Nowadays almost everything can be cloud based, including some bookkeeping and accounting functions.
QuickBooks Online: This is Intuit’s cloud based version of the very popular Quickbooks. The online version allows creating invoices, tracking expenses and more basic features. The more in depth accounting functions are not yet available in the online version. Quickbooks Online is available for smart phones including the iPhone and BlackBerry. The online version starts out at free and there is a monthly fee for more features.
Web Based Accounting Programs