Features
Save Time
Small business bookkeeping that is fast and painless. Import income and expenses directly from credit cards, invoices, receipts, or even merchant accounts and PayPal®. You always have the option to enter records quickly in simple ledgers.
Save Money
Know exactly what you can deduct and save as much as possible come tax time. We'll let you know when taxes are due, who needs a 1099, and we'll help with your Schedule C so you avoid costly fines and late fees from the IRS.
Stay on Top of Your Business
The simple reporting will show you where you're making and spending money and will keep you on top of your P&L.
FAQs
What is Outright? Why was it created?
Outright® is a very simple-to-use web service that helps you track income and expenses, pay estimated taxes on time, and see how your business is doing. It's perfect for self employed people.
Does Outright work well for corporations or partnerships?
At the present time, Outright is designed for sole proprietors and single-member LLCs who file a Schedule C tax form. We continue to hear requests for support of other business entities and have that in our feature queue.
What does it cost to use Outright?
The current Outright.com service is free to all customers and will remain so. We do plan to introduce new, paid options and fee-based services in the future, but the core service for self employed individuals will remain free.
How easy is it to get started with Outright?
Getting started is very simple. You can login and start adding transactions to the income and expense ledgers right away and see the reports update in real time. It is even easier if you add your business credit card, PayPal and other accounts and have those transactions automatically imported.
How often are transactions automatically added to my Outright account?
When you add an account to Outright we pull the transactions available and pull in new transactions every night going forward to keep your reports current. It is always possible to force an update by clicking into the account and hitting the refresh option.
Is my data safe and secure?
We do a number of things to make sure your information is safe and secure on Outright:
- We encrypt all information you enter before it is sent to our servers. Once you are logged into the site and ready to view or enter data, you can see the 'https' at the beginning of each page URL and the closed lock in the browser status bar. This is the same technology (called secure socket layer) used by online stores that capture credit card information.
- The site itself is password protected and that password is stored in an encrypted format that even we can't read.
- All information is backed up on an hourly basis, so it won't get lost if the service goes down for a little while.
Can I get my data back out of Outright?
Absolutely - it's your information. We believe strongly that your data belongs to you and for that reason, we provide the ability for you to export all of the data you've entered in a simple, comma-separated format, which is basically a text file that can be read by any spreadsheet or text editing program.
Just go to the reports screen and choose the time period you wish to export. Then, you may click either the "Export Report" or "Export Transactions" link at the bottom of the appropriate column to export your income and expenses in comma-separated format. The "Export Report" link provides summarized information by category, while the "Export Transactions" link provides all of the individual transactions.
How accurate are the estimated tax calculations?
Because every person's tax situation is different, we cannot provide an estimated tax calculation that is guaranteed to be accurate. Instead, we provide a conservative guidance based on the following:
- We calculate your businesses profit through the end of the IRS quarter (or through today's date if the quarter hasn't ended.) For example, if you were to look at the taxes page on June 10, you would see profit - or loss - through May 31, which is the end of the second quarter for IRS purposes.
- We then calculate the self employment tax (which consists of social security and Medicare contributions) using the latest IRS rates.
- To the self-employment tax, we add your business income tax. For this, we simply use the marginal tax rate based on the profit to date. For businesses earning higher income, this may result in a higher tax payment than using the average rate, but we figure it's better to be safe than sorry.
If you would like to know how to accurately calculate estimated taxes, simply view the IRS estimated tax worksheet at http://www.irs.gov/publications/p505/15008e19.html.
Can I add my own categories to the expense and income ledgers?
You sure can! Just go to the Settings page and pick Categories and then click on the "Add a Category" button. Your new category will now show up in the category drop down lists when entering transactions.
What if I think of a feature you should add to your product?
We're constantly improving Outright and working to make it the best product for small businesses. If you think of something we could do to make the product better for you please send it to support@outright.com and we'll add it to the list of features we're reviewing for future releases.
