What is outright?
Outright is an online accounting program aimed at small business owners and online sellers. It has been specifically designed to automate many online transactions streamlining and simplifying bookeeping for online sellers. They offer two services a Forever Free Plan and a Premium Service called Outright Plus. Unlike many free plans though the Forever Free Plan actually provides more value than many paid accounting programs (more on that later). Outright takes a simple to understand cash in, cash out approach to book keeping that is perfect for eBay sellers. Outright doesn’t offer many advanced features for keeping track of payroll or corporate taxes. That’s fine though because most eBay sellers are either sole proprietors or small LLC companies.
Outright Forever Free Plan Features
One of the most important features of the outright accounting plan is automation. Anyone who has bought sold on eBay knows that the fee structure is far from simple to calculate. Outright integrates fully with eBay, automatically importing eBay Listing and Final Value Fees. Equally impressive is how it will import all PayPal Payments as well. If you do your shipping through PayPal these charges will also be imported. If you have business checking account it can be attached as well allowing you to import transactions from there as well. This in itself is more than most paid services allow you to do. For example in Quickbooks in order to enter PayPal Data you must download it from PayPal as a CSV file. Then you have to upload it into Quickbooks. Sound easy enough? After uploading you have to edit the data because the formats don’t match. Outright makes this process easy, it will do it for you without you even logging into your account. Everything is on autopilot.
Online and Secure
Outright is also a fully online application . That means that there is never any software to download or install on your PC or laptop. Another advantage to this approach is that if your PC or laptop malfunctions your data will still be safe online. Outright uses a 256 SSL encryption to make sure your session is secure whenever you login to your account. Outright also employs McAfee antivirus to keep hackers from gaining access to your account. There is also the option of downloading your data to a CSV or spreadsheet to keep on your PC as a backup or for other calculations.
Ease of Use
Outright’s charts and graphs can are easily customized allowing you to look at data from the past week, month year or add a custom range. These charts are automatically updated as new transactions are imported into your account. The most valuable report is the Profit and Loss report showing how much money has come in vs how much has gone out in fees and expenses. Outright’s reports though go much deeper than simple profit and loss. They can also show you where most of your expenses are coming from, who your best customers are and what income streams are most profitable.
Tax Time Made Easy
As an eBay seller outright gives you just about everything that you need to easily keep track of your income and expenses online. This makes it easy to find all the information needed to quickly and accurately prepare for tax time. With Outright Plus ($9.95 a month) you can make preparing your taxes even simpler. Outright Plus will automatically import your tax info from Outright to a Schedule C Tax Form. It will also automate your Quarterly Estimated Tax Preparation.
Outright Vs QuickBooks Pro (InfoGraphic)
Quickbooks Pro is full featured accounting program with many features not available on Outright. The problem with Quickbooks Pro is that it is designed primarily for larger businesses who have dedicated staff to handle their accounting. QuickBooks doesn’t integrate with eBay or PayPal so all sales must be entered by hand (or a third party software must be acquired and installed). Sure they offer Payroll Accounting and Job Costing but these aren’t used by most eCommerce sellers. All the added features in the end also add unneeded complexity. Try searching online for Quickbooks and see how many pages of forum questions come up regarding how to accomplish a simple task. Now do the same for Outright. It’s clear to see which program is easier to use and setup.
This software will automatically import your PayPal Payments, Ebay Listing Fees and even Shipping Charges (if you ship through PayPal). All of this is done online without the need to download or install software. You can easily track your profits or losses and get prepared for your taxes. You can also manually add expenses and income or attache a business bank account. Outright is by far the easiest accounting software for eBay and now it’s free.
How To Set Up Your New Outright Account
- Click one of the links above
- For Outright+ choose monthly or yearly billing and click add to cart proceed to checkout. For outright enter your name and email address and click “Start My Free Account”).
- Login into your account and click the briefcase icon at the top of the screen
- From the drop down menu choose “Linked Accounts”
- From there choose PayPal and eBay
- You’re ready to get started with Outright’s Forever Free Plan