The Best Free Accounting Software in 2024

Struggling to manage invoices, handle expenses, or create detailed financial reports? Free accounting software can be the robust, cost-effective tool you’ve been looking for. These digital tools streamline your finances by offering features like generating invoices, categorizing expenses, and creating reports – all at zero upfront cost.

In this comprehensive review, we aim to guide you through the myriad of the best free accounting software options available in 2024, each one promising to be a game-changer for businesses, irrespective of their size or the industry they operate in.

The vast array of software options can often make the selection process complex and overwhelming. But don’t be dismayed, as our list simplifies this journey. We focus on the most robust and use-friendly free options available, helping you strike a good balance between price, key features, and usability.

Whether you need a simple invoicing tool or a comprehensive solution that can manage multiple financial tasks such as expense tracking, payroll processing, and producing detailed financial reports, the first step is understanding your unique business needs.

Consider our list as a detailed roadmap, guiding you to select the best free accounting software as per your needs. With these tools in hand, you are not only simplifying financial tasks, but also empowering your business to make informed financial decisions. So, let’s get started on this journey and explore the best free accounting software that 2024 has to offer.

The Best Free Accounting Software in 2024

Here are our picks for the Best Free Accounting Software in 2024.

1. Zoho Books

For businesses and freelancers seeking a user-friendly and feature-rich free accounting solution, Zoho Books stands out as a compelling choice. While Zoho Books offers paid plans with additional functionalities, the free plan packs a surprising punch, equipping you with the essential tools to manage your finances effectively. Here’s why Zoho Books might be the perfect free accounting software for you:

Intuitive Interface and Streamlined User Experience:

Zoho Books boasts a clean and intuitive interface that simplifies financial management, even for users with no prior accounting experience. Navigating through features and functionalities is easy, allowing you to quickly grasp the software and begin managing your finances efficiently.

Core Accounting Features in the Free Plan:

The free plan offers a robust set of features to handle your core accounting needs:

Invoicing: Create and send professional invoices with customizable templates and track their payment status.
Expense Tracking: Simplify expense management by logging and categorizing business expenses with ease.
Inventory Management (Limited): Manage your inventory levels for a limited number of items in the free plan. Upgraded plans offer more advanced inventory functionalities.
Banking Integration: Connect your bank accounts for automatic transaction downloads and reconciliation, saving you time and effort.
Reports (Limited): Generate basic financial reports like profit and loss statements and balance sheets to gain insights into your financial health. Upgraded plans offer a wider range of reports.

Collaboration Features:

The free plan allows you to collaborate with one accountant or bookkeeper, enabling them to access your data and assist you with managing your finances.

Mobile App Accessibility:

Manage your finances on the go with the Zoho Books mobile app available for iOS and Android devices. This ensures you can access your financial data and perform basic tasks like creating invoices or capturing expenses from anywhere.

Benefits of Using Zoho Books (Free Plan):

Free and User-Friendly: Manage your finances effectively without the burden of upfront costs and with a user-friendly interface.
Core Accounting Functionalities: Handle invoicing, expense tracking, basic inventory management, bank reconciliation, and generate reports – all within the free plan.
Collaboration Features: Work with an accountant or bookkeeper for enhanced financial management.
Mobile App Accessibility: Manage your finances from anywhere with the mobile app.

Things to Consider with the Free Plan:

Limited Features: The free plan has limitations on functionalities like advanced inventory management, reporting options, and the number of collaborators. Upgraded plans offer more features and scalability.
Storage Limitations: The free plan offers limited storage space for your financial data. Upgrading might be necessary as your business grows.

Who Should Consider Zoho Books (Free Plan)?

The free plan is ideal for:

Freelancers and Solopreneurs: Manage your income and expenses efficiently with ease.
Small Businesses with Basic Needs: If your accounting needs are relatively straightforward, the free plan offers a solid foundation.

Zoho Books offers a free trial for their paid plans, allowing you to test out the additional features before committing. By carefully evaluating your business needs and the limitations of the free plan, you can determine if Zoho Books is the best free accounting software for you.

