There is no harm in using free online accounting software for small businesses to take care of a few financial transactions. It will be a great help in updating your books of accounts. The experts advise you to do so regularly to keep a tab on your business' cash flow. Implementing the best accounting software is an investment.
Choose Scalable Free Online Accounting Software
Several owners of new businesses use free software solutions to save money in the initial days. There is no harm in it. Selecting a paid or free accounting software is not an issue.
Your accounting software should be scalable. It will ensure the longevity of your financial data. Ask yourself, "Would I be using this accounting software when my turnover is more than S$1 million?"
Before you start searching for the best accounting software for your small business, take stock of things. Find out your business needs, processes, and challenges you want the software to solve. It will help in zeroing-on the right type of accounting software for your business.
Accounting Software: Features and Functionality
On the internet, you will find many free accounting software for small businesses. The term 'Free' could mean completely free, an open plan, or a free trial of proprietory accounting software. Find out which of these systems offers features and functionality to meet your needs. Look for the following characteristics in the accounting software.
Easy account setup
Multi-currency support
Multi-user/roles
Customer & Vendor management
Customised Invoicing
Estimates & Quotes
Recurring transactions
Account reconciliations
Accounts Payable/Receivable
Inventory Management
Budgeting
Sales and expense tracking
Email/print estimates & invoices
Financial Statements & Management Reports
VAT/GST Filing and Reporting
Auto-save
Data export/import
Free Accounting Systems
If your small business has only a few transactions, you will be tempted to use spreadsheets for accounting. However, they become confusing as the number of transactions increases.
The best online accounting software assists you in the management of your business' cash flow, taxes, and finances easily and accurately. Here is a list of free online accounting software for small businesses.
One Accounting Software: Accounting software for small businesses, accounting firms, freelancing accountants. Supports multi-currencies, Multi-company, Multi-user, recurring transactions, account reconciliation, etc
Sunrise: Bookkeeping software for classifying expenses, send customised invoices, and receive online payments.
Akaunting: Online accounting software that can be accessed using any device to send invoices & expense tracking. Allows multi-currencies and multi-companies.
Wave: Free web-based accounting software that stores information on the cloud. Cannot track accounts payable.
GnuCash: Works on Linux, MS Windows, and Mac platform. Supports multi-currencies and languages. Provides accounts receivable/payable tracking & light payroll support.
SlickPie: Easy-to-use software to automate recurring invoices, bills, receipts, and accounts payable.
CloudBooks: Free trial of CloudBooks supports cloud storage & multiple users. One user can send five invoices.
You can also download free trial versions of prominent accounting software and see if they work for you. However, you need to be aware that free-trials are a watered-down version of the accounting software. You may not be able to use all its main features. It will give you a very good idea about their navigation, interfaces, and use.
At the end of the day, you may not be ready to shell out money to buy a full-scale version of any accounting software. However, when you download a free trial and use it for some time, it surely gives you an idea or two. It will help you in doing your search for the best accounting software more specific.
I am a technical consultant & a writer who loves to forge knowledge of software products & services.