What is open source accounting software

Accounting software is a necessity when it comes to managing billings, debts, stocks, invoices and any other kind of financial transaction. You might require something for your personal finances or perhaps for enterprise-focused accounting software. No matter what, it is important to consider open source solutions available (especially being Linux enthusiasts).

So, in this article, I list out some of the best open source accounting software that I think would come in handy for you. At the end of the list, feel free to suggest your favorite ones in the comments.

Best Open Source Accounting Software

Note: The list is in no particular order of ranking.

1. Skrooge

SkroogeSkrooge

Key Highlights:

  • Personal finances manager
  • Tailored for Plasma Desktop but compatible with others too
  • Cross-platform (Windows, Linux, and macOS)

Skrooge is one of the most useful personal finances manager by KDE. It is originally tailored for the Plasma Desktop but other desktop environments are compatible.

Supports most of the basic features (reporting, budgeting, etc.) and allows you to work on some pretty big data sets.

2. Akaunting

AkauntingAkaunting

Key Highlights:

  • Online accounting software
  • Completely free and open source
  • Client portal
  • Invoicing
  • Expense tracking
  • Reporting
  • Cashflow

Akaunting is an interesting online accounting software that’s available for free. Yes, surprisingly, there’s no hidden subscription charges or additional upgrade options. It is totally free. If you are looking for a FreshBooks alternative, you should give it a try.

Ranging from invoicing to managing deposits and transfers. A whole lot of features. You can either utilize their hosting (again, it is free!) or host it yourself. It’s fit for both personal and enterprise needs. Try it out!

3. Apache OFBiz

Apache OfbizApache Ofbiz

Key Highlights:

  • ERP & CRM
  • Developer-friendly
  • Powerful Java Web Framework
  • Cross-platform (Linux and macOS)

We’ve already mentioned this in our list of best open source CRM software. Apache OFBiz is an impressive open source solution that incorporates an ERP system and a CRM suite for various types of requirements.

It’s completely free – however, you will have to host it yourself (or just hire someone to do it). In addition to all the basic features needed for accounting software, it lets a developer extend/enhance features easily while being a Java-based web framework.

Apache OFBiz

4. iDempiere

IdempiereIdempiere

Key Highlights:

  • Community-focused
  • Simple and useful
  • Cross-platform (Linux and Windows)

Originally based on ADEmpiere ERP. It is a community focused accounting software maintained by an active group of people. iDempiere aims to utilize technologies like Apache Maven to provide a business suite ERP/CRM/SCM.

There’s a ready-to-use Virtual machine available to download. In addition, you can utilize it on Windows or Linux.

5. Openmiracle

OpenmiracleOpenmiracleOpenmiracle

Key Highlights:

  • Plug-ins available
  • Completely free

Openmiracle is a quite popular open source and free accounting software. There’s no premium plans to it. So, you can utilize all the power and flexibility for free.

It features all the necessary options needed in an accounting software. From setting the budget to managing the payroll, there’s a lot of things to explore.

6. GnuCash

Gnucash ScreenshotGnucash Screenshot

Key Highlights:

  • Cross-platform (Linux, Windows, and macOS)
  • Fit for personal and small businesses

GNUCash is a great open-source financial accounting software to manage stocks/income/expenses for small business or individuals.

From reports to quick calculation features, it has a lot to offer. And, the best thing is – it is available across multiple platforms (including Linux), so that’s a plus.

7. LedgerSMB

Ledgersmb ScreenshotLedgersmb ScreenshotLedgersmb Screenshot

Key Highlights:

  • Dead simple open source ERP
  • Optional commercial support available
  • Cross-platform (Windows, Linux, and macOS)

A powerful yet simple open source accounting solution. It has been tailored to small and medium sized businesses. Starting from managing invoices to inventory – you also get the ability to translate (up to 45 languages supported). You can try pre-release version or just get the latest stable build to test it out yourself!

8. GNUKhata

Key Highlights:

  • GST, VAT compliant Invoices if you are based in India (tailored for Indian users)
  • Easy to use
  • Simple user interface
  • Cross-platform (Windows and Linux)

We already covered an article on GNUKhata, if you want to dive into the details.

