Following on from our previous blog which advised small businesses on how to strategically reduce overheads, today we discuss in detail some softwares of the accounting trade that are free to use and could save your SME lots of time and money.

These accounting softwares are great starter packs for any new or upcoming small business. However, although they’re free they do take some time to research, so we’ve broken down the main highlights for you. When browsing through descriptions, make sure to think about the complexity of your business and what software suits your needs.  

Wave

Wave App Small Business

Wave is a freemium software deliberately designed for entrepreneurs, business owners and freelancers with 9 employees or less. The software is easy to understand and 100% free (although you will get ads with the free version – similar to Spotify and other freemium companies). Wave features include invoicing, payroll, and receipt records.

If you’re interested in learning about accounting Wave is also useful. It has an online forum that includes, articles, tips and data for small business owners to understand.

GnuCash

GnuCash Small Businesses

GnuCash is an open source accounting system that’s completely free and available on Mac, Windows, and even Linux. It’s best feature is its reporting capabilities. The software has 40 financial report templates that are easily generated. Better still, GnuCash can create graphs along with your reports, so you can visually see how your finances are trending.

For the beginner that wants a complete view of her company and doesn’t mind investing time in understanding the software’s features. Best of all it’s mobile, download it as an app on all Android phones.

QuickFile

QuickFile Small Businesses

Not to be confused with Quickbooks, QuickFile is a free, cloud-based accounting system built with the ‘non-accountant’ in mind. It gives you everything you need from bill management, reports, and payroll to multi-lingual, multi-currency support! With a step-by-step tutorial for when you first sign up, QuickFile is a fully-fledged accounting system, however, if you’re looking for something a little more basic, read below.

NCH Express Invoice

NCH Small Businesses

If you’re a solo enterprise or have a start-up no bigger than five people, NCH Express Invoice is the perfect option. An alternative to large accounting systems like QuickFile, NCH Express Invoice is great for minor accounting jobs like tracking invoices and filing taxes. Although it’s not a cloud-based system, this installation system is quick and painless and all services it offers are straightforward. No accounting knowledge necessary.