If you’re an entrepreneur running a business, you understand how important it is to stay on top of finances. Cash flow, taxes, and managing finances are some of the biggest challenges businesses face. Knowing who owes you and if you owe a supplier or creditor is crucial to success. Starting a business solo can be challenging, and 85% of small business owners are sole proprietors. Whether you’re a sole proprietor or running a small to medium-sized business (SMB), accounting software can help you manage your finances easily and accurately.
While Excel and Google Sheets can be a great place to start with accounting, they lack advanced features. And inputting financial information can be a time-consuming, manual process. Some SMB owners are turning outsourcing or hiring virtual assistants to help with accounting, but there are other options that allow you to keep things in-house.
Luckily, there are some great accounting software options available to manage business finances. And — better yet — they’re free.
Best Free Accounting Software
Best for: Small and medium-sized businesses
xTuple PostBooks® is an open-source software. Connect all bank accounts and credit cards you need to keep track of and manage accounts receivable and accounts payable. Since the software must be downloaded to your computer, one downside to this option is it doesn’t have cloud access. [Cloud Hosting is available for a small monthly fee.]
Free accounting software is a great way to manage finances and simplify business processes. Looking to streamline your sales process? Check out this article on best sales tools for small businesses.
Written by Meredith Hart