2. Wave

For freelancers, solopreneurs, and small businesses seeking a user-friendly and completely free accounting solution, Wave stands out as a champion. While Wave offers paid plans with additional functionalities, the free plan provides a powerful set of features to manage your finances effortlessly. Here’s why Wave might be the perfect free accounting software for you:

Simple and Intuitive Interface:

Wave boasts a remarkably clean and user-friendly interface. Even with no prior accounting experience, navigating Wave’s features is a breeze. This ease of use makes it an ideal choice for those intimidated by complex accounting software.

Core Accounting Features at No Cost:

The free plan offers a robust toolkit to manage your essential financial needs:

Unlimited Invoicing and Estimates: Create and send professional invoices with customizable templates and track their payment status effortlessly. You can also generate estimates to showcase your services to potential clients.
Seamless Expense Tracking: Manage business expenses with ease by logging and categorizing them. Wave also allows you to capture receipts through their mobile app for effortless expense recording.
Automatic Bank Reconciliation: Connect your bank accounts for automatic transaction downloads and reconciliation, saving you significant time and effort.
Financial Reports (Limited): Generate basic financial reports like profit and loss statements and balance sheets to gain valuable insights into your business’s financial health. While limited compared to paid plans, these reports offer a solid foundation for financial understanding.
Double-Entry Accounting (Optional): Wave offers the option to use double-entry accounting, a more advanced method preferred by some businesses for detailed financial tracking.

Collaboration Tools:

The free plan allows you to invite unlimited collaborators to view your financial data, enabling seamless teamwork with bookkeepers or accountants.

Mobile App Accessibility:

Manage your finances from anywhere with the Wave mobile app available for iOS and Android devices. This ensures you can access your financial data and perform basic tasks like creating invoices or capturing expenses on the go.

Benefits of Using Wave (Free Plan):

Completely Free and User-Friendly: Enjoy all the core accounting features at zero upfront cost and with an interface designed for ease of use.
Unlimited Invoicing and Expense Tracking: Create invoices, estimates, track expenses, and reconcile bank accounts – all within the free plan.
Collaboration Tools: Work with bookkeepers or accountants for enhanced financial management.
Mobile App Accessibility: Manage your finances anytime, anywhere with the mobile app.

Things to Consider with the Free Plan:

Limited Features: The free plan lacks advanced functionalities like inventory management, payroll processing, and more advanced reporting options. Upgraded plans offer these features for businesses with complex needs.
Payment Processing Fees: While sending invoices is free, Wave charges a processing fee for payments received through the platform.

Who Should Consider Wave (Free Plan)?

The free plan is ideal for:

Freelancers and Solopreneurs: Wave’s free plan is perfectly equipped to handle the invoicing, expense tracking, and basic financial reporting needs of independent professionals.
Small Businesses with Simple Needs: If your accounting needs are straightforward, Wave’s free plan provides a powerful and user-friendly solution for managing your finances.

By carefully evaluating your business needs and the limitations of the free plan, you can determine if Wave is the best free accounting software for you. Wave also offers paid plans with additional features, allowing you to scale up as your business grows.

3. NCH Express Accounts

NCH Express Accounts enters the ring as a free accounting software option for small businesses and individuals. While it offers a free plan, it’s crucial to understand its limitations before diving in. Here’s a breakdown of NCH Express Accounts and why it might be a suitable choice for your financial management needs:

Core Accounting Functionalities (Free Plan):

Invoicing: Create and send professional invoices with customizable templates and track their payment status.
Expense Tracking: Manage your business expenses by logging and categorizing them.
Banking Integration (Limited): The free plan offers limited bank account connections. Upgraded plans offer more connections.
Inventory Management (Limited): Track your inventory levels for a limited number of items in the free plan. Upgraded plans offer more advanced inventory functionalities.
Reports (Limited): Generate basic financial reports like profit and loss statements and balance sheets to gain insights into your financial health. Upgraded plans offer a wider range of reports.

Additional Features (Free and Paid Plans):

Purchase Orders: Manage your purchasing process by creating and tracking purchase orders (availability might differ between free and paid plans).
Payroll (Paid Plans): Process payroll for your employees (not available in the free plan).
Tax Forms (Paid Plans): Generate and file tax forms (not available in the free plan).

