The Best Free Accounting Software For 2020

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Shopping for the right accounting software is like shopping for a new suit. You want a solution that’s uniquely tailored for you and your firm’s needs. This may sound like an ancient treasure hidden in a pyramid, but free accounting software exists and they possess tools to enhance your bookkeeping practices with automatic processing, reporting, invoicing and more. Thanks to SelectHub’s top-notch research team, we’ve developed a complete list of free accounting tools.

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Top Free Accounting Software

Before you review our list, let’s explore its common features.

Recommended Features

Software, like a snowflake, is unique. But there are common traits free accounting solutions possess. Remember, just because a module is common or typical, it doesn’t necessarily mean it’s best for your business.

  • General Bookkeeping: This feature is a given. You need software that records, analyzes and organizes all of your transactions.
  • Receipt Management: You can scan and organize receipts to monitor purchases on any device with this accessory.
  • Invoices: This feature permits you to create custom invoices and notifies you when clients receive or pay them.
  • Billing: You can oversee bill due dates and payments with this module.

Are you unsure of where to start when developing your shopping list of features for your software? No problem. Our elaborate requirements list can assist you.

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Best Free Accounting Software

Now that your shopping list of features and requirements is up to par, it’s time to review our picks of the best free accounting solutions.


Wave is a small business accounting program equipped with a dashboard that displays income, expenses, payments and invoices. The solution is cloud-based and some of its capabilities include recurring payments, bill supervision and tax forms. The accounting, invoicing and receipt features are included in the free version.

WaveHere’s a preview of Wave’s invoicing tool.

Double-Entry Bookkeeping

The bookkeeping tool is double-entry, meaning there are two accounts involved when you perform credit and debit transactions. This module also automatically calculates exchange rates and handles bulk transactions.

Supervise and Arrange Receipts

You can take quick photos of receipts with the receipts accessory and scanning app. When you take a photo on your phone, it instantly syncs to your Wave account. The app also works in offline mode.

Stay Aware of Bills

The billing tool allows you to add various currencies and appropriate vendor information to bills. Wave’s dashboard showcases bills and amounts owed. This accessory also notifies you when payments are due.

Keep Up with Invoices

You and your clients are automatically alerted when invoices are viewed, due or paid with the invoicing feature. This module also enables you to create and personalize invoices with pre-made templates. You can manage partial payments and automate credit card payments. The online payment option in the payment module enables you to email invoices with a secure “Pay Now” button.
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Other Mentionable Features

In addition to the typical free accounting software accessories, Wave provides other bookkeeping tools to streamline your finances. These features include:

  • Generate Reports: This module provides a variety of reports such as trial balances, cash flows, account transactions, balance sheets, sales tax reports and more.
  • Repetitive Payments: You can alternate between automatic and manual billing and install credit card payments with the recurring billing accessory.
  • Several Ways to Accept Credit Cards: The payments module accepts credit cards through numerous methods such as phone calls, the internet or in person.
  • Administer Various Currencies: You can deliver invoices, approve payments in various currencies and perform exchange rate calculations with the accounting tool.
  • Shift Estimates into Invoices: The invoicing module allows you to send estimates to customers and transform them into invoices when approved.
  • Complete and File Taxes: The payroll accessory allows you to file state and federal taxes in several states, including Arizona, California, Florida, Georgia, Illinois, Indiana, Minnesota, New York, Tennessee, Texas, Virginia, Washington and Wisconsin.
  • Oversee Pay Stubs and Tax Forms: Wave permits employees to log in securely and obtain pay stubs and W2 forms. They can also update their contact and banking information.
  • Smooth Integrations: You can integrate with other popular platforms like Shopify, PayPal, Shoebox and Etsy.
Price: $$$$$

Company Size Suitability: S M L

Odoo Accounting

Odoo accounting is part of Odoo’s open source business applications suite. The suite also contains customer relationship management (CRM), eCommerce, inventory, point of sale and project management functionalities. Odoo is suitable for organizations of all sizes. Some of its key features are accounts receivable and payable, customer portal, interactive dashboards and reporting.

Odoo Accounting

Here’s an example of Odoo’s configuration and invoicing features.

Deep Analytic Accounting

You can employ the accounting component to construct analytic accounts based on projects, contracts and departments. It instantly records analytic entries found in timesheets, supplier bills, work orders and more. You can distribute one entry into multiple accounts with adjustable distribution and distinct tags.

Prompt Invoices

The invoicing tool permits you to inaugurate recurring invoices, payments and renewal alerts. You can activate recurring revenues with contracts and you’re notified when contracts need renewal. This accessory enables you to create customer invoices and adjust payment terms, multiple taxes, discounts and price lists. You can also add multiple payments and cash discounts to an invoice and generate bills based on sales orders, timesheets and delivery orders. The invoicing accessory enables you to create prompt repetitive invoices, payments and renewal alerts.

