Survey Reveals Self-Employed Can Save 5 Hours a Month on Bookkeeping

MOUNTAIN VIEW, Calif., April 26, 2011 /PRNewswire/ -- Ask any really small business owner how much accounting they would do if the government didn't make them file a tax return. According to Outright, Inc., most say, "None." But a recent survey by the company found that entrepreneurs who used Outright's online accounting software spent on average 5 hours less a month performing their dreaded bookkeeping duties.

The survey also revealed that it takes tax professionals 63% less time to prepare a tax return for a client who uses Outright's automated record keeping, versus someone who walks in to their accountant with manual spreadsheets or a shoebox stuffed with receipts.  

Outright is the only web-hosted bookkeeping software specifically created for the 24 million Americans who work for themselves. Outright delivers a streamlined, online solution to help the self-employed track all of their income and expenses to get their taxes done accurately. Outright was founded in 2008 with one goal: to simplify accounting so that business owners spend the least amount of time possible using their software.

"Most people hate all the record keeping involved with being self-employed," said Kevin Reeth, CEO and Co-Founder of Outright. "They do it because they have to, but they'd rather spend their time doing anything else. By automating most of this chore, we found we can save small business owners five hours a month. That's a round of golf, or a day spent volunteering at your kid's kindergarten."

Outright syncs up to a user's business accounts, including banks, credit cards, online invoicing tools like FreshBooks and Harvest, and even PayPal, making it easy to track company spending and income in one simplified, organized place. The software checks for new activity nightly and automatically categorizes most of transactions the way the IRS requires. Unlike complex accounting software such as QuickBooks or Quicken, small business owners with no bookkeeping experience or interest can quickly set up their company records in Outright, and over time the system gets smarter, doing more of the work for them.

"It's hard enough to run a business by yourself, without having to do all the accounting, calculations, classifications, reporting, filing," noted Reeth. "We help take care of all this for you, so when tax time comes, you're ready. No more headaches or last minute scramble to prepare. Accountants also love how organized Outright keeps their clients. Research shows a tax pro can prepare your return in less than half the time it takes if you're using a manual method of record keeping or dumping a folder full of receipts on their desk."

Outright features quick-view graphs that show company spending, profits and other helpful business stats in a way that's easy to understand. The program also sends reminders when estimated taxes are due and calculates suggested payment amounts to avoid underpayment penalties.

Outright is available as a free 30-Day Trial. After that time, service is just $9.95 a month. The online software is both Mac and PC compatible.

For more information about Outright, visit www.outright.com.

About Outright

Outright helps over 120,000 busy entrepreneurs pay the right taxes, record financial transactions, and keep their businesses on track and growing. Outright was founded in 2008 by Kevin Reeth and Ben Curren, themselves web development entrepreneurs who were struggling to keep up with their own accounting. They started building their own software to easily track income and expenses online, and quickly realized the 24 million other sole proprietors out there would kill for such a simple, automated record keeping tool.

Backed by leading investors, Sequoia Capital, First Round Capital, Shasta Ventures, SoftTech VC, and Felicis Ventures, Outright has one goal: to make accounting as simple as possible so the self-employed can spend as little time as possible on the least enjoyable part of running a business.

SOURCE Outright, Inc.