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12 Best Free Accounting Software in 2023

In this article, we will look at the 12 best free accounting software in 2023. We have also covered interesting insights about the accounting software market and its key players. If you want to skip our detailed analysis, head straight to the 5 Best Free Accounting Software in 2023.

Accounting: Software Market Outlook and Trends

Allied Market Research reported that, in 2020, the global accounting software market was valued at $11.9 billion. Projections indicate that it is expected to attain a value of $70.2 billion by 2030, with a high CAGR of 19.6% expected from 2021 through 2030. This growth can be attributed to the increasing demand for cloud-based accounting software, which offers comprehensive financial aggregation, reporting, and analysis across different corporate units. Cloud-based accounting reduces processing time and maintenance costs and provides real-time reporting. While the demand for accounting software is growing, there is a concerning shortage of accountants. 

In 2020, the accounting profession faced a 17% decrease in CPA exam candidates, and Forbes reported that even those taking the exam had an 11% drop in pass rates for the fourth section. While burnout, repetition, and low pay could have contributed to this trend, it is time to realize how accounting is essential to organizational and economic health. Hence, the shortage of accountants can even result in material weaknesses in financial reporting for companies. To read more about accountants, see highest paying countries for accountants

It is also worth highlighting that integrating AI in accounting and bookkeeping is rapidly transforming the industry. Recent surveys indicate that approximately 60% of top executives in finance and tax departments already utilize AI technology, recognizing it as the next frontier in the field. AI, particularly through Generative AI tools like ChatGPT, is revolutionizing traditional accounting practices by leveraging natural language processing techniques to process vast amounts of data. Moreover, AI’s pattern recognition capabilities enable the identification of anomalies and noncompliance, contributing to fraud prevention and improved decision-making. 

However, AI will complement rather than replace human bookkeepers, who possess critical judgment and can interpret complex financial situations while providing ethical considerations and strategic perspectives. AI enables professionals to focus on more strategic tasks, which fosters innovation.

To read more about AI disruption in other industries, see industries being revolutionized by AI and automation technologies

Accounting Software Market: Key Players

Intuit Inc (NASDAQ:INTU) is a key player in the accounting software market. Intuit Inc (NASDAQ:INTU) is particularly famous for its software QuickBooks which revolutionized small business accounting by providing user-friendly, affordable, and comprehensive financial software. In fact, with an 84.57% market share, QuickBooks by Intuit Inc (NASDAQ:INTU) ranks as the undisputed number one accounting software for SMBs, serving a vast customer base of 128,473 businesses. Its popularity is a testament to its effectiveness in simplifying financial management and aiding small-and-medium-sized businesses in their day-to-day operations.

Recently, Intuit Inc (NASDAQ:INTU) has introduced “Intuit Assist,” a generative A.I.-powered chatbot designed to assist with accounting tasks. This chatbot will help small businesses and consumers by generating insights about their finances and providing guidance on cash flow and expenses. Users can request tasks like creating financial reports and receive suggestions for improvement. Intuit Inc (NASDAQ:INTU) plans to seamlessly connect users with human experts when the chatbot cannot address specific issues. This tool is free for Intuit Inc (NASDAQ:INTU) subscribers and can be integrated into their financial and digital marketing platforms, including QuickBooks and Mailchimp, making accounting tasks more efficient and accessible.

Intuit Inc (NASDAQ:INTU) is also one of the best SaaS stocks to buy now

On the other hand, SAP SE (NYSE:SAP) has the second biggest market share in small business accounting, at 6.90%. 

SAP SE (NYSE:SAP) Business One is a powerful enterprise resource planning (ERP) system that offers a streamlined and efficient solution for managing day-to-day business functions. It provides a centralized hub for handling essential tasks, like automated accounting, cash flow tracking, and fixed asset management. With real-time data analytics, businesses can make informed decisions promptly, and the system allows for quick approval or rejection of employee requests.

SAP SE (NYSE: SAP) is often considered the gold standard in enterprise resource planning (ERP) solutions due to its extensive capabilities and adaptability. While it offers a wide range of features to cater to different business needs, its efficiency can be attributed to its flexibility and scalability. SAP SE (NYSE:SAP) allows businesses to customize their ERP systems to suit their specific requirements, making it a versatile choice for organizations of different sizes and industries. SAP SE (NYSE:SAP) is also one of the best companies to work for in 2023

Additionally, SAP SE (NYSE:SAP)’s inclination towards innovation and technology integration, such as artificial intelligence and machine learning through its HANA computing platform, sets it apart in the domain of accounting software. These advanced tools enable automation, predictive analytics, and data-driven insights, which explains why SAP SE (NYSE:SAP) is generally a preferred choice for businesses seeking precise financial management and risk mitigation.

