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Fed up with manually tracking my finances as a freelancer, I decided to check out some free accounting software for small businesses. And I was truly amazed at all the exciting options I discovered.
If you’re just starting a business, or maybe you’re a freelancer, small business owner, or sole proprietor who can’t afford to pay for accounting software, consider a free option and plan to upgrade later.
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What is free accounting software?
A free accounting software is a digital program that automates basic accounting and bookkeeping tasks, at zero cost. In most cases, you can use it to store financial information, track income, expenses and payments, create and send invoices and also generate financial reports. Using a free accounting software is way smarter than manually tracking your business finances, which can be difficult, mistake-prone, and time-consuming. It’s ideal for freelancers, startups, and small businesses with basic accounting and bookkeeping needs. However, free accounting software usually has limitations when compared to paid versions.
Free Accounting Software Limitations
Here are four limitations common to most free accounting software:
- Limited number of users
- Lack of scalability
- Difficulty migrating your data
- Lack of access to a fuller suite of features
Best Free Accounting Software
Now, let’s look at eleven top free accounting and bookkeeping software applications on the market.
1. Wave
Its entire suite of accounting features is available for free — including unlimited income and expense tracking, the ability to run multiple businesses from a single account, and unlimited bank and credit card connections.
Why I like it: With its accessible setup and interface, Wave is easy to use. You can create unlimited estimates, invoices, bills, and bookkeeping records, connect unlimited bank accounts and credit cards, and it integrates with HubSpot CRM. You can also manage cash flow and customers in one dashboard and export accounting reports.
Best for: Sole proprietors and small businesses
2. ZipBooks
In addition to its robust accounting features, ZipBooks also provides a user-friendly platform for financial software development, allowing businesses to customize and expand their financial capabilities as needed.
Why I like it: You can invoice in multiple currencies, send unlimited invoices, accept digital payments through Square and Paypal, track and manage unlimited customers and vendors, and chat with customer support.
Best for: Small businesses looking to upgrade from spreadsheets
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