12 Best Free Accounting Software in 2023

Published on November 1, 2023 at 8:22 am by Afifa Mushtaque in Lists, News

In this article, we will look at the 12 best free accounting software in 2023. We have also covered interesting insights about the accounting software market and its key players. If you want to skip our detailed analysis, head straight to the 5 Best Free Accounting Software in 2023.

Accounting: Software Market Outlook and Trends

Allied Market Research reported that, in 2020, the global accounting software market was valued at $11.9 billion. Projections indicate that it is expected to attain a value of $70.2 billion by 2030, with a high CAGR of 19.6% expected from 2021 through 2030. This growth can be attributed to the increasing demand for cloud-based accounting software, which offers comprehensive financial aggregation, reporting, and analysis across different corporate units. Cloud-based accounting reduces processing time and maintenance costs and provides real-time reporting. While the demand for accounting software is growing, there is a concerning shortage of accountants.

In 2020, the accounting profession faced a 17% decrease in CPA exam candidates, and Forbes reported that even those taking the exam had an 11% drop in pass rates for the fourth section. While burnout, repetition, and low pay could have contributed to this trend, it is time to realize how accounting is essential to organizational and economic health. Hence, the shortage of accountants can even result in material weaknesses in financial reporting for companies. To read more about accountants, see highest paying countries for accountants.

It is also worth highlighting that integrating AI in accounting and bookkeeping is rapidly transforming the industry. Recent surveys indicate that approximately 60% of top executives in finance and tax departments already utilize AI technology, recognizing it as the next frontier in the field. AI, particularly through Generative AI tools like ChatGPT, is revolutionizing traditional accounting practices by leveraging natural language processing techniques to process vast amounts of data. Moreover, AI’s pattern recognition capabilities enable the identification of anomalies and noncompliance, contributing to fraud prevention and improved decision-making.

However, AI will complement rather than replace human bookkeepers, who possess critical judgment and can interpret complex financial situations while providing ethical considerations and strategic perspectives. AI enables professionals to focus on more strategic tasks, which fosters innovation.

To read more about AI disruption in other industries, see industries being revolutionized by AI and automation technologies.

Accounting Software Market: Key Players

Intuit Inc (NASDAQ:INTU) is a key player in the accounting software market. Intuit Inc (NASDAQ:INTU) is particularly famous for its software QuickBooks which revolutionized small business accounting by providing user-friendly, affordable, and comprehensive financial software. In fact, with an 84.57% market share, QuickBooks by Intuit Inc (NASDAQ:INTU) ranks as the undisputed number one accounting software for SMBs, serving a vast customer base of 128,473 businesses. Its popularity is a testament to its effectiveness in simplifying financial management and aiding small-and-medium-sized businesses in their day-to-day operations.

Recently, Intuit Inc (NASDAQ:INTU) has introduced “Intuit Assist,” a generative A.I.-powered chatbot designed to assist with accounting tasks. This chatbot will help small businesses and consumers by generating insights about their finances and providing guidance on cash flow and expenses. Users can request tasks like creating financial reports and receive suggestions for improvement. Intuit Inc (NASDAQ:INTU) plans to seamlessly connect users with human experts when the chatbot cannot address specific issues. This tool is free for Intuit Inc (NASDAQ:INTU) subscribers and can be integrated into their financial and digital marketing platforms, including QuickBooks and Mailchimp, making accounting tasks more efficient and accessible.

Intuit Inc (NASDAQ:INTU) is also one of the best SaaS stocks to buy now.

On the other hand, SAP SE (NYSE:SAP) has the second biggest market share in small business accounting, at 6.90%.

SAP SE (NYSE:SAP) Business One is a powerful enterprise resource planning (ERP) system that offers a streamlined and efficient solution for managing day-to-day business functions. It provides a centralized hub for handling essential tasks, like automated accounting, cash flow tracking, and fixed asset management. With real-time data analytics, businesses can make informed decisions promptly, and the system allows for quick approval or rejection of employee requests.

SAP SE (NYSE: SAP) is often considered the gold standard in enterprise resource planning (ERP) solutions due to its extensive capabilities and adaptability. While it offers a wide range of features to cater to different business needs, its efficiency can be attributed to its flexibility and scalability. SAP SE (NYSE:SAP) allows businesses to customize their ERP systems to suit their specific requirements, making it a versatile choice for organizations of different sizes and industries. SAP SE (NYSE:SAP) is also one of the best companies to work for in 2023.

