Using Open Source Accounting Software to your Advantage

The field of Accounting has taken advantage of the internet through the creation of open source accounting applications. In fact, the number of accounting applications using the open source platform is continuing to grow. At present, there are already several open source accounting software being used by individuals who want to keep track of their expenses in a quick and convenient manner. Businessmen have also started to make the switch from their existing paid software to open source accounting applications. To help you choose the right open source accounting software for you, make sure the following requirements are met:

1. There must be a common feature set supporting all accounting system requirements.
2. Technical support and maintenance must be commercially available.
3. The application must offer professional documentation for the user as well as for program maintenance.
4. Training classes and materials must be available either online or in workshops.
5. There must be a continuous flow of updates and new releases readily available to users.
6. There has to be a users' group to promote sharing of new ideas and problem-solving techniques.

More and more individuals and companies are now choosing to use open source accounting software over the more conventional paid software. This growing popularity is primarily attributed to the fact that open source applications involve less cost since there are no licensing fees, and the open source code can be modified according to individual needs. Most of the open source applications have also been proven to be secure and users derive the benefit of having collaborative resources.

As with all things, however, there are disadvantages in using open source accounting software as well. Before deciding on the use of open source applications, a company must consider whether they have technical support available or if they will rely on outsiders. They would also have to weigh if the staff has enough time and resources to learn the application and what resources they need to convert existing data. If a potential user finds that may have difficulty addressing one or more of the above considerations, perhaps it would be best to postpone making the switch to open source at a time when they are better prepared for it.

Cost, of course, is one of the other things potential users consider in choosing their open source accounting software. This type of application generally starts around $10,000.00 inclusive of product, installation, training and proper implementation verification. The cost can reach as much as $250,000.00 for those who require unique applications and very specific modifications. Even this maximum cost, however, is still comparably lower than what major accounting software providers ask for.

Open source accounting software is indeed growing in popularity, as well as in quality and innovation. If, after thorough analysis, you find that it provides a significant edge over the application you are currently using, then it is probably worth making the switch. It is also important to regularly keep track of updates, as the technology is expected to expand even more over the next few years. With this expansion may come new, more cost-effective, and generally better open source accounting software.

Here are some of the popular OpenSource accounting software. When we have more reviews, we will post them here:

• Compiere
• JGnash
• Web Ledger
• OpenBravo
• KMyMoney
• TurboCASH
• GnuCash