Open source accounting software is a great help for businesses of all sizes. Besides providing great accounting features that make finance management easy, these software applications go a long way in reducing the cost of operation. One software operator can handle the work of ten employees who perform manual accounting. Furthermore, being open source, these software applications can be customized to suit the requirements of your business.
There are a number of free open source accounting software available. All you have to do is download and install it on your computer. Special software applications are available for personal users who can manage household and other personal expenses using the software. Below given are three such software applications that offer some of the best features in their niche. They are also easy to use.
Without the inclusion of GnuCash, no list of the best free open source accounting software can ever be complete. It is a great option for small businesses and personal use. Special features of the software are compatibility with all operating systems including Windows 7, XP and Vista, easy account balancing, double entry accounting, ledgers for vendors, customers or jobs, invoice features, easy retrieval and printing of business reports, facility to schedule transactions, draw statistical figures and calculation of taxes, penalties and interests.
Grisbi offers the facility to maintain multiple accounts with ease. This software can handle more advanced financial management such as managing business partnership accounts, financial years, income/expenditure balance sheets, currency conversions and other different budgetary requirements. The drawback with this software is that it does not contain double entry accounting. However, it is extremely easy to use and is very fast.
LedgerSMB offers enhanced features for inventory control and ERP system. The good thing about this free open source accounting software is that it provides heightened security for important accounts. You can use the software to generate reports that you can share with financial institutions and banks. It also offers better control over data integrity.
I hope this free open source accounting software will help many of our readers to carry out their day to day small or big business transactions with ease.