16 Best Cheap Accounting Software Reviewed In 2024
Best Cheap Accounting Software Shortlist
Here’s my shortlist of the best cheap accounting software:
Our one-on-one guidance will help you find the perfect fit.
Cheap accounting software is a valuable asset for any company, regardless of your budget or company size. With the right software, teams can efficiently manage finances and reduce operational costs. But finding the right cheap accounting software can be time-consuming, especially with so many options available.
Using my experience with finance and accounting software, I tested and compared several of the top cheap accounting software available. From there, I compiled my results into detailed reviews to help you find the best software for your needs.
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Best Cheap Accounting Software Summary
This comparison chart summarizes pricing details for my top cheap or free accounting software selections to help you find the best one for your budget and business needs.
| Tools | Price | |
|---|---|---|
| Odoo Accounting | From $20/user/month | Website |
| FreeAgent | From $13.50/user/month | Website |
| KashFlow | From $97/year + VAT | Website |
| CloudBooks | From $10/month (up to 5 users) | Website |
| MYOB | From $10/user/month (billed annually) | Website |
| Akaunting | From $8/month (billed annually) | Website |
| TrulySmall | From $9/month | Website |
| ZipBooks | From $15/user/month | Website |
| ClearBooks | From $7.92/month (for 3 months, then $15/month, billed annually) | Website |
| ProfitBooks | From $20/month | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow to Choose a Cheap Accounting Software
It’s easy to get bogged down in long feature lists and complex pricing structures. To help you stay focused as you work through your unique software selection process, here’s a checklist of factors to keep in mind:
| Factor | What to Consider |
| Scalability | Will the software grow with your business needs? |
| Integrations | Does it connect with your existing tools? |
| Customizability | Can you tailor it to fit your specific processes? |
| Ease of Use | Is the software intuitive for your team to use? |
| Budget | Does it fit within your financial constraints? |
| Security Safeguards | Are your data reports and transactions secure? |
| Customer Support | Does the provider offer timely assistance? |
| Reporting Features | Can you generate the reports you need? |
Best Cheap Accounting Software Reviews
Below are my detailed summaries of the best accounting software that made it onto my shortlist. My reviews offer a detailed look at the key features, pros & cons, integrations, and ideal use cases of each tool to help you find the best one for you.
Odoo Accounting is an online accounting software. It integrates with Odoo’s other business apps, covering everything from invoicing and expense management to CRM, inventory, and sales.
Why I picked Odoo Accounting: Odoo Accounting integrates seamlessly with other Odoo apps, allowing you to expand your capabilities across various business functions as needed. You can sync invoicing with inventory and sales for real-time financial data entry management, or use their smart financial tools to effectively track transactions in real-time. These features, combined with the software’s ability to build a unified platform, makes it a flexible choice that grows with your business.
Standout features & integrations:
Features include real-time bank synchronization, which updates your accounts automatically, while its smart reconciliation tools help match your transactions quickly. Plus, Odoo Accounting also offers automated invoice creation to save time on routine tasks.
Integrations include Odoo Sales, Odoo Inventory, Odoo CRM, PayPal, Stripe, QuickBooks, and Authorize.net.
Pros and cons
Pros:
- Customizable financial reports
- Real-time expense tracking
- Automated bank reconciliation
Cons:
- Limited advanced analytics
- Required Odoo ecosystem
FreeAgent is perfect for self-employed contractors and entrepreneurs because of its intuitive interface that simplifies financial management. It offers invoicing, time tracking, and automated tax estimates for self-employment taxes.
Why I picked FreeAgent: FreeAgent can quickly create and send professional invoices, and record expenses for better budgeting. Its automated tax estimates help you stay prepared for self-employment taxes, which is important for contractors. The software also includes time-tracking tools, making it easier to bill clients accurately.
Standout features & integrations:
Features include project management, allowing you to organize tasks and track project costs. The software provides real-time financial insights to help you make informed decisions. FreeAgent also offers tax management features, assisting you with self-assessment and VAT returns.
