Best Accounting Software for Small Businesses in Latvia 2026 — A Comparison
Choosing accounting software isn't just a technology decision. It directly affects how quickly your accountant can prepare tax filings, how easily you can see your own company's financial position, and whether your system is ready for the e-invoicing requirements that have applied to public-sector transactions in Latvia since 2025. Yet Latvia's accounting software market is fragmented — there are huge differences in price and functionality between local platforms with deep integration into government systems and international platforms with a modern interface.
In this article, we compare the most popular accounting software available in Latvia in 2026 — honestly weighing each one's strengths and weaknesses. The goal isn't to sell you one particular solution, but to help you make an informed decision.
Key takeaways
Every serious business in Latvia has to file returns through VID's EDS system — software that does this directly (via API) saves dozens of hours a year compared with manual XML uploads
Several local platforms offer full, direct EDS integration — check specifically whether the one you're considering covers the exact filing types you need
"Cloud version" doesn't always mean the same thing — some vendors run both a local product line and a separate cloud product with a different price and feature set
Specific prices and plans change often in the SaaS market — the figures in this article are approximate as of when it was written; always check the current price list with the provider
There's no single "right" answer — the choice depends on your company's size, transaction volume, and how much you want to do yourself versus leaving to an outsourced accountant
Why choosing accounting software matters more than you think
Many new business owners choose software based on price, or because it's the first one they came across. But the wrong choice leads to several negative consequences:
Your data gets locked into a closed system. If you choose an obscure program built by a single developer and they stop supporting it, your financial data may become inaccessible.
No integration with VID's EDS. Without automatic filing, you'll have to manually transfer data into EDS forms — time-consuming and error-prone.
No e-invoicing support. Structured e-invoices for transactions with government institutions (B2G) have been mandatory since 2025, with B2B to follow in 2028. If your software doesn't support this, you won't be able to meet the legal requirements for working with the public sector. More: digital accounting and e-invoices in Latvia.
A Latvia-specific requirement: EDS (the State Revenue Service's system)
In Latvia, any accounting software used seriously needs to be able to integrate with the State Revenue Service's Electronic Declaration System (EDS). This isn't optional — VAT returns, corporate income tax returns, employer reports, and annual reports are all filed through EDS.
Only a handful of platforms offer direct, API-based EDS integration — and even among those, the range of supported filing types can differ (some send the employer report and VAT return directly, for instance, but not every report type). Others offer partial support, where you export an XML file from the software and then upload it to EDS manually. The difference is measured in the time you spend dealing with VID — so before choosing, ask the provider specifically which filing types can be submitted automatically.
Accounting software for Latvian SIAs — quick comparison
Before we dig into each platform individually, here's a short summary. Prices are approximate and can vary by plan and number of users — always check the current price list directly with the provider.
Software | Best for | Price (monthly, approximate) | EDS integration | E-invoices (PEPPOL) | Cloud version |
|---|---|---|---|---|---|
Moneo | Small and mid-size SIAs, including outsourced accounting firms | Check current pricing directly with Moneo | Yes (API, coverage expanding gradually) | Yes | Yes |
Horizon Cloud | Mid-size and large companies | No public price list — individual quote | Yes (full) | Yes | Yes |
Jumis | Jumis Finance — smaller SIAs; Jumis Pro — SIAs of any size with deeper needs | Jumis Finance from €10/mo; Jumis Pro from €45/mo (1 user) + €12/mo per extra user | Yes (VAT return filed directly from the app) | Yes | Yes (Jumis Finance is a separate, full cloud product) |
Pats.lv | Self-employed, micro-businesses, small SIAs | Free plan available (up to 10 invoices/month); paid plans — check current pricing | Partial (XML export, manual upload to EDS) | Limited | Yes |
Visma e-conomic | Small and mid-size, especially with international operations | From roughly €40/mo | Not independently confirmed for the Latvian context — check with the local representative | Yes (in general) | Yes |
Excel | Micro-businesses, a temporary solution | €0 | No (manual) | No | No |
1. Moneo — a local platform with API-based VID integration
Moneo is an accounting system developed in Latvia that combines accounting, inventory, production, and payroll in one platform.
Strengths:
API-based EDS integration — reports (for example, the employer report on social contributions and personal income tax, and the VAT return) can be sent directly from the software without a manual file upload. VID is gradually expanding which document types can be accepted via API, so check specifically what's already available.
E-invoice (PEPPOL) support for both sending and receiving.
A built-in payroll module with automatic calculation of social security contributions, personal income tax, and the non-taxable minimum.
Integrations with document digitization and automatic bank data sync tools.
Weaknesses:
No simple, standardized public price list covering all plans — the exact price depends on configuration and the number of modules.
