 |
Company | Outright.com | ||
|---|---|---|---|---|
| http://outright.com | ||||
| Founded: | 2008 | |||
| City: | Mountain View, California | |||
| Country: | United States | |||
| CEO: | Kevin Reeth | |||
| Founders: | Kevin Reeth & Ben Curren | |||
| Category: | Other | Funding: | VC | |
| Tags: | accounting, taxes, freelance, self employed, bookkeeping, record keeping, IRS, finances | Employees: | 6-15 | |
What does Outright.com do?
Free record keeping that automatically tracks invoices, income, and expenses and helps you prepare for taxes. The use of the cloud lets us provide auto-categorization so those records are prepared for your tax forms (Schedule C) and deductions without users having to do anything. For example, the service auto-identifies any contractors you’ve hired and gets their taxpayer ID (form W9) which you’re required to get to file form 1099 in January (which we also do).
How are they different?
Outright.com automates the back office for a self employed professional.
Why could Outright.com be BIG?
There are 27M small businesses in America. Bookkeeping, accounting, and tax services are targeted at this significant market; providing a valuable solution to the one aspect of being in business that entrepreneurs really dislike and don’t understand. The burden of dealing with bookkeeping and taxes, on small businesses, is 25% than companies, simply because of the complexity, inexperience, and lack of resources. The Government, makes it hard to be a small business simply by its nature.
Outright.com is revolutionizing even that. Of the 27M small businesses, 21M are sole proprietors. The great majority of small businesses are people working for themselves. No services today support their unique needs. The IRS found that the burden on self employed professionals is 60% greater than any other business. Why do so few people in America go into business for themselves relative to decades ago? They simply cant keep up.
Outright.com is revolutionizing even that. Of the 27M small businesses, 21M are sole proprietors. The great majority of small businesses are people working for themselves. No services today support their unique needs. The IRS found that the burden on self employed professionals is 60% greater than any other business. Why do so few people in America go into business for themselves relative to decades ago? They simply cant keep up.
How they plan to make money:
How do we make money with a free service? Record keeping isn’t as complicated as existing software and services make it. It doesn’t cost much to do something so fundamental to being in business. With those records, we can make working for yourself even easier; its in that additional value that we can offer paid services. Take the 1099 filing for example; Outright records expenses to contractors and the W9 information you need to file the 1099 (at no cost) – if you’d like to then file your 1099s yourself, we’ve made it easier for you to do. If instead you’d like to “Click here” and have us take care of it – well file each 1099 for only $5.
Our thoughts:
No thoughts at the moment. Very interesting!
Please visit their website to learn more: http://outright.com