Integrations include PayPal, Stripe, GoCardless, Dropbox, Google Drive, Zapier, Mailchimp, Capsule CRM, Basecamp, and Slack.
Pros and cons
Pros:
- Self-employment tax tools
- Time tracking for projects
- Automated tax estimates
Cons:
- Basic accounts receivable tracking
- No advanced forecasting tools
KashFlow allows UK-based small business owners to manage their finances and simplifies their tax filing process. It focuses on UK tax regulations and essential accounting functionalities like invoicing and expense tracking.
Why I picked KashFlow: KashFlow includes features built for UK businesses, such as automated VAT calculations and easy submissions under Making Tax Digital (MTD) rules. You can customize and send invoices, track expenses, and manage payroll with minimal setup. Additionally, the software’s payroll integration ensures compliance with HMRC regulations, making it easy for small business owners to handle tax obligations.
Standout features & integrations:
Features include automated bank feeds, which streamlines updating financial records. The software offers detailed financial reporting to help you make informed business decisions. KashFlow also provides project management tools, allowing you to track tasks and budgets easily.
Integrations include PayPal, GoCardless, Stripe, Shopify, Amazon, eBay, Mailchimp, Capsule CRM, HubSpot, and Trello.
Pros and cons
Pros:
- HMRC-compliant payroll
- Real-time cash flow overview
- Multi-user access permissions
Cons:
- Limited cash flow forecasting
- Limited multi-currency support
CloudBooks allows customizable invoicing options and helps users streamline essential financial functions like invoicing, time tracking, and expense management.
Why I picked CloudBooks: CloudBooks offers flexible invoicing options to meet varied client needs. You can create branded invoices, set up recurring billing for ongoing projects, and even automate payment reminders to help keep cash flow steady. Plus, its intuitive dashboard organizes invoicing, expenses, and project timelines without complexity. CloudBooks also offers time tracking and client management for easily handling multiple projects and ensuring accurate billing for your time.
Standout features & integrations:
Features include efficient time tracking and task management, which help you keep projects on schedule. Its project management capabilities allow you to assign tasks and monitor progress with ease. Additionally, the tool also offers expense management features to keep your financial records organized.
Integrations include PayPal, Stripe, Google Drive, Dropbox, Google Calendar, Box, Basecamp, Slack, QuickBooks, and FreshBooks.
Pros and cons
Pros:
- Flexible invoice branding
- Automated payment reminders
- Recurring billing options
Cons:
- Limited tax calculation features
- Limited financial reporting
MYOB offers essential financial tools for Australian businesses. It supports GST and BAS reporting and keeps up-to-date with Australian tax laws and regulations.
Why I picked MYOB: MYOB allows users to easily generate tax reports and submit BAS directly through the platform, making tax season much less stressful. It also allows automated superannuation payments, ensuring compliance with regulatory requirements. Additionally, the software offers payroll management to ensure your team members comply with local employment laws. With these local tax-specific features, MYOB helps you manage your finances while staying aligned with Australian standards.
Standout features & integrations:
Features include advanced payroll management, which helps you handle employee payments seamlessly. The software offers time tracking to monitor productivity and billable hours. MYOB also provides business insights through customizable reports, allowing you to tailor financial information to your needs.
Integrations include PayPal, Stripe, Shopify, WooCommerce, Microsoft Excel, QuickBooks, Xero, Salesforce, HubSpot, and Google Workspace.
Pros and cons
Pros:
- Real-time cash flow tracking
- Automatic bank reconciliation
- ATO-compliant payroll processing
Cons:
- Limited cash flow forecasting
- Limited advanced financial reports
Akaunting is an open-source small business accounting software. It helps manage finances, organize business activities, and offers multilingual options for users to navigate in their preferred language.
Why I picked Akaunting: Akaunting supports multiple languages for diverse teams and international clients. You can manage financial tasks in over 50 languages, enabling you to work in your preferred language or tailor it to your audience. Plus, its straightforward layout and customizable invoicing make everyday tasks easy, especially for small teams or individuals needing simple but effective accounting tools.
