Outright

Last updated
Outright
Company type Private
IndustryOnline Accounting, Bookkeeping Taxes, Schedule C
Founded2008 (2008)
DefunctJuly 18, 2022 (2022-07-18)
Headquarters Mountain View, California
Key people
  • Kevin Reeth
  • (Co-Founder)
  • Ben Curren
  • (Co-Founder)
  • Steven Aldrich
  • (CEO)
Owner GoDaddy
Number of employees
16 (2014)
Website www.outright.com [ dead link ‍]

Outright was an accounting and bookkeeping software application that assists small businesses and sole proprietors with managing their business's income and expenses. In May 2022, GoDaddy announced the software would be discontinued on June 18, 2022. [1]

Contents

The software also provided means to organize and categorize expenses for filing a United States Schedule C tax return. [2] [3] [4] It was acquired by GoDaddy in 2012 for approximately $20 million and had been rebranded as GoDaddy Online Bookkeeping. [5]

History

Kevin Reeth and Ben Curren worked together at Intuit in 2006 and then later at a web-application firm called Esomnie LLC. As a Product Manager and Software Engineer respectively, the two were heavily involved in the development and marketing of Quicken products.[ citation needed ]

Curren and Reeth had become increasingly frustrated with the complexity of doing taxes for small businesses, so in 2008 they founded a company and website called BootStrap. [6] [7] [8] The Website was renamed Outright just a few months after launch, though it continues to be operated by BootStrap, Inc. [9]

The BootStrap website existed for only a few months before being renamed Outright Bootstraplogo.jpg
The BootStrap website existed for only a few months before being renamed Outright

In 2009, the company raised a total of $7.7 million funding from Sequoia Capital, First Round Capital, Shasta Ventures and SoftTech VC among others. [7] [10] [11] Today, the website manages $1.2 billion in transactions from small businesses and independent contractors. [8] [12]

On July 17, 2012, Outright.com announced in an email to all customers that they had been acquired by GoDaddy.com. [13]

Functions

The software was designed as a software as a service model. It provided the following functions:

Related Research Articles

<span class="mw-page-title-main">Bookkeeping</span> Recording financial transactions or events

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person, organization or corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process.

<span class="mw-page-title-main">PayPal</span> American multinational financial technology company

PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.

An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses for dining, refreshments, a feast, etc.

<span class="mw-page-title-main">Roelof Botha</span> South African-American businessman (born 1973)

Roelof Frederik Botha is a South African-American actuary, venture capitalist and company director.

<span class="mw-page-title-main">Intuit</span> American financial software company

Intuit Inc. is an American multinational business software company that specializes in financial software. The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. Intuit's products include the tax preparation application TurboTax, the small business accounting program QuickBooks, the credit monitoring and personal accounting service Credit Karma, and email marketing platform Mailchimp. As of 2019, more than 95% of its revenues and earnings come from its activities within the United States.

<span class="mw-page-title-main">David O. Sacks</span> South African American entrepreneur (born 1972)

David Oliver Sacks is a South African-American entrepreneur, author, and investor in internet technology firms. He is a general partner of Craft Ventures, a venture capital fund he co-founded in late 2017. Additionally, he is a co-host of the All In podcast, alongside Chamath Palihapitiya, Jason Calacanis and David Friedberg. Previously, Sacks was the COO and product leader of PayPal, and founder and CEO of Yammer. In 2016, he became interim CEO of Zenefits for ten months. In 2017, Sacks co-founded Craft Ventures, an early-stage venture fund. His angel investments include Facebook, Uber, SpaceX, Palantir Technologies, and Airbnb. In December 2024, President-elect Donald Trump named Sacks the White House AI and crypto czar for the incoming administration.

<span class="mw-page-title-main">Workday, Inc.</span> American software company

Workday, Inc., is an American on‑demand (cloud-based) financial management, human capital management, and student information system software vendor. Workday was founded by David Duffield, founder and former CEO of ERP company PeopleSoft, along with former PeopleSoft chief strategist Aneel Bhusri, following Oracle's acquisition of PeopleSoft in 2005.

Powerset was an American company based in San Francisco, California, that, in 2006, was developing a natural language search engine for the Internet. On July 1, 2008, Powerset was acquired by Microsoft for an estimated $100 million.

<span class="mw-page-title-main">Media Temple</span> Web hosting and cloud services provider

Media Temple was a website hosting and cloud hosting provider, which focused on web designers, developers and creative agencies. The company was founded in 1998 by Thomas Anthony, Demian Sellfors and John Carey. It was headquartered in Los Angeles, California.

HubSpot, Inc. is an American developer and marketer of software products for inbound marketing, sales, and customer service. HubSpot was founded by Brian Halligan and Dharmesh Shah in 2006.

WorkingPoint is a web-based application providing a suite of small business management tools. It is designed to offer a single point-of-access for all business management needs while offering a user-friendly interface. WorkingPoint’s functionalities include double-entry bookkeeping, contact management, inventory management, invoicing and bill & expense management.