However, it is simple and robust accounting software that is available for free. From the looks of it, the setup is easy and anyone can get used to it. Feel free to try it out and explore.

9. KMyMoney

KmymoneyKmymoney

Key Highlights:

  • Simple and functional
  • Cross-platform
  • Easy-to-use

KMyMoney happens to be yet another free and open-source software managed by KDE. You can easily utilize this for managing accounts, transactions, ledgers, and a lot more.

It offers a simple user interface but gets the job done. As you can see in the screenshot above, it appears to be a full-fledged (if almost) solution. You can get it installed from the software center – however, you can also choose to install it from git if you want the latest version.

10. Odoo

Odoo AccountingOdoo Accounting

Key Highlights:

  • Web-based app
  • 15-days trial (not completely free)
  • Bunch of 3rd party integrations

If you might have read about the best open source CRM software, you could have noticed the suite of open-source web apps offered by Odoo.

Fortunately, they also offer something for accounting. If you do not mind paying for accounting software (maybe for your enterprise) while having an open-source solution, this can be your choice.

Try it out or check out their GitHub page to learn more about their suite of apps available.

11. HomeBank

HomebankHomebank

Key Highlights:

  • Cross-platform
  • Simple and easy-to-use

HomeBank may not be a popular choice – however, if you want just another alternative to take a look at, HomeBank is a decent tool.

Just like some others, you can also find it in the software center. However, if you want the latest version installed, you can follow the official download instructions for Ubuntu by adding a PPA.

Wrapping Up

In addition to all these, you can also take a look at Flowlog (which happens to be an open-source solution) – however, it’s in a public beta phase for a year now – so it may not be the most reliable option yet.

Overall, these are our recommended picks for open-source accounting software. If we missed listing your favorite open-source accounting software, let us in the comments below.

Searching for new accounting software is like looking at a sandwich shop’s menu because there are so many types of bookkeeping solutions – including small business, billing and invoicing, SME and more – that you’re left scratching your head. Have you ever considered an open-source accounting software — a program for you and your IT team to examine and adjust its coding to fit your business requirements?

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What is Open Source Software?

Thankfully, SelectHub has your back with our top picks of the best open-source accounting software. Before examining this list, why not read further to learn more about open-source software, its standard features and benefits.

What is Open-Source Software?

Open-source software is a type of program for you and your IT team to examine and adjust its coding to fit your business requirements. This type of solution differs from free software.

Open-Source vs. Free Software

It’s easy to confuse free with open-source software, but in actuality, they’re as similar as burgers and hot dogs. As the name implies, free software often comes with no price tag, but still allows users the full benefits of the software. Often free software is everything it appears to be on the surface: a free solution for your business to implement. Similarly, open-source software provides users with access to software, often without any associated costs. The primary difference between free and open-source software is that an open-source solution provides access to the source code, hence the name. This access allows users to make modifications to the system at all levels.

While free and open-source solutions are incredibly similar, the nuances that set them apart can make a big difference for business. When considering these types of solutions make sure you’re aware of how much access you’ll have to the source code and ask about hidden fees to ensure there’s no confusion about what type of software you’re implementing.

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Primary Benefits

While other types of software can come with benefits like robust technical support from the vendor, they also come with disadvantages like steep price tags. Similarly, open-source solutions come with perks and pitfalls. Benefits include:

  • Versatility: Tailor this program’s source code to align with your organization’s needs – i.e. capabilities, updates, priorities and more.
  • Costs: Pay minimal to zero licensing and subscription fees for this type of program.
  • Security: Pinpoint bugs, potential threats, security gaps and more immediately within the source code and fix or remove them.

Open Source Accounting Software Benefits & Features

Key Features

No two software are alike. Nevertheless, most accounting solutions come with a few standard functionalities. However, keep in mind that just because a feature is popular or common, it doesn’t mean it’s necessarily right for your company. A few standard features you’ll want to watch for include:

  • Bank Reconciliation: Ensure all of your transactions are correct with this accessory.
  • Tax Management: Manage tax documents and regulations with this tool.
  • User Management: Determine whether you want single users or multi-users and even assign user roles with the right user management attribute.
  • Reporting: Formulate and print various types of reports such as profit and loss, cash memos, bills, invoices and more.

