Most organizations already use accounting software to issue invoices, track accounts payable, manage payroll and so on.
How does accounting software help?
Accounting software can help you:
- record transactions (bookkeeping)
- increase staff productivity
- get insights into overall financial performance
- create consolidated financial statements
- improve data accuracy
- decrease outstanding accounts receivable and
- make fact-based decisions.
What does accounting software do?
Accounting software handles all financial aspects of your company. The simplest programs help you pay bills, prepare invoices, calculate sales taxes, automate general ledger transactions, and track cash flow, revenue and expenses.
More sophisticated versions may include modules for payroll, inventory control, sales analysis and enhanced reporting. Some systems are customized to the needs of specific industries.
Consider today’s needs and tomorrow’s plans
Many small businesses start with invoicing or off-the-shelf accounting software but outgrow it after a few years. You may want to consider whether the vendor you select addresses more complex needs such as multi-currency or multi-company requirements, and will let you easily upgrade in the near future to a more advanced solution, such as an enterprise resource planning (ERP) system.
As your needs become more complex, ERP systems allow you to centralize internal and external information across your organization to help you plan and allocate resources more effectively. By giving everyone in your organization access to the same up-to-date information, they help you break down internal boundaries between teams and automate core processes. Worldwide vendors that are known for their ERP solutions include SAP, Oracle JD Edwards, Baan, and Microsoft Dynamics, to name a few.
However, since the price for ERP software can easily range from $10,000 to $100,000 plus implementation fees, and the focus of this review is on free and low-cost applications, ERP solutions have not been taken into consideration.
Free and low-cost accounting and invoicing software
If you are looking for low-cost or free invoicing or accounting products, you may want to consider the following. (SaaS refers to “software as a service.”)
Revised January 2018
AccountEdge Pro
Free
English
French
English support
French support
Data stored in Canada: n/a
Cloud or SaaS
AccountEdge Pro is an affordable desktop accounting program designed to meet the needs of small businesses. It is compliant with Canadian sales taxes and payroll requirements, and provides some interesting features, such as the ability to sync inventory levels with Shopify, a popular e-commerce platform. Field employees and contractors can enter their time, invoices and quotes using AccountEdge Connect, the companion app. Your data will be hosted wherever your server is located. AccountEdge Connect only stores certain data that is synced from AccountEdge on your Mac or PC. That data is stored on data centres located in the United States. While the user interface is in English, the program allows you to customize invoices into the language of your choice. A free trial is available.
Advantage Progression SE
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
Avantage Progression SE is a bilingual, multi-company accounting management package that can support several users at once. You can either pay a one-time fee to install the solution on one computer at your company, or pay a monthly fee for the cloud version, which is hosted in Canada. The cloud-based solution includes online backup, software updates and technical support. To help you decide whether it suits your needs, the company offers a free trial.
Concept Caméléon
Free
English
French
English support
French support
Data stored in Canada
Cloud or Saas
Concept Caméléon is a fully scalable accounting software package. Available on premises or in the cloud, Concept Caméléon lets you start with entry-level solutions such as General Ledger, Accounts payables and receivables, and then gradually add inventory or payroll modules with or without timesheets. In addition, you can pick and choose more than 90 built-in apps depending on what is more relevant for your industry. The basic monthly plan includes two users.
Connected Core Accounting
Free
English
French
English support
French support
Data stored in Canada
Cloud or Saas
Connected Core Accounting is a downloadable multi-currency accounting solution. Designed by an Ontario-based company, it is available on both Mac and PC, and meets most of the accounting needs of small businesses. But if you require more advanced functions such as job costing and inventory management, you may need to upgrade to Connected Enterprise Accounting & ERP. The support and Cloud options are optional, but need to be purchased separately.
Dynacom Accounting SMB Edition
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
Dynacom Accounting SMB Edition offers scalable accounting and financial solutions that can grow with you. The product family includes the Dynacom SMB edition (for start-ups) and the ERP edition, which is more suitable to the needs of medium and growing businesses. Both editions are available on a SaaS platform, and the Enterprise can integrate a shopping cart.
FreshBooks
Free
English
French
English support
French support
Data stored in Canada
Cloud or Saas
FreshBooks is an entry-level online solution, developed by a Toronto-based company. It is particularly suitable for service-based businesses to create and track projects, timesheets, invoices and expenses, all in one place. iPhone and iPad apps are pretty handy for scanning receipts and tracking expenses. Invoices can be sent in both English and French, but the interface is available in English only. The company also has payroll partners in Canada and the United States.
Gestion PME
Free
English
French
English support
French support
Data stored in Canada: n/a
Cloud or Saas
Gestion PME offers an accounting software suite with various editions for freelancers, incorporated businesses, PoS and more. Developed by Winfly Informatique Inc. in Quebec, the software requires Microsoft Windows or Parallel Desktop. Pricing is a one-time fee for a five-year licence including software updates and support. The free trial will help you determine if the solution fits your needs.
InfoFlo Pay
Free
English
French
English support
French support
Data stored in Canada
Cloud or Saas
InfoFlo Pay Pay lets you create estimates, invoices, and statements directly from the web or on any mobile device. Helping you get paid faster. You can effortlessly create digital forms with e-signatures, process payment, manage project, centralize all client information in a CRM system, and sync what you need with QuickBooks and Mail Chimp. Based in Toronto, Ontario, the company gives small businesses the opportunity to tailor functionality exactly to their specific requirements, and offers a free trial.