Nonwarit/Shutterstock.com

Our Methodology

​​To prepare the list of the best free accounting software in 2023, we conducted extensive research to find out the software that have been actively popular and utilized by freelancers, individuals, and small businesses. We selected 12 free accounting software based on the variety of features offered and their online reviews. We also utilized Reddit threads to gain further insights about the feedback of individuals whose accounting requirements were met after they used these software. 

Thus, to quantify their popularity and effectiveness, we have given these software a score out of 30 based on consensus amongst accounting software users. The list is presented in ascending order.

It’s important to clarify that not all of these software options are entirely free as many of these software have a freemium model, with free as well as paid plans. 

Here is a list of Best Free Accounting Software in 2023

12. Akaunting

IM Score: 25

Akaunting offers a cost-free plan that allows businesses to manage their finances. This free plan includes unlimited usage for invoices, bills, and customer and vendor management and keeps track of bank and cash account balances. It simplifies financial record-keeping by automatically inserting bank details into documents. Additionally, it offers live currency rate updates, sparing you the manual effort of updating currencies. Akaunting’s free version also monitors outstanding payments and helps prioritize upcoming dues, reducing the risk of late payments. It is one of the best free accounting software for small businesses

11. Puzzle.io

IM Score: 27

Puzzle.io’s free and basic accounting plan is a versatile, cost-effective option offering scalability and simplified financial management. It provides essential features like cash and accrual financial tracking, a Cash Activity Report, automated categorization with learning capabilities, and a convenient 1-click tax package. Moreover, it supports unlimited users and connects you with an on-demand network of expert bookkeepers and tax professionals. It is one of the best free accounting software for personal use.

10. Brightbook

IM Score: 28

Brightbook is a straightforward, desktop-based accounting solution. It provides free, unlimited invoicing, streamlined quote-to-invoice features, and support for multiple currencies. However, it needs advanced accounting functions like double-entry accounting and financial statements. Cloud accessibility is also absent. While it may only suit some, those seeking basic, free invoicing and billing capabilities may find Brightbook sufficient for their needs. It is one of the best free accounting software for freelancers

9. Manager.io

IM Score: 29

Manager is a cost-free accounting software compatible with Windows, Mac, and Linux. It has a full suite of accounting features, from bank and cash account management to balance sheet profit and loss statements. The best part is it’s entirely free with no time or usage restrictions, and it operates offline, ensuring uninterrupted access to your financial data. Additionally, it’s cross-platform allows easy file transfer across different operating systems. It is one of the free offline accounting software

8. Profitbooks.net

IM Score: 31

ProfitBooks.net is a user-friendly platform that lets businesses efficiently handle invoicing, allowing for the creation of professional, project-grouped invoices and streamlined payment tracking. It also integrates inventory management, enabling startups to manage stock, sales orders, and deliveries effectively. Tax management is simplified, with automatic calculations and tax-ready report generation, ensuring a hassle-free tax season. ProfitBooks has been consistently rated as one of the best accounting software options. 

7. ODoo

IM Score: 32

Odoo Accounting offers a set of free features to streamline financial operations efficiently. The automatic bank feed synchronization keeps transactions up to date while recurring invoices simplify cost tracking. Customizable invoicing, a customer portal for quick payments, and automated follow-ups ensure faster payments. It supports multi-currency transactions and works with major payment providers. Additionally, Odoo Accounting includes a smart reconciliation tool, asset management, and AI-powered invoice digitization. It covers over 70 countries with fiscal localization packages, provides dynamic reports, and facilitates tax compliance. It is one of the best accounting software in the world

6. Sunrise

IM Score: 34

Sunrise offers free accounting software with P&L statements. It’s ideal for businesses seeking detailed financial insights. This software enables payment processing, income management, invoicing, expense tracking, and quoting. While the free version is sufficient for many individuals and businesses, their $19.99/month paid plan includes cash flow insights, automated expense categorization, and payment integrations. It is one of the best free accounting software in 2023.

Click here to see the 5 Best Free Accounting Software in 2023.

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Disclosure: None. 12 Best Free Accounting Software in 2023 is originally published on Insider Monkey.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

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This prediction might not be bold at all:

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

  • It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
  • It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
  • It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

  • The AI infrastructure supercycle
  • The onshoring boom driven by Trump-era tariffs
  • A surge in U.S. LNG exports
  • And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

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Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.

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