Accounting, Bookkeeping, and QuickBooks Tips for Small Businesses

Posts tagged PayPal

Outright Review

Outright - Online Accounting and Small Business Bookkeeping Software

This week I’m reviewing Outright. Outright is a very basic online bookkeeping software that lets entrepreneurs organize their small business finances. It was designed for sole proprietors, single member LLC’s, and Schedule C filers who have basic bookkeeping needs. Outright is also a perfect online bookkeeping solution for Ebay and Etsy sellers who started a small business as a hobby. If you’re a mompreneur, small business owner, self-employed, or sell on Ebay or Etsy, Outright might be the perfect cloud based accounting solution for your small business.

Cost: Free – $9.95/month

What I Love:

  • Ability to set up Outright to link to and download transactions directly from Ebay, Etsy, Amazon, private websites, and PayPal.
  • You can also link your bank accounts and credit cards to Outright for automatic downloads, saving even more time from tedious data entry.
  • Outright will automatically categorize your downloaded transactions. Small business owners also have the ability to edit or add transactions manually.
  • I love how small business owners can track their accounts receivables though Outright with the “Money to Collect” section. Outright also has another section under the Income tab to record customer payments.
  • Under the expenses tab small business owners can track their expenses and checks written to vendors.
  • Another cool feature is that Outright can integrate with Shoeboxed.com, to help entrepreneurs organize and keep track of their receipts. Another bonus is that small business owners can automatically import their transactions stored in Shoeboxed.com directly to their Outright bookkeeping software.
  • Outright offers users a decent amount of financial reports to help entrepreneurs keep on top of their business finances. You can track your Profit & Loss daily, weekly, monthly, quarterly or annually. Some other financial reports include keeping track of your types of income, finding out who are your best customers, and reporting where you are spending your money. I love that it offers users the choice to view their financial reports as numbers or as graphs.
  • Outright offers a mileage tracking feature, making it easy to keep track of your business mileage throughout the year for tax purposes. The mileage tracker also has a link to Google Maps, making it easy to record your mileage if you forget to use your car’s odometer.
  • One of my favorite features is their tax section. You can track your business’ sales taxes, have Outright calculate your estimated quarterly tax payments, and assist in calculating your annual taxes. They also have an entire section to help small business owners with their 1099-K’s received from PayPal. It’s a great tool to assist small business owners with their basic tax questions.
  • Outright also has an iPhone app that provides home based business owners on the go with the ability to see their Profit & Loss reports, keep track of their bank balances, see details to their transactions, and receive income alerts so small business owners know when an order comes though.
  • Outright also has an incredible blog filled with tons of useful information that’s easy to understand and that’s written for the small business owner, mompreneur, homepreneur, entrepreneur, and self employed. Their blog includes tax due date reminders, tricks to using their online bookkeeping software, and other helpful information for business owners.

My Wish List:

  • Outright does not have invoicing tools. However, it does integrate with FreshBooks so you can use FreshBooks for your invoicing needs.
  • Small business owners can not enter bills to pay and the bookkeeping software does not track payables. Users can only enter after-the-fact expenses and payments already made to vendors.
  • I have a love-hate relationship with the tax section. I love that helps provide small business owners with an amount they will owe in their quarterly estimated tax payments and helps small business owners figure out their annual taxes. I don’t like that this part of the system is so simple that I worry it would be easy to make a mistake. Even though the software does figure out taxes, I still recommend working with a tax preparer to ensure your taxes are calculated correctly.
  • I wish the software included a balance sheet under the reporting section. I know small business owners are intimidated by the balance sheet, but it’s such an important part to watching a business’ finances.

Overall, I’m impressed with Outright as an online bookkeeping software for small businesses. It offers a lot of great features for entrepreneurs, home office businesses, mompreneurs, self-employed, micro businesses, Schedule C filers, and people selling on Ebay and Etsy. It’s definitely designed for small businesses in mind who have basic bookkeeping needs. However, for these small businesses Outright is a much better bookkeeping tool than using a spreadsheet, a bank statement, or doing shoebox accounting.

____________________________________________________________

Michelle Edwards, CPA - QuickBooks Consultant Written by Michelle Edwards, CPA
Certified QuickBooks ProAdvisor

Michelle Edwards, CPA is the owner of Trailhead Accounting Solutions CPA, LLC, an Erie, CO based CPA firm focused on providing small and mid-sized businesses with day-to-day accounting, bookkeeping, and business solutions. Michelle is a CFO turned consultant who loves working with small businesses and entrepreneurs. When she’s not crunching numbers, she can be found hiking, remote camping, gardening, quilting, and hanging out with her family.


Categories