Online accounting is a method of accounting that relies on one or more web-based applications. Unlike desktop accounting software, nothing needs to be installed on your computer. Instead a user logs in to a secure, online account to manage bookkeeping, tax records, payroll, invoicing, inventory and business reports and other accounting tasks.
There are several advantages to online accounting, particularly for self-employed people and small businesses who aren’t large enough to employ full-time bookkeepers, CPAs or other tax professionals. The following is a list of features unique to online accounting products:
Access from any computer. Logging in to an account from more than one computer is convenient for people who work from different locations (like home and office), use both Macs and PCs, or have jobs that require travel.
Safer. Financial data is not saved to your computer like it is with desktop software. All information is stored “in the cloud,” a network of secure servers that are automatically backed up. This serves as great way to protect your data from computer theft, hard-drive failure, or accidental deletion of critical files.
Easier to use. Online accounting solutions are often easier to use because they do not have the steep learning curve of full-blown desktop software solutions like Quicken or QuickBooks. Online accounting usually offers a simplified interface that contains basic, commonly used features.
Grows with your business. Small-business owners can choose online accounting products that fit specific needs rather than complex desktop software that is loaded with many features they won't use. As a small business grows or changes, it can easily add online accounting products as needed. For example, Outright customers can sign up for Freshbooks if they want to integrate invoicing features.
Outright is an easy-to-use, online accounting solution that makes it easy for self-employed people and small businesses to automate common accounting tasks. It helps them stay on top of taxes and shows how their business is doing at a glance.
Outright also works together with other online accounting solutions that help with invoicing, receipt tracking, contact management, and more.