The Best Open Source Accounting Software 2024

Customizations – GnuCash offers plenty of customization options for appearance and display style, and you can leverage color coding to gain valuable insights regarding your business’s financial position at a glance.

Split Transactions – You can schedule transactions, generate customizable financial reports, plan and manage your budget, and even utilize Accounts Payable and Accounts Receivable to run payroll for your team.

Multiple Currency Accounting – Transactions can be carried out in multiple currencies and whenever you have to file reports, it presents data in your preferred currency.

GnuCash is fully open-source, so it’s free to use forever. Instead, GnuCash is relying on the community to keep the platform up-to-date.

Unlimited Bank Account – Akaunting allows users to add unlimited bank and cash accounts to track their income and expenses without manual input.

Client Portal – To facilitate smooth communication and collaboration between businesses and customers, Akaunting provides a portal where users can share transactions and invoices with clients and other users, and accept bulk payments online.

Dashboard Varieties – As an accounting platform that supports multiple users, Akaunting allows you to create dashboards/widgets for different purposes and users to share with your employees, accountants, or contractors. This option also helps you manage multiple teams and customize users’ permissions based on set criteria.

Akaunting offers three paid plans with the flexibility to support businesses as they grow.

Its Premium Cloud plan is suitable for small businesses that manage 10 users. It offers 10,000 invoice creation, 10 applications, multiple currencies, unlimited customers, vendor management, and more. Its Ultimate Cloud plan is more suitable for accountants managing over 30 companies and needing unlimited access to accounting functionalities.

Akaunting offers a free trial, allowing users to explore before making a final decision. Choosing its yearly plan allows users to use the platform for free for the first four months.

AI-Powered Invoice – Odoo offers time-saving features, including AI-powered invoice digitization. It automatically encodes your uploaded PDF invoice or image and processes the invoice.

Multi-Companies Tools – Odoo allows businesses with multiple entities to consolidate reports and processes within the same subscription system. Businesses can also automate their workflows across different companies using customized intercompany rules.

Multiple Integrations – Think of any business tools to make your finance management a breeze; Odoo offers them, from sales to inventory, purchase, ecommerce, and more. Despite its multiple integrations, it offers customization, allowing you to create your Odoo applications.

Odoo’s accounting pricing is flexible and suitable for different company needs. It offers three price plans, with the highest offering advanced multi-company customizations.

Odoo’s highest plan, Custom, is for companies that want to manage multiple companies on a single database and need to customize Odoo through Odoo Studio, custom developments, or API. Its features include Odoo online / Odoo.sh, Odoo studio, multi-company, and external API.

Odoo’s unique pricing is that you can get any single app for free and unlimited use. You can choose between yearly or monthly subscription plans if you want access to everything the app offers or a fully customized solution. The app also gives you a 15-day free trial to test out all of its functionalities before committing.

Double-Entry Accounting – LedgerSMB offers double-entry accounting and lets you manage all your business accounts, quickly transfer money between them, and enter all your transactions, invoices, and payments in various currencies.

Budget Planning by Project and Department – Track time spent working on different projects and enable you to convert billable hours into invoices easily. You can also track budgets by project and department and run variance reports.

Inventory and Vendor Management – Manage products and vendor relationships in one platform. It offers tools such as product tracking, stock levels, inventory valuation, vendor catalogs, and vendor performance.

LedgerSMB is free to use forever. That means there are no pricing plans or other subscriptions that you need to sign up for.

Custom Categorization Rules – With HomeBank, you can set up custom rules for payees and categories to help you automatically assign each transaction to the correct source. You’ll also be able to directly add new categories from the transaction register and find any specific transaction with an intuitive keyword search function.

Dynamic Financial Reports – HomeBank lets you generate a wide variety of dynamic financial reports, visualize the data with 2D charts, and monitor all critical financial aspects of your business.

Automatic Duplicate Data Detection – You can import your transactions from various formats, like QIF, OFX, QFX, and CSV, to save a ton of time you’d otherwise waste on manual data entry. Additionally, HomeBank will automatically detect duplicate entries, ensuring the accuracy of your financial data.

HomeBank is entirely free to use. However, it earns money by displaying ads which can be distracting.

API Access – OpenAccounting allows you to access and create data through an API. This makes integration with other systems and tools easy, enhancing its functionality. You can connect it to your favorite apps and streamline your financial management.

