A lot of entrepreneurs ask me: What is the best accounting software for Estonian businesses? 🤔 The truth is, there’s no one-size-fits-all answer to this question. Every business is unique, and the best solution depends on several factors, such as your company’s size, industry, monthly budget 💰, and the specific features you need.

For some, ease of use and affordability might be the top priority ✅, while others may require advanced functionalities like payroll management 👩‍💻, inventory tracking 📦, or multi-currency support 💱. Additionally, many Estonian businesses value software that complies with local tax regulations and integrates seamlessly with the country’s digital ecosystem 🇪🇪.

In this article, I’ll walk you through the 10 best accounting software options in Estonia 🔟, highlighting their key features, pricing, and who they’re best suited for. Whether you’re a startup 🚀, small business 🏢, or a growing company 📈, this guide will help you make an informed choice.


#1 SimplBooks 


An online accounting software offering features like salary management, warehouse accounting, and comprehensive reporting. It allows both clients and accountants to access the same data and supports user permissions.

Features:


    1. SimplBooks integrates with major Estonian banks, including Coop, Swedbank, SEB, and LHV, allowing for the automatic import of daily bank transactions. This feature reduces manual data entry and ensures accurate financial records.


    2. The software supports electronic invoicing and filing, facilitating seamless communication with clients and tax authorities. SimplBooks has interfaces with e-invoicing operators such as Telema, Envoice, Omniva, and Costpocket, enabling efficient document exchange.


    3. User-Friendly Interface


    4. Designed with simplicity in mind, SimplBooks offers an intuitive interface that streamlines financial tasks such as invoicing, expense management, and reporting. This accessibility makes accounting straightforward, even for users with limited financial expertise.



#2 Merit Aktiva


A cloud-based accounting software designed for both accountants and entrepreneurs. It offers automated solutions to enhance efficiency and supports seamless data sharing among colleagues.

Merit Aktiva: Features

Merit Aktiva integrates with major Estonian banks, such as Swedbank, SEB, Coop, and LHV, enabling automatic import of daily bank transactions. This integration minimizes manual data entry and ensures accurate financial records.

The software supports electronic invoicing and filing, allowing for smooth communication with clients and tax authorities. Merit Aktiva integrates with e-invoicing operators like Telema, Envoice, Omniva, and Costpocket, making document exchange efficient.

User-Friendly Interface

Merit Aktiva is designed with simplicity in mind. Its intuitive interface makes managing financial tasks like invoicing, expense tracking, and reporting easy, even for users without a deep financial background.




#3 SmartAccounts: 


An online accounting platform that provides tools to record income and expenses, generate invoices, and manage financial transactions.

Key Features


    • Invoicing and Quotes: SmartAccounts enables users to create and send invoices directly from the software, facilitating efficient cash flow management. Additionally, it allows for the generation of quotes and purchase orders, enhancing the sales and procurement processes.


    • Expense Management: The software supports the entry of purchase invoices and offers tools for tracking expenses, ensuring accurate financial records. It also provides options for recurring purchase invoices, streamlining the accounting process.


    • Payroll Processing: SmartAccounts includes payroll functionalities, allowing businesses to manage employee salaries and related financial tasks efficiently.


    • Fixed Asset and Inventory Management: The platform offers built-in capabilities for managing fixed assets and inventory, including depreciation reports and inventory tracking, which are essential for businesses with physical assets.


    • Financial Reporting: SmartAccounts provides access to major financial reports such as balance sheets, income statements, and cash flow statements. It also offers additional reports related to purchasing, sales, and fixed assets, aiding in comprehensive financial analysis.




#4 Freshbooks


FreshBooks is a cloud-based accounting software tailored for small and medium-sized businesses, offering a comprehensive suite of tools to streamline financial management. Its user-friendly interface and robust features make it a popular choice among entrepreneurs seeking efficient accounting solutions.

FreshBooks is a cloud-based accounting software tailored for small and medium-sized businesses, freelancers, and sole proprietors. Founded in 2004 and headquartered in Toronto, Canada, FreshBooks offers a comprehensive suite of features designed to streamline financial management tasks.

Key Features


    • Invoicing and Payments: FreshBooks enables users to create and send professional invoices, set due dates, and apply late fees automatically. It also supports online payments, allowing clients to pay via credit card or ACH transfer directly from the invoice.


    • Expense Tracking: The software allows users to track expenses by uploading receipts and categorizing them, providing a clear overview of business spending.


    • Time Tracking: FreshBooks includes time tracking tools that integrate with invoicing, enabling users to bill clients based on hours worked.


