Best Accounting Software for Small Businesses in Latvia 2026 — Compared

Choosing accounting software isn't just a technology decision. It directly affects how quickly your accountant can prepare returns, how easily you can see your company's financial health, and whether your system is ready for the e-invoicing era that has already begun in 2026. Yet Latvia's accounting software market is fragmented — between local programs with deep integration into state systems and international platforms with modern interfaces, there are huge differences in price and functionality.

In this article, we compare the most popular accounting programs available in Latvia in 2026 — honestly highlighting the strengths and weaknesses of each. Our goal isn't to sell one particular solution, but to help you make an informed decision.

Why Your Accounting Software Choice Matters More Than You Think

Many new entrepreneurs choose software based on price or simply because it was the first one they came across. But the wrong choice leads to several negative consequences:

• Data is trapped in a closed system. If you choose a little-known program developed by a solo programmer and they stop supporting it, your financial data can become inaccessible.

• No integration with the SRS EDS. Without automatic return submission, you will have to manually transfer data into EDS forms — time-consuming and error-prone.

• No e-invoicing capability. From 2026, e-invoicing in the public sector (B2G) is mandatory, and B2B will follow soon. If your software doesn't support it, you can't meet the legal requirements.

The Specific Latvian Requirement: EDS (State Revenue Service Electronic Declaration System)

In Latvia, any accounting software used at a serious level must be able to integrate with the State Revenue Service's Electronic Declaration System (EDS). It's not an option — it's a necessity, because it is through EDS that VAT returns, CIT returns, employer reports, and annual statements are filed.

Only a handful of programs offer direct, officially certified EDS integration. Others offer partial support, where you can extract an XML file from the software and then manually upload it to EDS. The difference is in the time you spend dealing with the tax office.

The Best Accounting Software for Latvian SIAs — Head-to-Head Comparison

Before we dive into each program individually, here's a quick summary:

1. Horizon Cloud — The Robust Workhorse

Horizon is one of the oldest and most widely used accounting systems in Latvia, and its cloud version, Horizon Cloud, is the choice of many medium and larger businesses.

Strengths:

• Full integration with the SRS EDS — returns can be submitted directly from the program without opening a browser.

• Excellent bank statement processing — importing files from Swedbank, SEB, Citadele, the system automatically creates journal entries.

• A powerful payroll module with automatic calculation of social contributions, PIT, and the non-taxable minimum.

• Supports PEPPOL e-invoices, which is a prerequisite for working with the public sector.

Weaknesses:

• Price — depending on the number of modules (accounting, payroll, inventory), the monthly fee can reach €200 or more.

• The interface is functional but not the most modern — it takes time to get used to.

• Training is required to make full use of its capabilities.

Who it is best for: Companies with 5+ employees and regular VAT transactions that want maximum automation and reliability. At Balansis, we use Horizon for our day-to-day accounting work because it provides stability and a minimal risk of errors.

Approximate cost: From €50 per month for the basic version, including bookkeeping and payroll for one employee. The price rises quickly as modules are added.

2. Jumis — The Local Giant with Deep Functionality

Jumis is a long-standing competitor to Horizon, and in the eyes of many accountants, it is the gold standard. It runs on a local computer, but a remote access option is available.

Strengths:

• Extremely detailed functionality — from specific construction project modules to agricultural accounting.

• Full SRS EDS integration — just like Horizon, Jumis allows you to file returns directly from the program.

• A large user community and widely available training courses.

• Supports the PEPPOL format and e-invoices.

Weaknesses:

• A cloud version is available, but it is not as slick as pure cloud competitors (e.g. Visma).

• Price — highly dependent on configuration. License fees plus a monthly service charge can amount to €150+.

• The interface is dense, with many fields and buttons, which can be intimidating for a new user.

Who it is best for: Companies that want a comprehensive, "all-in-one" solution and don't mind locally installed software. Particularly good for manufacturing and trading businesses.

Approximate cost: Starting at around €30–50 per month for a small business, but more expensive versions with inventory and manufacturing modules can exceed €150 per month.

3. Pats.lv — The Most Affordable Cloud Solution for Small Businesses

Pats.lv is a simple, online accounting tool designed for the self-employed, micro-enterprises, and small SIAs. Its popularity has grown rapidly in recent years.

Strengths:

• Low price — from €7 to €30 per month, depending on the plan. The SIA plan (€25/month) includes payroll for up to 3 employees.

• Simple, intuitive interface — suitable for those who don't want to learn accounting in depth.

• Automatic bank statement import from Swedbank, SEB, Citadele, and Revolut.

• Reports and the annual statement are generated automatically.

Weaknesses:

• EDS integration is partial — some returns can be submitted automatically, but not all. For example, the VAT return may still need to be entered manually in EDS using an XML file.

• Limited functionality for inventory management or complex manufacturing processes.

• E-invoice support is limited — possibly insufficient for companies that do a lot of work with the public sector.

• Support is available only in Latvian.

Who it is best for: Ideal for a new SIA without a large transaction volume, a freelancer who has transitioned to an SIA, or a micro-enterprise with 1–3 employees. An excellent entry-level tool.

Approximate cost: SIA plan €25/month, including payroll for up to 3 employees. No hidden extra costs.