Initiate Bill Payments

You receive a proposition of supplier bills to pay and print checks in batches thanks to Odoo’s billing module. This component keeps a record of your deposit tickets to execute bank reconciliations. You have access to instant wire transfers because this accessory automates payments to suppliers with single euro payments area (SEPA) restrictions on the correct payment deadline. SEPA was established by the European Union to simplify bank transfers that occur in Europe.
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Other Mentionable Features

Odoo has plenty of other bookkeeping features to keep your finances afloat. These tools are:

  • Numerous Forms of Payment Acceptance: Odoo supports credit card payments through, Ingenico, PayPal, Adyen and more while automatically sending emails, follow-up letters and tasks to supervise the credit collection process.
  • Monitor Statuses: Your clients may review the status of their orders, invoices and payments through the customer portal.
  • Assess Payment Info: The accounts payable accessory authorizes you to compare information on purchase orders, vendor bills and receipts to guarantee correct bill payments.
  • Prompt Bank Feeds: You can automate bank feeds from 15,000 banks with this module. This tool also advocates importing statements from unsupported banks using OFX, QIF, CSV or Coda files.
  • Speedy Reconciliation Resolutions: Odoo automatically receives bank reconciliation propositions and registers extra documented items. Confirmed online transactions instantly create a reconciliation payment and appear as alerts for quick follow-ups.
  • Modify Permissions: You can set up several users with different access permissions on Odoo.
  • Use Numerous Currencies: The solution enables automatic updates to the currency rates.
  • Monitor Inter-Companies: You can add every adjunct company with consolidation reports into Odoo’s system in real-time.
  • Variety of Reports: The reporting tool has account charts and reports such as profit and loss, cash flow statements, cash balance, executive summary and aged payables and receivables.
  • Configurable Dashboards: Odoo is equipped with customizable dashboards that cipher insightful calculations such as YTD earnings.
  • Supervise Assets and Revenues: You can track assets, depreciation boards and automatically formulate amortization entries with the assets and revenues module.
  • API Conversion: Odoo enables you to connect third-party applications with the web service application program interface (API). Java, Python, PHP, c#, Ruby and other languages are supported.
Price: $$$$$

Company Size Suitability: S M L


Manager is designed with the unique needs of small businesses in mind. The desktop edition is free and includes all of the essential accounting tools. Some of its key features include inventory management, chart of accounts and accounting basis.

Manager Free Accounting Software

Here’s a preview of Manager’s reporting accessory.

Two Accounting Options

You have a choice of employing accrual or cash basis accounting. Accrual accounting facilitates the documentation of revenues and expenses whether or not cash is exchanged. Cash basis accounting, on the other hand, records revenues and expenses when cash is received or paid out. You can alternate between these accounting methods as needed.
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Other Mentionable Features

Although Manager doesn’t have most of the typical free accounting software modules, it offers other helpful features to streamline your bookkeeping methods. Other notable features include:

  • Supports Numerous Businesses: Manager advocates tools for various businesses including corporations, sole traders and proprietors, partnerships, and social clubs.
  • Build Chart of Accounts: You can design a chart of accounts, or an index of financial accounts within your company’s general ledger, with the chart of accounts module. You can set up accounts in a default chart and add accounts over time.
  • Modify Themes: Manager enables you to customize themes to include, exclude or modify tools. You can even alter the placement of information.
  • Study Data: The reporting accessory creates reports that review, analyze and display transaction data. You can also add comparative columns to some reports to compare and contrast up-to-date performance information with data in previous accounting periods.
  • Flexible Tax Codes: You can use the tax code feature to determine and chronicle taxes that are invoiced, collected, paid and owed. You can also use this accessory for sales taxes, goods and services taxes, value-added taxes and more.
  • Elaborate Cashbook: The cashbook tool allows you to install cash accounts, bank accounts and credit cards for accounting purposes and to simplify money transfers.
  • Works with Several Currencies: You can create and install a default currency and adjust it with different currencies as necessary.
  • Accounts Receivable-Friendly: Manager advocates developing sales quotes, sales orders and discounts to sales orders.
  • Develop Accounts Payable: You can generate purchase quotes, purchase orders, and repeatable invoices. You can also perform accounting with withheld taxes.
  • Overlook Your Inventory: This module enables you to produce, sell and purchase inventories and track backorders as negative inventory quantities.
Price: $$$$$

Company Size Suitability: S M L


ZipBooks is cloud-based and designed for small businesses. The free version permits you to send invoices, quotes and estimate, manage several vendors and customers and integrate a variety of payment methods.


Here’s an example of ZipBook’s financial performance component.

Bookkeep Specific Projects

You can categorize and tag particular projects and document expenses, payments and other transactions with the project accounting tool. This module also permits you to track time employees spend on a project or task. The accounting element simplifies relaying information to accountants and other financial experts. You can chronicle daily transactions and provide real-time information for sound tax filing and financial reporting.

