Any online accounting software you are going to opt for must have the following features (at the very least):
1) Unlimited ledgers, accounts receivable, accounts payable: it is very necessary that your accounting software supports unlimited ledger accounts, accounts receivable, and accounts payable so that you can keep a track of all your transactions.
2) Strong payroll and compliance management system: managing payroll and compliances in the form of excel sheets increases complexity in the business. Your accounting software should therefore have a strong payroll and compliance management system.
3) Well-organized tax and expense management: it becomes very handy for a business if the tax and expense management is well-organized with little or no errors. Hence, it will be a big plus if the online accounting software supports a good tax and expense management system.
4) Should support multi-currency transactions: online accounting software must allow its users to transact in multiple currencies so that time can be saved and manual processing is not needed.
5) Systematic way to reconcile bank accounts: it happens many a times that the data you enter manually does not match with the data your bank account has. It then becomes necessary that your manual data and bank data must reconcile.
6) Ability to track debtors and creditors: the online accounting software should let you track your debtors and creditors so that you know the payment from which ones are still pending.
7) Should be uncomplicated: For a layman or a small-scale business it is necessary that the software is uncomplicated and has a list of easy-to-do steps.
8) Audit trail and accounting reports: Audit trail feature would be required in case you want to view a deleted or modified transaction. At the same time, the online accounting software should generate monthly and yearly reports for comparison purpose.
If any of these features is missing then its better not to go for that accounting software. Have a look at Giddh.