On Balance: Easy expenses solution for the self employed
24th Feb 2020
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On Balance is Thomson Reuters’ new businesses expenses solution for your self-employed clients.
Your self-employed clients would love to spend less time on their admin tasks, and more on the work they do best. Yet, most of them find traditional bookkeeping solutions too comprehensive for their needs.
OnBalance Self-Employed is a new cloud-based recordkeeping solution designed for the self-employed and small businesses that don’t need the complexity of VAT, simplifying the process of data sharing and collaboration between you and your clients.
Easy to use mobile app
On Balance allows your small business clients to record their transactions and share the information with you. As their accountant, you can then easily export the trial balances into Digita to prepare their accounts and tax returns.
Recording a new transaction is easy with the On Balance app. Your clients just need to take a picture with their phone camera or upload receipts by adding basic information such as the date, amount, expense category and description of the expense.
The also automatically tracks mileage with GPS and allows users to add mileage entries manually, making it easy for the users to add trips to manage their mileage deductions.
Clear business metrics
Business metrics are essential for small businesses and sole traders, helping them to make more informed decisions.
On Balance is also available as an online dashboard that shows key business metrics in real time, giving you and your clients full visibility on the state of their businesses and offering a full end-to-end experience.
Ready for the next stages of Making Tax Digital
Digital record keeping is now more important than ever with Making Tax Digital for income tax on the horizon.
On Balance simplifies record keeping and data sharing between client and accountant, helping you work collaboratively and communicate more efficiently with your clients so that you can be prepared for April 2021.
OnBalance also works seamlessly with Onvio – which means you don’t need any bridging solution or additional application to transfer data. The data will be populated directly from OnBalance, and a notification will appear in Onvio to let you know that the transfer has been completed.