As a local platform, international support and English-language documentation are more limited than with international competitors.
Who it's for: Businesses that want accounting, payroll, and document digitization combined in one system, with a direct connection to VID. At Balansis, we use Moneo ourselves in our day-to-day work for exactly these reasons.
2. Horizon Cloud — a robust solution for reliable accounting
Horizon is one of the oldest and most widely used accounting systems in Latvia (a Visma group product), and its cloud version, Horizon Cloud, is the choice for many mid-size and larger companies.
Strengths:
Full integration with VID's EDS — returns can be filed directly from the software.
Bank statement processing with automatic entry creation.
A strong payroll module with automatic calculation of social security contributions, personal income tax, and the non-taxable minimum.
Supports PEPPOL e-invoices, a prerequisite for working with the public sector.
Weaknesses:
No publicly available standardized price list — pricing is set through an individual quote depending on the number of modules, so a specific figure can't be stated in advance.
The interface is functional but not the most modern — it takes time to get used to.
Training is needed to use all of its capabilities.
Who it's for: Companies with 5+ employees and regular VAT transactions that want maximum automation and reliability.
3. Jumis — a local giant with deep functionality
Jumis offers two distinct products: Jumis Finance (a standalone, browser-based cloud solution for smaller needs) and Jumis Pro (a broader, more comprehensive solution with deeper functionality).
Strengths:
Jumis Finance is a genuine cloud product, accessible from any device through a browser — no local installation needed.
VAT returns can be created and filed with VID's EDS directly from the app.
Jumis Pro offers extremely detailed functionality — from specific modules for construction projects to agricultural accounting.
A large user community and widely available training courses.
Supports the PEPPOL format and e-invoices.
Weaknesses:
Having two distinct products (Finance and Pro) can create confusion when choosing — find out in advance which one actually fits your needs.
The Jumis Pro interface is dense, with many fields and buttons, which can be intimidating for a new user.
Who it's for: Jumis Finance — smaller and mid-size SIAs for whom a browser-based solution is enough. Jumis Pro — companies that want a comprehensive, all-in-one solution with deep, industry-specific features, especially in manufacturing and trade.
Approximate costs: Jumis Finance starting from €10/month (Finance) or €20/month (Finance+), plus a transaction-based fee. Jumis Pro starting from €45/month for the first user, plus €12/month for each additional user.
4. Pats.lv — the most accessible cloud solution for small businesses
Pats.lv is a simple, online accounting tool aimed at the self-employed, micro-businesses, and small SIAs.
Strengths:
A free plan is available — up to 10 invoices a month, with the option to add documents for scanning and invite an accountant for access.
A simple, intuitive interface — suited to those who don't want to dive deep into accounting.
Automatic bank statement import from several Latvian banks.
Reports and the annual report are generated automatically on paid plans.
Weaknesses:
EDS integration is partial — reports are prepared in XML format, which the user has to upload to EDS themselves. There's no automatic, direct filing.
Limited functionality for inventory management or complex production processes.
E-invoice support is limited — likely insufficient for businesses that do a lot of work with the public sector.
Support is available only in Latvian.
Who it's for: Ideal for a new SIA with low transaction volume, a freelancer who has switched to an SIA, or a micro-business with 1–3 employees.
Approximate costs: A free plan for basic needs; paid plans with extended functionality (payroll, e-invoices, fixed asset tracking) — check the current price list directly on the Pats.lv website, since this information changes over time.
5. Visma e-conomic — a cloud solution from Scandinavia
An important distinction: the Visma group owns both Horizon (a platform built specifically for the Latvian market, covered above) and e-conomic (an international cloud platform aimed mainly at the Nordic market) — these are two different products with different functionality, not the same solution under a different name.
Strengths:
A modern cloud platform with a good user experience.
A good range of modules — accounting, payroll, project management.
Supports e-invoicing in general and has a mobile app available.
Weaknesses:
A direct, Latvia-specific VID EDS integration for e-conomic is not independently confirmed — the materials available on Visma's EDS integration relate to Horizon, not e-conomic. Confirm this point with Visma's representative in Latvia before choosing.
Some Latvia-specific legal nuances (for example, calculating vacation reserves under local standards) may not be fully built in, since the product was primarily designed for other markets.
Who it's for: Companies operating in multiple countries that want a unified international cloud solution — provided you've first confirmed compliance with Latvian tax requirements.
Approximate costs: Starting from roughly €40/month for basic accounting.
6. Microsoft Excel — when it's enough, and when it isn't
Excel remains the most commonly used "accounting tool" among new business owners — and for good reason. It's free (if you already have Microsoft Office), flexible, and doesn't depend on an internet connection.