Benefits of Using NCH Express Accounts (Free Plan):

Free for Basic Needs: Manage invoices, expenses, and generate basic reports at zero upfront cost.
User-Friendly Interface: The interface is designed for ease of use, even for those with limited accounting experience.
Desktop Software: Offers a desktop application for managing your finances without relying on a web browser.

Things to Consider with the Free Plan:

Limited Features: The free plan has limitations on functionalities like bank account connections, inventory management, reporting options, and advanced features like payroll and tax forms. Upgraded plans offer these functionalities for businesses with more complex needs.
Desktop Software: While some users prefer desktop software, it may lack the accessibility and flexibility of cloud-based accounting solutions.
Potential Learning Curve: Despite the user-friendly interface, some users might find navigating the software requires a bit of a learning curve compared to exceptionally simple free options.

Who Should Consider NCH Express Accounts (Free Plan)?

This free plan might be suitable for:

Freelancers or Solopreneurs with Simple Needs: If your invoicing, expense tracking, and reporting needs are basic, the free plan can be a good starting point.
Small Businesses Willing to Upgrade Later: If you anticipate needing more features as your business grows, NCH Express Accounts offers paid plans that can scale with your needs.

Overall, NCH Express Accounts offers a free accounting software option with core functionalities for managing invoices, expenses, and generating basic reports. However, it’s important to be aware of the limitations in the free plan, especially regarding bank connections, inventory management, and reporting options. Consider your specific business needs and weigh the limitations against the benefits before deciding if NCH Express Accounts (Free Plan) is the right choice for you.

4. ZipBooks

ZipBooks caters specifically to freelancers, contractors, and small businesses that heavily rely on invoices for managing their income. While ZipBooks offers paid plans with additional features, the free plan packs a punch for those focused on streamlining the invoicing process and basic financial management. Here’s why ZipBooks might be the perfect free accounting software for you:

Built for Seamless Invoicing:

Unlimited Invoicing: Create and send professional invoices with customizable templates and track their payment status effortlessly. There’s no limit on the number of invoices you can send in the free plan.
Recurring Invoices: Automate recurring invoices for services you provide on a regular basis, saving you time and ensuring timely payments.
Online Payments: Accept payments directly through invoices via popular payment gateways (may incur processing fees).
Payment Reminders: Set automated reminders to nudge clients about outstanding invoices, keeping your cash flow healthy.

Additional Features in the Free Plan:

Expense Tracking: Manage your business expenses by logging and categorizing them.
Estimates: Create and send estimates to potential clients to showcase your services and convert them into paying customers.
Limited Bank Integration: Connect one bank account for automatic transaction downloads and reconciliation (upgraded plans offer more connections).
Financial Reports (Limited): Generate basic financial reports like profit and loss statements and balance sheets to gain insights into your financial health.

Collaboration and Mobile Accessibility:

Invite a Client: Collaborate with one client by granting them access to view their invoices and payment history.
Mobile App Accessibility: Manage your finances on the go with the ZipBooks mobile app available for iOS and Android devices.

Benefits of Using ZipBooks (Free Plan):

Free and Invoice-Centric: Manage your invoicing needs seamlessly with unlimited invoices, estimates, and online payment options – all at zero upfront cost.
Time-Saving Features: Automate recurring invoices, set payment reminders, and leverage bank integration for effortless financial management.
Mobile App Accessibility: Manage your finances from anywhere with the mobile app.

Things to Consider with the Free Plan:

Limited Features: The free plan has limitations on functionalities like the number of collaborators, bank account connections, and reporting options. Upgraded plans offer these features for businesses with more complex needs.
Limited Client Collaboration: The free plan only allows collaboration with one client, which might be restrictive for some businesses.
Focus on Invoicing: While ZipBooks excels in invoicing, other core accounting features like inventory management or advanced reporting might be limited in the free plan.

Who Should Consider ZipBooks (Free Plan)?

The free plan is ideal for:

Freelancers and Solopreneurs Reliant on Invoicing: For those who primarily manage their income through invoices, ZipBooks offers a user-friendly and free solution for streamlining their invoicing process and basic financial management.
Small Businesses Starting Out: If your business is just starting out and invoicing is your main focus, the free plan can be a great way to get started with managing your finances.

