P2P Accounts is a new concept in distributing accounting software which is flexible enough to blend the best of two distinct worlds of Free Software and Proprietary Software. P2P means "People to People" as it is geared to bring about a sea change in the minds of the people adopting this software by educating them about accounting and accountability.

Accountants all over the world faced a major hurdle when it comes to adopting Linux for themselves or for their clients. The lack of an easy to install, easy to use and an effective feature-rich accounting software with easy download access to all, had distanced many SMBs from Linux adoption.

The business model for P2P Accounts is uniquely designed to be sustainable in the mid term and successful in the long term. All that will change, according Samooha (S) Pte Ltd, a Singapore based company emerging in enterprise software solutions segment for the SMEs. The software has certain features that makes it a favorite among small and medium businesses catering to global customers dealing in different currencies and different cost structures which can be well managed through an excellent feature of split accounting.

The architecture enables the software to connect to any database supported by OpenJPA. The software will be available on Linux as well as on Windows and Mac Operating Systems to enable maximum users to benefit from a software that is made with the best of the enterprise software architecture which includes Java Core, Spring Framework (OSGI Compliant), Java Persistence Architecture with OpenJPA (part of EJB 3.0 specification) and H2 Database a new generation database with high efficiency to run in embedded mode with P2P Accounts.

The production quality software will begin implementation and adoption in Singapore in October 2007 as several small businesses have been testing the software on Ubuntu Linux, Fedora Linux and Windows, at the time of this release. The development preview of the software is already generating interest amongst business communities using Ubuntu Linux and Fedora Linux from Asia Pacific, Europe and the North America.

A few notable features are listed below:
- Advanced customizable Chart of Accounts
- Advanced Split Accounting that enables costs to be split by business units and split accounts.
- Multi-currency transactions with Multi-Currency Bank Accounts.
- Customizable fiscal calendar.
- Business Partner Accounting for Customers, Vendors, Employees and Others.
- Tax on Tax concept to help record surcharges, Cess etc imposed on the normal tax in some countries.
- Advanced Multi-Currency Exchange Management supported by real time spot rates from Yahoo.
- Advanced Tax Manager allows customization of ever changing Tax rates with simple configuration.
- Custom Journal Options for the convenience of Accountants to classify journal entries.
- Advanced and highly customizable Payment Terms Definition.
- Split account register to view all entries that were split by cost centers and business units.
- Simple to use Journal Entry Options with a full month Journal displayed in same window for easy retrieval and modification.
- Auto-completion features for counterpart entry.
- Payables and receivables widget for easy entry of payments and receipts with due date management.
- A business monitor dashboard to get an overview of the business performance as on date.
- Highly informative account register with slider support for criteria based reporting.
- Easy to use Bank Reconciliation features.
- Trial Balance, Balance Sheet, Profit and Loss, Account Ledger and Tax (GST) Reports.
- Purchase Order, Purchase Invoice and Reports.
- Sales Order, Sales Invoice and Reports.
- Inventory Goods Receipt, Goods Delivery and Stock Adjustment features along with Stock Register and reports.
- Tabbed Views for all major transactions makes it easy to navigate and analyze the data.