Additionally, SAP SE (NYSE:SAP)’s inclination towards innovation and technology integration, such as artificial intelligence and machine learning through its HANA computing platform, sets it apart in the domain of accounting software. These advanced tools enable automation, predictive analytics, and data-driven insights, which explains why SAP SE (NYSE:SAP) is generally a preferred choice for businesses seeking precise financial management and risk mitigation.

Nonwarit/Shutterstock.com

Our Methodology

To prepare the list of the best free accounting software in 2023, we conducted extensive research to find out the software that have been actively popular and utilized by freelancers, individuals, and small businesses. We selected 12 free accounting software based on the variety of features offered and their online reviews. We also utilized Reddit threads to gain further insights about the feedback of individuals whose accounting requirements were met after they used these software.

Thus, to quantify their popularity and effectiveness, we have given these software a score out of 30 based on consensus amongst accounting software users. The list is presented in ascending order.

It’s important to clarify that not all of these software options are entirely free as many of these software have a freemium model, with free as well as paid plans.

Here is a list of Best Free Accounting Software in 2023

12. Akaunting

IM Score: 25

Akaunting offers a cost-free plan that allows businesses to manage their finances. This free plan includes unlimited usage for invoices, bills, and customer and vendor management and keeps track of bank and cash account balances. It simplifies financial record-keeping by automatically inserting bank details into documents. Additionally, it offers live currency rate updates, sparing you the manual effort of updating currencies. Akaunting’s free version also monitors outstanding payments and helps prioritize upcoming dues, reducing the risk of late payments. It is one of the best free accounting software for small businesses.

11. Puzzle.io

IM Score: 27

Puzzle.io’s free and basic accounting plan is a versatile, cost-effective option offering scalability and simplified financial management. It provides essential features like cash and accrual financial tracking, a Cash Activity Report, automated categorization with learning capabilities, and a convenient 1-click tax package. Moreover, it supports unlimited users and connects you with an on-demand network of expert bookkeepers and tax professionals. It is one of the best free accounting software for personal use.

10. Brightbook

IM Score: 28

Brightbook is a straightforward, desktop-based accounting solution. It provides free, unlimited invoicing, streamlined quote-to-invoice features, and support for multiple currencies. However, it needs advanced accounting functions like double-entry accounting and financial statements. Cloud accessibility is also absent. While it may only suit some, those seeking basic, free invoicing and billing capabilities may find Brightbook sufficient for their needs. It is one of the best free accounting software for freelancers.

9. Manager.io

IM Score: 29

Manager is a cost-free accounting software compatible with Windows, Mac, and Linux. It has a full suite of accounting features, from bank and cash account management to balance sheet profit and loss statements. The best part is it’s entirely free with no time or usage restrictions, and it operates offline, ensuring uninterrupted access to your financial data. Additionally, it’s cross-platform allows easy file transfer across different operating systems. It is one of the free offline accounting software.

8. Profitbooks.net

IM Score: 31

ProfitBooks.net is a user-friendly platform that lets businesses efficiently handle invoicing, allowing for the creation of professional, project-grouped invoices and streamlined payment tracking. It also integrates inventory management, enabling startups to manage stock, sales orders, and deliveries effectively. Tax management is simplified, with automatic calculations and tax-ready report generation, ensuring a hassle-free tax season. ProfitBooks has been consistently rated as one of the best accounting software options.

7. ODoo

IM Score: 32

Odoo Accounting offers a set of free features to streamline financial operations efficiently. The automatic bank feed synchronization keeps transactions up to date while recurring invoices simplify cost tracking. Customizable invoicing, a customer portal for quick payments, and automated follow-ups ensure faster payments. It supports multi-currency transactions and works with major payment providers. Additionally, Odoo Accounting includes a smart reconciliation tool, asset management, and AI-powered invoice digitization. It covers over 70 countries with fiscal localization packages, provides dynamic reports, and facilitates tax compliance. It is one of the best accounting software in the world.

6. Sunrise

IM Score: 34

Sunrise offers free accounting software with P&L statements. It’s ideal for businesses seeking detailed financial insights. This software enables payment processing, income management, invoicing, expense tracking, and quoting. While the free version is sufficient for many individuals and businesses, their $19.99/month paid plan includes cash flow insights, automated expense categorization, and payment integrations. It is one of the best free accounting software in 2023.

Click here to see the 5 Best Free Accounting Software in 2023.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 70%.

For a ridiculously low price of just $29, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

• Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.

• 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.

• One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149

• Bonus Reports: Premium access to members-only fund manager video interviews

• Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.

• 30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $29.

2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a year later!

A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Log In

Sign Up