In this article we will be sharing a Step-by-step Installation Guide for an open source accounting software. This is intended for small businesses, or software/website developer for small businesses.

What is an Accounting Software

Investopedia describes an accounting software as, “a computer program that assists bookkeepers and accountants in recording and reporting a firm’s financial transactions.“

This basically means it is a cloud-based software that it allows your business to process invoices, expenses and keep all your records that involves accounting in one placs. This is a feature that all businesses use. Businesses have softwares from quick books to more advanced accounting softwares, depending on what their requirements are with differ levels of automation and record keeping.

Quickbooks Accounting Software

Most companies use quickbooks software to manage their accounting department. This is not an entirely free software. But it’s cheap and it offers basic functionalities, depending on what your business need. Accounting software has a wide range of uses. Some companies need only generic, ready made software. While others need customized, complex accounting software. 

This article is based on an accounting software called Akaunting that works exactly like quick books. Check their website to read more about their features. This open source software is free and intended for entrepreneurs and startups.  It is online and built with Modern technologies that makes it easier for you to track your income and expenses. However, to be able to install a software like this, you must have a server. You are free to use any server of your choice. But for the purpose of this article, we will be referring to a digital ocean server.

Digital Ocean

Digital ocean is a supplier of cloud based solutions including virtual  private servers. You can purchase a droplet with only $5 then install your software in it. You are not limited into installing the accounting software only in this droplet. This server is flexible, you can do other things like building a website. The only thing that might limit you is space. You can always grow the capacity of your droplet when your business grow and in need of a bigger space. 

Digital ocean has a market place of applications with once-click installation. This is simply designed to support those people with no technical background. 

Install the accounting software

Steps to follow:

 #Step 1: Find Akaunting software

Go to marketplace, browse through all of them. Click on all categories and choose “Business Apps”. Find an accounting software called Akaunting and click on it. 

Find a section called “Getting started after deploying Akaunting”. Under this section you will get the email and password that will be required when you log in. After copying the login details, Click on “Create Accounting Droplet”.

#Step 2: Choose a Plan.

Choose the Regular Intel with SSD then choose a $5 CPU. You can always upgrade your capacity later on. But for the purpose of this tutorial, we will go with the cheapest.

#Step 3: ssh key setup

Set up your ssh keys. Check out our previous video tutorial on how to do this.

#Step 4: Finalise and create.

Edit the host name into something you prefer. Enable backups. In a real business, it is important to enable backups. If anything happens to the original data(Maybe your computer crushes and you lose it all). When you have a backup you can easily retrieve it instead of starting a new record from scratch. 

#Step5: click on create droplet.

If all went well, copy the IP address then paste it on your browser(i.e. http//159.65.57.118). Login using the login details that we mentioned on the above steps

Account setup in a digital droplet

Follow the 4 steps software to set up your app. 

• Company – Start by getting an API key. Go to the Accounting website, create an account for free. Follow all the necessary steps.  When you are logged in as a user, you will see an API KEY on the dashboard. Copy it then paste it on your wizard. Continue filling in all the information required on your wizard.

• Currencies – set up your currency name depending on your current location (i.e South African Rands), code(ZAR), rate($14) then click next.
• Taxes – Set up Tax name(i.e. VAT), Rate(i.e. 15%), enable vat, then click next.
• Finish – These are recommended apps that you can add on top of your app. For the purpose of the tutorial, you do not need these.

Click on “Go to dashboard”

Navigate Through

Navigate Through your Dashboard to familiarise yourself with the software. Edit the company info into your company name. Make all the necessary changes to fit your company. 

Three things you can do with this app:

• Sales– Keeping track of your Customers, revenues and invoices.
• Purchases – keep track of the amount you spend on vendors, payments and bills.
• Banking– Make transactions and transfers. Manage banking accounts and reconciliations.

For more clarification, check out our YouTube tutorial video: https: Get Free Accounting 😃

Other useful links:

Go to Akaunting https://akaunting.com/ Get Digital Ocean Droplet https://m.do.co/c/7d9a2c75356d

for more articles with useful tips, visit Tati digital