Published on 15 March 2013
If you run a small business and are have been struggling with excess amounts of paperwork and confusing spreadsheets, you're in luck. Outright is a comprehensive and easy-to-use online accounting program that simplifies the bookkeeping process. With Outright you will be able to organize your small business income and expenses, link your bank and credit card accounts and even have tax information at your fingertips throughout the year.
I actually use Outright for my bookkeeping needs. As you might have guessed, I am a freelancer. It's just me, so I'm the worker and the accountant. I'm going to say up front that I love Outright and have been using it since it first came on the market, when it was completely free. Let's start our Outright review.
Outright will streamline and manage everything from your tax receipts and accounts to your business expenses and money coming in from invoices. No longer will you need to worry about when your office utility bills are due or be unsure about the stream of income coming in.
Outright was first launched in 2008 and has since grown to more than 200,000 users. In 2012, Go Daddy purchased Outright but they haven't changed a thing. It still continues to be one of the leading bookkeeping software available for individuals and businesses.
As a small business owner, you have enough to worry about; the last thing you need is to keep track of files, documents and remember spreadsheet formulas for your expenses. Outright makes the entire bookkeeping process a breeze that anyone can do it. They use single entry bookkeeping instead of complicated double entry method.
Everything can be automated easily. Simply connect your accounts. For instance, I take all my payments via PayPal.com for my business. Therefore, I have PayPal integrated with Outright.com. I don't have to do any data entry. Since all my expenses and income go through PayPal, there is no data entry. Sometimes, I do have to go in and delete a transaction that was not business related, or categorize it as "owners draw". I am not concerned with that so I just delete it.
If you prefer doing all the data entry yourself, you can do so with Outright. Simply click either Expense or Income and use the handy "check book like" entry.
Tax season will be stress-free as the program has already prepared everything for you. As long as you chose the right categories, Outright saves you time, money and energy so you can get back to business. It literally took me two minutes to print out my schedule C for data entry into my Tax Software.
You'll also be happy to note that if you pay for the software, (yes, they still have a free option) you will also have your quarterly taxes computed for you.
Outright is one of the only types of bookkeeping software that doesn't require downloading, installing and frustrating set-up. It can be used in just minutes after signing up and is easy enough for anyone to use.
Since all your credit card and bank accounts are linked to the program, you never have to go searching for a receipt or invoice again. Everything is available to view online or download and print for filing purposes.
You can also link other online accounts, such as if you sell products on Amazon, eBay or Etsy. This helps keep all of your business streamlined and available from one program. What's more, Outright offers an iPhone app so you can access the software while on the go.
From the app you're able to enter cash transactions, get alert when you get large sales, check balances and enter your mileage and other expenses to be used for tax deductions.
Once you sign up for Outright, you will be taken directly to the set-up page. From here, you can link accounts such as your bank accounts, credit cards, PayPal, Amazon, Etsy and many others. All you do is click the button for that account and enter your information.
Once the set-up is complete, you will be directed to the dashboard where you can access everything you need. From the dashboard, you have immediate access to your expenses, income, reports, taxes, balances, profit loss for the past year, new sales or expenses, invoices, money you owe and money going out.
To view a more detailed list of your income, click on the Income tab at the top of the page. Here you will see all money in invoices you have sent out, which are still pending, money you owe, taxes, business and non-business transactions.
You can also view detailed Profit & Loss Reports from the Reports tab. This gives you a list of your best customers, biggest vendors, your spending habits, sales by state and the type of income for each transaction.
Outright offers you a very long list of benefits and very few disadvantages. If anything, the only disadvantage would be that you need Internet access or a mobile device to use the software. If your electricity is out or Internet goes down, you won't have immediate access to the information.
One other issue I have experienced with Outright.com is that if you have several accounts that are already connected you may end up with double entries. For instance, I used to have Outright connected with Freshbooks and PayPal. Since Freshbooks would generate the same income that PayPal was generating when a client paid me via PayPal, I ended up having to go in and delete multiple transactions that were repeats. I simply removed the integration with Freshbooks and kept the integration with PayPal to eliminate this problem since some of my clients do not want to use Freshbooks and prefer PayPal invoices and all of my clients pay me via PayPal. They also recently changed the way you delete a transaction so that you must delete only one at a time through multiple steps, instead of being able to delete multiple transactions in one step. While I'm sure bookkeepers love that because it makes it harder to delete a transaction, for my purposes it's just irritating.
A terrific feature of Outright is that you can create your account free of charge. This doesn't require a bank account, credit card, expiration dates, or monthly fees. If you want additional features like Annual reports and sales tax tracking, you can pay a monthly fee for Outright Plus, but it isn't required.
I do highly recommend that you pay the low monthly fee, however. The tax information, and the reports are truly priceless information. Plus, the cost of using the program is tax deductible for most business owners.
If you're looking for an easier and cheaper way to manage the books, including your income, expenses and invoices, Outright is the perfect option.
Ratings: ease of use 5/5, features 5/5, value 5/5 and ease of deployment 5/5