Are you struggling with managing your finances? Tracking expenses, invoicing, and financial reporting can be overwhelming for businesses. How can you ensure accurate accounting while keeping operations efficient?

Akaunting software offers a good solution. This cloud-based, open-source accounting platform helps businesses manage their finances efficiently, providing real-time expense tracking, seamless invoicing, and better financial oversight.

In this article, we will explore Akaunting software, its definition, and features, and examine HashMicro as an alternative for businesses looking to optimize their accounting management.

What is Akaunting Software?

Akaunting is a cloud-based, open-source accounting solution to streamline financial management for small businesses and entrepreneurs. It offers invoicing, expense tracking, and financial reporting, providing comprehensive features to help users manage their finances efficiently and make informed business decisions.

Founded in 2017, Akaunting is a financial software company headquartered in Istanbul, Turkey. With a compact team of 13 employees, Akaunting focuses on simplifying financial management for invoicing, expense tracking, and reporting.

Since its launch, Akaunting has grown significantly, attracting the global community’s attention and gaining contributors’ support. Focusing on ease of use and flexibility, Akaunting continues to innovate to meet the needs of modern businesses.

Features of Akaunting Software

Akaunting offers a range of features that simplify and enhance business financial management. From invoicing and expense tracking to real-time financial reporting, it’s comprehensive tools help companies maintain accurate records and make informed decisions. 

Here are some of the key features of Akaunting software:

• Easy invoicing: This feature streamlines the creation of professional invoices practically and can be customized according to your company’s needs or desires.
• Expense tracking: Akaunting can manage and categorize all company expenses to properly manage your financials.
• Financial reporting: Akaunting can create detailed financial reports, including recording income, expenses, and cash flow, so the report is accurate for the company.
• Bank reconciliation: Able to automatically match company transactions with bank records to improve bookkeeping accuracy.
• Tax management: Monitoring each tax rate to produce a complete tax report that can help companies achieve legal compliance.

Advantages of Akaunting Software

Akaunting software offers various benefits that enhance efficiency and streamline business financial management. Here are some key advantages:

1. Cost-effective solution: 

Akaunting is a free, open-source accounting platform that helps businesses handle their finances without the high costs of software licenses. This makes it an affordable choice to operate on tight budgets with standard features. With no upfront expenses, Akaunting allows companies to manage their finances more effectively. 

2. Real-time access:

Akaunting cloud-based system offers real-time access to financial data from anywhere, at any time. This benefits remote teams and multi-location businesses by ensuring seamless financial management. Instant access to updated data enables timely, informed decision-making, and improves efficiency. 

3. User-friendly solution:

Akaunting features an intuitive design that makes financial management simple for all users, even those without accounting experience. Its user-friendly interface streamlines tasks like invoicing and expense tracking. With easy navigation, businesses can manage finances efficiently and reduce errors.

Disadvantages of Akaunting Software

While Akaunting offers various valuable accounting management features, certain areas could be improved: 

1. Limited advanced features: 

This limitation could be a drawback for businesses with complex financial needs, such as large-scale enterprises requiring extensive automation, advanced forecasting, or in-depth analytics. Companies that handle intricate financial transactions may find the platform less suitable than other feature alternatives.

2. Customization constraints: 

The software offers limited flexibility in modifying features to meet specific operational needs, which can be a drawback for companies requiring tailored accounting solutions. Without extensive customization options, businesses must rely on third-party integrations or manual workarounds to align the software with their processes.

3. Integration limitations: 

Due to system limitations, connecting the Akaunting app with third-party business apps is difficult. This is a work barrier for businesses that rely on other tools, such as those for customer management. Users have to manually transfer data between apps, which can increase the risk of financial operation errors.

HashMicro Accounting Software: The Ideal Financial Management Alternative

HashMicro Accounting Software is an excellent solution to streamline your business’s accounting management. Integrated with ERP systems, this software ensures smooth financial operations by automating invoicing, expense tracking, and tax compliance while improving data accuracy.

HashMicro also makes it easy for businesses to customize accounting software according to their operational needs. With unlimited modifiable features, this software offers great flexibility, making it perfect for companies looking for the best accounting solution.  

For those who want to try it out, HashMicro provides a free demo to experience its capabilities. The demo showcases various tools that automate accounting tasks, improve cost tracking, and provide a clearer financial picture.

Here are some key features HashMicro offers to simplify accounting management:

• Cash flow reports: Provides a clear overview of cash inflows and outflows, ensuring businesses can manage daily financial activities smoothly and meet financial commitments without disruptions.
• Bank integrations—auto reconciliation:  This automates the matching of bank transactions with internal financial records, reducing manual errors and keeping financial data accurate and up to date. It simplifies monthly reconciliation and enhances expense tracking.
• Automated currency updates: Ensures accurate currency conversions for international transactions, preventing discrepancies in financial reporting and making multi-currency accounting seamless.
• Profit & loss vs budget & forecast: This tool helps businesses compare actual financial performance against budgeted figures, identifying variances and enabling proactive adjustments to maintain financial stability.
• Budget & realization: Allows real-time monitoring of expenditures, ensuring businesses stay within budget and reducing the risk of overspending.
• Financial statement with budget comparisons: This statement highlights discrepancies between planned and actual financial performance, providing insights to refine budgeting strategies and improve cost control.

In addition to providing accounting software, HashMicro also presents Hashy, which is integrated with an AI system that supports automation in the financial field. With the help of Hashy AI, businesses can automate various transaction tracking, data analysis, and risk management.

One of its flagship features is AR Collector, which automatically follows up on invoices and SoA, ensuring smooth cash flow by generating invoices at any time for more efficient bill management.

In addition, the AP Payables feature can automate payment processing and ensure vendor communication for timely and transparent payments. With Hashy AI, corporate finance becomes more efficient, secure, and data-driven.

Conclusion

Akaunting is a cloud-based, open-source accounting software that simplifies financial management for small businesses and entrepreneurs. It offers key features like easy invoicing, tax management, and expense tracking to help users manage their finances efficiently.

If you need a more comprehensive accounting software solution in Singapore, HashMicro Accounting Software is highly customizable. With advanced features and seamless integration with ERP systems, it can be used across various business functions and is a strong alternative to Akuanting software. 

Looking to streamline your accounting management? Visit HashMicro for a free demo today and discover how it can help your company achieve its accounting goals.

Frequently Asked Questions

• What is the meaning of Akaunting?

  Akaunting is an online accounting software with all the tools you need to manage your money, from invoicing to expense tracking to accounting. Akaunting provides an App Store for users and developers with a modular structure.

• Is Akaunting really free?

  Akaunting is free (On-Premise Standard Plan). You can send unlimited invoices, track expenses, add items and customers, pay bills, and more.

• Is there a free bookkeeping software?

  Akaunting is free, open-source, and online accounting software for small businesses and freelancers. It has all the tools you need to manage your money online, from invoicing to expense tracking to accounting.