finances. 

Zipbooks even assigns a health score concerning your finances to keep you aware of how you are doing.

Slickpie Accounting

Free SlickPie Accounting Software

Free Option: Yes

Paid Option: Yes

User Level: Beginner / Intermediate

Is It Scalable: Yes, with limits


Slickpie Popular Features
  • Automated Receipt Data Capture
  • Create & Send Invoices
  • Multi-Currency
  • PayPal, Stripe, & Credit Card Processing
  • Quotes & Estimates
  • Expenses & Bills
  • Track Sales Tax
  • API
  • Bank Reconciliation 
  • Recurring Invoices & Payments
  • Late Payment Reminders
  • Upload & Attach Files

Slickpie Accounting Overview

Next on the list of free accounting software is Slickpie. Like many other accounting platforms, SlickPie has free and paid versions, which have more in-depth features and functionality. 

This software is designed for the small business owner by small business owners. 

If you are searching for an essential, simple to use, and handy, this accounting tool is worth looking at. 

This tool allows business owners to manage daily expenses, generate detailed reports, and create invoices without hassle. 

Similar to Wave, you can scan receipts, and it will pull the data automatically to make your bookkeeping a breeze.

A new player on the block, SlickPie, has only been around a couple of years, but its clean, intuitive interface makes it a must to check out.

Akaunting

Akaunting

Free Option: Yes

Paid Option: Yes, you can add paid features through a marketplace of apps.

User Level: Beginner

Is It Scalable: Yes, With limits


Akaunting Popular Features
  • Free Software – Open source
  • Customer Creation & Management
  • Invoice Creation
  • Vendor Creation & Management
  • Credit Card Processing
  • Billable Expenses
  • Accept Online Payments 
  • In-depth Reporting
  • Recurring Payments
  • Tax Rates
  • Discount Functionality

Akaunting Overview

Akaunting is open source free accounting software designed for small businesses to manage their finances and stay on top of their cash flow.

With a great-looking user interface, this is a perfect option for someone who has never used accounting software before.

This software has all the essential features such as Invoicing, accepting online payments, and keeping track of expenses.

This is a tool that competes with many paid solutions in the market.

We believe this is another solid free accounting app for Australian small businesses with over 180 thousand users, dedicated support, and free lifetime updates.

You can choose to use this software in the cloud-like many of its competitors, or you can download the software locally to your computer.

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Fresh Books

FreshBooks Partner Screenshot

Free Option: No

Paid Option: Yes

User Level: Beginner / Intermediate

Is It Scalable: Yes


Fresh Books Popular Features
  • Customizable Invoices
  • Payment Reminders
  • Accept Credit Cards
  • Automatic Late Fees
  • Recurring Invoices
  • Discounts
  • Multi-Currency Billing
  • Profit & Loss
  • Bank Reconciliation
  • Automatic Tax Calculations
  • Inventory Tracking
  • Receipt Attachments
  • E-Signatures
  • Review and Accept Estimates Online
  • Bill For Tracked Hours
  • Automatic Expense Recording
  • PayPal Intergation
  • Mobile Apps

Fresh Books Overview

If you are looking for a more feature-rich paid option for your small business accounting, then Freshbooks is a must to check out.

This platform is very well built and polished; the mobile apps are fantastic and rival some of the biggest market players.

They are currently offering 60% off for six months plus 10% off for the year. They also have a free trial, so you can see if the platform is a good fit for your business.

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Final Words

We hope our roundup of free accounting software helps you stick to your financial plans and achieve your business goals.

For more free tools and products, subscribe to our blog, and we will let you know as soon as we come across them.

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