By carefully evaluating your business needs and the limitations of the free plan, you can determine if ZipBooks is the best free accounting software for you. ZipBooks also offers paid plans with additional features, allowing you to scale up as your business grows.

5. Manager

Manager stands out as a robust free accounting software option for businesses seeking a feature-rich solution without the hefty price tag. Unlike some free software with limitations, Manager offers a surprising depth of functionality, making it a compelling choice for those who value power and control over their finances. Here’s a breakdown of Manager’s features and why it might be the perfect free accounting software for you:

Core Accounting Functionalities (Free Plan):

Cash and Accrual Accounting: Manager supports both cash and accrual accounting methods, allowing you to choose the one that best suits your business needs.
Sales and Purchases: Effortlessly manage your sales and purchases by creating invoices, purchase orders, and tracking inventory levels.
Expenses: Keep track of your business expenses with ease by logging and categorizing them.
Banking and Reconciliation: Connect your bank accounts for automatic transaction downloads and reconciliation, saving you significant time and effort.
Inventory Management: Track your inventory levels, set reorder points, and generate inventory reports – all within the free plan.
Tax Management (Basic): While advanced tax features might require paid plans, the free plan offers basic tax tracking functionalities.
Financial Reports: Generate a wide range of financial reports, including profit and loss statements, balance sheets, customer and vendor reports, and more, to gain valuable insights into your financial health.

Additional Features (Free Plan):

Multiple Currencies: Manage transactions in multiple currencies, ideal for businesses with international operations (limited to 5 currencies in the free plan).
Fixed Assets: Track your fixed assets like equipment and vehicles, including depreciation calculations.
Customizable Reports: Tailor reports to your specific needs with customizable options.
Desktop and Cloud Access: Manager offers both desktop software and cloud access, providing flexibility in how you manage your finances.

Benefits of Using Manager (Free Plan):

Powerful and Feature-Rich: Enjoy a comprehensive suite of accounting features for managing invoices, expenses, inventory, and generating detailed financial reports – all at zero upfront cost.
Desktop or Cloud Access: Choose the management method that best suits your needs, with both desktop software and cloud access available.
Multiple Currencies: Manage finances for international operations with multi-currency support (limited in the free plan).
Detailed Reporting: Gain valuable insights into your business performance with a wide range of customizable reports.

Things to Consider with the Free Plan:

Steeper Learning Curve: Due to the depth of features, Manager might have a steeper learning curve compared to simpler free accounting software options.
Limited Collaborators: The free plan restricts the number of collaborators who can access your financial data. Upgraded plans offer more collaboration options.
Limited Customer Support: Free plan users have limited access to customer support, which might be a concern for some businesses.

Who Should Consider Manager (Free Plan)?

The free plan is ideal for:

Small Businesses with Complex Needs: Manager’s free plan is well-suited for businesses that require a robust accounting solution with features like inventory management, multi-currency support, and detailed reporting.
Businesses Comfortable with Desktop Software: If you prefer the control and security of desktop software, Manager offers a free solution with powerful functionalities.

By carefully evaluating your business needs and the limitations of the free plan, you can determine if Manager is the best free accounting software for you. Manager also offers paid plans with features like unlimited collaborators and enhanced customer support, allowing you to scale up as your business grows.

6. GnuCash

GnuCash stands out as a free and open-source accounting software option targeted towards power users and those comfortable with a more technical approach to managing their finances. While it offers a comprehensive feature set, it requires a steeper learning curve compared to user-friendly free software options. Here’s a breakdown of GnuCash and why it might be a suitable choice for those seeking a powerful and customizable accounting solution at no cost:

Core Accounting Functionalities (Free and Open-Source):

Double-Entry Accounting: GnuCash utilizes double-entry accounting, a robust method favored by accountants and businesses for detailed financial tracking.
Multiple Accounts: Manage various accounts like checking, savings, credit cards, and investment accounts within the software.
Sales and Purchases: Create invoices, track inventory levels, and manage purchases effectively.
Expenses: Categorize and track your business expenses with ease.
Banking and Reconciliation: Reconcile your bank accounts manually (direct bank integrations are not available in the free version).
Budgeting: Create and manage budgets to stay on top of your finances.
Financial Reports: Generate a wide range of financial reports, including profit and loss statements, balance sheets, and more, to gain insights into your financial health.

