Well, I’ve officially given up the battle with Quickbooks. Partly because it makes my head spin, and partly because I’ve found something better.
A few wonderful readers had suggested outright.com, and after giving it a go, I have to say I’m in love. If you’re running a small business, particularly one that relies heavily on PayPal for collecting payments, it’s absolutely the way to go.
Outright lets you automatically import data from your PayPal account, as well as other credit cards. (This is a huge advantage over Quickbooks, which required me to create an invoice for each $30 sale, and then manually enter in PayPal transaction fees.) From there, it lets you see monthly profit and loss statements, and even tells you what you should be paying for your estimated quarterly taxes. I love that Outright gives you a graphical analysis of your data (perfect for visual learners). And, it’s totally free.
My only complaint so far is that Outright currently only lets me import my business bank account/debit card as a credit card. This means that, while it tracks all the expenses from the account, it doesn’t include income going into that account. (So when I’m depositing checks in there, that doesn’t register.) And I haven’t been able to figure out a way to manually enter those transactions. So, my numbers are actually skewed a little low right now.
But otherwise, Outright is a fabulous system for tracking your business finances. I’m not sure how well it would scale up as you started to take on employees or really grow the business, but for a one-person show who handles a lot of transactions via PayPal, it is absolutely amazing!
Don’t believe me yet – check out this little video from outright’s website.