7 Cloud Accounting Software for Small and Midsize Businesses

Cloud-based accounting software has become increasingly popular amongst organizations due to its flexibility, scalability, and accessibility. As more businesses invest in cloud accounting software, accounting tasks are gradually becoming easier and well-structured.

However, some decision-makers, planning to invest in cloud accounting software, struggle with choosing the right software. That’s why Finsmart Accounting – one of the best outsourced accounting services providers in India – created this blog to share the list of the top 7 cloud-based accounting software that makes lives easy for modern-day accountants.

Let’s get started with our list of accounting and bookkeeping software that is powered by the cloud!

Best Cloud Accounting Software for 2024

As we move towards the end of 2023, we bring to you the top 7 cloud-based accounting software that are perfect for small and mid-size businesses in India and abroad. Please note that some of them exclusively cater to the Indian businesses, while others have a global appeal.

1. Zoho Books

Zoho Books is a part of the Zoho suite and provides comprehensive accounting solutions. Suitable for both small and big businesses, Zoho Books offers a wide range of options to accommodate diverse business needs. This can be easily integrated with other Zoho applications and hence, is a seamless choice for businesses using multiple Zoho tools.

The key features of Zoho Books include invoicing, expense tracking, inventory management, and financial reporting.

2. Xero

Xero is another popular cloud-based accounting software known for its ease of use and competitive set of features. This cloud-based software is particularly well-suited for US-based small businesses and offers different plans to fit into their budgets. It integrates with a variety of third-party applications to enhance its capabilities.

Xero provides features like bank reconciliation, invoicing, expense tracking, project tracking, invoicing, and inventory management.

3. FreshBooks

FreshBooks was designed primarily for small service-based businesses, independent professionals, and freelancers. This cloud accounting software is known for its intuitive interface and mobile app, making it easy for users to manage their finances. It integrates with various payment gateways to facilitate online payments.

This cloud-based accounting software offers features like invoicing, time tracking, expense management, and basic accounting functions. No wonder, people in over 160 countries use it.

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4. Wave

Wave is a free cloud accounting software catering to businesses and freelancers on a tight budget. While it is free-to-use software, it offers paid add-ons for more advanced features like credit card processing and payroll. Wave is an excellent choice for startups and very small businesses looking for affordable accounting solutions.

This cloud-based accounting software offers basic accounting features like invoicing, expense tracking, and financial reporting.

5. Sage Intacct

Sage Intacct is a cloud accounting software designed specifically for mid-size businesses. It is popularly known for its scalability and advanced features, making it suitable for growing companies with complex financial needs. Sage integrates with various other business systems and offers industry-specific solutions.

This cloud accounting software provides robust financial management, reporting capabilities, and automation. Its ease of use and an abundance of features also make it a top choice for brands like Adobe and Verizon.

6. NetSuite

Owned by Oracle, NetSuite is a comprehensive cloud-based Enterprise Resource Planning software. It includes accounting and financial management as core modules. This cloud accounting software offers a unified platform to manage various aspects of a business which makes it suitable for organisations with multifaceted operations.

NetSuite is designed for midsize and larger businesses and provides features like financial consolidation, inventory management, CRM, and e-commerce.

7. Kashoo

Kashoo is a cloud-based accounting software specially designed for sole proprietors and small businesses. It is popularly known for its simplicity and user-friendly interface, making it a good choice for those new to the world of accounting. Kashoo also includes multi-currency support for businesses with international operations.

This cloud accounting software offers features like double-entry accounting, bank reconciliation, invoicing, and expense tracking.

Cloud accounting software selection tips:

With so many options for cloud accounting software, it can sometimes be hard to pick the right one. To determine if a software is right for you, don’t forget to consider the following factors:

Complexity of your accounting needs
Budget
Scalability
Integration requirements
Industry relevance
Business size relevance

We hope this will help you make the right choice but if you are still struggling, our team of accounting experts can help you pick. Drop an email at connect@finsmartaccounting.com to contact us! As a bonus, we will also share a thing or two about offshore accounting and outsourced payroll services.