Outright: Small Business Accounting Done Right

When I was in college few years ago, and even as I’m running a business today, the word accounting always makes me cringe. I’m sure there are plenty of people like me across the globe. But there is no escaping account. Lack of proper accounting might lead to audits, penalties, and more. So it’s better to bite the bullet and get those finances in order. Fortunately, there are many web apps in the market to help you with it.

Outright dramatically streamlines the work involved with running a small business by helping entrepreneurs pay the right taxes, organize their income and expenses, and keep their businesses on track. Let’s see if the app is simple enough to use for those who aren’t really good at accounting.

Ease of Use

Without the need for email activation, you can start using the app straight away after signing up. There is no need to submit your credit card information at this stage. The welcome page offers a quick and easy way to get started with your accounts. If you sell at popular eCommerce platforms like Etsy, eBay, Amazon or run your own online store, you can quickly start seeing all of your sales and expenses in one place in a couple of clicks.

Overview

Overview

To start, select the store where you sell the most and you will need the store user name and password to link your account. Then just relax – Outright starts pulling in your data. The developers promise it’s safe. Right now, only the three popular eCommerce platforms are supported, but more will be added in the future.

The Welcome Page

The Welcome Page

For those who sell services, the web app easily links your bank, credit card or invoicing service to the Outright account. Again, all you need is your user name and passwords for each account. Then, Outright does the rest.

Linking All Accounts

Linking Financial Accounts

Linking Financial Accounts

Just like a modern day Web 2.0 financial app, Outright can integrate your US bank accounts and credit cards automatically. This way you can stay on top of your income and expenses without any further effort from your end.

Supported eCommerce Accounts

Supported eCommerce Accounts

Outright’s partnership with popular eCommerce sites means that you can automatically import data from places like eBay, PayPal, and Freshbooks. I tried linking my PayPal account and after a few minutes my transaction history was imported to the Outright account. The data import was slower than I expected, but the dashboard was in auto refresh mode letting me know of the overall progress.

Income, Expenses and Taxes

Income Details

Income Details

Outright displays an itemized listing of all your income and expenses in the respective sections of the web app. All entries are time stamped and can be edited or deleted as you please.

Expense Details

Expense Details

You can add new transactions directly into the app and if there are too many entries you can upload them from csv files too. All transactions can be filtered based on date, vendors or categories.

Tax Information

Tax Information

You can see the tax payable at anytime you want. The tax information changes with income and expense updates and the app doesn’t hesitate to admit if it cannot determine whether certain amounts are tax deductible or not. Taxes for each quarter and the entire year are displayed.

Reports

Reports and Analytics

Reports and Analytics

Outright excels when it comes reports and analytics. Right from the dashboard, you get to see the health of your business from a bird’s eye view. For in depth analysis, head over to the Reports section of the app. From profit and loss to the best customers who contribute to a major chunk of your revenue, you can pull extensive bar and pie charts.

Final Thoughts

Outright does make life easier for those who have a hard time understanding accounting concepts but have to do it anyway. I have seen a few accounting apps which makes you believe they are simple to use, but overtime end up being a pain at best. On the contrary, Outright does as much of the hard work as possible all by itself by analyzing the data it imports from your financial accounts.

I have to admit that I was floored by the level of analytics offered by Outright. It helps a lot to see how much money comes in and how much goes out. Accolades apart, their pricing policy is somewhat weird. You are free to sign up and use Outright for both personal and business use. If you find the app to be really useful, then you can choose to pay a $9.95/month subscription for Outright Pro. Outright Pro gives you Annual, Quarterly, and Sales Tax tracking and reporting, and more, but you have to dig to find information on the differences. A clearer explanation in the pricing page would be whole lot of help for everyone. That said, without doubt, Outright indeed helps small businesses thrive in our connected world.

Share Your Thoughts!

How do you keep track of your finances? Using an app that’s better than Outright? Do let us know in the comments below!


Summary

Outright dramatically streamlines the work involved with running a small business, by helping entrepreneurs pay the right taxes, organize their income and expenses, and keep their businesses on track.

8