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5 Best Home Accounting Software

by Scott Max
I'll offer two ways to find the tool, software or service you need, keep reading our breakdown and recommendations, or tell us about your business and the problem you are trying to solve and we will advise you for free!

So, you are in the market for a Home accounting software.

Ideal, because in this article we have our compilation list for our top picks, and we compare the features and pricing for you. 

If you just want the best choice, we’ve added that right at the top of the article as this was what is most requested by our customers. So, that’ll be the “can’t go wrong” option. 

Otherwise, feel free to explore all the options we’ve reviewed on the market to find something that might fit you a little better.

Enjoy the list!

The Best Home Accounting Software Specifically

Home accounting or bookkeeping helps people gain insight into household expenses, debts, investments, outgoing EMIs or insurance fees. Accounting software that offers reporting, transaction funnelling and banking integration will be the perfect fit for this category. Have a look at the products below to choose the best home accounting software:

1. GnuCash

GnuCash is a free accounting platform that allows you to track bank accounts, stocks, income and expenses. It is based on core accounting principles to ensure accurate reporting and bookkeeping. Moreover, GnuCash is downloadable on your device and ideal for every business due to its flexible, powerful, intuitive interface.

GnuCash Features

Here are some exclusive features of GnuCash:

Checkbook-Style Register: GnuCash offers a custom, practical and familiar interface to input financial transactions. Moreover, you can enter split transactions, display multiple accounts in a single register window and customize the display style. GnuCash lets you autofill and marks the transaction as cleared or reconciled.

Scheduled Transactions: GnuCash lets you create recurring transactions and set automatic due reminders. It offers high-level timeline customization and allows you to postpone the scheduled transactions without aborting or inputting them before the set date. GnuCash simplifies banking by providing automation and scheduling.

Reports and Graphs: GnuCash offers an integrated module to display your finances in the form of pie charts, bar charts and scatter plots. Additionally, it provides a full suite of customizable reports like balance sheet, portfolio valuation and profit margin. GnuCash's reports are personalizable in appearance, parameters and content.

Statement Reconciliation: GnuCash offers a reconciliation tool to compare your inputted transactions against bank statements. It allows you to spot untracked transactions or data entry errors and ensure your accounting books match the bank records. GnuCash automates the reconciling and highlights the discrepancies in your database records.

Contact Tracking and Invoicing: GnuCash offers customer and vendor tracking, invoicing and tax calculation tools within its platform. You can manage employee payroll and plan your financial strategy by organizing your business budget. GnuCash ensures you have all relevant details to connect with the clients and vendors.

GnuCash Pricing

GnuCash is open-source and free accounting software. It does not offer any pricing options; you can download the tool by visiting the GnuCash website.

2. ZohoBooks

ZohoBooks is an accounting platform from Zoho that lets you work collectively and manage your finances. Zoho is well-known for its intuitive business tools and offers the ideal connective ecosystem. With ZohoBooks, you can automate business workflows and stay tax compliant. It provides features for all business sizes and powers up your bookkeeping.

ZohoBooks Features

Here are some exclusive features of ZohoBooks:

Invoicing: ZohoBooks offers effortless invoicing and receivables management. You can create polished invoices and accept global payments with a multi-currency platform. Additionally, ZohoBooks lets you create recurring invoices and securely store card information for easy transactions. With ZohoBooks, you can secure your invoices with a digital signature to avoid tampering.

Client and Vendor Portal: ZohoBooks provides a client and vendor portal so you can share recent transactions and accelerate the approval process. Moreover, you can gauge customer satisfaction by asking for feedback and add a layer of authenticity to your estimates by getting digital signatures from your clients.

Banking: With ZohoBooks, you can securely gather transactions from your PayPal and bank accounts, plus do swift reconciliation. You can get accurate cash flow predictions and spot the balance mismatches with ZohoBooks' banking dashboard. Additionally, it lets you categorize transactions automatically, expedite the matching and streamline the tax filing.

Automation: ZohoBooks is an intelligent accounting platform that allows you to automate tedious, error-prone tasks. You can eliminate the repetitive issues and auto-charge cards for recurring transactions. ZohoBooks boosts your productivity by automating your bookkeeping.

Reporting: ZohoBooks' Reports cover your finances from all angles and lets you create robust business plans. You can see expenditures and income, generate business reports and make informed decisions. ZohoBooks is ideal for scheduling customizable periodic reports and organizing data with tags.

ZohoBooks Pricing

ZohoBooks offers 6 Pricing options for its accounting platform.

The "Free" plan is priced at $0 and offers payment reminder automation, a client portal, invoice management and a chart of accounts.

