Drawback: Its US focus means it doesn’t support MTD filing, and you also can’t connect your bank account and import transactions.Wave is powerful, slick and completely free.Drawback: To use it, you must give up some access to your financial data in exchange, so make sure this is something you’re comfortable with.A stylish, award-winning accounting software that can go toe-to-toe with the big boys, FreeAgent is offered free of charge to Natwest/RBS business banking customers.Drawback: a monthly fee is charged when your account goes over a certain size.This is a simple, intuitive and feature-packed product that’s free for small businesses.However, each one comes with compromises and drawbacks, which we've drawn attention to: We've picked out three good free accounting software options, below.