Bookkeeping is the act of recording and maintaining accurate financial records for your business. It includes sorting income from expenses and organizing business transactions into standardized categories. (Here are five tips for good bookkeeping.)
Online bookkeeping is a method of bookkeeping that relies on a web-based application rather than desktop bookkeeping software or pencil and paper.
Because online bookkeeping is easy, convenient and affordable, it is increasingly popular with small-business owners and self-employed people like freelancers and online sellers. However, bookkeeping—no matter how you go about it—is only one piece of the bigger accounting picture.
Other areas of accounting include payroll, invoicing, inventory, reports, and more. Your business may not require every aspect of accounting but, whether you're billing a customer (invoicing) or checking in on how your business is doing (reports), you will probably need more than just online bookkeeping for your accounting needs.
Although there are other online bookkeeping products out there, Outright is unique in that it automates accounting tasks, including bookkeeping, so you don’t have to worry about it. It’s also very easy to use. Outright automatically:
Outright also keeps you on top of taxes. It instantly categorizes income and expenses in the way the IRS expects, shows how much you owe each quarter, notifies you of tax deadlines, and lets you share with your accountant.