22 Best Cloud-Based Accounting Software in 2024
Best Cloud-Based Accounting Software Shortlist
Here’s my pick of the 10 best software from the 22 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
Choosing the right cloud-based accounting software can be challenging with so many options available. As CFOs, you aim to manage your finances efficiently, but determining which tool fits your specific needs can be daunting. That's where I come in.
With years of experience using various accounting tools for businesses, I understand the critical pain points faced by financial leaders. Cloud-based accounting software automates financial tasks and provides real-time data access, saving time, reducing errors, and improving financial visibility. This software addresses issues such as manual data entry, delayed financial reporting, and lack of access to financial data on the go.
Through thorough reviews and expert insights, I will guide you in finding the best cloud-based accounting software tailored to your organization’s requirements. Whether you're managing small businesses or large enterprises, my goal is to help you enhance efficiency, accuracy, and financial control.
Why Trust Our Accounting Software Reviews
We’ve been testing and reviewing accounting software since 2023.
We’ve been testing and reviewing accounting software since 2023. We know how critical and difficult it is to make the right decision, which is why my team of software analysts and I have put together this software list.
We invest in deep research to help our audience make better software purchasing decisions. We’ve tested more than 2,000 tools for different finance use cases and written over 1,000 comprehensive software reviews. Learn how we stay transparent & our accounting software review methodology.
Best Cloud-Based Accounting Software Summary
| Tools | Price | |
|---|---|---|
| Xero | From $1.40/month | Website |
| Zoho Books | From $15/month (billed annually) | Website |
| FreeAgent | From $13.50/user/month | Website |
| Multiview ERP | Pricing upon request | Website |
| Iris Kashflow | From $12/user/month (billed annually) | Website |
| Oracle | Pricing upon request | Website |
| Wave | From $14/month | Website |
| QuickBooks | From $35/month | Website |
| MYOB | From $10/user/month (billed annually) | Website |
| Patriot | From $17/month + $4/employee | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow to Choose Cloud-Based Accounting Software
As you work through your own unique software selection process, keep the following points in mind:
- Ease of Integration: Many businesses already use a variety of software systems for different operations, such as CRM or ERP systems. A cloud-based accounting software must seamlessly integrate with these existing systems to ensure a smooth data flow. For instance, a retail business using a CRM system to track sales and customer interactions would benefit from accounting software that can pull sales data directly from the CRM, reducing manual data entry and errors.
- Scalability: As your business grows, your accounting needs will evolve. It’s essential to choose software that can scale with your business. This means it should handle an increasing volume of transactions, users, and even multi-currency transactions if your business expands internationally. For example, a small startup today might become a multinational corporation in a few years, and scalable software will support this growth without requiring a switch to a new system.
- User-Friendliness: The complexity of accounting can be a barrier for those without a financial background. Therefore, user-friendly software with an intuitive interface and easy-to-understand features can be quite helpful. For instance, a non-profit organization with volunteers managing finances would benefit from software that simplifies tasks like generating reports or tracking expenses. Offering helpful user guides, customer service support, and tutorials ensures that users can operate it effectively without extensive training.
- Security Features: Financial data is highly sensitive and requires standardized security measures. Look for software that offers data encryption, regular security updates, and compliance with industry standards such as GDPR or SOX. For example, a healthcare provider must protect patient billing information and would need accounting software that ensures data privacy and security compliance to avoid legal issues and to ensure they protect their patients’ data.
- Customization Options: Every business has unique accounting needs, and a one-size-fits-all approach may not be effective. Choose software that allows customization to match your specific processes and reporting requirements. For example, a manufacturing company might need custom reports on production costs and inventory levels, which customizable software can provide, thereby enhancing decision-making based on precise, tailored financial data.
Best Cloud-Based Accounting Software Reviews
This section provides an in-depth analysis and overview of various cloud accounting software. We will walk through the pros and cons of each tool, their features, and their best use cases.
Xero is a cloud-based accounting software designed to support paperless record-keeping and automate financial processes for businesses.