Still not sure what features to prioritize? Take a peek at our detailed features article or our sophisticated requirements template to make a thorough wishlist.

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Best Open-Source Accounting Software

It’s time to review our picks for this software. Have your wishlist ready; here’s our complete roster.

Best Open Source Accounting Software

From agriculture and construction to real estate and telecommunication, Odoo accounting caters to businesses of all sizes, regardless of industry. It offers both on-premise and cloud deployment and is available as an app for Android and iOS devices.

Preview of Odoo Accounting’s General Ledger

Noteworthy Advantages

Odoo possesses various differentiators that set it apart from the competition.

  • Free Forever: This platform is free for infinite users so long as you don’t need additional applications or hosting options. The community/open-source version only has invoicing and payment capabilities.
  • Artificial Intelligence (AI): Scan and upload PDFs or images to vendor bills and automate their creation with AI.
  • Customer Portal: Obtain order statuses, invoice and payment tracking through the client portal. Patrons may revise their plans, order upgrades, downgrade or unsubscribe in one centralized location.
  • QR Codes: Scan QR codes with the user’s native banking program to complete transactions. The QR code is also available on PDF invoices and appears on payment screens for quotes and bills.
  • Bank Statements Import: Leverage OFX, QIF, CSV or Coda formats to import bank statements when a bank isn’t supported through Odoo.
  • Balance Sheet Calculation: Add current year earnings to balance sheets automatically. Profit and loss is promptly calculated according to selected dates. Administrators can lock entry dates for all users.
  • Multiple Currencies: Work with various currencies and automatically change currency rates at different intervals.
  • Revenue Dashboard: Access various metrics such as MRR, recurring revenues, churn, CAC, CAC ratio, growth, forecasts, ARR, CLT and CLTV.
  • Tax Audit Report: Evaluate tax report calculation for audit purposes. Pick a line and click the audit button to audit journal items.
  • Reconciliation Report: Gain reconciliation reports to account for differences between bank statement balances and accounts.
  • Country-Specific Statements: Work with country-specific statements, including Intrastat reports, VAT statements, profit and loss/BS of the country, VAT subjected customer listings and more.

Key Features

Bank Reconciliation

This apparatus offers automatic reconciliation propositions, additional journal item registrations, record searching and the inputting of manual reconciliations for open and paid invoices. You may also immediately work with partial and full reconciliation propositions from invoices or bank statements. The automated reconciliation function allows bank statements to sync from more than 15,000 banks in the U.S., Canada and New Zealand in real time.

Tax Management

The tax engine offers a wide range of tax calculations such as price included or excluded, percentage, grip, partial exemptions and more. This module delivers tax reports in accrual or cash-based formats according to a particular region. You may also implement tax rules that automatically cipher values on invoices.

User Management

Establish default configurations for accountants and adviser roles, allot infinite users with various access rights as the administrator and automate business flows with inter-company regulations. Govern company subsidiaries within the same system with the user management feature. You can even arrange documents into several journals by department or type of activity and split roles throughout multiple users.

Reporting

Handle numerous pre-made templates ranging from cash flow statements to profit and loss. Link multiple companies’ bookkeeping data into groups. You may also take notes on reports and include more modifiable rows.

Additional Accessories

Although Odoo Accounting has all of the common open-source accounting software features, it offers supplementary tools for your accounting practices. These additional accessories include:

  • Account Receivable: Build invoices with payment conditions, numerous taxes, discounts, price lists and more as well as print out invoices or send them via email.
  • Credit Management: Promptly propose emails, follow-up letters and responsibilities for users to administer credit collection procedures.
  • Bills Payment: Trace deposit tickets and print checks in large quantities.
  • Accounting Analytics: Allocate a single accounting entry into several analytic accounts with analytics tags and pliable distributions.
Limitations

Like most solutions, this program has some limitations. These drawbacks include:

  • It doesn’t offer payroll modules.
  • It lacks third-party debt recoveries.
  • It doesn’t account for unpaid fees or penalties.
Written by Jane