<span class="mw-page-title-main">WePay</span> Online payment service provider

WePay is an online payment service provider based in the United States. It provides an integrated and customizable payment solution, through its APIs, to platform businesses such as crowdfunding sites, marketplaces and small business software companies. It also offers partners fraud and risk protection.

<span class="mw-page-title-main">Stripe, Inc.</span> Irish-American multinational financial services and SaaS company

Stripe, Inc. is an Irish-American multinational financial services and software as a service (SaaS) company dual-headquartered in South San Francisco, California, United States, and Dublin, Ireland. The company primarily offers payment-processing software and application programming interfaces for e-commerce websites and mobile applications.

<span class="mw-page-title-main">Zettle</span> Swedish financial technology company

Zettle by PayPal is a Swedish financial technology company founded by Jacob de Geer and Magnus Nilsson in April 2010. Launching its first app and service in 2011, the company offers a range of financial products including payments, point of sales, funding and partners applications. The company was acquired by PayPal in 2018.

<span class="mw-page-title-main">Squarespace</span> American SaaS-based web hosting platform

Squarespace, Inc. is an American website building and hosting company based in New York City. It provides software as a service for website building and hosting, and allows users to use pre-built website templates and drag-and-drop elements to create and modify webpages.

This is a timeline of online money transfer and e-commerce service PayPal, owned by eBay from 2002 to 2015 and an independent company before and after that.

<span class="mw-page-title-main">Tipalti</span> American financial technology company

Tipalti is a multinational financial technology company headquartered in Foster City, California, with offices in Israel, Amsterdam, London, Plano, Texas; Tbilisi, Georgia; Toronto, and Vancouver, Canada. The company provides accounts payable, procurement, expense management, and global payments automation software for businesses.

Bench Accounting was a fintech company that uses proprietary software to automate bookkeeping and provide financials for small business owners. The company provides subscription access to cloud-based software in combination with in-house bookkeepers. As of December 2024, Bench employed around 650 people out of its Vancouver headquarters and had raised over $100M in funding.

References

  1. ↑ Steiner, Ina. "eBay Sellers Desperate after GoDaddy Bookkeeping Ends Support". eCommerceBytes. Retrieved 28 May 2022.
  2. ↑ Meece, Mickey (2009-08-22). "On to Plan B: Starting a Business". The New York Times. ISSN   0362-4331 . Retrieved 2023-03-09.
  3. 1 2 By Kathy Yakal, PC Magazine Review of Outright. Accounting & Tax. Retrieved March 25, 2010.
  4. ↑ By Karen Klein, BusinessWeek. “Advice for Tax Procrastinators, 2009.” Retrieved March 29, 2010
  5. ↑ "GoDaddy Acquires Outright, Establishes Mountain View Office". TechCrunch. 18 July 2012. Retrieved 2021-12-12.
  6. ↑ Outright.com Home Page. Retrieved March 25, 2010.
  7. 1 2 3 Ty McMahan (2009-11-16). "Outright Lends A Hand To Small Businesses With $5.5M Funding". Wall Street Journal Blog. blogs.wsj.com. Retrieved March 25, 2010.
  8. 1 2 "Bootstrap launches financial management site for businesses that don't like financial management". VentureBeat. 2008-07-09. Retrieved 2023-03-09.
  9. ↑ Ben Kepes, Cloud Ave (16 February 2009). "Accounting 2.0 at CloudAve". cloudave.com. Retrieved February 16, 2009.
  10. ↑ By Paul O’Brien, Outright Blog. “Outright Raises $5.5M with Sequoia Capital.” Retrieved March 25, 2010
  11. ↑ "Outright.com launches with $2M funding". www.bizjournals.com. Retrieved 2023-03-09.
  12. ↑ Reagan D. Lynch. "Simple, Non-cluttered, Accessible Bookkeeping". outright.com. Retrieved March 25, 2010.
  13. ↑ "GoDaddy Acquires Outright, Establishes Mountain View Office". TechCrunch. July 18, 2012.
  14. 1 2 By Leena Rao, TechCrunch. “Outright Tracking More Than $1 Billion, Launches W-9 Management Service.” Retrieved March 29, 2010
  15. ↑ By Howard Greenstein, Inc. “Small Business Web: Leverage and Cooperation.” Retrieved March 29, 2010
  16. ↑ Abate, Tom. "Outright software tools free to freelancers". SFGATE. Retrieved 2024-03-14.
  17. ↑ By Scott Blitstein, WebWorkerDaily. “Outright Teams Up With PayPal & Expensify to Ease Your Bookkeeping Woes.” Retrieved June 04, 2010
  18. ↑ Outright News “Collect and Manage W-9 Forms Online; Free.” Retrieved June 04, 2010
  19. ↑ By Kevin Reeth, Outright Blog. “One complete picture.” Retrieved August 11, 2011
  20. ↑ By Vangie Beal, Ecommerce-Guide Essentials. “eBay Integrates Outright Bookkeeping Solution.” Retrieved March 29, 2010
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.