The financial success of any business endeavour can be gauged from its book of accounts. When you maintain a record of cash flow, inventory costs, billing, payroll, etc, you can not only streamline your day-to-day operations, but it also helps you make corrective changes to your business, and improve profitability. Here are a few free software that will help you maintain an ordered book of accounts to keep a tab on your business finances.
GNUKhata—developed by the India-based Digital Freedom Foundation—is a free software for accounting and inventory management that caters to small- and medium-scale traders, startups and NGOs. It is certified by the Government of Kerala and even adapted in the commerce curriculum of Maharashtra.
GNUKhata lets you create invoices with ST and VAT as well as sales and purchases registers for GST returns. It supports automated accounting entries for invoices; allows for easy migration from other software, and even lets you export reports to auditor-friendly spreadsheets. You can use it to generate Profit & Loss statements, and it even supports easy customisation.
GNUKhata boasts of features like dual ledgers and can be deployed on a small network to run in browsers on client machines. Most importantly, you can use it without accounting knowledge: Just make the entries and leave the auditing to your accountants. To get you started, it hosts an entire bunch of video tutorials on YouTube that you can access from the website itself.
OpenMiracle is a free open-source accounting software that is designed to simplify and automate financial-management processes. With it, you can set seasonal rates for products and services, and you can even create invoices within seconds, making it ideal for counter sales. OpenMiracle can also generate product barcodes while helping you manage your stocks by warehouse, and store rack.
Most importantly, it provides you with an easy way to set budgets, analyse budget variance, and track your accounts via standard budgeting and tracking features. It helps you manage post-dated cheques payable, receivable and post-dated cheques clearance.
With OpenMiracle, you can prepare efficient financial reports, including Trial Balance, Balance Sheet, Profit & Loss, Cash Flow, Fund flow etc. It also provides reports related to general accounts, inventory control, stock maintenance, sales, purchases, et al.
Its Miracle i plugin provides you with the financial status of your company in a graphical view while its Miracle Skate plugin allows you migrate your data from the Tally accounting software without hassles.
OpenMiracle also has a YouTube channel—accessible via its website—with close to 150 tutorial videos on how to use its powerful features.
ProfitBooks is a cloud-based accounting software for start-ups and small businesses that can generate 40+ reports. The free version, which supports a single user, lets you create up to 50 invoices per month, receive online payments, record advances, track receivables, as well as maintain a record of your inventory from purchase to sales, whether you are into manufacturing, distributing, selling, servicing, or just managing stocks.
Apart from recording book-keeping entries, ProfitBooks can track business expenses, generate detailed tax reports—it supports GST in India—and it even allows you to share the transaction data with your accountant with just a few clicks.
When you sign up for a free account, you get access to how-to guides, and a YouTube channel with demos and small tutorials. A paid account supports unlimited invoices as well as multiple users where you can assign your staff roles—sales, staff, accountant, inventory manager, etc—for access to specific screens only. Plus you get access to priority support.
This open-source software packs all the tools you need to manage your business, from invoicing to expense tracking to accounting. You could create a login ID on Akaunting’s servers, or install the software on your own machines. It is free with no setup fees or hidden charges. Since it is cloud-based, you can see your financials online anytime, anywhere on your Mac, PC, tablet or mobile phone.
Its customer management system lets you create clients, send invoices to them, and accept online payments, without any commission/transaction fee. Similarly, you can create vendors, assign bills and payments to them.
Akaunting lets you create unlimited bank and cash accounts and track their opening and current balances. You can add non-billable expenses as payments to keep your bank/cash account balances up-to-date, and even set up different names for each tax, and link specific taxes to specific products or transactions to save you time.
The software handles invoices and expenses in any currency and then convert them in your main currency. The tool is also scalable; it lets you manage the finances of multiple companies from a single admin panel. And you are promised detailed financial reports to help you better visualise all the information you need to improve your operations.
Besides, Akaunting comes with an app store, from where you can add functionality to it depending on your requirements.