Best Free and Low-Cost Accounting Solutions in 2018 for Small Businesses

(Last Updated On: February 14, 2018)

Looking for some accounting solutions to manage your small business without spending a lot of money?  Fortunately the list of great accounting software keeps growing year after year but it is hard to keep up with all of them, so we have put together a list of some great free and low-cost accounting solutions.

Accounting Software

Wave Accounting Software is a free accounting software.  Even though it’s free, there are a lot of features like double-entry accounting, invoicing and bank transaction importing.  It’s not going to do as much as some of the pricier options, however it will work well for most.  Wave also provides integration with Shoeboxed and Etsy.

ZipBooks – Another great free accounting software for business that do retail and/or services.  Features include invoicing, billing, bookkeeping and financial statements.

Payroll Software

Payroll4Free – For businesses with fewer than 25 people, Payroll4Free provides a way to pay employees & contractors, tax forms & calculations, vacation tracking, reporting and more at no cost.

Patriot Software – For $10 per month plus $2 employee, the basic Patriot Software offers a strong payroll processing solution for small businesses.

Financial Statement Templates

Vertex42 – If your business isn’t ready for accounting software, Vertex42.com has free financial templates like the income statement, balance sheet and cash flow statement.

Time Tracking Software

Time Clock Wizard provides a basic time tracking solution for businesses with up to 3 users.

We Worked – Another timesheet software to track employee’s time worked, track expenses and create invoices for $1.99 per month.

My Hours – A solution for freelancers and teams, My Hours provides time tracking, reporting and billing solution.

Ecommerce Accounting Software

Quickbooks Online – While not free Quickbooks Online integrates with several e-commerce platforms like Shopify. Monthly costs are $15.

Xero – Another accounting software that saves time with several accounting platforms by automatically exporting orders, linking sales and more.  Monthly costs are $9.