Additional Features (Free and Open-Source):

Investment Tracking: Track your investment portfolio and performance within GnuCash.
Payables and Receivables: Manage outstanding payments owed to you and payments owed by you.
Customization: GnuCash offers a high degree of customization, allowing you to tailor the software to your specific needs.
Open-Source Development: Benefit from a constantly evolving software with ongoing development by the open-source community.

Benefits of Using GnuCash (Free and Open-Source):

Free and Powerful: Enjoy a comprehensive suite of accounting features for managing your finances entirely free and with a high degree of customization.
Open-Source: Benefit from an open-source model that allows for continuous improvement by the community and potential for third-party add-ons.
Double-Entry Accounting: Master the art of double-entry accounting for a sophisticated understanding of your financial health.

Things to Consider with GnuCash:

Steeper Learning Curve: GnuCash’s depth of features and reliance on double-entry accounting can be challenging for beginners.
No Direct Bank Integration: Reconciling bank accounts requires manual data entry as the free version doesn’t offer direct integrations.
Limited Customer Support: Limited official support is available, and users often rely on online communities for troubleshooting.

Who Should Consider GnuCash?

GnuCash is ideal for:

Small Businesses with Accounting Knowledge: If you have a good understanding of accounting principles and are comfortable with a more technical software, GnuCash offers a powerful and free solution.
Open-Source Enthusiasts: Those who appreciate the collaborative nature of open-source software and the potential for customization might find GnuCash appealing.

Overall, GnuCash offers a feature-rich and free accounting software option for those comfortable with a technical approach to managing their finances. However, the steeper learning curve and lack of direct bank integration make it less suitable for beginners or users seeking a user-friendly experience.

7. Akaunting

Akaunting enters the game as a free accounting software solution designed with startups and freelancers in mind. It boasts a user-friendly interface and offers a comfortable feature set to manage your finances without overwhelming complexity. Here’s a breakdown of Akaunting and why it might be the perfect free accounting software for you:

Focus on Core Functionalities for Startups and Freelancers (Free Plan):

Invoicing: Create and send professional invoices with customizable templates and track their payment status effortlessly.
Expense Tracking: Manage your business expenses by logging and categorizing them.
Banking Integration (Limited): Connect one bank account for basic transaction downloads (upgraded plans offer more connections).
Quotes and Estimates: Generate quotes and estimates to showcase your services to potential clients and convert them into paying customers.
Simple Reporting: Generate basic financial reports like profit and loss statements and balance sheets to gain insights into your financial health.
Inventory Management (Limited): Track a limited number of inventory items within the free plan (upgraded plans offer more advanced inventory functionalities).

Collaboration and Accessibility:

Client Portal: Provide your clients with a secure client portal to access their invoices and payment history, fostering transparency and streamlining communication.
Mobile App Accessibility: Manage your finances on the go with the Akaunting mobile app available for iOS and Android devices.

Benefits of Using Akaunting (Free Plan):

Free and Straightforward: Manage invoices, expenses, and generate basic reports – all at zero upfront cost and with a user-friendly interface designed for beginners.
Collaboration Features: Offer your clients a secure portal to access their financial information, improving communication and streamlining workflows.
Mobile App Accessibility: Manage your finances from anywhere with the mobile app.

Things to Consider with the Free Plan:

Limited Features: The free plan has limitations on functionalities like bank account connections, inventory management, reporting options, and advanced features like payroll or tax management (available in paid plans).
Limited Customer Support: Free plan users might have limited access to customer support compared to paid plans.

Who Should Consider Akaunting (Free Plan)?

The free plan is ideal for:

Startups and Solopreneurs: If you’re just starting out and need a user-friendly platform to manage basic invoicing, expenses, and financial reports, Akaunting offers a free and accessible solution.
Freelancers with Simple Needs: For freelancers who primarily focus on invoice-based income and expense tracking, Akaunting’s free plan can be a great fit.

