Ever since I came upon Outright. I have been trying to set up clients that are a good fit. What makes a good candidate. Well, it was designed for e-commerce businesses, but If your accounting isn’t very complicated, you really just need to categorize your expenses, you don’t send out invoices or you just don’t have that many transactions, this may be a good solution.
Why I like it:
1) Import transactions from the bank. You connect your bank, paypal and credit card accounts to the software and the transactions get imported in. There is a generic chart of accounts (income and expense categories) already there, but you can create your own accounts. The bank already has many of your transactions categorized already, so they come into the Outright system categorized that way. All you have to do is check that the transactions are to the correct categories.
Heads Up-depending on your bank you may only be able to import 3 months of information. If you are more than that into the year you will have to create a .csv import file. I did this for one of my companies, it wasn’t to bad of a process.
3) Separates personal transactions from business. This one is my favorite. If your like most small business owners you either have one bank account where all expenses (personal and business) are paid out of, or you have a business account and personal account, but have the business account pay some personal expenses and vice versa. You can categorize vendors as personal and those transactions won’t show up on the Profit/Loss statement.
Now for the 1 not so much
No balance sheet statement. While the software produces a nice Profit and Loss statement, there is no balance sheet. If you are wondering what a balance sheet is, then you probably don’t need one. In any event if you have any inventory that you are carrying you will need to have a balance sheet.
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