Why I Picked Xero:I chose Xero for its automation features and emphasis on paperless operations, which set it apart from some other accounting software options. Its functionality in reducing manual tasks and simplifying record-keeping makes it ideal for businesses looking to ditch the spreadsheets and increase efficiency and accuracy.
Standout Features & Integrations
Features include automated feeds to pre-authorized bank accounts, invoicing, expense tracking, and real-time financial reporting. It also offers payroll integration and multi-currency support.
Integrations include PayPal, Stripe, HubSpot, Shopify, Square, Expensify, Gusto, BILL, Salesforce, and Mailchimp.
Pros and cons
Pros:
- Multi-currency support
- Real-time financial data
- Strong automation features
Cons:
- Occasional sync issues with banks
- Some advanced features can be costly
Zoho Books is a cloud-based accounting software that offers customizable and affordable accounting solutions for small to medium-sized businesses.
Why I Picked Zoho Books: I chose Zoho Books for its balance of affordability and customization options. It stands out from other accounting software due to its extensive customization features and competitive pricing, making it suitable for businesses needing tailored accounting solutions without breaking the bank.
Standout Features & Integrations
Features include automated bank feeds, invoicing, expense tracking, and detailed financial reporting. Zoho Books also supports multi-currency transactions and has a client portal for improved customer interactions.
Integrations include Zoho CRM, Zoho Projects, Zoho Inventory, Zoho Expense, Zoho Payroll, PayPal, Stripe, Square, G Suite, Dropbox, and Office 365.
Pros and cons
Pros:
- Multi-currency support
- Affordable pricing
- Highly customizable
Cons:
- Steeper learning curve
- Limited third-party integrations
FreeAgent is a cloud-based accounting software designed to simplify financial management for freelancers and small business owners.
Why I Picked FreeAgent: I chose FreeAgent for its tailored approach to meet the needs of freelancers and small business owners. It stands out due to its user-friendly interface and features that specifically address the challenges faced by this group, such as project management and time tracking.
Standout Features & Integrations
Features include project management, time tracking, automated bank feeds, invoicing, and expense tracking. FreeAgent also offers full tax management tools, making it easier for users to stay compliant.
Integrations include Stripe, PayPal, Zapier, Google Workspace, Slack, Mailchimp, Receipt Bank, GoCardless, Dropbox, and Trello.
Pros and cons
Pros:
- Project management tools
- End-to-end tax management features
- User-friendly interface
Cons:
- Basic reporting capabilities
- Limited advanced features
Multiview ERP is a cloud-based enterprise resource planning software that provides full accounting features and financial management solutions for businesses.
Why I Picked Multiview ERP: I chose Multiview ERP for its extensive range of ERP functionalities tailored to meet complex business needs. It stands out for its wide features that go beyond basic accounting, making it suitable for enterprises requiring an extensive solution.
Standout Features & Integrations
Features include advanced financial management, inventory control, project accounting, and reporting tools. Multiview ERP also offers workflow automation and customizable dashboards to enhance operational efficiency.
Integrations include Salesforce, Microsoft Dynamics, Oracle, SAP, QuickBooks, Concur, PayPal, Stripe, HubSpot, and Dropbox.
Pros and cons
Pros:
- Advanced reporting tools
- Customizable dashboards
- Extensive ERP functionalities
Cons:
- Pricing not transparent
- Higher learning curve
Iris Kashflow is a cloud-based accounting software designed to help small businesses manage their finances and stay tax compliant.
Why I Picked Iris Kashflow: I chose Iris Kashflow for its strong focus on tax compliance, which is crucial for small businesses. Its standout features and straightforward interface make it easier for small business owners to manage taxes and financial records effectively.
Standout Features & Integrations
Features include automated tax calculations, invoicing, expense tracking, and comprehensive financial reporting. Iris Kashflow also provides payroll services and VAT submission capabilities directly to HMRC.
Integrations include PayPal, Stripe, GoCardless, Dropbox, Amazon, WooCommerce, Shopify, Mailchimp, Office 365, and Google Workspace.