Standout features & integrations:
Features include tools for managing double-entry accounting and inventory for tracking finances and stock. Its project management feature also allows you to organize tasks and collaborate with your team. Additionally, the expense claims feature simplifies the process of managing and approving expenses.
Integrations include Shopify, Stripe, WooCommerce, PayPal, Mollie, Square, Razorpay, Authorize.net, PayU, and Paystack.
Pros and cons
Pros:
- Customizable categories
- Unlimited invoices
- Free open-source model
Cons:
- No payroll features
- Limited reporting options
TrulySmall offers the essential accounting tools needed by small business starters. It has all the core functions of financial management and a user-friendly interface for owners new to accounting software.
Why I picked TrulySmall: TrulySmall creates and sends professional invoices quickly, tracks your expenses in real time, and manages basic financial reports. The software’s simple interface ensures you won’t get lost in complex features, and its focus on core financial tasks makes it ideal for business owners new to accounting software. TrulySmall keeps things practical and straightforward, so you can manage finances efficiently from day one.
Standout features & integrations:
Features include customizable invoice templates you can tailor to your brand. The tool also offers the ability to track expenses quickly, helping you keep your budget in check. Additionally, TrulySmall provides basic financial reports that offer insights into your cash flow and profitability.
Integrations include PayPal, Stripe, Square, QuickBooks, Xero, FreshBooks, Google Drive, Dropbox, Slack, and Trello.
Pros and cons
Pros:
- Basic profit and loss reports
- Easy expense categorization
- Real-time expense tracking
Cons:
- Limited tax calculation features
- No accrual accounting options
ZipBooks simplifies financial management with intelligent tools that offer valuable insights. It analyzes data to provide recommendations on spending, cash flow, and profitability.
Why I picked ZipBooks: ZipBooks offers built-in intelligence tools that make financial insights easy to access and understand. Its smart scoring system analyzes your financial health, giving clear recommendations to improve cash flow and profitability. You’ll also get automated expense categorization and intuitive time tracking for managing billable hours.
Standout features & integrations:
Features include time tracking, which helps you monitor billable hours accurately, while its project management capabilities help you organize tasks and collaborate with your team. ZipBooks also provides customizable reports, allowing you to tailor financial insights to your needs.
Integrations include PayPal, Stripe, Square, Gusto, Google Drive, Slack, Trello, QuickBooks, FreshBooks, and Xero.
Pros and cons
Pros:
- Color-coded reporting insights
- Automated expense categorization
- Built-in financial health scoring
Cons:
- Basic tax management tools
- Limited multi-currency support
ClearBooks offers cloud-based access for users to manage their finances from anywhere. It provides essential accounting functions and supports collaboration by allowing multiple users to work within the platform.
Why I picked ClearBooks: Clear Books is entirely cloud-based and convenient for real-time access to financial data from different locations. You can easily create invoices, track expenses, and generate essential financial reports. It features automated bank accounts and feeds, which ensure your financial data stays up-to-date. The software also includes VAT management tools to simplify compliance with tax regulations.
Standout features & integrations:
Features include automated invoice reminders that help you stay on top of payments. The software offers multi-currency support, making it a good fit for businesses dealing with international clients. ClearBooks also provides project management tools to organize tasks and budgets efficiently.
Integrations include PayPal, GoCardless, Stripe, Shopify, Amazon, eBay, Mailchimp, Capsule CRM, HubSpot, and Trello.
Pros and cons
Pros:
- Automated recurring invoice
- Intuitive VAT submission
- Real-time financial updates
Cons:
- No multi-currency support
- No advanced forecasting tools
ProfitBooks has strong inventory management for small to mid-sized businesses to monitor their stock levels and manage product sales efficiently. It simplifies complex inventory tasks, accounting needs, and stock management.
Why I picked ProfitBooks: ProfitBooks offers detailed stock tracking and reporting features. It lets you manage multiple warehouses and track stock levels, which is vital for businesses with diverse product lines. The software also provides tools for generating purchase orders directly from inventory data and automatic notifications for low stock, making it easier to manage reorder points and avoid stockouts.