    • Project Management: Users can manage projects by collaborating with team members, sharing files, and tracking project progress within the platform.


    • Financial Reporting: FreshBooks offers various financial reports, including Profit and Loss statements and Sales Tax summaries, to assist with tax preparation and financial analysis.




#5 ErplyBooks


ERPLY Books is a comprehensive accounting software tailored for small and medium-sized businesses, particularly in the retail and e-commerce sectors. It offers a range of features designed to streamline financial management and enhance operational efficiency.

1. Automation of Purchase Invoices

ERPLY Books simplifies the management of purchase invoices through its purchase invoice inbox. This feature consolidates all invoices in one place, significantly reducing manual data entry and saving up to 80% of the time typically spent on processing invoices.

2. Bank Interface Integration

The software integrates seamlessly with various banks, allowing for the automation of bank statement imports. This integration ensures accurate and up-to-date financial records, facilitating efficient reconciliation processes.

3. Flexible Reporting Capabilities

ERPLY Books offers robust reporting tools, including VAT returns and management reports. These features provide businesses with valuable insights into their financial performance, aiding in informed decision-making.

4. Web-Based Accessibility

As a cloud-based solution, ERPLY Books ensures that users can access their accounting data from anywhere, at any time. This flexibility is particularly beneficial for businesses with multiple locations or remote teams.

5. Integration with E-Commerce Platforms

ERPLY Books integrates with popular e-commerce platforms such as Shopify, WooCommerce, and Magento. This integration unifies online and in-store data, enabling retailers to manage their entire business operations, including inventory and order accuracy, through a single platform.

6. Synchronization with ERPLY POS

For businesses utilizing ERPLY POS, ERPLY Books offers synchronization capabilities that merge sales and purchase invoices with other documents like payments and inventory registrations. This synchronization eliminates the need for manual data entry, ensuring 

7. Payroll Management

ERPLY Books includes payroll features that allow businesses to manage employee payrolls efficiently. Users can add payrolls individually or in bulk, and monitor all payroll activities through comprehensive reporting tools.

8. Recurring Invoices

The software supports the creation and management of recurring invoices, making it ideal for businesses that offer subscription-based services or memberships. This feature automates the invoicing process, ensuring timely and consistent billing.

9. Synchronization of Payment Accounts

ERPLY Books addresses the challenge of assigning different accounts to various payment types by enabling the synchronization of payment accounts. This feature ensures that transactions are accurately recorded and categorized, streamlining financial management.

10. API and Integration Capabilities

ERPLY Books offers integration with various software solutions through its API, allowing businesses to customize their accounting processes and integrate with other tools as needed.




#6 e-Financials – from RIK


e-Financials is a user-friendly, web-based accounting software developed by the Centre of Registers and Information Systems in Estonia. It is designed to assist small enterprises and startups in managing their bookkeeping efficiently. Accessible through the e-Business Register portal, both entrepreneurs and authorized individuals, such as accountants, can utilize the software. The platform offers a comprehensive suite of features tailored to streamline financial management tasks

Key Features of e-Financials


    • Customer Management: Users can maintain detailed records of customers, facilitating effective communication and transaction tracking.


    • Invoice Creation: The software enables the generation of professional invoices, ensuring accurate billing and timely payments.


    • Payroll Organization: e-Financials assists in organizing payroll processes, including salary calculations and tax deductions, ensuring compliance with local regulations.


    • Report Generation and Submission: The platform allows for the creation and submission of various financial reports, aiding in regulatory compliance and financial analysis.


    • User Access Control: Designed for both entrepreneurs and authorized individuals, e-Financials ensures secure access and data integrity.


User-Friendly Interface

e-Financials boasts an intuitive interface that simplifies complex accounting tasks. Its design caters to users with varying levels of financial expertise, making it accessible for those new to accounting software. The platform’s straightforward navigation and clear layout enhance user experience, promoting efficient financial management.

Integration with e-Business Register

As part of the e-Business Register portal, e-Financials offers seamless integration with other governmental services. This integration streamlines administrative processes, such as business registration and reporting, providing a cohesive experience for users.

Cost and Accessibility

e-Financials is available free of charge for the first year, making it an attractive option for startups and small enterprises. After the initial period, users can access the software at a nominal fee, ensuring continued support and updates.


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Pawel Krok


Board Member at Eesti Consulting OÜ

Pawel Krok is a board member at Eesti Consulting OÜ, a consulting company that focuses specifically on company registration in Estonia. He helps entrepreneurs with first steps on the Estonian Market. He was an expert in World Bank’s Business Ready 2023 Project.