Pros and cons
Pros:
- Insightful reporting tools
- User-friendly interface
- Strong tax compliance features
Cons:
- Occasional integration issues
- Limited advanced features
Oracle is a cloud-based financial management software that leverages AI to automate and optimize financial processes for businesses.
Why I Picked Oracle: I chose Oracle for its cutting-edge AI-driven automation capabilities, which distinguish it from other accounting software. Its ability to support complex financial operations through AI makes it ideal for large enterprises looking to enhance efficiency and accuracy.
Standout Features & Integrations
Features include advanced financial close, automated transaction matching, and real-time financial reporting. Oracle also offers predictive analytics and AI-driven insights to improve decision-making.
Integrations include Salesforce, SAP, Microsoft Dynamics, Workday, NetSuite, PayPal, Stripe, ADP, ServiceNow, and Slack.
Pros and cons
Pros:
- Advanced analytics
- Real-time financial insights
- AI-driven automation
Cons:
- Requires extensive training
- Slight learning curve
Wave is a cloud-based accounting software offering free invoicing and accounting tools for small businesses and freelancers.
Why I Picked Wave: I chose Wave for its exceptional value, providing robust accounting and invoicing features at no cost. It stands out from other tools by offering broad functionality without a subscription fee, making it ideal for small businesses and freelancers with limited budgets.
Standout Features & Integrations
Features include unlimited invoicing, receipt scanning, and automated bank reconciliation. Wave also offers detailed financial reporting and payroll services for an add-on fee.
Integrations include PayPal, Shopify, Etsy, Stripe, Shoeboxed, Zapier, Google Sheets, Slack, Dropbox, and Mailchimp.
Pros and cons
Pros:
- Automated bank reconciliation
- Unlimited invoicing
- Free core features
Cons:
- No inventory management
- Paid add-ons for payroll
QuickBooks is a cloud-based accounting software designed to meet the specific needs of small businesses.
Why I Picked QuickBooks: I chose QuickBooks for its extensive range of features and functionalities that cater specifically to small businesses. It stands out due to its ability to handle complex accounting tasks while remaining user-friendly, making it a great choice for users with varying levels of accounting expertise.
Standout Features & Integrations
Features include automated invoicing, expense tracking, and detailed financial reporting. It also supports payroll management and integrates with numerous third-party applications to enhance its capabilities.
Integrations include Shopify, PayPal, Square, Amazon, TSheets, BILL, HubSpot, Expensify, Salesforce, and Mailchimp.
Pros and cons
Pros:
- Strong third-party integrations
- User-friendly interface
- Extensive reporting options
Cons:
- Higher cost for advanced features
- Occasional software bugs
MYOB is a cloud-based accounting software that provides scalable solutions tailored for small to medium-sized businesses.
Why I Picked MYOB: I chose MYOB for its ability to scale with growing businesses and its comprehensive suite of tools. Its standout features, such as payroll integration and inventory management, make it different from other accounting software, especially for small businesses looking to expand.
Standout Features & Integrations
Features include payroll management, inventory tracking, invoicing, and real-time financial reporting. MYOB also offers multi-currency support and mobile app accessibility, making it versatile for various business needs.
Integrations include Shopify, PayPal, Stripe, BigCommerce, Magento, Kounta, Deputy, HubSpot, ServiceM8, and TSheets.
Pros and cons
Pros:
- Inventory management
- Complete payroll features
- Scalable solutions
Cons:
- Basic reporting features
- Limited customization options
Patriot is a cloud-based software providing affordable payroll and accounting solutions for small businesses.
Why I Picked Patriot: I chose Patriot for its competitive pricing and wide range of payroll features, which make it stand out among other accounting tools. Its focus on affordability without sacrificing essential functionalities makes it a top choice for budget-conscious small businesses.
Standout Features & Integrations
Features include full-service payroll, time and attendance tracking, and simplified accounting processes. Patriot also offers tax filing and electronic payment options such as ACH and credit card, making payroll and accounting management seamless.