The "Standard" plan is priced at $20/month and offers three user accounts. Additionally, it provides custom fields, sales tax tracking, transaction locking and bulk updates.

The "Professional" plan is priced at $50/month and offers five user accounts. Additionally, it provides sales approval, retainer invoices, vendor credits and multi-currency handling.

The "Premium" plan is priced at $70/month and offers ten user accounts. It also provides a custom domain, vendor portal, budgeting, validation, and workflow rules.

The "Elite" plan is priced at $150/month and offers ten user accounts. Additionally, it provides warehouse management, batch tracking, shipment label printing and Shopify integration.

The "Ultimate" plan is priced at $275/month and offers 15 user accounts. Additionally, it provides 25 custom modules, a real-time dashboard, financial metrics tracking and report collaboration.

3. Wave

Wave is a renowned accounting platform that offers free invoicing and accounting features. It offers a user-friendly dashboard, easy to comprehend and work on. Wave helps you stay organized and manage tax billings or invoices like a professional. It provides you with a completely accurate picture of your business's current financial health.

Wave Features

Here are some exclusive features of Wave:

Invoicing: Wave helps you avoid chasing clients for payments and adopt a more professional approach by sending invoices. You can get paid through credit cards and let Wave handle the payment reminders. Wave automatically syncs the data into your account books and identifies recurring billings for repetitive clients.

Banking: Wave offers built-in bookkeeping and a Wave money bank account for single-owner business owners in the United States with a Wave account. You can avoid the monthly and transfer fees without making long-term commitments. Wave provides faster access to funds, and you can use instant payouts upon qualifying the eligibility criteria.

Payments: Wave enables you to accept online payments for your business. It enhances your brand and provides a more professional outlook when you enable payment. Additionally, you can send personalized invoices to the clients with a link to the payment gateway.

Payroll: Wave offers a simplistic payroll software that allows you to manage tax filings and contractor or employee payments. Moreover, your employees can access the payroll database to view their banking information or pay stubs. Wave allows small business owners to safeguard their business profit margins by simplifying annual audits.

Accounting: Wave saves you from doing manual receipt entry by automatically syncing bank statements with the account books. Wave's smart dashboard assembles your financial expenditures and earnings with a comprehensive view. Additionally, Wave offers 256-bit encryption to protect your account information and card details.

Wave Pricing

Wave offers 6 Tools for various business accounting requirements.

The "Invoicing" tool is free and allows you to create personalized invoices that reflect your brand.

The "Accounting" tool is free and offers unlimited income and expense tracking. You can view overdue invoices and profit-loss margins.

The "Banking" tool is free and offers transaction segmentation to sort personal and business expenses. 

The "Payments'' tool offers pay-per-use pricing. You'll be charged 2.9% + $0.60 USD per transaction on credit cards, 3.4% + $0.60 USD per Amex transaction and 1% per transaction on bank payments.

The "Payroll" tool is priced: at $35/month in tax service states and $20/month in self-service states.

The "Advisors" tool is priced at $149/month and provides bookkeeping support. Additionally, you can get accounting and payroll coaching for a one-time fee of $329.

4. FreshBooks

FreshBooks offers Bookkeeping and Accounting features to help businesses and freelancers organize their finances. It provides an easy-to-use interface built for regular users and accountants. FreshBooks is made for all business sizes and adapts according to your company's accounting needs.

FreshBooks Features

Here are some exclusive features of FreshBooks:

Accounting and Reporting: FreshBooks offers double-entry accounting tools to ensure tax compliance and accuracy. It helps you comprehend the financial status of your business and make intelligent choices to grow your brand further. FreshBooks identifies revenue items and expenses, providing an accurate profit-loss margin. Moreover, your accountant can access intrinsic financial information and reporting whenever needed.

Payments and Estimates: FreshBooks seamlessly links with several online payment channels like Stripe. It lets your clients pay directly through the invoice without additional hidden fees. Additionally, FreshBooks allows you to set realistic expectations by eliminating the guesswork and doing data-driven estimates. You can convert your estimates into an invoice or create new proposals to win projects.

Time-Tracking: FreshBooks provides an inbuilt time-tracker that helps you accurately determine the task duration. FreshBooks automatically logs the time spent on the client project and enables you to prepare detailed invoices or keep track of employees' working hours.

Mileage Tracking: FreshBooks offers a tracking application that automatically logs your business trips and saves your travel history. You can claim business trips as expenses during tax filings. FreshBooks records the total distance travelled by your business vehicle and various professional trips taken by you.

Client Management: FreshBooks enables you to prepare client estimates and build better relations by accurate billing. You can inform clients about the latest expenses and increase trust by improving connectivity. FreshBooks allows you to track loyalty discounts and foster loyalty with clients.

