They realized, through their own experiences, that too much time is often spent by entrepreneurs on the least favorite part of ownership – keeping the company books updated and organized.
Many of the accounting tasks are automated through Outright, which also categorizes expenses, receipts and taxes. Once the data is collected, the system’s charts and graphs can quickly provide a snapshot of the financial situation of the business.
Outright is geared specifically to sole proprietorships and single-member limited liability corporations
Outright Accounting Features
- Tax records are kept up to date and reminders are given about upcoming tax deadlines
- Records income and expenses automatically
- Assists in estimating taxes and helps maximize deductions
- Reports can be viewed by category, customer or vendor
- Security includes a 256-bit SSL encryption system to protect data. The servers are housed in facilities protected by security guards and biometric scanning
- Cloud-based technology regularly backs up data on Outright’s servers, keeping it safe is something should happen to your computer
- Cost is minimal at $9.95 per month, following a free 30-day trial
The system was designed to free small-business owners from the chains of bookkeeping. According to our research, reading through business forums and other blog posts, Outright Accounting gets great feedback from those who use it. (we don’t use it ourselves; unfortunately it does not yet support our business entity, which is S-Corp)
Outright also seems to be especially helpful to eBay users and those that started their small business based on a hobby. Many users commented on how easy it is to get started using Outright, with one small business owner reporting he was able to get an idea of how his company was doing after only 15 minutes. Many users commented that is is far easier to use than Quickbooks.
Outright User Feedback
The graphs and charts are a big plus for most business owners and the price of $9.95 a month seems reasonable. Of those who were not enamored with Outright, there were several problems listed.
The biggest complaint was that the expense and income categories were insufficient for their business needs. (remember, it is really for sole proprietors and single person LLCs)
With its low monthly price, Outright Online Accounting might be a good choice for a relatively basic, online-based small business, especially one that deals with eBay and PayPal. The charts and graphs seem to be especially helpful.
However, for those companies that are a little more complex, one of the other cloud-based accounting aids may be a better choice. They offer the same types of services and may fit the business better.