With more and more cloud based accounting software popping up in the market today, it could be hard to find which among so many cloud accounting applications is the perfect match for your accounting firm — one that integrates seamlessly into your existing workflow and makes your day-to-day operations easier and simpler. Not to worry! We’ve come up with a list of accounting software according to the needs of your firm.
Our Summary of the Best Cloud Based Accounting Software for Accounting Firms
If you’re a firm owner who likes your accounting software cloud based, secure, user-friendly, and overall helpful to your daily accounting operations, then take a look at our summary of the best accounting software for accountants.
QuickBooks Online
Xero
FreshBooks
Zoho Books
Best for Small and
Medium-sized Businesses (SMBs)
Wave Accounting
Most
Budget-friendly
Sage Intacct
NetSuite
Best for Medium to Large Enterprises
Kashoo
Easiest to Set Up
Neat
SmartVault
Product Spotlight
The 10 Best Cloud Based Accounting Software in the Market Right Now
We’ve tapped multiple reliable sources and compiled the top 10 cloud accounting applications out in the market right now. If you’re an accounting firm owner who needs a reliable accounting software list, then look no further — we have just the list of the best cloud based accounting solutions for you.
QuickBooks Online: The Overall Winner
California-based software company Intuit is widely known for their finance-focused software like the CRM tool and email marketing automation platform Mailchimp, as well as their take on accounting cloud based software, QuickBooks Online. This cloud based accounting software stands out from others because it’s packed with highly useful features and it’s helpful in deducting taxes, on top of its 4 subscription plan options.
Some notable features of this cloud accounting software include help with the management of accounts payable and accounts receivable, invoicing, financial reporting, and bank reconciliation, among many others. QuickBooks Online also welcomes multiple currencies and integrates with third-party software, including other cloud accounting applications that your firm may have previously used. On top of this, accounting programs software also offers help with tax deductions, including calculations, tax categories, and tax season documents exportation, among others.
Finally, for the subscription plans, QuickBooks Online offers 4 options (Simple Start, Essentials, Plus, and Advanced) with the options of monthly and yearly pay for this cloud finance software. Make sure to check the QuickBooks website regularly to check any changes in pricing.
Xero: Best for Efficiency
For collaborative use, Xero wins our vote. This cloud based accounting software allows multiple users to access one Xero account, adapt to your firm’s needs as it increases in scale, and integrates seamlessly with third-party applications and programs like other cloud bookkeeping software. Additionally, this accounting programs software is also affordable, making it suitable for small businesses.
Some features of this cloud accounting software include entering bills, sending invoices and quotes, allowing for short-term cash flow and business snapshots, tracking projects, capturing bills and receipts, reconciling bank transactions, claiming expenses, and using multiple currencies and third-party apps in this cloud based accounting software, as mentioned. This cloud finance software also has additional features like Hubdoc and Analytics Plus.
Xero offers 3 options for their subscription plans: Starter, Standard, and Premium. Note that just like for other accounting programs software, watch out for any changes in pricing by checking their pricing list regularly.
FreshBooks: Easiest to Use
Especially for smaller-scale firm owners (or those who are self-employed in general), FreshBooks is a cloud based accounting software with an uncomplicated UI and UX that’s perfect for those who have little to no experience in accounting. FreshBooks has features that can help your firm with tracking expenses, creating custom invoices, filing taxes, and billing vendors, among other features.
This cloud accounting software has 4 subscription plans: Lite, Plus, Premium, and Select. Check their site regularly for any pricing changes.
Zoho Books: Best for Small to Medium-sized Businesses (SMBs)
Best for SMBs, Zoho Books offers multiple business solutions for the day-to-day operations of those in the accounting industry. Known more as a productivity solutions tool, Zoho has also branched out into a more niche platform — accounting cloud based software.
Zoho Books prides itself on its Accounting Client Portal that allows for faster, simpler, and timelier data access. Some basic features of this cloud accounting software include managing vendor bills and payment, tracking sales and purchase orders, recording multi-currency transactions, and billing timesheets.
