Accounting software is a computer application that streamlines the process of recording and keeping track of transactions. It typically includes a wide range of functional modules that focus on specific areas of the accounting process. Some of the basic modules are the accounts receivable, accounts payable, and trial balances, as well as payroll and inventory systems. As a whole, it functions as an accounting information system for the business using it. While it can be developed by a company in-house, some of the best ones are created by third parties. Oftentimes, the purchased application can be incorporated with local modifications to best suit the user’s accounting needs. Listed below are some examples of free accounting software available.
Note: The list takes into account only the accounting software that you need to install on your Windows system. There are some great web based free accounting systems that are not considered in this list. We might create a separate article for best free online accounting software.
1. Delta60
This application was developed primarily for small and medium enterprises. It is able to capture all accounting operations and integrates international accounting standards into its processes. Its features include invoice processing, making purchase deliveries and orders, and determining historical sales. Moreover, it supports stock inventory management using various methods such as the weighted average cost, last-in last-out method, etc., or whatever method that best suits the users.
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- Pros: It’s free, making it great for start-up enterprises that want to cut back on costs.
- Cons: May require sufficient background in accounting to use.
- OS: Windows 8 32-bit and 64-bit, Windows 7,95/98/ME/NT 4/2000/XP
2. Icebergo
This is free accounting software that can help small businesses with contacts management, inventory control, purchase order preparations, point-of-sale billing, and stock re-order. It is often deployed using Microsoft Access Runtime for users who do not have full versions of Microsoft Access. Because of its sales and admin module, it has become the favourite application for inventory management and POS billing for warehouses, stores, malls, and other establishments that buy and sell goods.
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- Pros: It offers a lot of useful features, which include but are not limited to: statistics, accounts, taxes, orders, and reports, among others.
- Cons: There are some modules that you don’t have access to in the free version.
- OS: Windows 7 32-bit and 64-bit, Windows Vista, Windows XP
3. BS1 Accounting
This is also free software with a compact launch pad that fits snugly on the users’ screens. Its basic modules include accounts receivable, accounts payable, inventory, sales analysis, and general ledger. It is upgradable, however, and by upgrading to the BS1 Professional you get the time billing module. On the other hand, upgrading to BS1 Enterprise Accounting gets you the following module: Delphi accounting source code, manufacturing, purchase orders, sales orders, and royalty-free customization.
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- Pros: It can handle multiple ledgers and can easily be customized for adding or deleting accounts. In addition, it allows easy importation of back-up report copies.
- Cons: You may have to purchase upgraded versions for more features; not to mention there are big version updates each year.
- OS: Windows 7 32-bit and 64-bit, Windows XP
4. TurboCASH
This is an open-source accounting software that is available in 17 languages is capable of running on major operating systems. It is aimed at small- and medium-sized businesses and can easily be configured for the accounting conventions and terms, as well as taxation standards of different countries. In addition, it is a multi-user platform that includes modules such as cashbook, general ledger, suppliers, customers, and invoicing.
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- Pros: Has modules that are capable of handling expenses and accounts that manage income taxes, debtors, invoices, creditors, etc.
- Cons: It can be too ‘simplistic’ for users with in-depth accounting backgrounds
- OS: Windows 7 32-bit and 64-bit, 95/98/ME/NT 4/2000/XP
5. Adminsoft Accounts
This is a multi-company, multi-user, multi-currency accounting software, which features a full double entry system. Its modules include: accounts payable (purchase ledger), accounts receivable (sales ledger), general ledger (nominal ledger), sales invoicing, purchase order processing, inventory/stock control, and payroll. In addition, it offers special modules for businesses in the retail industry, as well as those in the café, restaurant, and autotrade sector. It can operate on almost any PC.
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- Pros: It simply has a lot of useful features, such as: management for personnel, contacts, clients, and suppliers; response functionality for answering questions about discounts, shipping, taxes, and customer relations.
- Cons: The free version is rather limited, since it only has single-currency and single-user capability.
- OS: Windows 7 32-bit and 64-bit, 95/98/ME/NT 4/2000/XP