Standout features & integrations:
Features include multi-currency invoicing, allowing you to manage international transactions easily, while its detailed financial reporting gives insights into your business performance. ProfitBooks also offers payroll management, streamlining the process of handling employee salaries.
Integrations include QuickBooks, Microsoft Excel, Shopify, WooCommerce, Amazon, Magento, PayPal, Stripe, Zoho, and Salesforce.
Pros and cons
Pros:
- Low stock notifications
- Easy purchase order management
- Real-time inventory tracking
Cons:
- Minimal bank reconciliation options
- Limited tax management tools
Other Cheap Accounting Software
Here are some additional cheap accounting software options that didn’t make it onto my shortlist, but are still worth checking out:
- QuickBooks
Best for a wide range of features
- Brightbook
Best for simple bookkeeping
- Zoho Books
Best for automation of workflows
- FreshBooks
Best for invoicing with time tracking
- Xero
Best for multi-currency support
- Keeper
Best for document management
Cheap Accounting Software Selection Criteria
When selecting the best cheap accounting software to include in this list, I considered common buyer needs and pain points like affordability and essential features. I also used the following framework to keep my evaluation structured and fair:
Core Functionality (25% of total score)
To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Manage invoicing
- Track expenses
- Generate financial reports
- Monitor cash flow
- Support tax preparation
Additional Standout Features (25% of total score)
To help further narrow down the competition, I also looked for unique features, such as:
- Automation of repetitive tasks
- Multi-currency support
- Mobile app availability (iOS, Android, etc.)
- Customizable dashboards
- Built-in project management
- Customizable balance sheets and spreadsheets
- Third-party app integration
Usability (10% of total score)
To get a sense of the usability of each system, I considered the following:
- Intuitive navigation
- Clean user interface
- Minimal learning curve
- Customizable settings
- Responsive design
Onboarding (10% of total score)
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Interactive product tours
- Comprehensive user guides
- Access to webinars
- Supportive customer onboarding team
Customer Support (10% of total score)
To assess each software provider’s customer support services, I considered the following:
- 24/7 support availability
- Multi-channel support options
- Access to live chat
- Fast response times
- Availability of a dedicated account manager
Value For Money (10% of total score)
To evaluate the value for money of each platform, I considered the following:
- Competitive pricing
- Flexible subscription plans
- Inclusion of essential features in base plans
- Discounts for long-term commitments
- Comprehensive free trial options
- Several payment options (credit card, debit card, etc.)
Customer Reviews (10% of total score)
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Positive feedback on reliability
- High ratings for customer service
- Satisfaction with feature set
- Value for the price paid
- Willingness to recommend to others
Trends In Cheap Accounting Software
In my research, I sourced countless product updates, press releases, and release logs from cheap accounting software vendors. Here are some of the emerging trends I’m keeping an eye on:
- AI-Driven Insights: More software vendors use AI to offer insights that help businesses make informed decisions. These insights can highlight spending patterns, predict future cash flow, and optimize expenses based on past data.
- Blockchain Security: Some accounting solutions are starting to incorporate blockchain technology to enhance data security and transparency. This ensures that financial transactions are secure and tamper-proof, giving users more confidence in their data integrity.
- Customizable Reporting: There’s a growing demand for more flexible reporting options as users want reports tailored to fit their specific needs. Vendors are allowing users to create custom reports focusing on the metrics most relevant to their business.
- Real-Time Collaboration: Companies are seeking ways to improve collaboration within their teams, and accounting bookkeeping software is evolving to meet this need. Real-time collaboration features allow multiple users to work on financial data simultaneously, improving efficiency and communication.
- Predictive Analytics: Predictive analytics is becoming a key feature, helping businesses forecast financial outcomes based on existing data. This trend is valuable for budgeting and strategic planning, offering a competitive edge by anticipating market changes.
What Is Cheap Accounting Software?
Cheap accounting software provides essential financial management capabilities at an affordable price. These tools are generally used by small business owners, freelancers, and startups who need to manage their finances efficiently without a large budget.
