What is Open-Source Software?
Open-source software is a type of program for you and your IT team to examine and adjust its coding to fit your business requirements. This type of solution differs from free software.
Open-Source vs. Free Software
It’s easy to confuse free with open-source software, but in actuality, they’re as similar as burgers and hot dogs. As the name implies, free software often comes with no price tag, but still allows users the full benefits of the software. Often free software is everything it appears to be on the surface: a free solution for your business to implement. Similarly, open-source software provides users with access to software, often without any associated costs. The primary difference between free and open-source software is that an open-source solution provides access to the source code, hence the name. This access allows users to make modifications to the system at all levels.
While free and open-source solutions are incredibly similar, the nuances that set them apart can make a big difference for business. When considering these types of solutions make sure you’re aware of how much access you’ll have to the source code and ask about hidden fees to ensure there’s no confusion about what type of software you’re implementing.
GnuCash
GnuCash is an open-source accounting software intended for small businesses with an on-premise deployment. It’s specialized for the finance and software industries. It’s also available as an app for Android devices.
Noteworthy Advantages
This program offers various differentiators that set it apart from its competitors.
- Customization: Obtain options to customize the display style of the register.
- Financial Statements Import: Import Intuit Quicken QIF files via an assistant. Support open financial exchange (OFX) protocols.
- Data Storage: Stow data in XML format or a SQL repository with SQLite3, MySQL or PostgreSQL.
- Check Printing: Print checks in standard formats on common check stocks and create tailored check layouts via a customization graphical user interface (GUI).
- Mortgage and Loan Repayment Assistant: Have a guided dialogue to initiate loan payments as scheduled transactions.
- Localization: Obtain internationalized dates and currencies and work with more than 50 languages.
Key Features
Bank Reconciliation
The account reconciliation tool allows users to compare transactions recorded into an account with a bank statement.
Reporting
Showcase financial data with bar charts, pie charts and scatterplots with the reporting element. You may also work with pre-built reports including profit and loss statements, balance sheets and portfolio valuations amongst others. You may adjust report formats and contents accordingly.
Additional Accessories
Despite GnuCash only possessing half of the common features, it has supplementary appliances that can meet your business needs. These extra attributes include:
- Double-Entry Accounting: Ensure every transaction debits one account and credits the others with an equal amount so the difference between income and expenses accurately aligns with the sum of assets and liabilities.
- Transaction Scheduling: Formulate recurring transactions and adjust amounts and timelines.
- Cash Flow Management: Account types, when paired with double entry and equity accounts, allow you to develop reports such as profit and loss and more.
- Portfolio Management: Update portfolios instantly, track individual stocks and add supplemental pricing sources at regular intervals.
- Register: Autofill documented transactions, mark transactions as cleared or reconciled and exhibit several accounts on one register.
Limitations
Most ERP solutions have limitations. GnuCash is no exception. These drawbacks include:
- Lacking multi-user functionalities.
- Does not include accounts receivable or billing features.
- Does not offer an app for iOS devices.
TurboCASH
Another small business solution, TurboCASH, is deployed on-premise and is suitable for accountants, resellers, developers, consultants and more. Its primary industries include government, university and corporate amongst others.
Noteworthy Advantages
TurboCASH contains various accessories that set it apart from its competition.
- Pre-Built Templates: Gain pre-built templates for standard use cases, including house flipping, last mile delivery, online education and agriculture processing, amongst others.
- Localization: Leverage more than 20 languages and more than 80 diverse tax regimes.
- PayPal Reports Import: Download PayPal activity reports and import them into spreadsheets. Extract and create new debtor accounts and upload new transactions.
- Bank Statement Import: Import bank statements directly into TurboCASH.
- Customization: Alter themes, languages, sidebars, topbars and more. Pick from more than 17 predefined themes.
- Data Access Control: Utilize the universal data access components (UniDAC) library of components to obtain several databases via Delphi and C++ builder. Work in PostgreSQL and MySQL formats.
Features
User Management
Work with single or various users with the user management attribute. The multi-user systems component enables you to merge with remote databases and obtain access control logins.
Bank Reconciliation
This appliance grants users the ability to match or reconcile their cashbook with statements received from the bank. Reconcile bank accounts before updating or posting payments and receipts journals to your ledger. You may also input all of your bank charges and post or revise batches after performing reconciliations.
Reporting
Utilize TurboCASH’s Reportman report designer to develop custom reports with the reporting module. You may also edit existing reports and layout files or create and edit new reports and layout files. Some statements included in this function are:
- T-ledger reports
- Tax reports
- Debtor reports
- Batch reports
- Ledger reports
- And more!
Additional Accessories
TurboCASH has the majority of common open-source accounting software features, but there are some additional tools to assist in your accounting needs that you might want to take note of.
- Accounts Management: Add up to 999 main accounts and have up to 999 sub-accounts.
- Bill of Materials (BOM): Include other stock items or merchandise containing other stock components or services to your BOM list.
- Budgeting: Record budgets for specific dates and edit budget figures for actual income and expense comparisons.
- Document Processing: Transform invoices into quotes, convert orders to purchases, copy files, adjust accounts, create documents and more.
- Income Statement: Compare actual figures in income statements with those from previous years.
Limitations
TurboCASH comes with a few things to live without. These drawbacks include:
- Lacking project accounting.
- Not handling accounts receivables.
- Lacking apps for iOS and Android devices.