Help/How do I... Using Outright/FAQs

Will Outright work for me?

Leona
posted this on April 21, 2011 11:28 am

Outright is an accounting tool that helps "the smallest of the small" business owners -- sole proprietors and single-person LLCs -- maximize their business deductions for the Schedule C.  We are tailored for product-based business owners who sell online.

Outright generates a variety of Reports that can be broken down into daily, weekly, monthly or yearly details:  "Profit & Loss", "Your Spending", "Best Customers", "Biggest Vendors," "Sales by State" and also creates a Schedule C Worksheet. 


You can connect multiple banks, credit cards, and credit unions (we support automatic import for over 3,800 institutions!), as well as a variety of eCommerce accounts:  

eBay, PayPal, Etsy, Amazon, Harvest, Shoeboxed, Freshbooks

to generate real-time data.  In other words, if you have 4 credit cards, a PayPal account, and a main bank account for your business needs, Outright pulls the data from all 6 institutions, does the math, and produces one number as an overall metric for how well you're doing.    It also helps you stay on top of taxes:  http://help.outright.com/entries/20303177-all-about-estimated-tax-p...

Another one of Outright's strengths is automatic categorization; that is, you need only once classify your Post Office purchase as "Shipping Expense," and from then on will Outright "automagically" categorize purchases made at that POS "Shipping Expense".  This category will automatically fill in on your Schedule C Worksheet.

We're not the best fit for other forms of business, such as partnerships', corporations, or S-Corps, as we don't support their business-specific tax forms (Schedule K-1 for partnerships, or the 1120 for S-Corps).   Nor do we produce advanced financial statements that "the smallest of the small" business don't tend to use.  None of this means that won't grow to support other kinds of business in the future, but first want to make our core product as flawless as possible!  We had to start somewhere, so we started with the small. 


 
Topic is closed for comments