FreshBooks Pricing

FreshBooks offers 4 Pricing options for its accounting software.

The "Lite" plan is priced at $4.50/month and offers unlimited invoices to 5 clients. Additionally, you can track expenses and sales tax, send total estimates and get paid with credit cards or bank transfers.

The "Plus" plan is priced at $7.50/month and offers unlimited invoices to 50 clients. Additionally, you can automatically capture receipt data, send endless proposals, run business health reports and set up recurring billing or client retainers.

The "Premium" plan is priced at $15/month and removes all limitations on invoice recipients. Additionally, you can track project profitability, customize email signatures, run accounting reports and get paid with checkout links.

The "Custom" pricing option offers an on-demand quote. It removes the FreshBooks branding from the client emails and provides a dedicated account manager.

5. Akaunting

Akaunting is a free cloud accounting platform that offers bookkeeping tools for SMEs. It provides feature-rich software that tracks your transactions and invoices constantly. With Akaunting, you can make the portal accessible for your clients and share receipts or accept bulk payments.

Akaunting Features

Here are some exclusive features of Akaunting:

Free and Open-source Platform: Akaunting does not involve any hidden set-up fees and offers an entirely free accounting platform without any limitations. Moreover, due to its open-source nature, you can install Akaunting on your host and make changes to intrinsic features. Akaunting enables you to see and assess your financial situation online from anywhere.

Customer and Vendor Management: Akaunting allows you to create vendors and assign them bills or payments. Similarly, you can generate client contacts and send them invoices. You can also set up a client portal for your customers so they can view their assets and account books. Akaunting lets you filter the transactions easily and file them under the correct address.

Powerful Reporting: Akaunting offers detailed financial reports to help you visualize the relevant information to improve your business. You can see a graphical depiction of your account books to analyze the current economic affairs of your business. Akaunting provides quality insights that help you file accurate returns.

Customer Summary: Akaunting integrates with several CRM and project management tools to help you import client addresses. Moreover, Akaunting automatically created the customer profile with the correct address, list of transactions and paid, open or overdue totals at a glance.

Multi-Currency: With Akaunting, you can send invoices or add expenses in any currency and let the system convert the balance into your main denomination. It allows you to get the exact exchange rate and accept payments globally. Moreover, Akaunting automatically comprehends repetitive actions and executes them in a precise fashion periodically.

Akaunting Pricing

Akaunting offers 2 Pricing options for its accounting platform.

The "Free Cloud" plan offers one user account and is priced at $0. Additionally, it provides live currency rates, a billing calendar, a dedicated accountant profile and community support.

The "Premium Cloud" plan is priced at $36/month and offers unlimited user accounts. Additionally, it provides bank feeds, balance sheet and trial balance, general ledger, manual journals, chart of accounts and a client portal.

Why use Accounting Software at all?

Businesses and individuals use accounting software to deal with accounts receivables and payables, invoicing, cash flow analysis, general ledgers, income and expense statements and balance sheets. Simply put, it's an electronic record of all your past, present and future financial dealings.

Accounting software offers a fast and straightforward method to input all your financial data and transactions. Moreover, you can automate recurring invoices and reduce manual labour. With accounting software, you can automatically calculate tax returns and generate base slips.

Why should you use Home Accounting Software?

Managing household expenses may seem intimidating, but organizing your money doesn't have to be painful. You need a tool that identifies blind spots or problem areas, bringing you closer to achieving your objectives.

Home accounting software offers a simplistic way of managing money and empowers you to take charge of your finances. You can continuously monitor your payables and receivables by adding your bank, credit cards, home loans and investment accounts.

Home accounting software quickly and securely pulls in the information, automating your bookkeeping tasks. You can view all your bank accounts, transactions and statements in one centralized database. Moreover, Home accounting software uses bank-level security and alerts you to any suspicious transactions.

Home accounting software automatically categorizes your expenses, helping you track your spending. You can create periodic budgets based on your spending history, make adjustments and monitor progress.

Home accounting software reviews your financial picture and makes personalized suggestions. You gain all the information to make intelligent decisions and improve your savings.

Home Accounting Software, A Summary

Home accounting software allows you to organize your finances and allocate funds to savings accounts. You can track your spending patterns and identify the unnecessary transactions affecting your budget. Home accounting software provides quality insights into your banking activities, helping you monitor assets.

GnuCash offers a free, open-source home accounting solution with incredible scaling capabilities and advanced features like scheduled transactions. It is our suggested pick for accounting software that suits home budgeting. Visit the website to get started.

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