Small Business

Open Source Accounting Software and 6 Benefits4 min read

Aug 27, 2022 3 min
Open source accounting software

Open Source Accounting Software and 6 Benefits4 min read

Reading Time: 3 minutes

Akaunting is free and open-source accounting software that gives you complete control over your finances.

Your business financial data belongs to you. You shouldn’t leave it in the hands of another company. 

Akaunting was built as open-source software to give you full privacy to your financial data without third-party interference.

But first,

What is open-source software?

Open source is a licensing agreement that allows modifications of original work, such as creating new use cases, developing integration, or creating something entirely new based on the original. 

It promotes innovative collaboration and the free exchange of ideas within a community of developers or creators for the optimum advancement of products or services.

Open source is a term that is generally used for Open source software.

Although it is common in the software industry, biotech, electronics, robotics, and fashion industries use open-source licensing to advance innovative thinking.

Why open source?

Open-source accounting software is more flexible and has more longevity than closed-source because it is developed by communities rather than a single author or company.

Our community of developers and experts always looks for new ways to solve your accounting challenges.

Therefore, here are;

6 Benefits of Open Source Software for your business

  • Transparent
  • Flexible and responsive
  • Secure
  • Future-proof
  • No lock-in agreements
  • Cost-efficient

Transparent

Open-source works with the principle of WYSIWYG (What You See Is What You Get).

There are no hidden surprises about how your software works or your data is managed or used.

Your financial data is compliant with GDPR to ensure you don’t run into legal issues.

Free open source accounting software

Flexible and responsive

Open source removes licensing barriers and promotes the freedom to solve user queries in time.

Because codes are open to everyone, a community of developers can quickly pick up user challenges, solve them and optimize software for the best performance.

Fixes and updates are rolled out regularly, responding to issues and bug reports.

There are no restrictions like those associated with closed-source.

Secure

Contrary to the idea that open-source is more vulnerable to security challenges, it is more secure than other licensing.

Because the source code is open to the public, security loopholes are spotted and resolved faster. Users can take control of their security by enabling easy auditing and submitting fixes that others can adopt.

The transparency of open-source accounting software makes it more challenging to take advantage of security holes.

Future-proof

Because open source has no restrictions on technological modifications and advancements, it has longevity.

It has regular upgrades to meet changing requirements and solve the new challenges of users. 

Unlike closed-source software that risks going out of support due to challenges experienced by the property company, open-source is available for development over a long time.

No lock-in agreements

You enjoy the freedom to use, change and stop using open-source software. 

You can decide to stop using open-source software without worrying about being locked in by the vendor’s fees and unable to leave with all your data.

Cost-efficient

You save money on licensing and maintenance fees. 

Akaunting understands the financial challenges of small businesses; hence you only for the things you need to handle your everyday accounting.

With over 100 solutions in the app store, you spend almost nothing to run your business and zero fees on maintenance.

You can start small and scale up.

Final thoughts

After seeing how this completely closed source-dominated market space impacts the lives and successes of small businesses, deciding to go open source was a no-brainer. 

With open-source software, you get the whole software, not just a service. You can use it as you wish, without any limitations.

Get started with Akaunting Self-Hosted or Sign up with Cloud Service.


Open Source Accounting Software FAQs

  • What is open-source accounting?

It is accounting software that can be used or customized to suit the goals of your business. Akaunting is an online and open-source accounting software primarily built for small to mid-sized businesses, micro-enterprises, freelancers, and non-profits.

  • What is the best free bookkeeping software?

The best free bookkeeping software choice is subjective and depends on your business needs. It would be best if you considered defining your business goals and finding software matching them. The best free bookkeeping software should allow you to choose what you need and scale your business over time.

  • What is the difference between open-source and closed-source software?

Open source software has its source code publicly available to anyone who wants it.

However, with closed-source or proprietary software, the public does not have access to the source code, so they can’t see or modify it in any way.