Best open-source accounting solution for home and small business

It has been a rock solid tool for managing transactions and monitoring fiscal health in the short and long term. I've tried a few different data store backend options (including mysql, postgresql, and XML file) - I landed long term on the XML file storage because it has had the least issues.

Pros

I was appealed by the low barrier to entry, including free download and installation, as well as strong documentation for an administrator that prefers to configure my own software.

Cons

Still haven't solved the multi-user limitation. We generally work from two different computers with a network file share, and often one user will forget to close the application, keeping the file lock in place. The UI still feels a bit dated, even with recent updates since version 3.0. I am okay with this because double-entry accounting is a well-established process and less change is ultimately better. But the menu structure layout is like the late 90s early 00s desktop application era and, in my opinion, can and should be improved upon.

Great accounting software for individuals and freelancers

Overall, I have nothing but high praise for it. Especially as a small business owner and freelancer. Older versions of the software used to crash when running specialized reports (eg pie charts of expenses) used to sometimes crash, however I have not experienced any such behavior as of the the latest versions of 3.0 and up (currently 3.6 as of this review.)

Pros

It was very easy to setup all of my accounts, and track my expenses and income across them. This includes bank accounts, and stock portfolios. And the ability to run reports that turn my accounts in to pie and bar charts is very helpful as well.

Cons

While I found 99% of the software to be easy to use, and despite having used the software for several years now, I still find it difficult to do split-transactions. Instead I find it easier to just make 2 separate transactions manually, noting that they're part of 1 transaction. They really could improve this feature to make it more failproof and intuitive.

Robust free accounting software but support not that fast

For my business needs, I believe GNUCash is the answer though support when faced with a problem not always that fast.

Pros

For those who are searching for a free accounting software for their individual or small business needs, GNUCash is perhaps the best given the robust features incorporated and a large community base. Being open source, the possibilities are endless for developers who can always add new codes to suit the needs.

Cons

Unfortunately, the support is not fast if one faces a hurdle. As a user, if you want to post a query on their forum, you need to subscribe. In my case, I could not understand this condition and so my query was reverted back. GNUCash perhaps should address this point. I then posted my thread to another popular forum (StackExchange: Personal Finances & Money) and received first reply only after one month!

GnuCash accounting software

I have a monthly clear income/expense balance, so I know what expenses should be avoided or are needed.

Pros

A very good software for personal accounting, and for business accounting too. I am using it for my personal income/expense balance.

Cons

I had troubles to use it on Mac OS X. I almost lost all my accounting details. Lucky me that I use an automatic backup solution.

GNUCash Review

GNUCash is an open source free package that works much like the for-profit Quicken program without the spyware (content guard) bundled in by Intuit. On the most basic level you simply fill in your checkbook register. If you want to learn a small amount, you can also download your bank statements in various formats, including Quicken format, and click File Import to auto-magically insert them into your checkbook register. I use GNUCash on my desktop, over my LAN to a server, and over Internet via my SSH connection. Those who delve deeper will find this is actually a double entry (professional) accounting system with any number of ledgers you desire to create. You can split transactions just as you would in a paper based accounting system to show all the elements for the cash flow on every transaction, or use any of the (perhaps 50) built in reports to generate a balance sheet, income statement, and other common accounting reports. In this sense it leaves Quicken in the dust and is far easier to use than QuickBooks. Also, GNUCash will leave your payroll percentages alone while Intuit has programmed QuickBooks to delete all your payroll percentages every time you use it after February each year unless you buy the free IRS Circular E from Intuit each year. The Intuit rep explained to me that I had no choice and was forced to buy this free data from them "because business owners are too stupid to enter the (6) percentages themselves". Yes, she actually said that. GNUCash is not a "pretty" program but it is extremely functional and free. The downside is some non-intuitive behaviour when splitting an already entered transaction (which you will eventually figure out), and the rather obtuse way in which you enter budgeting data - the budgeting report however is very straightforward and allows you to change dates and which accounts are included very easily. It also provides a paper trail after every session as a separate (timestamped) file for review or recovery purposes. If you want more privacy and less cost in your company (or personal) accounting software this is a great choice. If you want for-pay customer support instead of using a FAQ or video tutorials to get answers, don't care if a glitch could lock you out of your own data when ContentGuard decides you're suddenly "not authorized", think business owners are stupid, and prefer to buy every feature for hundreds of dollars each, then by all means buy one of Intuit's packages.

Pros

Simple, resembles check register and most people can use it effectively immediately. It is free and malware free. More interested users can scale up their use to include complicated accounting steps (year end closing, splits across accounts, etc) as much as they wish.

Cons

Some features, such as initiating a split, or finding the budgeting functionality, can be non-intuitive.