If you are looking for a free personal finance software/business accounting software to manage your personal finance or small business accounts, then you may need not look beyond GnuCash, a free open source business acounting software/personal finance software.
Why is Gnucash good for business accounting and personal finance?
With Gnucash, you can set up a wide variety of account types, suitable for either small business accounting or personal finance! These include the following.
- Asset accounts like Bank A/c, Cash A/c, Stock A/c, etc.
- Liabilities accounts like Accounts Payable (creditors accounts), loan accounts etc.
- Any kind of Income account
- Any kind of Expenditure account
GnuCash is based on double-entry accounting, an international standard for maintaining busning accounting books. The software has several options to import and export data.
You can use GnuCash for your personal and/or business accounting in the following different ways:
- Do only your personal accounts.
- Combine your personal accounts and business accounts into one single account. For example, if you have a simple rental type of business, you can keep your rental income and expenses in separate accounts.
- Do only your business accounts.
- You can create separate account files for your personal and each of your businesses. This is because GnuCash saves one account with all of the related transactions in one file. You can open your personal accounts file, enter transactions and save it. Then you can open your business account A, enter transactions…and so on.
The software has an excellent “Tutorial and Concepts Guide” for you to get started with Gnucash and you can access it from the Help Menu, after installing software. You can quickly learn how to set up the chart of accounts, entering transactions, and importing data from banks as well as other software packages using QIF (Quicken), OFX (Microsoft Money) and HBCI files! You can even download this useful guide and review the wiki.
GnuCash offers several reports and charts that include cash flow statements, income and expensiture statements, equity, taxes, net worth and register reports. There are also reports cateing to business accouting like income statements, trial balance, general ledger, journal, balance sheet, receivable aging, vendor reports and payable aging. If you want to do further analysis, the software will allow you to export any report as an HTML file. You can then open this saved HTML report in OpenOffice Calc or Microsoft Excel to do further analysis or formatting.
It even lets you create a budget and run a budget vs actuals report to see how you are doing at the end of the month, quarter or year! The software has an useful backup and Recovery module to backup all the data!
Features of Gnucash – Free business acounting software, personal finance software
- Double-Entry Accounting
- Stock/Bond/Mutual Fund Accounts
- Small-Business Accounting
- Customers, Vendors, Jobs,
Invoices, A/P, A/R
- QIF/OFX/HBCI Import, Transaction Matching
- Reports, Graphs
- Scheduled Transactions
- Financial Calculations
Enjoy one of the best free personal finance and businss accounting software!