Is Open Source Accounting Software Right for Your Business?


Open source software has been gaining in popularity over the last several years, and now many businesses use it as a less expensive alternative to operating systems, such as Windows, and costly desktop applications, such as Microsoft Office. Similarly, open source accounting software is gaining in popularity due to its potential to save companies thousands of dollars in license and consulting fees.

For a small to medium-size company, open source accounting software may very well be the best solution for the business. Open source is a good choice for businesses that are just starting up or undergoing a budget reduction. Some of the top open source accounting software programs have significant features and many advantages over licensed software of which the in-the-know businessperson should be aware.

Open Source Accounting Software Helps Reduce Costs

Many of the leading accounting software packages are priced way above the budgets of most small-to-medium-sized businesses. However, if the company is considering open source accounting software for their financial advantages, it is important that each company conduct in-depth research on the features, and security, of the software solution.

Because open source software depends on its user community for upgrades and fixes, it is critical that the product have trusted community. It is also vital for a small business considering an open source solution to have a very clear idea of its requirements. Identify the must-have features you need and eliminate any software that does not meet those needs.

At the very least, a company will want an open source accounting software solution that is secure. Read online reviews of each solution before choosing accounting software to ensure its users have not had their information stolen or compromised in any way. The wrong software could make your bank accounts and other assets vulnerable to thieves and other unscrupulous people.

Key Features of Open Source Accounting Software

Other must-have functionalities are the ability to track payroll, quickly write checks, track debts, and anything thing else that evolves money. With those capabilities, fiscal year-end reports and statements are easier to produce and more accurate. The software supports federal and state tax reporting to ensure the right amounts are paid on time and that costly penalties, interest, and fees are avoided.

For small businesses with a small office support staff, an open source accounting software solution is particularly effective. Office staff will be more productive as the software can automatically fill out vendor invoices and other paper work, saving time and boosting employee productivity and morale.

Once you’ve decided to make the transition to open source accounting software, it is imperative for companies to conduct extensive research, not only to find the software that offers the features they need but to also make sure that the company is trusted and online security is tight.

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