In terms of pricing, this accounting software has 6 subscription plans: Free, Standard, Professional, Premium, Elite, and Ultimate. Note that pricing is subject to change, which you should also check their website from time to time.
Wave Accounting: Most Budget-friendly
Imagine having no monthly fee for your cloud based accounting software — this is what Wave Accounting delivers. This accounting software allows multiple currencies, helps with branded and custom invoices, enables multiple payment methods straight from invoices, lets you send payment reminders, tracks expenses and income, and allows unlimited users to use the platform all at the same time.
Sage Intacct: Best for Scalability
If you’re looking for added advanced features, then Sage Intacct is the way to go. As the only AICPA-recommended accounting cloud based software in this list, Sage Intacct guarantees HIPA compliance and high-level cybersecurity. This cloud accounting software also allows you to automate accounting processes and detect errors in the general ledger for you, through the power of AI.
When it comes to pricing, this cloud based accounting software is by quote, so feel free to contact them to arrange a deal that’s suited to your firm’s needs.
Read More: The Beauty of Accounting Workflow Software
NetSuite: Best for Medium to Large Enterprises
Comprehensive and built for medium to large businesses, NetSuite gives accounting firm owners like yourself an extra hand especially with complex accounting tasks and projects. One of the standout features of this cloud based accounting software is that it utilises the enterprise resource planning (ERP) system so that areas like CRM, inventory, and e-commerce are managed and streamlined well. NetSuite cloud accounting software promises to improve your general ledger, AP and AR, and tax management with the help of AI as well. For pricing, there is a form you may fill out on their site.
Kashoo: Easiest to Set Up
When it comes to ease in setting up, Kashoo wins for sure. This accounting cloud based software integrates with other accounting software, including (but not limited to) cloud based bookkeeping software or cloud finance software. Kashoo helps you track expenses, invoices, bookkeeping automation, and beyond. For more information on pricing, click here.
Neat: Best for Tracking Multiple Expenses
Despite being one of the newer cloud based accounting programs out in the market, Neat has already proven to be the best choice for businesses with multiple monthly receipts and expenses. This cloud based accounting software includes features like expenses tracker, file sharing and collaboration, email and chat support, and elevated security encryption, among many other features.
Neat has just one pricing plan, which includes access to balance sheets, transaction reports, cash flow statements, profit and loss statements, and more.
Product Spotlight: SmartVault
SmartVault helps firms to streamline document workflows and stay efficient and compliant. SmartVault provides your team with a secure, centralised platform to store, access, and share documents with your teams — anytime, anywhere.
They also provide the tools you need to handle sensitive data securely while meeting compliance requirements.
Designed to address the challenges modern accounting firms face, SmartVault helps you in managing your increasing workloads, improving your efficiency, and staying competitive in an ever-evolving industry.
Is Cloud Based Accounting Software Safe?
Absolutely. With the right cybersecurity protocols, cloud based accounting software not only provides multiple user access to important documents — it also serves as a fortress for your most sensitive files like client data, bank documents, and the like.
Our list of accounting software reflects what’s needed by accountants all over the world right now: a cloud based accounting system that provides safety, accessibility, and overall quality UX regardless of the user’s expertise level in the field of accounting.
But even after you’ve figured out which accounting programs software matches your firm’s rhythm, picking the right accounting team still counts. Given the current talent shortage and capacity crunch that’s happening among accounting firms not only in Australia but across the globe as well, you need to be steps ahead of your competitors and think of solutions beyond cloud accounting software, ultimately to keep your firm in the black.
Cybersecurity + Enhanced Accessibility with Offshore Accounting
With the market demand for cybersecure cloud based accounting software and the ever-changing landscape of accounting, it’s a power move for any accounting firm to turn towards outsourced accounting, which offers your clients both enhanced cybersecurity and better accessibility to protect their most sensitive data and to allow for improved tracking, reconciling, reporting, and more.
With Australian-standard accounting staff training, enterprise-grade cybersecurity tools, and cloud based accounting software for improved data accessibility, outsourced accounting services from firms like TOA Global can enhance your daily operations, increase your capacity, and help your accounting practice escape the current talent crisis too.
Start outsourcing today with a free, no-obligation call with us.