Integrations include QuickBooks, Stripe, Gusto, TSheets, Square, PayPal, BambooHR, Expensify, Zapier, and HubSpot.
Pros and cons
Pros:
- Easy-to-use interface
- Complete payroll features
- Competitive pricing
Cons:
- Basic reporting tools
- Slight learning curve
Other Cloud-Based Accounting Software
Below is a list of additional cloud-based accounting software that we shortlisted, but did not make it to the top list. Definitely worth checking them out.
- Kashoo
For simple and automated accounting
- FreshBooks
For double-entry accounting and invoicing
- ZarMoney
For customizable invoicing
- NetSuite
For integrated business management
- Odoo
For integrated business apps
- Acumatica
For scalable cloud ERP solutions
- Alere ERP
For manufacturing and distribution
- Certinia
For professional services automation
- Aplos
For nonprofits and churches
- OneUp Accounting
For inventory management
- Soluno
For legal practice management
- Sage 50
For small to medium-sized businesses
Related Reviews
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Cloud-Based Accounting Software Selection Criteria
When selecting cloud-based accounting software, it is essential to evaluate functionality and specific use cases tailored to business needs. This includes core financial management features, standout functionalities, and overall user experience. By assessing these criteria, I identify software that meets standard requirements while offering additional value through innovative features, usability, and support. After thorough research and testing, I provide my final selection guide. Each criterion's score is tallied to determine a final star rating, ensuring a fair evaluation.
Core Functionality: 25% of Total Weighting Score
- Invoicing: Ability to create, send, and manage invoices.
- Expense Tracking: Tools for tracking business expenses and categorizing them accurately.
- Financial Reporting: Generation of standard financial reports such as profit and loss statements, balance sheets, and cash flow statements.
- Bank Reconciliation: Automated matching of bank transactions with recorded entries.
- Tax Management: Features to calculate and file taxes, including sales tax and VAT.
Additional Standout Features: 25% of Total Weighting Score
- Automation: Automated workflows for recurring invoices, expense categorization, and financial report generation.
- Multi-Currency Support: Ability to handle transactions in multiple currencies seamlessly.
- Integrations: Compatibility with other business tools like CRM, payroll, and e-commerce platforms.
- AI-Powered Insights: Use of AI to provide predictive analytics and financial insights.
- Mobile Accessibility: Full mobile app functionality for accounting on the go.
Usability: 10% of Total Weighting Score
- Intuitive Interface: Easy navigation and clean layout for users with varying levels of accounting knowledge.
- Customization: Flexibility to customize dashboards and reports.
- User Interactivity: Features like drag-and-drop functionality for financial data entry and calendar-based scheduling for invoicing and payments.
Onboarding: 10% of Total Weighting Score
- Training Resources: Availability of training videos, webinars, and interactive product tours.
- Ease of Migration: Simple data import tools to migrate existing financial data.
- Support Materials: Access to templates, chatbots for real-time assistance, and sufficient help documentation.
Customer Support: 10% of Total Weighting Score
- Availability: 24/7 customer support via multiple channels such as phone, email, and live chat.
- Responsiveness: Quick response times and effective resolution of issues.
- Knowledgeable Staff: Support staff with deep knowledge of the product and accounting principles.
Value for Money: 10% of Total Weighting Score
- Pricing Tiers: Competitive pricing with multiple tiers to suit different business sizes and needs.
- Feature Inclusivity: Evaluation of whether the pricing plans include essential features without hidden costs.
- Trial Period: Availability of a free trial or money-back guarantee to assess the product's value before committing.
Customer Reviews: 10% of Total Weighting Score
- Overall Satisfaction: High ratings from a significant number of users indicating overall satisfaction.
- Feedback on Usability: Positive comments on ease of use and interface design.
- Reliability: Reviews indicating the software's reliability and uptime.
Trends for Cloud-Based Accounting Software
The landscape of cloud-based accounting software is rapidly evolving with new trends shaping the industry. Here are some of the most notable trends for this year.
