If you are looking for low or no cost small business resources, you’ve come to the right place!
Most small businesses need support systems to run their businesses. Small business resources can include legal, accounting and bookkeeping help.
Every small business owner I know dreads bookkeeping. It’s like taking cod liver oil; you know it’s good for you, it’s just awful! Yet, small business bookkeeping just got so much easier- and it doesn’t cost a penny.
Outright.com is FREE software that has a very simple interface. It’s extremely intuitive and you can keep track of all your income and expenses on their server. It’s the perfect for small business resource for companies operating on a cash basis.
Small business bookkeeping has never been easier or cheaper! For a small business owner who is just getting started, this is the perfect way to transition from putting all the receipts in a shoebox to organizing those expenses and revenue streams.
Here are all the small business bookkeeping capabilities of Outright.com
~You can send invoices
~You can capture income and expenses
~The software will automatically generate profit and loss statements by month, quarter or year.
~It will keep track of sub contractors so when you need to generate a 1099 it will remind you.
~It will remind you of when your estimated taxes are due.
~You can also invite your book keeper to see your files.
If you are a small business bookkeeper, and your clients use the software, you can see how all your clients are doing on your own secure dashboard. Very cool.
The people who created Outright.com are programmers who worked for Intuit (that’s the Quickbooks folks) and they have tremendous background in accounting software.
Testing the Software
I decided to test the software to see how it works before I wrote this article. It took me five minutes to set up a basic bookkeeping account.
I was able to input revenues and expenses right away. There are drop down menus of expense categories that make it very easy and intuitive to group expenses.
When the Profit and Loss statement shows up, your expenses are already totaled by category and clearly shown. From there, your profit and loss statement is created automatically. How great is that?
If someone is intimidated by small business bookkeeping, they will find this among the small business resources to use instead of the expensive, complex programs usually recommended.
If you business is cash-based business, this probably a terrific solution to help you get out of the shoebox and going.
The only suggestion is to make sure you keep your receipts and file them in the same categories you use to track them with the software. So for example, a lunch with a colleague or customer gets categorized as “Meals and Entertainment”. You file your receipt for that meal in a folder or a file that is called “Meals and Entertainment”. Make sure you put the year on the file folder as well.
The other thing I’m impressed with Outright.com is how the software helps you prepare your year-end taxes. That should help save you money on your accountants fees. It also flags you when your estimated taxes come due so you don’t end up in a tussle with the IRS.
The software is also designed to remind you of quarterly payments of taxes to save you money in late fees and penalties to the IRS. I’ll be tracking income and expenses for Small Business How 2 on Outright.com to see how this works over time.
If you’re just starting up a new business, try Outright.com and let us know what you think. We will be bringing you other small business resources we think are worth your time and money. Stay tuned….