Outright.com is a free web-based bookkeeping service ideal for the self-employed, sole proprietors and very small businesses that want to manage their bookkeeping online. It was created by former Intuit employees in 2008 and is simple to use with a very user-friendly interface.
All the usual accounting tasks can be performed, such as tracking income and expenses, capturing business deductions, and monitoring business performance with reports (e.g. Profit and Loss, Income by Customer, Expenses by Vendor, 1099 ) .
What differentiates Outright the most from other online accounting software is that it calculates estimated quarterly taxes owed and helps meet tax deadlines with the use of timely reminders. Users can thus avoid tax penalties and also budget ahead of time, knowing how much they’ll need to pay for taxes.
Outright conveniently integrates with other applications and services in the following ways:
- Freshbooks (online invoicing & time tracking service): imports customer invoices, payment information and expenses
- Shoeboxed.com (mail-in paper receipt scanning service): converts scanned receipts into business deductions right into your Outright account
- eBay and PayPal: imports transactions
- Xpenser (mobile expense tracking & management): imports cash expenditures
Outright also provides an easy online 1099 filing solution. It can automatically track down W-9 information (users need to provide contractor contact information), prepare IRS form 1099-MISC, and file it with the IRS. Tax deadline: 1099s must be sent to contractors by 1 February 2010. We can currently offer 50% off the price of the Outright efiling service with our coupon code.
The creators of Outright have recently launched RightTaxesNow.com, a website providing tax advice and information about IRS rules, as well as a platform for people to get involved in the tax legislation process. Online petitions are set up to urge the passing of pending tax relief legislation for small businesses.
Outright online bookkeeping keeps your financial information secure; all data is encrypted and backed up on an hourly basis. The service remains free to users, with plans to add extra paid services in the future.
