12 Best Open-source Accounting and Finance Management Solutions for 2024
An accounting software is a computer program that helps individuals and businesses manage their financial transactions, track income and expenses, and generate financial reports.
It automates various accounting tasks, such as recording transactions, managing invoices, tracking inventory, handling payroll, and generating financial statements.
In this post, we listed the best open-source reliable accounting and finance management apps that can be used for small and medium size businesses and personal finance management.
1- GnuCash
GnuCash is a highly versatile and user-friendly accounting software solution that offers an extensive range of features to efficiently manage both personal and small business finances. With its intuitive interface and robust functionality, GnuCash allows users to easily track income and expenses, create budgets, generate financial reports, and even handle investment portfolios.
GnuCash is the ideal choice to streamline your financial operations and gain better control over your financial health.
Key Features
Some of its best features include:
- Double-Entry Accounting: GnuCash follows the double-entry accounting system, ensuring accurate and balanced financial records.
- Income and Expense Tracking: It allows users to track income and expenses, categorize transactions, and generate reports for better financial analysis.
- Budgeting: GnuCash supports budget creation and tracking, helping users set financial goals and monitor their progress.
- Investment Portfolio Management: Users can manage investment portfolios, track stock prices, and generate investment performance reports.
- Small Business Support: GnuCash offers features like invoicing, accounts payable and receivable, and tax tracking, making it suitable for small business accounting needs.
- Data Import and Export: It supports importing and exporting data in various formats, facilitating seamless integration with other financial tools.
- Multi-Currency Support: GnuCash allows users to manage transactions and accounts in multiple currencies, making it useful for international financial management.
2- Akaunting
Akaunting is a self-hosted web-based open-source accounting software designed for small businesses and freelancers. It offers features such as invoicing, expense tracking, banking integration, tax management, and more. Akaunting is built on modern technologies and provides a user-friendly interface for easy financial management.
With Akaunting, you can manage your cash flow, expanses, invoices, and transactions.
akaunting3- FBooks
FBooks is an open-source bookkeeping and accounting solution based on the Frappe framework, which is the same framework that powers ERPNext.
Features Highlight
- Double-entry accounting is a fundamental concept in financial management that involves recording each financial transaction in at least two different accounts to ensure accuracy and balance.
- Invoicing is the process of generating and sending itemized bills to customers for the products or services they have purchased.
- Billing refers to the overall process of managing and collecting payments from customers for the goods or services provided by a business.
- Payments are the monetary transactions made by customers to settle their outstanding invoices or bills.
- Journal Entries are detailed records of financial transactions that are recorded in the general ledger of a company. They provide a chronological order of events and help in tracking and analyzing financial data.
- A dashboard is a visual representation of key financial metrics and performance indicators that provides a quick overview of the financial health of a business.
- Works Offline means that the accounting software or system can function and perform its tasks even without an internet connection, allowing users to access and update financial data anytime, anywhere.
- Financial Reports are comprehensive statements that summarize the financial activities and performance of a business over a specific period. They provide insights into the company's financial position and include various reports such as the General Ledger, Profit and Loss Statement, Balance Sheet, and Trial Balance.
- It supports many languages such as: English, Arabic, Catalan, Dutch, Spanish, Korean, French, German, and Turkish
frappe4- Bigcapital
Bigcapital is an efficient and open-source accounting and inventory software. It organizes all business finances and automates accounting processes, providing powerful and intelligent financial statements and reports to assist in decision-making.
bigcapitalhq5- Ledger
Ledger is an open-source accounting software that allows you to track financial transactions with a double-entry journal and general ledger. It is not a complete accounting solution, but it provides a JSON API for access to all functions.
Features
- Full double-entry accounting system with audit trail capability.
- Multi-currency support.
- Support for multiple business units.
- Sub-journal support.
- Multilingual.
- Integrates via direct controller access or through JSON API.
- Atomic transactions with concurrent update blocking.
- Reference system supports soft linking to other ERP components.
- Designed for Laravel from the ground up.
abivia6- Firefly-III
"Firefly III" is an accounting software that helps you track your personal finances, manage expenses and income, and gain insight and control over your money. It supports budgets, categories, tags, and offers financial reports for better financial management.
firefly-iii7- Budget
Budget is a free web application that helps you manage your finances. It is written in PHP and offers a wide range of features to handle small business and personal accounting.
Features Highlight
- Insertion and management of transactions
- Ability to organize transactions using tags
- Facilitate uploading and organizing of receipts
- Support for importing transactions (CSV format)
- Reports that visualize financials (showing weekly balance and most expensive tags, for example)
- Supports multiple currencies
- Available in multiple languages
- Weekly summary available through e-mail
- Can be easily installed using Docker and Docker Compose.
range-of-motion8- Django Ledger
Django Ledger is an accounting software based on the Django Web Framework, designed to simplify the accounting domain into a high-level API. Prior experience with Django is required. The software is maintained and developed by Miguel Sanda.
Django Ledger supports:
- Double entry accounting.
- Hierarchical Chart of Accounts.
- Financial Statements (Income Statement, Balance Sheet & Cash Flow Statement).
- Purchase Orders, Sales Orders (Estimates), Bills and Invoices.
- Automatic financial ratio & insight calculations.
- High Level Entity API.
- Multi tenancy (multiple companies/users/clients).
- Self-contained Ledgers, Journal Entries & Transactions.
- Basic OFX & QFX file import.
- Bills & Invoices with optional cash/accrual functionality.
- Basic navigational templates.
- Entity administration & entity manager support.
- Items, lists & inventory management.
- Unit of Measures.
- Bank Accounts.
arrobalytics9- OpenBudgeteer
OpenBudgeteer is an accounting software that is based on the Bucket Budgeting Principle and inspired by YNAB and Buckets. It is built on .NET and the MVVM Pattern, with the Front End using Blazor Server.
You can easily get it up and running in no time using Docker and Docker Compose.
TheAxelander10- Transity
Tansity is a command-line app that is written in PureScript in order to track personal finances and accounting directly from the command-line.
Despite it is a lightweight app, it comes packed with dozens of useful features that include:
- transactions management,
- supports complex transactions,
- has dedicated payer and payee fields,
- uses YAML as an editable file format,
- separates physical accounts and entities,
- includes initial balances,
- high precision timestamps,
- and BigInt rational numbers to eliminate rounding errors,
- verifies predefined entities,
- and checks match with verification balances.
feramhq11- IDURAR
IDURAR is an Open Source ERP/CRM system that follows the "Fair-Code" principles. It offers a wide range of functionalities including invoice management, inventory tracking, accounting capabilities, and HR management. The system is built using advanced Mern Stack technologies, which include Node.js, Express.js, MongoDb, and React.js.
The user interface is designed using Ant Design (AntD) framework, providing a modern and user-friendly experience.
Additionally, the system incorporates Redux for state management, ensuring efficient data handling and seamless user interactions.
idurar12- Own my money
Own My Money is a free and simple app that allows you to stay on top of your banking from any web browser.
Key Features
- self-hosted manager for personal finances,
- secured multi-user accounts,
- data input from OFX or JSON file from you bank,
- transactions classification (manual and automatic using data mining),
- budget repartition analysis,
- joint accounts,
- transactions annotations for your memory,
- export transactions to CSV,
- progressive web app (offline access),
- internationalized and localized,
- Docker containerized.
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