Thriday vs. Community First Bank: Which is best for business owners?

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Community First Bank is a local financial institution deeply rooted in the neighbourhoods it serves. It priorities the well-being of its community by fostering close relationships, offering personalised financial solutions, and investing in local initiatives. Thriday, on the other hand, stands out as a superior choice due to its innovative approach. Thriday combines traditional banking with cutting-edge technology, enabling seamless online and mobile banking experiences. It empowers customers with convenient tools like tax estimates, cash flow forecasts and invoicing. While Community First Bank values personal connections, Thriday's digital prowess provides greater accessibility and modern banking solutions, making it the better choice for today's tech-savvy consumers.

STEP BY STEP GUIDE

How to switch from Community First Bank to Thriday

Find out how much money you could save by switching to Thriday

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BAS and tax lodgment

Thriday goes above and beyond by allowing users to seamlessly lodge their BAS (Business Activity Statements) and taxes directly to the ATO from the same platform they use for banking. This integration streamlines the often complex and time-consuming tax-related tasks for businesses, offering a convenient all-in-one solution. Conversely, Community First Bank lacks this integrated functionality.

Bookkeeping and transaction categorisation

Thriday provides incredible transaction categorisation insights that make it easy to determine exactly where you are with your expenses. Transactions are automatically categorised to a chart of accounts to that it flows into your double entry accounting system. Communityu First Bank does not automatically categorise a transaction to a chart of accounts which means additional financial admin for small business owners.

Instant online account opening

Thriday allows instant online account setup - it only takes 3 minutes, and you can open up to 9 accounts in seconds. To sign up, just visit the website or app and select the 'Join for free' button. In contrast, opening an account with Community First Bank requires a call or branch visit.

Unlimited professional invoices and quotes

Thriday offers a distinct advantage by allowing users to send an unlimited number of invoices and quotes seamlessly. This feature empowers individuals and businesses to manage their financial transactions efficiently. However, with Community First Bank, this functionality is not available, potentially limiting the convenience and flexibility for customers who rely on invoicing to earn income.

Automated tax deductions

Thriday stands out with its innovative Visa Debit card feature, automatically calculating tax deductions as you make transactions. This not only simplifies financial record-keeping but also ensures compliance with tax obligations. In contrast, Community First Bank does not provide this convenient functionality, which means customers have to manually track and calculate taxes associated with their card transactions.

Real-time cash flow forecasts

Thriday's cutting-edge platform automatically predicts your cash flow by analysing your income and expenses. This feature provides users with foresight into their financial health, aiding in better financial planning and decision-making. In contrast, Community First Bank does not offer this predictive functionality, leaving customers without the proactive insights that can significantly contribute to their financial stability and success.