- AI and Machine Learning Integration: AI and machine learning are increasingly being integrated into accounting software to automate repetitive tasks. These technologies enhance accuracy and provide predictive insights, helping businesses make informed decisions. This trend is vital as it reduces manual labor and improves efficiency.
- Real-Time Data Processing: Real-time data processing allows for instant updates and accurate financial reporting. This capability is crucial for businesses needing timely insights to stay competitive. The trend is important because it supports more agile and responsive financial management.
- Blockchain for Security: Blockchain technology is being used to enhance the security of financial transactions. It ensures transparency and prevents fraud, making accounting records more reliable. This trend is significant due to the growing need for secure financial data and reducing liabilities.
- Mobile Accessibility: Increasingly, accounting software is offering robust mobile applications. This trend allows business owners to manage their finances on the go, improving flexibility and productivity. It is interesting as it caters to the modern need for mobility and convenience.
- Advanced Integrations: Advanced integrations with other business tools, such as CRM and ERP systems, are becoming standard. These integrations streamline operations and consolidate data across platforms, enhancing overall business efficiency. The trend is important for creating a unified accounting system with your other business operations.
Cloud-based accounting software continues to innovate, offering enhanced features and capabilities to meet evolving business needs.
What is Cloud-Based Accounting Software?
Cloud-based accounting software is a tool that allows businesses to manage their financial transactions and records over the internet. It is used by small to large businesses, accountants, and financial professionals to track income, expenses, and other financial activities in real-time.
The software typically includes components such as general ledger, accounts payable, accounts receivable, payroll, and financial reporting. These features help users maintain accurate financial records, comply with tax regulations, and generate financial statements.
Features of Cloud-Based Accounting Software
When evaluating cloud-based accounting software, I focus on the features that make it a powerful tool for managing business finances. These key features streamline accounting processes, enhance accuracy, and provide valuable insights.
- Automated Invoicing: Automatically generate and send invoices to clients.
- Expense Tracking: Monitor and categorize business expenses with ease.
- Financial Reporting: Generate detailed financial reports for better decision-making.
- Bank Reconciliation: Match bank transactions with recorded entries automatically.
- Multi-Currency Support: Handle transactions in multiple currencies seamlessly.
- Mobile Access: Access accounting features from any mobile device.
- Payroll Integration: Integrate payroll management to streamline employee payments.
- Tax Management: Calculate and file taxes efficiently.
- Customizable Dashboards: Tailor dashboards to display key financial metrics.
- Real-Time Data Sync: Ensure financial data is always up-to-date and accurate.
These features are excellent assets for any business looking to improve its accounting processes and gain better financial control. They offer the tools needed to manage finances effectively and efficiently.
Benefits of Cloud-Based Accounting Software
Cloud-based accounting software offers numerous advantages for users and organizations. These benefits enhance financial management, improve efficiency, and provide valuable insights that help businesses thrive.
- Accessibility: Access financial data from anywhere with an internet connection, enabling remote work and real-time updates.
- Cost Efficiency: Reduce costs associated with traditional accounting methods by eliminating the need for physical storage and manual processes.
- Automation: Automate repetitive accounting tasks, such as invoicing and expense tracking, to save time and reduce errors.
- Scalability: Easily scale the software as your business grows, adding features and users without significant disruption.
- Enhanced Security: Benefit from advanced security measures that protect sensitive financial data, reducing the risk of data breaches.
These benefits highlight how cloud-based accounting software can transform financial management for businesses of all sizes. By adopting this technology, organizations can streamline their processes, improve accuracy, and gain valuable insights into their financial health.
Costs and Pricing of Cloud-Based Accounting Software
Understanding the costs and pricing options for cloud-based accounting software is essential for making an informed decision. Different plans cater to varying business sizes and needs, offering a range of features at different price points. Below, I have outlined the typical plan types, their average prices, and the common features included in each.
