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Tech Tuesday: Cloud-based accounting solutions for SMEs

Cloud accounting software has become a game-changer for small and medium-sized enterprises (SMEs) seeking efficient, streamlined financial management solutions. 

These software solutions provide a range of features and benefits that help businesses effectively handle invoicing, expense tracking, bank reconciliation, and financial reporting. By utilising cloud-based accounting software, SMEs can access their financial data securely from anywhere, collaborate with team members, and make data-driven decisions to drive growth. 

Whether you’re a startup or an established SME, embracing cloud accounting software can revolutionise your financial processes and contribute to the overall success of your business. So, let’s explore the top cloud accounting software options specifically tailored to SMEs in this week’s edition of Tech Tuesday.


Rounded.com.au is a cloud-based invoicing, accounting and business management tool built for Australian freelancers. It’s available via any internet-connected browser or smartphone app.

Launched in 2016, it was built to address the need for more fit-for-purpose, easy-to-use and affordable tools available to freelancers to help manage their business finances. Since its launch, Rounded has become the “go-to” app for thousands of Australian freelancers who want to be in better control of their businesses.

It enables them to send quotes and invoices, track time and expenses and get paid faster. Rounded gives its customers the information needed to easily navigate business critical events such as tax time and the insights and control to make the right decisions for their business.


Xero’s online accounting platform provides the foundation on which businesses can build a complete business solution. It connects businesses with their bank, accounting tools, their accountant, payment services and third-party apps, so everything is securely available at any time, on any device. 

Additionally, with Xero, accounting and bookkeeping practices gain access to efficient compliance tools, smart practice management software, and a cloud-based single accounting ledger for every client in one place.

Xero provides pricing plans starting from $11 to $62 per month.

Wiise Accounting and Financial Management

Wiise is an award-winning cloud business software helping Australian organisations streamline their accounting and operations and use real-time insights to accelerate growth and adapt to changing market conditions.

ISO-certified, built on Microsoft Business Central with localised features to meet banking, tax, and compliance requirements, Wiise’s powerful and user-friendly accounting solutions include local bank feeds, enhanced business reporting and intelligence, and integrations with eCommerce and other apps.

QuickBooks Online 

QuickBooks Online is a widely used cloud accounting software suitable for SMEs. It offers a comprehensive set of features to manage various financial aspects of a business. With QuickBooks Online, you can create professional invoices, track payments, and manage cash flow. It also allows you to track and categoriseexpenses, connect bank and credit card accounts for automatic transaction imports, and reconcile accounts seamlessly. 

Additionally, QuickBooks Online provides robust financial reporting capabilities, enabling you to generate balance sheets, profit and loss statements, and customisable reports to gain insights into your business’s financial health.

QuickBooks Online offers several pricing plans to cater to different business needs. The plans range from $25 to $150 per month. 

Zoho Books

Zoho Books is a comprehensive cloud accounting software that offers various features to streamline financial management for SMEs. It provides invoicing capabilities, allowing you to create and send professional invoices to clients. Expense tracking features help you manage and categorise business expenses, ensuring accurate record-keeping. 

Zoho Books also includes bank reconciliation functionality, enabling you to reconcile bank accounts and credit card transactions effortlessly. It also offers project management features to track expenses, billable hours, and profitability.

Zoho Books offers monthly pricing plans from $9 to $29 per organisation. 


FreshBooks is an intuitive cloud accounting software designed for service-based businesses. Its user-friendly interface and features simplify invoicing, time tracking, expense management, and client management. FreshBooks enables you to create professional-looking invoices, track time spent on projects, manage expenses and store client information. It also offers integration with popular payment gateways, making it easier to receive payments from clients.

FreshBooks offers pricing plans starting from $15 to $50 per month. 

Sage Business Cloud Accounting

Sage Business Cloud Accounting is a scalable accounting software suitable for SMEs. It provides essential features for managing financial processes, including invoicing, bank reconciliation, financial reporting, and inventory management. With Sage Business Cloud Accounting, you can create and send invoices, reconcile bank accounts, generate financial reports, and manage inventory levels. It offers scalability options, allowing you to add more features and users as your business grows.

Sage Business Cloud Accounting offers monthly pricing plans from $10 to $25.


TaxLeopard is an all-in-one cloud accounting software designed by accountants for sole traders. With its user-friendly interface and comprehensive functionality, TaxLeopard simplifies bookkeeping, invoicing, expense tracking, and financial reporting. It replaces complicated accounting software and offers access to experienced CPA accountants for end-to-end support.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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