Starting a business is not a small thing and managing it gracefully is even more difficult. Many business owners struggle to maintain their accounting processes, especially when they are having a small business or a start-up.
In such a scenario, accounting software helps businesses speed up and manage all their accounting needs like cash flow or taxes. Businesses can easily use accounting software and enter their transactions, collect payments, generate invoices, and create financial reports. Let’s check out the top accounting software you should look for in 2020.
5 Most Useful Free Accounting Software for 2020
If you are an entrepreneur and running a successful business, you must need to stay up to date with your finances. Here are 5 most helpful free accounting solutions that you can check out for getting the most accurate results.
#1 Wave
Wave is web-based accounting software that offers various features for free of cost and the good thing about it is they are free forever. The code advantage of using Wave is you will be able to automatically back up the information in the cloud. Wave allows you to manage your account credits and generate financial statements efficiently. You will be able to connect to numbers of credit cards and bank accounts without any hassle. Wave is a great combination of simple setup, good software design, and includes email support.
Ideal for: Sole Proprietors and small business owners
#2 ZipBooks
ZipBooks is also web-based accounting software that offers free features under their ZipBooks Starter plan. When you use this plan you will be able to perform basic bookkeeping and maintain balance sheet reporting for profit and loss. ZipBooks also have the invoicing and quote features from where you can send quotes and invoices to your clients and accept payments via credit card or PayPal. With this free plan, you can have only one user and one connected bank account.
Ideal for: Start-up/small businesses that are moving from spreadsheets to an online platform
#3 MixBit
MixBit is a feature-rich invoicing software that has a user-friendly interface. It allows users to do simple accounting tasks in the quickest way. It offers numerous templates for businesses to choose from and make the best invoices to get paid instantly so they can maintain their accounting cash flow. Using MixBit you will be able to create outstanding invoices, track them, and set reminders for the same. Not only this, but it also allows you to get notified when the client checks the invoice and when and how they have made the payment. It gives various options to the clients to make payments.
This is the best tool to track your expenses and analyze your business accounting with ease. There options to generate various types of reports for financial transactions. They offer a 14-day free trial for you to experience the features and services they provide.
Ideal for: Businesses who want to generate invoices and keep track of financial records
#4 xTuple PostBooks
xTuple PostBooks is open-source accounting software that offers free services for small and medium-sized businesses. With this software, you will be able to connect all credit cards and bank accounts. You can keep track of all the financial transactions from these tools and also able to manage accounts receivable and accounts payable. It is the software developed for your computer that must be downloaded to your computer and all the data will be saved into your pc only, it does not have the cloud access. So, if you are having bad internet connectivity, this tool is ideal for you.
Ideal for: Small and medium-sized businesses with poor internet connectivity
#5 SlickPie
SlickPie is comprehensible software for those businesses that have less experience in bookkeeping. The great benefit of SlickPie is it offers automation features. This automatic feature combines invoices and has an in-built application named MagicBot that allows businesses to include bills and receipts automatically. Apart from this, you can also make manual entries for your accounts payable.
Ideal for: Small businesses who lack bookkeeping experience
Conclusion
Free accounting software is a great choice for small businesses and start-ups to manage their finances in the easiest way to simplify their business process. Using any accounting software will help businesses save a lot of time and minimize the efforts they take in managing their finances manually.
