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I recently spent several weeks putting Akaunting through its paces, managing everything from basic invoicing to detailed financial reporting. In this review, I’ll break down exactly how this online accounting software performs in real-world use, examining its features and pricing structure.
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Why You Can Trust My Akaunting Software Review
As a software testing specialist who has evaluated tons of business apps, including the best accounting software, I bring deep technical expertise to each review. For this Akaunting analysis, I spent weeks rigorously testing with real-world accounting scenarios that small businesses face daily.
I used the software to manage my actual (freelance) business transactions, from creating basic invoices to tracking expenses and generating financial reports. Having reviewed numerous accounting solutions — from enterprise systems to startup tools and home accounting software — I have a clear framework for assessing where Akaunting excels and where it may fall short.
Beyond my hands-on testing, I engaged with the Akaunting community on GitHub, analyzed user discussions on Reddit and Stack Overflow, and studied feedback from businesses using the software in production.
I’m sharing my honest, unbiased experience to help you make an informed decision.
What Is Akaunting?
Akaunting is a free, open-source accounting software designed for small businesses and freelancers. Launched in 2017, it provides essential accounting tools through either a cloud-hosted solution or a self-hosted option.
The software includes core features like invoicing, expense tracking, bank reconciliation, and financial reporting. Being open-source means you can use it completely free and even modify the code if you have the technical knowledge. You can also find the source code and contribute to its development on the Akaunting GitHub repository.
Who Is Akaunting Best For?
Based on my testing, Akaunting app is best suited for:
- Small business owners and freelancers who want a free accounting solution
- Tech-savvy users who are comfortable with basic software setup
- Businesses that need multiple currency support
- Organizations that prefer to host and control their own financial data
- Startups looking to keep costs low while maintaining professional bookkeeping
It’s particularly valuable for businesses that are just starting out or those who want to move away from spreadsheet-based accounting without investing in expensive software.
Akaunting Pricing & Plans
Akaunting offers both a free self-hosted version and several cloud-hosted plans.
| Plan | Billed Monthly | Billed Annually | Key Features |
|---|---|---|---|
| Self-Hosted | Free | Free | Unlimited companies and users, Basic accounting features, Multi-currency support, Community forum |
| Standard Cloud | $12/month | $8/month | 1 company and 2 users, 1,000 invoices per month, 4 basic apps included, Multi-currency support, Ticket support |
| Premium Cloud | $36/month | $24/month | 10 companies, 10 users, 10,000 invoices, 10 apps included, Double-entry accounting, Bank feeds, Client portal |
| Elite Cloud | $84/month | $56/month | 30 companies, 30 users, 30,000 invoices, 30 apps included, Payroll & Projects, Inventory & CRM, Shopify & Stripe integration |
| Ultimate Cloud | $218/month | $145/month | Unlimited companies & users, Unlimited invoices, All 50+ apps included, Advanced features like POS, Budgeting & Custom fields, Automated reporting |
Akaunting offers a transparent, feature-based pricing structure that scales with business size. Each tier builds upon the previous one, and all cloud plans come with free trials (no credit card required).
Akaunting’s pricing structure stands out in the market, especially compared to competitors like QuickBooks ($35 per month), Xero ($20 per month), and FreshBooks ($19 per month). The free self-hosted option and affordable $12 per month entry-level cloud plan make it one of the most accessible solutions available.
Akaunting Cancelation Policy
Akaunting keeps things straightforward with its cancelation policy. You can cancel your cloud subscription at any time through your account dashboard. You’ll have access to your plan until the end of your current billing period. There’s no long-term contract to worry about, and they don’t charge any cancelation fees.
One thing to note: if you cancel, you can export your data before your subscription ends, which I find particularly important for accounting software. However, make sure to do this before cancellation, as access is cut off once your subscription period ends.
Akaunting Overview
| Starting Price | $12 per month |
|---|---|
| Best for | Small businesses and freelancers looking for a free or low-cost accounting solution with basic features |
| Key Features | Multi-currency support, invoice management, expense tracking, financial reporting |
| Customer Support | Community forum support, ticket-based support, comprehensive help center |
| App Integrations | 50+ apps, including Shopify, Stripe, and bank feeds (varies by plan) |
| Reporting & Analytics | Basic reporting in free version Advanced custom reporting in paid plans |
| Mobile App | ✅ – iOS and Android |
| Compatibility | Web-based, mobile, cloud, self-hosted |
| Invoicing | ✅ |
| Double Entry | ✅ – Premium Cloud plan and higher |
| Payroll | ✅ – Elite Cloud plan and higher |
| Security & Compliance | Self-hosted: Your own security protocols Cloud: SSL encryption, regular backups, secure data centers |
Akaunting Key Features
During my extensive testing of Akaunting, I focused on the features that matter most for day-to-day business operations. Here’s my hands-on experience with the standout features:
I found Akaunting’s double-entry accounting system to be strong and reliable. Setting up the chart of accounts (COA) was straightforward. The system automatically creates corresponding entries and maintains a clear audit trail, which I found useful when tracking complex transactions.
