Did you know that only 1 out of 10 startups achieve success? Reasons for failure are numerous, with financial mismanagement being one of the most common ones.

Certainly, out of a multitude of responsibilities a startup owner has to conduct on a daily basis, taking care of finances is by far least interesting. Hiring a professional for the job is likely to be a stretch for the budget; luckily, with the entire world going mobile, new apps are emerging on a daily basis, many of which you can take advantage of as your personal financial assistants. For the following article, we have selected 5 that are currently considered to be the cream of the crop.

1. Quickbooks

Quickbooks represents one of the most reputable accounting software on the market today. It helps small businesses organize all their expenses, track custom invoices, receipts and control cash flows with just one click of the button (that is, tap of the finger). You can install Quickbooks on any device you own, be it desktop or mobile, what makes it extremely useful for those who are always on the go. Many highlight the fact that you can file your payroll taxes and upload data from all accounts seamlessly as one of its strongest suits. The goal of this app and those similar to it is to automate most of the process so you would spend less time on accounting and focus on other priorities.

2. Freshbooks

If you consider yourself to be quite tech savvy and already conduct most of your business in the cloud, Freshbooks is bound to answer all your needs. It is a cloud-based accounting software which is designed to save both your time and energy on invoicing clients and tracking time. This outstanding software enables Paypal, Google Checkout and credit card payments, and integrates with many business applications that can streamline this process. It is fully functional on all mobile devices, Android and iOS, thus being helpful for those who conduct frequent trips, but still wish to keep track of their business’ financial status.

3. Xero

According to DWAdvisory, one of the most professional business advisory teams, Xero is by far the most reliable accounting software for those who are looking to share critical financial data with key stakeholders. What sets it apart from all of its competitors is its integration with more than 400 add-on solutions. Xero boasts impressive inventory and contact management features, as well as payroll capabilities and automatizations. It helps you check cash flow, manage inventory, invoicing and track time. It also comes with a 24/7 customer support that is at your disposal for all inquiries you may have.

4. InDinero

InDinero is more than just another accounting software. It provides financial insights to its users in order to aid steady business growth. It represents an ideal mixture of an accounting and tax software that comes with a variety of options that basically handle all financial aspects of your business for you. Thanks to its user friendly and simple-to-master dashboard, it proved to be extremely helpful even for the least financially-savvy business owners. By subscribing, you will gain access to a team of financial experts – tax specialists, accountants and CPAs who will help you prepare and maintain your financial accounts, review and categorize transactions, manage books, perform month and year-end reconciliations, and many more.

5. Wave

Wave boasts more than 2 million users world-wide, as it is a perfect solution for, not just startups and SMBs, but freelancers, contractors and consultants. Aside from its invoicing and accounting features, it comes with a receipt scanning tool. It has an appealing and easy-to-use interface, and on its dashboard you can easily navigate between its features – mini-aging reports, account balances, income and expenses, etc. Wave is also the first choice for business partners and advisors who communicate in real time. It is available on all devices and can be easily synchronized.

With the number of financial apps growing at a rapid pace, one might find it impossible to choose the ideal accounting software that would meet all their needs. We recommend you thoroughly read the specifications, select several which seem as the most promising candidates, test for a month or two and switch if they don’t seem to satisfy all your requirements.