By carefully evaluating your business needs and the limitations of the free plan, you can determine if Akaunting is the best free accounting software for you. Akaunting also offers paid plans with additional features, allowing you to scale up as your business grows.

8. QuickFile

QuickFile stands out as a user-friendly and feature-rich free accounting software option for small businesses and freelancers. It offers a well-balanced combination of essential functionalities and a clean interface, making it easy to manage your finances without getting bogged down in complexity. Let’s delve into QuickFile’s features and see if it might be the perfect free accounting software for you:

Core Accounting Features for Streamlined Management (Free Plan):

Invoicing: Create and send professional invoices with custom branding and track their payment status with ease.
Expense Tracking: Manage your business expenses by logging and categorizing them.
Automatic Bank Reconciliation (Limited): Connect one bank account for automatic transaction downloads (upgraded plans offer more connections).
Simple Reporting: Generate basic financial reports like profit and loss statements and balance sheets to gain valuable insights into your business performance.
VAT Returns (UK only): For users in the UK, the free plan offers basic VAT return filing functionalities.

Additional Features to Enhance Efficiency (Free Plan):

Estimates: Create and send estimates to potential clients to showcase your services and convert them into paying customers.
Purchase Orders: Manage your purchasing process by creating and tracking purchase orders (availability might differ between free and paid plans).
Inventory Management (Limited): Track a limited number of inventory items within the free plan (upgraded plans offer more advanced inventory functionalities).
Customer Relationship Management (CRM) Tools (Limited): Manage basic customer information and communication within the platform (upgraded plans offer more advanced CRM functionalities).

Collaboration and Mobile Accessibility:

Team Collaboration: Grant access to your financial data to an accountant or bookkeeper for seamless collaboration (limited users in the free plan).
Mobile App Accessibility: Manage your finances on the go with the QuickFile mobile app available for iOS and Android devices.

Benefits of Using QuickFile (Free Plan):

Free and User-Friendly: Enjoy a comprehensive suite of accounting features for managing invoices, expenses, basic reporting, and VAT returns (UK only) – all at zero upfront cost with a user-friendly interface.
Collaboration Features: Work with your accountant or bookkeeper for improved financial management (limited users in the free plan).
Mobile App Accessibility: Manage your finances from anywhere with the mobile app.

Things to Consider with the Free Plan:

Limited Features: The free plan has limitations on functionalities like bank account connections, inventory management, reporting options, CRM features, and the number of collaborators. Upgraded plans offer these features for businesses with more complex needs.
Limited VAT Support: VAT return filing features are only available for users in the UK.

Who Should Consider QuickFile (Free Plan)?

The free plan is ideal for:

Small Businesses with Basic Needs: If you’re a small business with straightforward accounting needs like invoicing, expense tracking, and basic reporting, QuickFile’s free plan offers a user-friendly and accessible solution.
Freelancers: For freelancers who primarily focus on invoice-based income and expense tracking, QuickFile can be a great fit, especially with its estimate generation capabilities.
UK Freelancers and Businesses: If you’re located in the UK and require VAT return filing functionalities, QuickFile’s free plan is a compelling option.

By carefully evaluating your business needs and the limitations of the free plan, you can determine if QuickFile is the best free accounting software for you. QuickFile also offers paid plans with additional features, allowing you to scale up as your business grows.

Conclusion

In conclusion, the landscape of free accounting software in 2024 empowers businesses of all sizes. Remember, a variety of options cater to different needs, from Zoho Books’ user-friendly interface to GnuCash’s flexibility.

Choosing the right accounting software isn’t just about the features; it’s about finding the balance between usability, customer support, mobile accessibility, and the capability for team collaboration. These elements collectively contribute to a successful financial management process.

Let this detailed review on “The Best Free Accounting Software in 2024” serve as your guide. Remember that the journey to find the right free accounting software may seem overwhelming at first, but it’s an essential step towards achieving financial clarity and operational efficiency in your business ventures.

With the right accounting software, you could potentially free up valuable time and resources, allowing you to focus on strategic growth initiatives for your business. Don’t wait! Equip yourself with the appropriate tools today and navigate your path to financial success. The future is bright for businesses willing to harness the power of these free software solutions.