What particularly impressed me was the reconciliation system. I could easily match bank transactions with recorded entries, and the platform maintained detailed audit trails automatically. The system also supports journal entries with attachments, making it simple to document and justify accounting adjustments.
I extensively tested the invoicing system and found it both comprehensive and user-friendly. Creating professional invoices was straightforward, with abundant customization options for branding and layout. The system efficiently handles:
- Recurring invoices with flexible scheduling options
- Partial payments and installment plans
- Automated payment reminders
- Digital signature integration
- Batch processing for multiple invoices
The payment gateway integrations work seamlessly, automatically recording and reconciling payments as they come in.
Setting up expense tracking was intuitive. I could easily categorize expenses, attach receipts, and assign them to specific projects or clients. The mobile app lets you snap photos of receipts on the go, though I noticed the OCR (receipt scanning) feature is only available in higher-tier plans. Plus, the approval workflows proved flexible enough to accommodate various business structures while maintaining tight control over spending.
One limitation I encountered was the lack of automatic bank feed categorization in the free version – you’ll need the Premium plan or higher to access this time-saving feature.
This is where Akaunting really shines. Even in the free version, I could handle transactions in different currencies with automatic exchange rate updates. The system maintains separate ledgers for each currency and provides clear reporting on exchange gains and losses. While testing, I managed transactions in USD, EUR, and GBP without issues.
Here are some of the financial reports that Akaunting offers:
- Balance Sheet: Provides a snapshot of your company’s financial position, listing assets, liabilities, and equity at a specific point in time.
- Income Statement: Also known as a profit and loss statement, it details your company’s revenues, expenses, and profits over a specific period.
- Cash Flow Statement: This shows the inflows and outflows of cash, helping you understand how cash is being generated and used in your business.
- Trial Balance: Summarizes all ledger accounts to ensure that total debits equal total credits, helping to identify any discrepancies.
- General Ledger: Provides a detailed record of all financial transactions organized by account.
- Accounts Receivable Aging: Lists outstanding customer invoices and categorizes them by the length of time they have been outstanding.
- Accounts Payable Aging: Lists outstanding vendor bills and categorizes them by the length of time they have been outstanding.
- Expense Report: Summarizes all business expenses, categorized by type and period.
- Sales Report: Provides an overview of sales performance, including total sales, sales by product or service, and sales by customer.
- Tax Summary: Summarizes tax-related transactions, helping you prepare for tax filings.
The basic reporting suite includes profit & loss statements, balance sheets, and tax summaries. I found the reports clean and readable, though less customizable than what you’d get with QuickBooks.
The free version provides essential reports, but for advanced analytics and custom reports, you’ll need a paid plan. One notable limitation is the lack of drill-down capabilities in the free version – you can’t click through report lines to see underlying transactions.
Available from the Premium plan upward, the client portal lets customers view their invoices and statements and make payments online. Clients can easily access their history and download documents. The portal is functional but basic compared to FreshBooks’ client experience. It lacks features like project collaboration tools or file-sharing capabilities.
Available in the Elite plan, the inventory system tracks stock levels, costs, and sales. I could set up products with multiple variants and track stock movements. The system handles basic inventory needs well but lacks advanced features like batch tracking or multiple warehouse management that you might find in dedicated inventory systems. It’s suitable for businesses with simple inventory needs, but if you’re managing complex stock, you might need additional solutions.
Integrations and Add-Ons
I found Akaunting’s app marketplace a rich ecosystem of both native and third-party integrations. The platform offers over 100 apps through its store, split into two main categories:
These native apps work smoothly within the Akaunting interface, though I noticed that most require higher-tier plans or separate purchases if you’re using the free version. Some notable ones include:
- Double-Entry accounting system
- Bank Feeds for automatic transaction imports
- Two-factor authentication (2FA) for enhanced security
- Project management tools
- CRM system
- Inventory management
- Payroll processing
- Business calendar
- Contract management
The platform also connects with various third-party services. Some integrations include:
- Payment gateways (PayPal, Stripe)
- E-commerce platforms (WooCommerce, Shopify)
- Business tools (HubSpot, Slack)
- Point-of-sale systems (Foodics)
- Communication tools (Vonage)
One thing to note: unlike some competitors who include most integrations in their subscription plans, Akaunting takes a different approach:
- Free/Standard plan: Limited to 4 basic apps
- Premium plan: 10 apps included
- Elite plan: 30 apps included
- Ultimate plan: All 50+ apps included
Additional apps beyond your plan’s limit require separate purchases, which can add up quickly if you need multiple specialized features.
