We consider regularized approximate cloaking for the Helmholtz equation. Various cloaking schemes have been recently proposed and extensively investigated. The existing cloaking schemes in literature are (optimally) within $|\lnρ|^{-1}$ in 2D and $ρ$ in 3D of the perfect cloaking, where $ρ$ denotes the regularization parameter. In this work, we develop a cloaking scheme with a well-designed lossy layer right outside the cloaked region that can produce significantly enhanced near-cloaking performance. In fact, it is proved that the proposed cloaking scheme could (optimally) achieve $ρ^N$ in $\mathbb{R}^N$, $N\geq 2$, within the perfect cloaking. It is also shown that the limit of the proposed lossy layer corresponds to a sound-hard layer. We work with general geometry and arbitrary cloaked contents of the proposed cloaking device.