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The Best Completely Free Accounting Software

The Best Completely Free Accounting Software            Free accounting software can be a great option for businesses that are just starting out, or those who simply want to save a little on their bottom line. Wave Accounting is a free, cloud-based accounting solution that can work well for self-employed entrepreneurs, freelancers, and contractors, or even small businesses that plan to remain small. It is recommended by many accounting firms, including our own accountants in New Malden. It doesn’t offer the full functionality that you would find in paid software options, but for many, it gets the job done.

What You Can Do

            At this price, there is actually a surprising amount of functionality packed into the lightweight Wave Accounting software. It has all the core features basic businesses will need to tackle their accounting tasks, as well as a variety of useful time-saving features. With Wave Accounting, users can do all of the following, at no charge:

  • Track expenses
  • Create and manage financial reports
  • Send invoices
  • Link bank accounts
  • Automatic/recurring billing and invoicing
  • Data syncing
  • Reminders
  • Automatic data backup
  • At-a-glance account reports

and all of these features are unlimited, so you won’t have to worry about running into invoice caps that cripple your progress or force you to shell out for expanded functionality. Wave Accounting can also help you save even more money through its partnership offers, which provide discounts to Wave Accounting users on a number of different small business products and services.

What You Can’t Do

            Of course, with any free product, there are some limitations. You’ll have to weigh these against the benefits to decide whether Wave Accounting is a sufficient solution for your business, or whether you’ll need to budget a bit for a heftier accounting solution, whether that be paid accounting software or the services of professional accountants, such as our friends in Brighton. Here are a few things present in other accounting software that you may find lacking in Wave:

  • Customer Support – Though there are extensive FAQs, webinars, user guides, and forums on the website where users can go for assistance, formal customer support with Wave comes at a price. In order to get someone on the phone to assist you, you’ll have to pay for Premium Services at a price of 9 dollars per month.
  • Payroll – Payroll services are not included in the basic free version of Wave Accounting, but may be purchased at a rate of 15 dollars per month, plus a fee of 4 dollars each month for each employee on the payroll. This can quickly add up for larger businesses with more employees, but isn’t a problem for sole proprietorships.
  • Advertisements – The free version of Wave Accounting is funded by advertising revenue. This means that users will see ads when they use the software. A minor annoyance for most, but if this is a dealbreaker for you, paid software is the only way to go.

To summarise, Wave Accounting can be a great free solution feature-rich enough to handle the accounting needs of most small businesses. For businesses with 10 employees or fewer, it can make an excellent budget-friendly solution, but starts to lose its appeal for businesses with many more employees than that. It is great for businesses just starting out, but they may outgrow it in time.


How Important is Bookkeeping?


Launching a company is usually a muddle of craziness. The owner is running between different activities, and trying to keep up with everything on his own. There is rarely an office location these days, which makes it even harder to stay organized in many ways. Those first sixty days of a business are pretty critical.

Making sure that the business owner can focus on growing his business without having to stop to focus on learning accounting.

Choosing the right tools…

However, before the business actually launches, it’s critical that the business person makes an investment in accounting or bookkeeping software. There are several that are good options and they vary greatly in price. However, picking one is very important to the long term success of any business venture.

Taking a few moments to set up the right software is important, and will help you in the long term. None of the programs referenced on this website are anything other than easy and intuitive to use. Just the same, give yourself an hour or so to set up the logos, connects securely to bank accounts and other items that could cause a breach of security.

Think about automation

Once you make those connections, you can go on to work and come back tomorrow! The software will set up the data it needs and next all you have to do is make sure you enter cash expenses and revenues. This will help you stay trued up.

Without this arrangement, your business will not be able to look back and determine who gets reporting documents like 1099s.

You will not be able to easily identify the clients who have been the most valuable to you all year long. And finally, perhaps most importantly, keeping your accounting system in a state that allows you to understand the business means you are far less likely to be taken advantage of.

Here’s James White take on the importance of bookkeeping for every small business:


3 Online Courses to Get You Started with Accounting


When first trying to undertake an education in accounting, there can be a few different places to start. Depending on what your focus has to be, the starting place can make a lot of difference! Determining what your goals are for your accounting education, and how you will apply that information in the future, is part of what makes for a successful learning plan.

For a person who doesn’t have a background in accounting but knows they will need to approve payables, understand general ledgers and other reports, and collect on receivables ledgers in the future, there are great online courses at no costs.

Accounting Coach

The Accounting Basics series at AccountingCoach.com is one of the best programs to give a thorough but unintimidating overview that we have ever seen.


They also have enough ancillary content that if something is confusing, you will be able to research it and learn more right there on the same site.


The Wharton School also offers an Introduction to Financial Accounting course over at Coursera.org.


Available through courser, the content is spectacular and high level. If the necessity is an overview and broad understanding of a lot of different aspects of financial literacy, this is an excellent course to take. Learning to analyze business statements and financial reports is an important skill this course covers.

Accounting standards, compliance and how those items impact reporting and ethics decisions and management bonuses are also discussed. Students will learn how to make sure their transactions are recorded in the three main modules – General Ledger, Accounts Payable and Accounts Receivable – and are reported on the three main reports – Income Statement, Balance Sheet, and Cash Flow Statement.


Alternatively, there’s also ALISON. It provides both diplomas and certified accounting learning tracks in its online study platform. The claim ALISON has to fame is that it’s free online learning. The platform is easy to use, reliable and is focused on helping people develop worthwhile workplace skills. The platform has served over five million people so far, and counting.

All of these are great options to get you started. Please let us know below which one you liked the best, we love hearing from the community.