This is an important topic to me because I hate accounting. I love owning and operating my own business but I was always putting off the accounting until the last minute. Definitely not a good idea and it always caused me long nights finishing up the books for sales tax or income taxes or something else. That was a problem for me until about three years ago when I found Outright.com.
Before I go any further, a couple of things. First, I plan to repost this on my other business blogs because it is applicable to all of them. Secondly, I do not have any interest in Outright.com nor am I an affiliate. I just think it’s a get service that has saved me a lot of grief. Thirdly, Outright.com is now owned by GoDaddy and the service remains just as good as ever.
To use outright.com or, as it’s called now, GoDaddy Online Bookkeeping Service, you have to start by being a business. That is, your business income and expenses should be separate from your personal income and expenses. You need to have a business bank account, or more than one, and a business credit card or a service like Paypal. Once you are operating like a business then this accounting service is for you. They do the following:
1. Automatically import data from your bank, credit cards, PayPal, eBay, Etsy, and Amazon.
2. The categorize all your transactions into IRS approved categories
3. They provide profit and loss, expense, and customer reports.
4. You can create, send, and track invoices.
5. Create tax worksheets and reports, Annual Summary, Schedule C, estimated tax and sales tax reports.
6. They import all your data nightly.
Basically, they do all your accounting so you can simplify your invoicing, know your profit and loss, handle your taxes easily, and it is totally secure.
Most importantly, they do this for only $9.99 per month. All of those tasks are handled for you professionally for a small price. I can’t imagine going back to to doing my own accounting. I have done my taxes for the past three years using the information complied by Outright with excellent results and I definitely recommend the service.
Check it out at http://outright.com and enjoy.