Best Free Accounting Software for Independent Contractors

Florence Carpenter

As an independent contractor who uses portable credit card processors, you need to keep records of financial transactions and pay tax obligations as required by law. It may be a tedious task to do it manually, but thanks to accounting software, you can save yourself a lot of time, effort, and money.

Today, the best choices include Wave Accounting, AND.CO, ZipBooks, Akaunting, and GNUCash. We’ll dive into each of these so you can choose what’s best for you. 

#1: Wave Accounting

Wave Accounting is the best free software that works both on your computer or your smartphone. The starting features are more than enough, with invoicing and income-expense trackers for personal and business accounts.

Pros

  • Built-in payment processing
  • Keeps information organized
  • No limitations on features
  • Easy to use
  • Strong security features
  • Cloud-based

Cons

  • Can’t support multiple users
  • Lacking time-tracking features

#2: AND.CO

AND.CO offers a unique ecosystem for all your business functions. You can connect your bank accounts and credit cards, collect client billing, set recurring payments, and build your financial reports.

Pros

  • Cloud-based
  • Easy-to-use interface
  • Plenty of basic tools
  • Excellent customer support
  • Handful integrations
  • Strong mobile apps
  • Customizable documents

Cons

  • Lack of transparency surrounding security
  • Limited to a single client
  • Limited integrations

#3: ZipBooks

Make accounting and bookkeeping much easier with ZipBooks and its suite of reports. Its intuitive interface categorizes and color-codes everything to help you easily make sense of your reports.

Pros

  • Best for beginners
  • Strong feature-set
  • Strong security features
  • Excellent customer service
  • Cloud-based software
  • Easy to use

Cons

  • Limited features on the free plan
  • Limited integrations

#4: Akaunting

Akaunting is a fully-free app with rich features like easy invoice, transaction categories, client portal, cash flow monitoring, and reports.

Pros

  • Complete tools
  • No limited or trial version
  • Accessible from any device
  • Powerful reporting features
  • High level of security
  • Easy to use

Cons

  • Minimal customer support
  • Not for advanced accounting requirements

#5: GnuCash

GnuCash is an easy to use software that allows you to track bank accounts, stocks, income and expenses. Its coding is based on professional accounting principles to ensure balanced books and accurate reports.

Pros

  • Detailed financial reports
  • Scatter plots, charts, and graphs
  • Open-source software
  • Multi-ledger structure
  • Accessible on mobile devices
  • Business-specific features

Cons

  • Unresponsive customer support
  • Not cloud-based

For more resources that can help you maximize your business, explore the rest of ProcessingCard.com!

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