Outright is an accounting and bookkeeping

Bookkeeping

Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually...

 application that assists small businesses and sole proprietors with managing their business income and expenses. It also provides them with a means to organize and categorize expenses for filing a Schedule C.

History

Kevin Reeth and Ben Curren worked together at Intuit in 2006 and then later at a web-application firm called Esomnie LLC. As a Product Manager and Software Engineer respectively, the two were heavily involved in the development and marketing of Quicken

Quicken

Quicken is a personal finance management tool developed by Intuit, Inc.Quicken runs on Windows and Macintosh systems. Previous versions ran on DOS. An online version is also available. The last version of Quicken for Macintosh computers was Quicken Essentials for Mac released in February 2010...

 products.

Kevin and Ben had become increasingly frustrated with the complexity of doing taxes for small businesses, so in 2008 they founded a company and website called BootStrap. The Website continues to be operated by BootStrap, Inc. though the site was renamed to Outright just a few months after launch.

In 2009 the company raised a total of $7.7 million funding from Sequoia Capital

Sequoia Capital

Sequoia Capital is a Californian venture capital firm located on Sand Hill Road in Menlo Park, California. The Wall Street Journal has called Sequoia Capital "one of the highest-caliber venture firms", and noted that it is "one of Silicon Valley's most influential venture-capital firms"...

, First Round Capital

First Round Capital

First Round Capital is a venture capital firm that specializes in providing seed-stage funding to technology companies. Managed by Josh Kopelman, Chris Fralic, Rob Hayes and Howard L. Morgan, the Philadelphia-based company typically provides seed-stage investment that ranges from $250,000 to $500,000...

, Shasta Ventures and SoftTech VC among others. Today the website manages $1.2 billion in transactions from small businesses and independent contractors.

Items & Services

Outright.com tracks and manages business income

Income

Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...

, expenses and tax liabilities. Users input their business account information and Outright structures that information into reports and prepares it in a way that can assist with tax submissions. The online-only tool does not involve any software installations and can import financial information from PayPal

PayPal

PayPal is an American-based global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders....

, Freshbooks, oDesk and other financial management tools.

The website has the following features:

• Reports income
  Income
  Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...
  
   and expenses for sole proprietors filing a Schedule C or 1040
• Manages W-9s for paying contractor
  Independent contractor
  An independent contractor is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal agreement. Unlike an employee, an independent contractor does not work regularly for an employer but works as and when...
  
  s, freelancer
  Freelancer
  A freelancer, freelance worker, or freelance is somebody who is self-employed and is not committed to a particular employer long term. These workers are often represented by a company or an agency that resells their labor and that of others to its clients with or without project management and...
  
  s and anyone outside of company staff for 1099 filings

Outright also has an eBay

EBay

eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...

Bookkeeping Selling Manager App that imports transaction data from eBay and PayPal accounts to help eBay sellers manage their finances.

Competition

The market for small business bookkeeping is crowded with numerous competitors, such as QuickBooks, Bill.com and NetBooks. Comparatively, Outright’s Website is focused on “a single word – simplicity.”

External links

• http://www.outright.com/ Outright Website]
• http://outright.com/blog/ Outright Blog]
• Outright Community
• Outright Support
• Outright Education