When Excel is acceptable:
You're self-employed with a small number of transactions (up to 10–15 a month).
You're just starting out and still testing your business idea.
Your setup is very simple: one bank account, a few clients, no VAT registration, no employees.
When Excel is no longer acceptable:
You're a VAT payer — preparing VAT returns manually is highly error-prone.
You have employees — payroll without specialized software is complex and risky.
Your transaction volume exceeds 20–30 a month.
A warning: Excel files aren't protected against data loss, and they have no audit trail — if someone accidentally deletes a row, it might go unnoticed for months.
Our recommendations by company type and size
Based on our experience with different kinds of clients, here are our general recommendations. These are approximate — the right choice always depends on your company's specifics:
Self-employed / sole trader with turnover up to €20,000: Pats.lv's free plan (or Excel, if transaction volume is very low).
Small SIA with 1–3 employees, turnover up to €100,000: A Pats.lv paid plan or Jumis Finance — check which better matches the EDS and e-invoicing functionality you need.
Small/mid-size SIA with 3–15 employees, turnover €100,000–€500,000: Moneo, Horizon Cloud, or Jumis Pro. At this level, the investment pays off through automation and compliance with all VID requirements.
Mid-size/large SIA with 15+ employees: Moneo, Horizon, or Jumis Pro with a full module set. At this level, your specific business needs drive the choice, and several platforms are comparable — the decision often comes down to the accountant's personal experience.
What Balansis uses: In our day-to-day work, we use Moneo, because it combines a direct VID EDS connection, e-invoicing, and payroll in one system. We also work with clients who use the other platforms mentioned here — our process is flexible regardless of which system you use.
How to migrate from one platform to another without losing your history
If you've decided to switch from Excel or another program to something else, don't be afraid of moving your data. The process depends on what you're migrating from and to.
From Excel to any system: You manually enter opening balances (receivables, payables, bank balance, fixed assets) into the new system. Excel data usually isn't imported automatically.
From a simpler tool to a fuller system: Simpler tools usually let you export the accounting journal as CSV or Excel. A professional accountant can prepare this data and import it into the new system using its standard import function.
Between two full-featured systems: Database structures usually differ. It's advisable to hire an accountant who specializes in data migration, since the process can be complex. Typically, account turnovers and balances are transferred, rather than every historical document.
The golden rule: Always keep the old software's database and your access to it for at least 10 years (the legal retention period is 10 years for accounting registers and payroll documents, and at least 5 years for other supporting documents). Even after switching to a new system, the data in the old one is your legal record.
There's no single "best" answer when it comes to software — only the one that best fits your company's size, budget, and headcount. At Balansis, we always recommend starting with a simpler (and cheaper) solution and moving to something more powerful as the company grows. Our team can help both with choosing software and with data migration if you decide to switch systems. Get in touch with us, or see our accounting services.
Frequently Asked Questions
Why does EDS integration matter so much when choosing accounting software?
In Latvia, every serious business needs to file VAT returns, corporate income tax returns, employer reports, and an annual report through VID's Electronic Declaration System (EDS). Without direct integration, data has to be entered into EDS forms manually — time-consuming and error-prone.
Which platforms have full, direct EDS integration?
Several platforms used in Latvia (for example, Moneo, Horizon Cloud, and Jumis) offer API-based integration that lets you file at least some returns directly from the software. Ask the provider specifically which filing types can be submitted automatically, since the range of supported reports differs and expands over time.
What's the cheapest option for a small SIA?
Pats.lv offers a free plan limited to 10 invoices a month — one of the cheapest ways to get started. As your needs grow, you'll need to move to a paid plan or another solution.
Do international platforms like Xero or QuickBooks work for a Latvian SIA?
For most Latvian SIAs — no, at least not as your only tool. They typically lack direct VID EDS integration, and PEPPOL/e-invoicing support in the Latvian context, where available at all, requires paid third-party connectors. In practice that means extra cost and complexity compared with local systems.
Is Excel enough for a new business?
Only for very simple cases — the self-employed with few transactions a month, no VAT registration, and no employees. Once you're a VAT payer, have employees, or your transaction volume exceeds 20–30 a month, Excel becomes a time sink and an error risk.
How do I know whether a given platform supports the e-invoices needed for working with government institutions?
Ask the provider specifically whether the software supports the PEPPOL BIS Billing 3.0 standard, and whether the integration is built in or requires an additional third-party service. That directly affects how easy it will be to meet the B2G e-invoicing requirements.
Sources
Public materials from software providers (Moneo, Jumis, Pats.lv, Visma) — check current pricing and functionality directly with each provider before making a decision
Last updated: September 2026. Specific software pricing and features change over time — always check the current information directly with the provider before choosing.
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