Thriday vs. Freshbooks: Which is best for business owners?

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Freshbooks is a Toronto based accounting platform that does not provide strong coverage for Australia small businesses and sole traders. The platform is lacking in key features compared to Thriday which allows businesses to automate their banking, accounting and tax in one place.

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Supported in Australia

Freshbooks is based in Canada and is therefore lacking in functionality and support for the Australian market. Thriday is designed and built in Melbourne, Australia, so you know that it supports the needs of Aussie small business owners.

No bank feed setup

Freshbooks requires users to upload bank statements or transactions manually into the platform. Thriday does not require any manual imports or bank feed setup to operate. As soon as you open an account with Thriday, all the transactions that occur on your account are automatically reconciled and categorised to a chart of accounts. This eliminates time wasted on financial admin.

No accountant required

Freshbooks does require to use an accountant to complete your taxes and BAS. There is no ability to do it yourself. Thriday offers both options so you can pick and choose. If you have an accountant, you can of course get them to help. If you don't, Thriday can provide one. If you are confident to do it yourself, Thriday can prepare everything so you can lodge it easily.

No training required

Freshbooks is an overly complex system that requires some form of bookkeeping and accounting knowledge to use. Thriday on the other hand was designed by small business owners for small business owners. It's easy, accurate and automated, saving you time and headaches when it comes to tax time.

Receipt capture

Freshbook does not include receipt capture as a standard feature, you will need to pay extra for this functionality. With Thriday, unlimited receipt captures are included as part of your core subscription. This way you don't need to worry about how much it costs when you use it.

BAS lodgment

Thriday allows small businesses to lodge Business Activity Statements (BAS) to the Australian Tax Office (ATO) directly from the platform. It includes the option to do it yourself, or get the support of an expert tax agent. Freshbooks does not allow you to lodge your BAS to the ATO in Australia.

No bank feed required

Thriday integrates a business transaction account and debit card with accounting. This means you only need to setup one system, to manage all your financial needs. Freshbooks requires you to setup a bank feed or import your transactions from your bank account to work.

Create free bank accounts

Being able to setup business bank accounts* for free, in Thriday, is such a huge benefit. It makes it easy to track your expenses and budget around important business categories. Freshbooks does not provide any option to create business bank accounts in Australia.

Visa Debit card

Freshbooks does not offer the option to setup a Visa Debit card for payments in Australia. Thriday, which provides an all-in-one financial management platform does. With Thriday, business owners can setup business transaction accounts with a corresponding Debit card, ensuring personal and business expenses are not co-mingled.

Pay bills

Freshbooks does not provide any ability to pay bills in the Australian market. Thriday on the other hand does allow you to make payments, including via BSB or account number and BPAY. Thriday also has a handy bill manager feature which allows you to upload or forward invoices for immediate payment.