Best 9 Free and Open-Source Accounting Software

Accounting is the need, demand, and requirement of any business or an entrepreneurial venture. Companies, individuals and almost every firm is constantly in search of an accounting tool that responds to their accounting matters and concerns. Many organizations develop bespoke accounting software solutions that are least dependent on the third party based external accounting software. However, many adapt the external software solutions to their business and organizational needs. The open-source accounting software serves the most to the cause. Organizations or entrepreneurs can adapt flexible open-source software solutions according to their needs and requirements.

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In this context, we shall look into the leading open-source accounting software solutions that are compatible with all the market-leading operating systems. Typical accounting software is capable to generate custom invoices, estimates, quotes, compare actual with estimated costs and budgets, track customer details and cash inflows and outflows, calculate VAT, and discounts, maintain balance sheets, and calculate and report profit and loss.

1. Skrooge

Developed by the open-source software development giants, KDE, Skrooge is the leading accounting and financing software. The free and open-source software tool is compatible with Linux, Windows, and macOS. The features integrated with the tool mainly include a personal finance manager, supports big data, provides all the features required in typical accounting software such as support for multiple currencies, budgeting and reporting features, scheduled operations, fund, and expense tracking, and the list goes on.

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2. Akaunting

Best suited for small to medium-sized business or entrepreneurial ventures, Akaunting is another free, open-source, and cross-platform tool offering a range of features and capabilities. The tool allows users to get their hands on a list of features and capabilities such as client portal, invoicing functionality, expense tracking and reporting, cash inflows and outflows, budgeting, deposits management and transfers, and the list go on. The tool is absolutely free, and users can start using it right away straight from their web browsers without worrying about any hidden subscription or license charges.

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3. Apache OFBiz

Apache OFBiz is another free, open-source, and cross-platform compatible solution offering a range of features and a set of functionalities. The Apache developers mustering the art of open-source software development, offer an accounting software that incorporates all the necessary accounting features. The list of features offered in the free platform includes an integrated enterprise resource planning (ERP) and customer relationship management (CRM) platforms that offer a wide range of features added. With Apache OFBiz, both the developers and the business managers can benefit by either installing the solution or the source code enabling developers to tweak the solution as per their needs and requirements.

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4. iDempiere

The software is an open-source and cross-platform compatible product that was released on October 31st, 2012. The software offers a free version that can be downloaded by users across the globe. The solution is offered to communities, developers, and implementers. The software comes equipped with the features required and is provided in an efficient and most integrated ERP, CRM, and software configuration management (SCM) software. The tool supports a modular structure making it easier and efficient for developers and business users. Furthermore, the tool is scalable, cloud-based, and a community-driven project thereby offering never-ending features and support mechanisms.

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5. Openmiracle

Openmiracle is another free, open-source, and cross-platform compatible accounting software. The tool offers a list of features and capabilities such as managing and maintaining point-of-sale (POS), payroll management, financial and other budgeting reports, support for multiple currencies, inventory and rack management functionalities, barcoding facility, ability to set standard or default rates, an intuitive interface offering and listing features in the most easy-to-use manner, and the list goes on.

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6. GnuCash

Part of the GNU Project, GNUCash, like many other products of the famous GNU Project, is a free, open-source, and cross-platform compatible solution. The software comes equipped with many features such as the ability to generate invoices and manage credit notes, accounts receivable and accounts payable tracking and managing, reminders and notifications alarming users for pending bills or other due dates, employee expense voucher, payroll management, depreciation check, and management feature, income tax schedules mapping, and management, tax tables setup and ability to apply sales tax or any other taxes, and the list goes on.

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7. LedgerSMB

LedgerSMB, as the name suggests is an optimal choice for small to medium-sized companies. The tool is free, open-source, and cross-platform compatible. The list of features integrated into the tool range widely, mainly including the ability to manage sales along with invoices, quotations, orders, etc., payables and receivables management, general ledger, inventory management, fixed asset accounting, and depreciation tracking, cost and profit centers, projects, departments, ability to support documents and files in PDF, CSV, HTML, and Office formats, ability to mail directly via the platform, multilingual platform, and the list goes on.

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8. GNUKhata

GNUKhata is another product of the famous GNU Project. The free, open-source, and cross-platform compatible tool is optimal accounting software. The tool offers a list of features and functionalities such as VAT, GST compliant Invoices, automated accounting entries for invoices, Debit/Credit Notes, purchase, and sale registers for filing and managing GST returns, ability to generate and export different reports in auditor friendly spreadsheets, ability to most easily access data, swift and simple mechanisms to migrate information from other software, and seamless customization capabilities.

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9. KMyMoney

KMyMoney is a sleek, intuitive, and efficient accounting management tool. The accounting software is a free, open-source, and cross-platform compatible product that enables organizations to seamlessly manage their everyday accounting tasks. The product comes equipped with enhanced features such as the ability to view details and an overview of user’s finances, the ability to manage financial accounts based on their respective institutions they are at, various accounts management capabilities such as liability account, asset account, etc., other features such as schedule creation, reports generation, transaction management, and the list goes on.

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This article covers the leading accounting software solutions that have outperformed its competitors in terms of flexibility, features and functionalities, and stability. The here listed accounting software are Skrooge, Akaunting, Apache OFBiz, iDempiere, Openmiracle, GnuCash, LedgerSMB, GNUKhata, and KMyMoney. All the listed software offers seamless and most intuitive and easy-going platforms to manage financial information and details of an organization or a firm. Also, being cross-platform compatible, the software solutions discussed in the article can be used across any platform and by any user operating from any corner of the globe.

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