All about the open source accounting software solutions

The exponential growth of the open source software niche over the last decade has led to an explosion in innovation that has simplified individual and corporate accounting. This article looks at some of the most popular open source accounting software.

Free of charge

Open source accounting software is a set of computer packages available at no cost that facilitate accounting duties for individuals and small organisations. They have the advantage of containing most of the tools found in paid-for software, but at no charge. The most popular open source accounting packages include GnuCash, Grisbi, FrontAccounting, SQL-ledger and TurboCash. GnuCash GnuCash is a free bookkeeping software that works well for individuals and small enterprises. It is compatible with Microsoft Windows, Linux and Mac OS X, and specifically targets versatile users who may want to apply several different functions. Its main features include double entry options, calculations for interest and tax, periodic and automatic transaction schedules, among others. Grisbi Grisbi is popular due to its easy functionality and comprehensive coverage of basic accounting processes. The accounting software is usable on Microsoft Windows, Linux and Mac OS X computers and requires little effort to set up. It has multi-accounts capability and accommodates multiple users at a time.

Web-based

FrontAccounting
FrontAccounting is a web-based accounting software designed for businesses. The package comes with enterprise resource planning (ERP) capabilities that enable a company to integrate its internal and external accounting functions in one system. FrontAccounting is rich with accounting tools that enable employees of an organisation to record information from anywhere in the world. SQL-ledger SQL-ledger is also an open source web accounting software that targets small businesses. Like, FrontAccounting, it has ERP capabilities and works from anywhere in the world since it is web-based. The difference with FrontAccounting comes in the storage format for the information. You have to save entries in an SQL database (SQL is a programming language used for the construction of databases). It is easy to handle and fully integrated. This means that you can immediately update any modifications in the file across the whole system.
TurboCash TurboCash is a lightweight open source software that is probably the most versatile of all the free accounting packages. Its tools cater for all types of users including individuals and businesses, with a focus towards the needs of every entity. It also has financial reporting and financial analysis features that help users to go beyond maintaining records into analysis. Users who do not want to buy accounting software can consider the possibilities that the open source packages offer.