As a bookkeeper, I usually recommend QuickBooks for the functionality it provides.  However, many small business owners just want something simply to keep track of receivables and payables.  Enter Freshbooks.

Here is the company description of the program:

Running a business is hard enough. We believe financial record keeping should be easy, fast, (and perhaps even fun), but still detailed enough to satisfy your accountant.

Billing should be simple. You can send an invoice a few seconds after creating your account no matter what level of experience you have.

Your data deserves to be safe, secure, and accessible to you. We also believe you own your data, we do not. Your data will be easy to export any time you want it.

Every customer should look like a Fortune 500 company, based on the image sent by invoices, bills, or other accounting communications, no matter what size the company is.

Everyone is entitled to the latest version of our software, so no matter what kind of account you have with us, you get the upgrades.

Freshbooks includes options of time tracking feature for those whose clients are billed based on time.  It also has an estimate function for those who need to submit an estimate as part of a proposal.  While it does not have extensive reporting options it does give you basic reporting to track revenues and expenses.  And for those using online payment sources such as PayPal and Google, there is an option to set up payment link on your invoice.

Freshbooks also allows you to set up authorized users and therefore you can outsource your bookkeeping needs.  Regardless of whom does your bookkeeping, it needs to be done so that you get paid in a timely fashion.  You will also have a clear picture of your financial position with up-to-date accurate records.