Outright Tracking More Than $1 Billion, Launches W-9 Management Service. We’re big fans of Outright, a free and drop-dead simple online bookkeeping service. Today, the startup has revealed that it is tracking over $1 billion self employed and micro-business transactions, which Outright says is a sign that the freelance, contract labor, and self-employment marketplace is strong. Outright.com’s platform manages all business finances, tracks income and expenses, and automates tax preparation. The site is now launching a new automated W-9 management service today. A W-9 tax form is required for anyone outside of employees to whom you pay money (i.e. contractors, freelancers), to ensure you properly file a 1099. Outright strips the W-9 form from confusing IRS jargon and simplifies the language so both business owners and contract workers can easily understand how to fill the forms out.
Launched earlier this year, the startup recently raised $5 million in funding and previously raised $2 million in seed funding. Outright Raises $5 Million More For Simple Online Bookkeeping App. Sequoia Capital has led a second round of funding for Outright, provider of a free and drop-dead simple online bookkeeping service, investing $5 million in the fledgling company together with returning backers First Round Capital, Shasta Ventures and SoftTech VC. Outright (formerly called GoBootstrap) launched its online bookkeeping app in public beta earlier this year after raising $2 million in seed funding from undisclosed angel investors and the VC firms that have now joined this second financing round alongside Sequoia. Outright wants to make it easier for small businesses and self-employed individuals to keep track all of their income and expenses in order to get their taxes done accurately (it was designed for the United States tax system).
The service is currently free to all customers and will remain so, although the company aims to introduce a number of paid options and fee-based services at some point in the future. (Via peHUB) Outright.com Leaves Beta, Adds New Partners To Streamline Small Business Accounting. Running your own small business has plenty of perks: you can set your own hours, work from home, and there’s nary a TPS report in sight. But there are also a number of downsides, not the least of which is the fact that you have to take on role of your business’s accountant. That means keeping tabs on business expenses, filing taxes four times a year, and plenty of other headaches.
Cue Outright.com, a startup launching out of beta today that looks to be the “absolute simplest” online application for small business back office tracking, accounting, bookkeeping, and more. Getting started with the site is quite easy, because Outright has recently partnered with a number of financial services: you can import invoices from Freshbooks, receipts from Shoeboxed, your PayPal transaction history, as well as your credit card transactions through a deal with Expensify, which supports 94% of US credit cards.
Ben Curren. Outright. Kevin Reeth. Outright Company Profile.