Latest Updates
Akaunting’s latest version, 3.1.12 (released October 2024), offered several significant improvements that enhance user experience and functionality:
- Customizable Default Tabs. The new update lets you define default tabs for different sections, allowing you to configure the most relevant views for your workflow. For instance, I could set the transaction list to default to “Money In” rather than having to switch from “All Transactions” every time. This seemingly small change makes a noticeable impact on your daily efficiency.
- Multiple Dashboard Support. The introduction of switchable dashboards is particularly impressive. You can create different dashboard layouts for various aspects of business operations. For instance, one focused on cash flow metrics, another on receivables aging, and a third on expense tracking. Switching between these customized views makes it much easier to focus on specific aspects of financial management without information overload.
- Enhanced Performance Optimizations. The latest update includes significant backend improvements. I noticed the page loads were noticeably faster, especially when handling large datasets in reports and transaction lists. The optimization of database queries has made the overall experience much smoother, particularly when working with multiple companies or extensive transaction histories.
Akaunting Vs. Top Accounting Software
| Akaunting | QuickBooks | FreshBooks | Wave | |
|---|---|---|---|---|
| Best for | Small businesses needing a free/low-cost solution with basic features | Growing businesses needing comprehensive accounting | Service-based businesses and freelancers | Freelancers and micro-businesses |
| Starting Price | $12 per month | $35 per month | $19 per month | $16 per month |
| Free Trial | Free plan | ✅ – 30 days | ✅ – 30 days | Free plan |
| Reporting | Basic in free plan; Advanced in paid versions | Advanced custom reports | Comprehensive | Basic but solid |
| Mobile App | ✅ | ✅ | ✅ | ✅ |
| Standout Feature | Free, open-source option, Multi-currency, Self-hosting available |
Advanced reporting, Extensive integrations, Industry standard |
Time tracking, Project management, Client collaboration | Forever free, Clean interface, Receipt scanning |
Akaunting vs. QuickBooks
QuickBooks is one of the most well-known and feature-rich accounting solutions on the market. While QuickBooks offers more advanced automation, reporting, and integration capabilities compared to Akaunting, the latter’s free self-hosted option makes it a much more cost-effective choice, especially for small businesses and startups.
The key advantages of Akaunting over QuickBooks are its open-source flexibility, multi-currency support, and lack of subscription fees for the self-hosted version. However, QuickBooks excels in areas like inventory management, project accounting, and tax compliance tools – features that may be important for growing businesses.
Overall, Akaunting is best suited for cost-conscious users who don’t require the full enterprise-level functionality of QuickBooks.
Akaunting vs. FreshBooks
FreshBooks is a popular choice for freelancers and service-based businesses due to its strong time-tracking and project management capabilities. Compared to Akaunting, FreshBooks offers a more polished and user-friendly interface, along with excellent client collaboration features. However, Akaunting’s free plan is much more feature-rich than FreshBooks’ entry-level offering.
Where Akaunting stands out is its multi-currency support and the ability to self-host the software. FreshBooks is a cloud-only solution, which may be a drawback for businesses that require more control over their financial data. Additionally, Akaunting’s reporting and invoicing customization options are more robust than FreshBooks’. The trade-off is that FreshBooks provides a more seamless user experience overall, especially for tasks like time tracking and client communication.
Akaunting vs. Wave
Both Akaunting and Wave target small businesses and freelancers with free accounting software, but they differ in their approaches. Wave offers a more streamlined, user-friendly experience with no setup required, making it an attractive option for non-technical users. Akaunting, on the other hand, provides more customization and advanced features in its free version but requires a bit more technical know-how to get started.
Where Akaunting has the edge is its multi-currency support, open-source flexibility, and a wider range of features (like inventory management and payroll), even in the free plan. Wave excels in areas like automated receipt scanning and invoice creation, providing a more polished, out-of-the-box experience. However, Wave’s free plan has some limitations, such as the inability to connect bank accounts, that Akaunting’s free self-hosted version does not have.
Overall, the choice between Akaunting and Wave will depend on whether you prioritize ease of use and a streamlined interface (Wave) or more advanced features and customization options (Akaunting).
Akaunting Customer Reviews
Akaunting has received mixed reviews from its users. Many appreciate its comprehensive feature set and affordability, especially the free self-hosted option. However, some users have expressed concerns about the quality of customer support and the reliability of certain features.
Akaunting offers several support channels to assist users, including a help center with guides and tutorials, an active community forum, a ticketing system, and dedicated support for customers.
However, it lacks phone support. Here are some Trustpilot Akaunting reviews that reflect these sentiments:
While some reviewers appreciated it for its free version, intuitive interface, and client portal, others complained about it automatically renewing their subscriptions without any clear notification. Others were not so happy with their community support.
