Every dollar and transaction matters, and every second counts in business. Keeping it all straight is the backbone of being successful. With an abundance of options for free bookkeeping software for small businesses, it can be hard to make the right choice.
That's why we've handpicked our top five choices for the best free bookkeeping software for small businesses. That way, you can keep things simple based on what you need from your accounting software so that you can change the way you manage your business without breaking the bank.
Our top 5 picks for free bookkeeping software for small businesses include:
1. Wave – Best for Ease-of-Use
Wave will allow you to do all the essentials on a single streamlined platform. It's a user-friendly platform known to be "built for you, not your accountant”. It provides the ability to invoice and track income and expenses.
Wave can even grow with you, as their paid subscription can take payments, run payroll, generate T4s, and allows your employees access to a portal so that they can securely review their paystubs.
2. NCH Software – Best for Financial Reports
The NCH software is perfect for small businesses wanting to analyze their finances by generating various reports. NCH's software allows users to generate more than 20 financial reports while creating invoices and quotes, as well as tracking and reviewing journal entries and accounts receivable and payable.
3. Zipbooks – Best for Simplicity
Zipbooks is best for businesses that are simple but generate a large number of invoices. Zipbooks does not limit invoices (unlike Zoho below) and also provides the ability to integrate credit cards or Paypal for payment while also allowing for simple reconciliation, report generation, recording payments and expenses, and storing and tracking receipts.
4. GnuCash – Best for Linux Users
GnuCash is a good option for those using Linux as they may be more limited in options. It is also available for Windows and Mac. GnuCash allows users to track bank accounts, stocks, income, and expenses. It also allows users to generate reports and graphs, and match transactions.
5. Zoho Books – Best for Zoho Users
Zoho Books is an integration to the all-in-one Zoho software suite. Zoho’s free plan allows users to create invoices (up to 1,000 per year), make online/offline payments, create a chart of accounts, track expenses and mileage, and bank reconciliation.
The best feature of Zoho is its ability to integrate with other Zoho products, which makes it a good choice for users already using Zoho, but may not be ideal for those who do not. This is why it’s one of our last picks.
Other Free Options
If you’re at the point in your business where you think software is too much to handle and you’re looking for an even simpler free option – excel spreadsheets can do the trick. Track your expenses and income on separate spreadsheets so they can be handed off to a professional come tax time. Anything is better than relying on a shoebox full of records.
Ready for An Upgrade?
If you're looking for more advanced software that will continue to grow with you and contains even more options, you might want to consider paid software or buying the paid version of Wave. This way, you can get all the bookkeeping and payroll options you require.
If you’re looking for something even more advanced, you may want to consider signing up for Quickbooks Online or Freshbooks. Better yet, if you’re growing fast and don’t have time to deal with your books, you may want to consider reaching out to a professional and handing over all your bookkeeping and accounting tasks. At Eagle Eye Bookkeeping and Tax Services, we can handle all your bookkeeping, payroll, and tax needs – contact us today for a free consultation!
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