The accounting software industry is one of the most lucrative in the world. Since the appearance of personal computers users have thought of ways to track and manage their money making use of this new tool. Financial software doesn't have to cost you a cent though, here's some of the most popular free and open source accounting software available:

1. Gnucash

If you're running a small business and need accounting software Gnucash is your best bet. Gnucash is also useful for individuals and households, but for a small business is where is really shines. It keeps track of finances in multiple accounts and allows for balance reconciliation. Accountants will especially like the double entry standard implemented in Gnucash, making it a breeze for any accountant or bookkeeper to learn. There is also support for customer, vendor and employee processing. Gnucash can import QIF and OFX files without issues. One thing I have found a bit frustrating is the reports. Gnucash has a set of standard reports and allows the user to build new reports, however building reports is not as easy and requires the user to really get their hands dirty on a coding level. Gnucash also makes exporting to Excel (or LibreOffice Calc) a complex task, albeit possible.

2. KMyMoney

KMyMoney is a personal financial manger and the focus shifts here to the individual (or household) rather than business. Like Gnucash, KMyMoney allows for imports of Quicken QIF files. Users moving from Windows and MS Money will feel right at home with KMyMoney as it has similar features and concepts. This application is well-thought out, feature rich, and a joy to use. KMyMoney also integrates well with the KDE plasma desktop as the “K” in the name would suggest. This is probably one of the best free and open source tools to keep track of personal finances and comes highly recommended.

3. skrooge

Another personal financial manager application, skrooge's philosophy is to stay simple and intuitive. This application again supports QIF and OFX imports but also supports imports from all the other software mentioned in this round-up which makes it easy to switch to if you've been using one of the other applications and you want to try out skrooge. Skrooge also has unlimited undo / redo functionality which comes in handy when you're not sure what you're doing. Like KMyMoney skrooge is built from the ground up to integrate well with the KDE plasma desktop. One great feature to mention would be skrooge's advanced graphical reports which looks professional and works great.

4. Homebank

Homebank describes itself as personal accounting software and is probably the fastest, simplest and easiest accounting software for new users. Homebank doesn't come with the plethora of features that some of the other software on this list contain, but what it does offer works well. If you're looking for a simple and quick way to manage your financial needs give Homebank a try.

5. Grisbi

Another personal financial manager, Grisbi is probably the smallest application on this list at 3.9mb after installation, however Grisbi still packs more features than you'd expect. Grisbi offers reports, The developers describes Grisbi as making use of third party expenditure and receipt categories, as well as budgetary lines, financial year, multiple users and accounts, and other information which makes it adapted for both personal and associative accounting. Grisbi also imports QIF, OFX and Gnucash files.

Of course there are many more to mention and while some find accounting software preferrable others will stick to their tried and trust spreadsheets.