Benefits of Using Akaunting
As an open-source accounting software, Akaunting offers some key advantages:
- Cost-Effective: The core Akaunting software is completely free to use. This makes it a great option for small businesses and freelancers who want to save money on accounting costs.
- Customizable: Since Akaunting is open-source, users with technical skills can modify the software to fit their specific needs. This level of control can be very useful for businesses with unique requirements.
- Self-Hosting: Akaunting allows you to host the software on your own servers. This gives you full control over your financial data and avoids ongoing subscription fees.
- Community Support: The Akaunting community provides helpful resources like forums, tutorials, and user-contributed features. This can be really valuable if you don’t have a dedicated IT team.
- Transparency and Security: With open-source software, you can review the code and contribute to improving security. This can provide more peace of mind than closed-source alternatives.
How to Use Akaunting - Quick Guide
The overall user interface is fairly straightforward, but users with limited accounting experience may need some time to get comfortable with the workflow. Akaunting provides extensive documentation and community support to help you navigate the software.
Based on my testing, here's a simple step-by-step overview of getting started with Akaunting:
Step 1: Choose your hosting option
Go to the Akaunting website and click “Get Started” in the top right corner. Akaunting offers both a cloud-hosted version and a self-hosted option. For self-hosting, you’ll need to download the software and set it up on your own server. I opted for the cloud option.
Step 2: Create an account + Set up your company
On the registration page, enter your name and email address, then click “Register.” Go to your email and click the confirmation link. Once logged in, you’ll be prompted to set up your company profile. This includes adding your address, setting the default currency, and configuring any applicable taxes.
Step 3: Add customers and vendors
Before you can start invoicing or tracking expenses, you must add your customers and vendors to the system. You can do this manually or import data from a spreadsheet. Go to Sales>Customers>New Customer.
Step 4: Create invoice
Navigate to the “Sales” section on the navigation menu bar, then select “Invoices,” click on “New Invoice,” and enter invoice details. You can add your logo, change colors, and modify the layout to match your brand.
Step 5: Connect bank accounts (Optional)
For automatic transaction imports and reconciliation, you can connect your business bank accounts to Akaunting. This feature is available in the Premium Cloud plan and above.
Step 6: Generate reports
Akaunting provides essential financial reports like profit and loss statements, balance sheets, and tax summaries. You can access these reports from the dashboard.
How We Review and Test Accounting Products
To provide our readers with accurate and well-informed recommendations, we test the most popular accounting products on the market to find the best options for you. Our methodology consists of the following criteria:
- Features: We examine the features of each accounting software to determine what capabilities are offered- such as creating, editing, and deleting transactions.
- Compliance: We evaluate accounting software based on whether it offers local compliance when it comes to payroll, taxes, documentation, and more.
- Bank Reconciliation: We test the reconciliation process to ensure transactions match bank statements accurately.
- Multi-Currency Support: We verify the accuracy of currency conversions and transactions in multi-currency environments.
- User Experience: We get hands-on with each product and act as a new user, testing each platform to gain understanding if the platform is easy to use or not.
- Reporting and Documentation: We verify the accuracy of financial reports generated by the software such as balance sheets and income statements.
- Integrations: We evaluate the integrations of each piece of software to determine how well it fits in with other key pieces in a business’s software stack, and whether its functionality can be expanded as required.
- Audit Trails: We ensure the software maintains comprehensive audit trails for tracking changes made to financial data.
How to Choose the Best Accounting Software
When selecting the right accounting software for your business, there are several key factors to consider:
Your budget is a crucial starting point. Look for software that fits within your financial constraints but also provides the features you need. Free or low-cost options like Akaunting can be great for small businesses, while larger organizations may require more advanced (and expensive) solutions.
Make a list of the essential accounting capabilities your business requires, such as invoicing, expense tracking, reporting, and payroll. Compare how different software packages stack up in terms of the features included at each pricing tier.
The software should have an intuitive interface and workflow that your team can pick up quickly. Consider how much training or onboarding would be required, as that can impact productivity and adoption.
Look for accounting software that seamlessly connects with the other business tools you use, such as e-commerce platforms, CRMs, and payment processors. This can help streamline operations and reduce manual data entry.
As your business grows, you’ll want accounting software that can scale to accommodate more users, companies, and transactions. Make sure to choose a solution that can grow alongside your organization.
Reliable customer support is essential, especially for small businesses that may not have dedicated IT resources. Look for vendors that offer multiple support channels, like email, phone, and community forums.
Ensure the accounting software adheres to industry-standard security practices and helps you maintain regulatory compliance, whether you choose a cloud-based or self-hosted solution.
