Three years ago, a private basic education institute that had been started in the area where I was living at the time was forced to closed down. The school had been growing and had quite a large number of students. However, the school’s founder had not been able to track the cash flow of the business effectively enough to realize that, as the business was growing, its debt was increasing more than it could finance and no provisions were being made for this growth.

One of the main causes of this oversight was that the business’ accounts had been kept completely on paper. Before the owner knew it, the bank was knocking on the business’ doors and it was forced to close down and sell the property to repay the debt. This same problem happens to many other businesses in other sectors. However, a number of applications exist that can keep a small business’ financial records even if you are a novice to accounting or financial management. The following is a review of some of the most acclaimed applications.

If your business has just started or is a small business, Wave Accounting Software has been reviewed as the best free accounting software by Business News Daily. The Wave software does not have a native app but it is easy to use and does not require an advanced understanding of accounting. Registering for a Wave account is as easy as signing up with your email and the desired password or register using a Google or Yahoo account. The application uses a cloud-based software that also makes it possible for data to be accessed from anywhere, to add collaborators and work on more than one business’ accounts with a single login. With this software, you can easily enter transactions, bills receipts, and reports.

Another highly acclaimed financial management application is Quickbooks. It is not free like Wave Accounting but, according to consumer reviews, it is both very affordable and gives consumer’s value for their money. Quickbooks allows a business to automate many tasks so that accounting is less time-consuming. Data is also backed up automatically. The application is available for a 30-day free trial and then a starting price of $12.95 dollars a month per user with free upgrades for the online version. Quickbooks also has a mobile phone app that can be downloaded so that the accounting software is also accessible from your phone.

Another interesting software is Sage One. Though it is a bit pricier than the previous two, the software is also easy to use. It does not have some of the previously mentioned time-saving features like recurring invoices and does not track inventory. It does, however, have an attractive and easy to use user interface. Sage One is also catering the system to better-fit companies in Africa, specifically countries in the East and in the West. It is also cloud-based and has a number of different packages that users can choose from. Its subscription price varies on the package you choose.

If you’re a Mac user, Xero maybe your favorite choice in this list. While it is available for use on both PCs and Macs, the software is packed with features for Mac users at the best pricing. Many Mac accounting softwares are just stripped-down versions of their Windows equivalents but Xero brings all of its best features to Mac users as well. The package starts at $9 a month.

These are but a few of the numerous accounting software that are available for small business owners to keep track of their finances more easily. These software do make life a bit easier for a business owner. However, it should be noted that for more advanced accounting like filing for taxes, it is advisable to hire an experienced accountant. Invest some time in your business, because keeping track of your business’ financial health is an integral and important part of running it.