Repetitive Billing

The recurring billing accessory allows you to install automatic future payments and invoicing as one-time or recurring. You can choose whether to send your customer an invoice, a receipt for the billed amount or both. To get reimbursed for expenses you incur for your customers (i.e., parts to fix a car or supplies to re-paint a room), you can generate a transaction, add the name of your customer to it and mark it as “billable.” The expense will automatically appear on invoices for an item.

Unlimited Adjustable Invoices

You can design and deliver infinite quantities of invoices to your clientele. The one-click invoice element enables you to promptly import every project and billable costs related to your customers. You can add additional information to your invoices such as team members, tasks, items and projects. This component authorizes you to efficiently notify customers about unpaid invoices and establish late-payment reminders. You can also add and review multiple types of taxes to your invoices.

Kiss Paper Receipts Goodbye

Thanks to ZipBooks, you no longer have to store paper receipts in boxes, bags or drawers. You can create receipts on your phone promptly after making purchases or paying for services. This solution stores all of your expenditures in one place so you can easily access them during tax season.
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Other Mentionable Features

ZipBooks is loaded with more tools to get your bookkeeping up to par. Some of these noteworthy tools include:

  • Automatic Accounts Receivable: When documenting invoices and payments, money earned and amounts owed instantly update in your accounts receivable report with this tool.
  • Real-Time Bank Reconciliation: The bank reconciliation module exhibits the current bank account balance and confirmed transactions. Items such as invoices paid bills and additional incomes and expenses are automatically relocated to your accounting records.
  • Handy Balance Sheet Reports: ZipBooks offers detailed balance sheets that automatically determine retained earnings related to a chosen end date.
  • Third-Party Payment Options: Integrate with popular payment applications, like PayPal or Square, to allow ZipBooks to accept digital payments.
  • Add and Manage Customers: The customer management tool allows you to add as many customers and data, such as payments made, estimates given, invoice history and contact, info as needed.
  • Accepts Numerous Currencies: The solution meshes with a variety of currencies and enables you to define a default currency.
  • Deliver PDFs: You can send invoices and quotes to clients as PDFs.
  • Monitor Vendors: ZipBooks allows you to track and review a complete list of vendors, expense histories and payments owed.
  • Arrange Chart of Accounts: You can assemble specific groups of accounts for your organization like accounts receivable, expenses, revenue and accounts payable.
Price: $$$$$

Company Size Suitability: S M L


SlickPie is a small business cloud solution. Its free version enables you to send invoices, draft quotes and estimates, employ recurring invoices, track expenses, receive live bank feeds and more.


Here’s a preview of SlickPie’s multi-currency accessory.

Schedule Invoices

The online invoices accessory authorizes you to schedule when invoices are sent at any time from any location. You are alerted when clients have seen and paid invoices. This module allows you to send repetitive invoices to the same client on a particular date. You can also add credit notes, review overdue payments and initiate payment reminders.

Monitor Expenses

You can log personal and business expenses with SlickPie. Every expense can be arranged in preset or custom collections. You can also upload and attach documents to transactions.
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Other Mentionable Features

Despite SlickPie not having a lot of the typical free accounting features, it has other bookkeeping accessories for implementation. These tools include:

  • Work with Multiple Currencies: You can update transaction amounts, subtotals and taxes on invoices to the preferred currency and send invoices in any currency.
  • Elaborate Quotes: The quotes and estimates module enables you to send customers a thorough outline of the sale that contains the product name, description, price and taxes. Estimates also contain approximate prices or hours needed to complete an order.
  • Regulate Sales Taxes: You can input all taxes into your company account such as municipal, state, regional, provincial, federal and more and link a specific tax to a particular product or transaction.
  • Perform Concise Bank Reconciliations: The bank reconciliation accessory allows you to import data from bank accounts, credit cards and PayPal transactions to harmonize all of your business accounts.
  • Thorough Reporting: You receive elaborate financial reports such as aged payables, aged receivables, balance sheets, general ledgers, trial balances, journal reports and many more.
  • Meticulous Transaction History: The transaction history module offers an extensive view of your transactions including dates, amounts paid, amounts received, taxes, fees, side notes, credits, interests, client information, chart of accounts and other related transactions.
Price: $$$$$

Company Size Suitability: S M L

Next Steps

This concludes our list of the best free accounting software tools. Some of these solutions and features may be what you need to regulate your bookkeeping practices. Some may not. The idea is to choose a solution that’s the right match for your firm. Are you still searching for a more robust comparison? Our convenient comparison guide offers an in-depth look at all the best accounting software, some of which offer cheap and affordable solutions.

Which solution is your top pick and why? Let us know in the comments!

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Khaleel HayesThe Best Free Accounting Software For 2020

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