Features including invoicing, expense tracking, and financial reporting help users maintain control over their financial data, assist with decision-making, and ensure regulatory compliance. These tools offer cost-effective solutions that simplify financial tasks, allowing users to focus more on growing their business.
Features of Cheap Accounting Software
When selecting cheap accounting software, keep an eye out for the following key features:
- Invoicing: Automates invoice creation and sending, helping businesses get paid faster.
- Expense Tracking: Monitors and categorizes spending, allowing users to monitor budgets and cash flow.
- Financial Reporting: Generates reports with insights into financial health and aids in decision-making.
- VAT Management: Simplifies tax calculations and submissions and ensures compliance with tax regulations.
- Time Tracking: Records billable hours and integrates them into invoices, which is especially useful for freelancers and service-based businesses.
- Multi-Currency Support: Handles transactions in different currencies and is ideal for businesses dealing with international clients.
- Automated Reminders: Sends timely reminders for overdue payments, reducing the need for manual follow-ups.
- Real-Time Collaboration: Enables multiple users to work on financial data simultaneously, improving teamwork and efficiency.
- Customizable Reports: Allows users to tailor reports to focus on the metrics that matter most to their business.
- AI-Driven Insights: Provides actionable financial insights, helping users make informed decisions based on data analysis.
Benefits of Cheap Accounting Software
Implementing cheap accounting software provides several benefits for your team and your business. Here are a few you can look forward to:
- Cost Savings: Provides essential accounting tools at an affordable price, reducing expenses for small businesses and startups.
- Time Efficiency: Automates tasks like invoicing and expense tracking, freeing time for more strategic activities.
- Improved Accuracy: Reduces human errors in financial data through automated calculations and entries.
- Better Decision-Making: Offers insights through financial reporting and AI-driven analytics, helping you make informed business decisions.
- Enhanced Compliance: Simplifies tax and VAT management and ensures your business meets regulatory requirements.
- Flexibility: Supports multi-currency transactions and customizable reports, accommodating diverse business needs.
- Collaboration: Enables real-time collaboration, allowing your team to work together on financial tasks from anywhere.
Costs and Pricing of Cheap Accounting Software
Selecting cheap accounting software requires understanding the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, their average prices, and typical features included in cheap accounting software solutions:
Plan Comparison Table for Cheap Accounting Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic invoicing, expense tracking, and limited reporting. |
| Personal Plan | $5-$25/user/month | Invoicing, expense tracking, basic reporting, and basic customer support. |
| Business Plan | $25-$50/user/month | Advanced invoicing, time tracking, detailed reporting, and multi-currency support. |
| Enterprise Plan | $50-$100/user/month | Customizable reports, advanced analytics, comprehensive support, and team collaboration features. |
Cheap Accounting Software FAQs
Here are some answers to common questions about cheap accounting software:
Can cheap accounting software handle multi-user access?
Yes, many affordable accounting software options allow multi-user access, though this may be limited to a specific number of users or roles. This option is ideal for small teams where only a few users need access. Be sure to check user limits and upgrade options if you anticipate growth.
How secure is cheap accounting software?
Most budget-friendly accounting software provides basic security features, including data encryption and secure logins. However, some low-cost options may lack advanced security features in pricier tools. Review each software’s security policies and, if needed, look for options that support two-factor authentication for added peace of mind.
Will cheap accounting software support my business as it grows?
Cheap accounting software often includes essential features to cover small business needs, but it might have limitations if your business scales quickly. As your business grows, you may need more advanced features that require upgrading to a higher plan or switching to a different platform. Review the scalability options before choosing a product.
Are cheap accounting software options customizable?
Most affordable accounting software includes some customization options, but they’re typically less extensive than those in premium software. Basic customizations, like invoice templates or branding, are common. However, you may need to explore mid-tier or enterprise-level tools for industry-specific customizations.
What kind of customer support can I expect with cheap accounting software?
Budget-friendly accounting software offers basic customer support options, like email or community forums, rather than 24/7 phone support. Some software providers offer additional support plans for a fee if you need more direct or immediate help. Review each tool’s support availability to see if it meets your needs.
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