Plan Comparison Table for Cloud-Based Accounting Software
| Plan Type | Average Price | Common Features |
| Free | $0 | Basic invoicing, expense tracking, and limited reports |
| Basic | $10/user/month | Invoicing, expense tracking, basic financial reports, and mobile access |
| Standard | $20/user/month | All basic features, bank reconciliation, and multi-currency support |
| Premium | $30/user/month | All standard features, advanced reporting, payroll integration, and tax management |
| Enterprise | $50/user/month | All premium features, customizable dashboards, AI-powered insights, and dedicated support |
When choosing a plan, consider your business size and specific accounting needs. Each plan offers different features and capabilities, so select one that aligns with your financial management requirements and budget.
Cloud-Based Accounting Software FAQs
Here are some answers to frequently asked questions you may have about cloud-based accounting software and how it works:
How secure is cloud-based accounting software?
Cloud-based accounting software employs advanced security measures, including encryption and multi-factor authentication, to protect sensitive financial data. Data is often stored in secure, redundant servers to prevent loss. Regular updates and security patches help mitigate vulnerabilities. Many providers comply with industry standards and regulations for data protection, especially for sensitive financial information.
Can I access cloud-based accounting software on mobile devices?
Yes, most cloud-based accounting software offers mobile applications. These apps provide access to key features such as invoicing, expense tracking, and financial reports. Mobile access allows you to manage your finances on the go. Compatibility with iOS and Android devices is common.
What integrations are available with cloud-based accounting software?
Cloud-based accounting software typically integrates with various business tools. Common integrations include CRM systems, e-commerce platforms, payment processors, and payroll services. These integrations streamline accounting data flow and improve operational efficiency. Check specific software for a list of supported integrations.
Is cloud-based accounting software suitable for small businesses?
Yes, cloud-based accounting software is well-suited for small businesses. It offers scalability, allowing businesses to start with basic features and upgrade as they grow. Cost-effective plans cater to tight budgets. The software simplifies financial management, making it accessible even for those with limited accounting knowledge.
How does cloud-based accounting software handle multi-currency transactions?
Many cloud-based accounting software solutions support multi-currency transactions. This feature allows businesses to conduct transactions in various currencies and automatically convert them based on current exchange rates. Financial reports can also display amounts in multiple currencies. This functionality is vital for businesses operating internationally.
Can I automate tasks with cloud-based accounting software?
Yes, automation is a key feature of cloud-based accounting software. Common automated tasks include invoicing, expense categorization, and bank reconciliation. Automation reduces manual work, increases efficiency, and minimizes errors. It allows businesses to focus on more strategic activities.
What kind of customer support is available for cloud-based accounting software?
Customer support varies by provider but often includes 24/7 availability via phone, email, and live chat. Some providers offer comprehensive support resources such as FAQs, help articles, and video tutorials. Premium plans may include dedicated account managers or priority support. Assess support options when choosing a provider.
How do I migrate my data to cloud-based accounting software?
Most cloud-based accounting software offers tools to facilitate data migration. This may include importing data from spreadsheets, other accounting software, or bank statements. Providers often supply step-by-step guides or support to assist with migration. Ensure you back up your data before starting the migration process.
Other Accounting Software Options
If you still haven’t found what you’re looking for here, check out these other tools that we’ve tested and evaluated:
- Accounting Software For Midsize Businesses
- Accounting Software for PC
- Engineering Accounting Software
- Accounting Software for Teams
- Accounting Software With CRM
- Real Estate Accounting Software
- Accounting Software With Client Portals
- Multi-Company Accounting Software
- Legal Accounting Software
- Accounting Software for Startups
- AI Accounting Software
- Accounting Workflow Management Software
- Accounting Software With Payroll For Small Businesses
- Accounting Software For Service Companies
- Accounting Software For Rental Properties
- Accounting Software For Advertising Agencies
- Accounting Software For The Self-Employed
- Accounting Software For Large Business
- Accounting Software For Consultants
- Accounting Software for Mac
- Accounting Software For Accountants
- Lease Accounting Software
- Small Business Accounting Software
- Property Management Accounting Software
- Construction Accounting Software
- Accounting Software For Nonprofits
- Online Accounting Software
- Business Accounting Software
What’s Next?
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