4. Visma (e-conomic) — A Strong Scandinavian Cloud Contender

Visma is an international company, and its e-conomic platform is built with small and medium-sized businesses across Northern Europe in mind. It is becoming increasingly popular in Latvia.

Strengths:

• A modern cloud platform with a good user experience.

• A good range of modules — accounting, payroll, project management.

• Supports the PEPPOL format and e-invoices, which is essential in 2026.

• A mobile app is available.

Weaknesses:

• EDS integration is still less seamless than Jumis or Horizon — in some cases, you still need to rely on manual data export.

• Pricing is similar to Horizon, but support and training in Latvian are less widespread.

• Some specific nuances of Latvian legislation (e.g. holiday reserve calculations under local standards) may not be fully integrated.

Who it is best for: Companies with more than 3 employees that want an international cloud solution with good support and may operate across multiple countries.

Approximate cost: From around €40–60 per month for basic accounting.

5. Xero and QuickBooks — The Global Stars That Don't Shine in Latvia

Xero and QuickBooks are global leaders in cloud accounting. They are excellent for simple businesses, but in Latvia, they face several fundamental problems.

The problems:

• No EDS integration. Neither of these tools can submit Latvian tax returns directly to the SRS. You will always need an intermediary (an accountant with their own software) or you'll be copying data manually.

• No PEPPOL e-invoice support in the Latvian context. You won't be able to issue valid e-invoices to public authorities.

• Latvian tax rates are not applied automatically. For example, the differentiated non-taxable minimum or the reverse VAT charge in construction — these specifics are not supported.

• Lack of localisation. The interface is only in English, and customer support won't answer questions about Latvian legislation.

When they are acceptable:

If you are an international startup using a Latvian SIA only as a holding structure and you don't yet have local operations. Or if you have an accountant who works with Xero but uses a separate tool for EDS purposes. For the vast majority of SIAs, these tools will create more problems than they solve.

Approximate cost: Approximately €20–40 per month, but this doesn't factor in the extra work needed to make them compliant with the Latvian SRS.

6. Microsoft Excel — When It's Enough, and When It's Not

Excel is still the most commonly used "accounting tool" among new entrepreneurs — and there's a good reason for that. It's free (if you already have Microsoft Office), flexible, and doesn't depend on an internet connection.

When Excel is acceptable:

• You are self-employed with a low transaction count (up to 10–15 per month).

• You are just starting out and still testing your business idea — Excel is a great temporary solution while you're not sure the business will survive.

• You have a very simple structure: one bank account, a few clients, no VAT, no employees.

When Excel is no longer acceptable:

• You are a VAT payer — preparing a VAT return manually is very prone to error.

• You have employees — handling payroll without specialised software is complex and risky.

• Your monthly transaction count exceeds 20–30 — at this point Excel becomes a time thief, and the likelihood of errors increases significantly.

Warning: Excel files are not secure against data loss, and they lack an audit trail — if someone accidentally deletes a row, it may go undetected for months.

Our Recommendations by Business Type and Size

Based on our experience with both types of clients — those who want to do everything themselves and those who trust their accountant fully — here are our recommendations:

• Self-employed / IK with turnover up to €20,000: Pats.lv (or Excel, if transactions are very few). Pats.lv at €7/month will provide a basic journal and return preparation.

• Small SIA with 1–3 employees, turnover up to €100,000: Pats.lv (€25/month) or Visma e-conomic (€40–60/month), if you want more functionality and PEPPOL integration.

• Small/medium SIA with 3–15 employees, turnover €100,000 – €500,000: Horizon Cloud or Jumis. At this level, the investment (~€80–150/month) pays for itself through automation and full compliance with all SRS requirements.

• Medium/large SIA with 15+ employees: Horizon Enterprise or Jumis with a full module suite. At this level, specific business needs dictate the choice, and both programs are evenly matched — the decision often comes down to the accountant's personal experience.

What Balansis uses: In our day-to-day work, we primarily use Horizon, as it provides the most stable EDS integration and detailed client data management. We also work with clients who use Jumis and Pats.lv — our systems are flexible.

How to Migrate from One System to Another Without Losing History

If you've decided to switch from Excel or another program, don't be afraid of moving your data. The process depends on what you are moving from and to.

1. From Excel to Pats.lv / Visma: Manually enter the opening balances (debtors, creditors, bank balance, fixed assets) into the new system. Excel data is typically not imported automatically.

2. From Pats.lv to Horizon / Jumis: Pats.lv allows you to export the accounting journal in CSV or Excel format. A professional accountant can prepare this data and import it into Horizon or Jumis using the standard import function.

3. Between Jumis and Horizon: The databases of the two programs are structurally different. It's advisable to hire an accountant specialising in data migration, as the process can be complex. Usually, account turnover and balances are transferred, rather than every individual historical document.

The golden rule: Always preserve the old program's database and access to it for at least 10 years (the legally required retention period). Even if you switch to a new system, the data in the old one is your legal proof.

There is no single "best" answer in software selection — there is only the one that best fits your company's size, budget, and employee count. At Balansis, we always recommend starting with a simpler (and cheaper) solution and upgrading to a more powerful one as the business grows. Our team helps with both software selection and data migration if you decide to change your system.

Last updated: June 2026. Information is based on the software developers' official materials, publicly available pricing, and our team's practical experience.