Kashoo
Free
English
French: Partly
English support
French support
Data stored in Canada
Cloud or Saas
Kashoo is a cloud-based accounting application that was developed in Vancouver. It is particularly affordable if you have multiple users and if you use multiple currencies. It also allows you to track your personal and business accounts separately for a small additional fee. A free version is available, although it is very basic. The iOS apps are very popular and allow you to switch to a French interface via device settings on either an iPhone or iPad.
Kiwili
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
Kiwili was developed by a Montreal-based company; it offers a business management solution with an impressive breadth of functionalities at an affordable price. The free Discovery plan is ideal for basic functions like time tracking, drafting quotes, creating invoices, managing expenses, and keeping all contact information in one place. As your business grows, you may decide to upgrade to one of the paid plans to meet the everyday needs of your business with more advanced functionalities including task management, as well as cash flow and business analysis. All paid versions come with a 30-day free trial.
Momenteo
Free
English
French
English support
French support
Data styored in Canada
Cloud or SaaS
Momenteo meets the accounting needs of freelancers. Specifically, it allows them to issue quotes and personalized invoices, travel expenses and get a clear portrait of their financial health. Designed by a company based in Quebec City, it also offers a mobile app for iOS and Android.
Officewise
Free
English
French
English support
French support
Data styored in Canada
Cloud or SaaS
Officewise offers accounting software that allows you to create and send invoices, manage bills and expenses, and even keep track of your inventory and shipments. The free plan may be enough if you have very few transactions, but some more advanced features like reporting, budgets and planning may require a paid plan.
Pivot Accounting Pro
Free
English
French
English support
French support
Data stored in Canada: n/a
Cloud or SaaS
Pivot Accounting Pro is a 100% free downloadable accounting & tax tool that can help you get your tax documents organized, thus saving time and money. Available for Windows and Mac operating systems, it accommodates all Canadian sales taxes (PST/RST/GST/HST/QST) and allows you to perform your own bookkeeping, determine depreciation expenses and track net taxable income. No experience is required. Guided by a concise 5-step interview process, the user will be able to create detailed accounting records and accurate GST/HST/QST summaries that can later be emailed to their accountant. No upgrades, nor subscriptions required.
Plooto
Free
English
French
English support
French support
Data styored in Canada
Cloud or SaaS
Plooto helps you manage US and Canadian payments in one online platform for a small fee per transaction. It is not accounting software per se, but if you’re already using QuickBooks and Xero, you can easily reconcile payments and receivables. And since Plooto is a Canadian company, it works with most banks and credit unions in Canada.
QuickBooks Online
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
QuickBooks Online is a line of accounting software products designed for self-employed people and small business owners who don’t have any accounting training. There is also a QuickBooks Online Accountant version. These solutions are offered in several versions for varying monthly subscription fees. The iPad and iPhone apps offer some interesting features such as the ability to record sales and payments using a sales receipt, and to add all the customers and vendors stored as phone contacts right into QuickBooks.
RetailMagic
Free
English
French
English support
French support
Data stored in Canada: n/a
Cloud or SaaS
RetailMagic: Despite its name, it’s not just for retailers. There are essentially two modules: POS software and accounting, which complement each other, but can also be bought independently. Available for a one-time fee, the downloadable accounting software allows you to track payables and receivables, and reconcile bank transactions. The POS module is free for 10 products or less. Developed by a Canadian company based out of P.E.I, RetailMagic has been on the market for over 25 years.
Sage One Canadian Edition
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
Sage One Canadian Edition is an affordable online accounting and invoicing solution that seamlessly tracks GST/HST and PST/QST. It offers a 30-day free trial version and a line of accounting software that can evolve with your needs.
SlickPie
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
SlickPie has been designed to meet the accounting needs of small businesses. You can send online quotes or invoices, enter bills and reconcile bank accounts, which may be enough for businesses that are just starting off. Their MagicBot can save you precious time by automating the data entry for bills and receipts.
Wave
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
Wave is a free, Canadian-made online software suite for managing small business finances. The free tools include accounting, invoicing, receipt scanning and personal finance, with features like unlimited bank connections, estimates/quotes, recurring invoices and accountant-approved (double-entry) reports. Customers can use its mobile invoicing app to invoice clients and accept credit cards on the go. One of its standout features is the ability to set up your accountant, bookkeeper or business partner as a “guest collaborator.” Regrettably, the payroll system cannot accommodate the needs of Quebec businesses.
ZipBooks
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
ZipBooks offers a full suite of accounting software with various subscription plans. Designed to meet the needs of small businesses, it lets you send invoices, track time and expenses, and even provide actionable recommendations based on industry best practices. All these tools are available from your Internet browser on any mobile device, making it easy to track billable hours and send invoices on the go.
Zoho Books
Free
English
French
English support
French support
Data stored in Canada
Cloud or SaaS
Zoho Books handles a range of small business accounting tasks, including reporting, invoicing, time tracking and time sheets, and provides an insightful dashboard. The global edition is available in French, but support is offered in English only. Some features—such as automatic bank feeds—do not work with Canadian banks. Like other Zoho products, Zoho Books offers a 14-day free trial, and integrates easily with other Zoho solutions, such as Zoho Expense, Zoho CRM or Zoho Projects. Zoho Books apps are available for iPad, iPhone, Android and Windows mobile devices and Windows Surface.
This table lists applications alphabetically and isn’t exhaustive. Hyperlinks to external sites do not constitute endorsement by BDC of those websites or any information, opinions, products or services expressed or described on them.
Furthermore, the list is only a starting point and excludes applications not offered either in English or in French, or that are neither low cost nor free. When assessing which solution is best for your organization, you will probably consider many other factors.
BDC will review and edit this list regularly. If you are an accounting software vendor and would like us to consider adding your solution, please
contact us.