Outright.com has been a lifesaver for me. I came across it a few months ago while searching for a way to figure out my estimate quarterly taxes. Everything page I found gave me this complex equation about adding and subtracting numbers and I made even more confused. I knew it had to be a simpler way.
Outright was my solution, an online bookkeeping and accounting tool. I sign up for their 30 Day free trial back in April and connected it to my paypal account. It pull in all of my transactions. It then used the information to created these nice charts detailing my income and expenses. Since then they have made some nice improvements that I like. When you invoice a client or someone sends you money via Paypal, they takes out a small fee. This fee is an expense (according to my research). Outright now automatically categorize this as “Paypal fee” before you had to do it yourself. Another new feature is a weekly email summary of your profits/losses. This is great for someone like myself who’s obsession about making my monthly income goals. Now I can easily tell if I am doing good or bad. It also has help me to determine what my biggest expense is so I know where I need to cut back.
Now here is where the good stuff come in. Not only does it tell me what my estimated quarterly taxes are, the dates they should be paid by and it completes my schedule c form for me. You can also give your accountant/bookkeeper access to your account. They won’t be able to touch your money but make minor changes to make sure your are doing everything by the book. I plan on sitting down with my tax preparer to go over everything.
This is a review and in a prefect world everything would be all peachy. There’s one thing I don’t like which is double transactions. Just because this services make it easy to to keep your book you still need to review all of the information it pulls in. I’ve been testing out Shoeboxed to scan receipts and Freshbooks for invoicing, which I’ve connect to my Outright acct. Before I learn about these services I was inputting receipts in manually and use Paypal for invoicing. This leads to double entries. I did a little research and there is no solution for this. The site suggested if it just small number of double entries that you just delete it manually because they don’t recognize duplicates. Hopefully this is something they would take care of in the near future. I also learn through my research that their estimate for your quarterly taxes are a little higher than what you would probably estimate yourself to help avoid underpaying.
I been using Outright for four months now and I am totally loving it. For just $9.95 a month (word on the street is that this is a business deduction – I will try and confirm this) it helps me keep the financial part of my business on track so I can do more of what I love to do – designing. If you are in need a accounting/bookkeeping services I highly suggest you try on Outright for 30 days. If you don’t love it make sure your cancel it before you get charge but I highly doubt you will.
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Disclaimer: This review of Ourtight.com was done at my own discretion. I was not asked or given anything for this review. I am however, now an affiliate of their services.