Transaction Editor – The transaction editor simplifies inputting and editing transactions. You can quickly add details, such as dates and amounts, to ensure financial accuracy in your records.

Custom Spending Categories – With OpenAccounting, you can create custom spending categories. This helps you organize your expenses better and understand where your money goes. Categorizing your spending allows you to track your expenses in relation to income and easily make informed financial decisions.

OpenAccouting comes with 4 pricing packages tailored for different business needs.

OpenAccounting’s Business plan is perfect for small to medium-sized nonprofits/organizations with multiple users. It supports multi-user access, the transaction editor, a reports generator, customizable accounts, categories, real-time data access, and mobile app access. It’s ideal for teams that need to collaborate and manage their finances efficiently.

The Personal plan is free and tailor-made for those who need basic financial tracking but can’t afford the cost.

Multi-Currency Support – TurboCASH allows you to work with different currencies, which is great if your business deals with international clients or suppliers. It helps you manage and convert money easily between various currencies.

User Management – You can set up multiple user accounts with different levels of access. This feature is useful for businesses with several team members who need to manage finances without seeing everything.

Document Processing – TurboCASH makes it easy to handle documents. You can turn invoices into quotes, convert orders into purchases, and adjust accounts quickly.

TurboCash has two software models, TurboCash 4 and TurboCash 5. While the former is completely free, the latter has a subscription fee. See the table below for TurboCash 5 pricing.

The single-user plan is ideal for solopreneurs who need to manage finances alone. It includes all the basic features like invoicing, tracking expenses, and making reports, which is perfect for small business owners or freelancers.

The multi-user plan lets multiple users work at the same time and set different permissions for each person. This is useful for larger teams where everyone has different financial tasks.

TurboCASH is best for businesses that need extensive customization and localization, such as those operating in different regions or industries. Its ability to handle multiple currencies makes it ideal for global or specialized businesses seeking a tailored accounting solution.

Tax Management – OFBiz helps you stay on top of your taxes, no matter how complex they get. It offers tools to handle all sorts of tax rules, keeping you in line with local laws. Plus, it can figure out and apply taxes automatically based on things like where your customer is, what they’re buying, and who they are.

Budgeting – You can use OFBiz to create and manage budgets, helping your business plan and keep track of its financial resources. The system allows for detailed budget breakdowns by department, project, or time period, enabling better financial control and forecasting.

Pricing Management – The platform lets you set up various pricing strategies, such as discounts and promotions, to help manage how you price your products or services. You can even get fancy with dynamic pricing that adjusts based on things like how loyal a customer is, how much they’re buying, or what’s going on in the market.

Apache OFBiz is a free forever accounting software.

OFBiz is ideal for businesses seeking a comprehensive solution that covers both accounting and enterprise resource planning. It provides all the tools you need to handle finances, taxes, budgets, and pricing strategies.

What’s more, OFBiz integrates seamlessly with various sales channels and allows you to customize workflows, helping streamline operations across your entire organization.

Double-Entry Accounting – ERPNext keeps your books balanced with its double-entry system. Every transaction is recorded in two accounts, making sure everything adds up and stays accurate.

Automated Financial Reports – You can automatically generate key financial reports, like Profit & Loss statements and Balance Sheets, to get a clear view of your financial health.

Bank Reconciliation – It offers tools to reconcile bank statements with your accounting records, ensuring all transactions match and keeping your records accurate. The system can also automate much of this process, flagging discrepancies for review and significantly reducing the time spent on manual reconciliation.

ERPNext comes with two packages, one for small businesses and one for enterprises.

The small business plan is ideal for teams with 50 employees or less. It includes managed hosting, unlimited users, and a product warranty.

The enterprise plan offers everything in the small business plan alongside an account manager and priority SLA (service level agreement). It is best for organizations with complex operations.

Advanced GST/VAT Handling – FrontAccounting takes the headache out of GST and VAT management. It offers detailed tax reporting and compliance tools to keep your business in line with tax regulations.

Fixed Asset Management – The system tracks fixed assets, including depreciation and value changes, ensuring you’ve got an accurate picture of your assets.

Inventory/Stock Management – FrontAccounting provides comprehensive tools for tracking inventory, managing stock levels, and handling stock movements, which are essential for efficient retail and distribution.

FrontAccounting is a free, open-source accounting software.