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

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Macquarie, which by many metrics is now one of Australia's big 4 banks, provides banking services typically targeted at the large corporate end of town. Macquarie's offering is really based merchant banking, lending and investment. When it comes to small business, Thriday and Macquarie don't really compare. Thriday was designed and built by small business owners for small business owners. Having experienced the pain of managing finances via existing solutions, the Thriday team was hell-bent on doing it a better, more automated, and more intellingent way.

STEP BY STEP GUIDE

How to switch from Macquarie to Thriday

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

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Setup multiple bank accounts

Being able to setup multiple bank accounts*, each with their own unique BSB and Account Number, is a great way to implement Profit First. In addition, with Thriday, you can even rename accounts to call them what you want. Having the power to control your accounts in this way makes it easy to budget and plan. Macquarie bank does not provide the ability to setup multiple sub-accounts like Thriday can.

Bill payment tracker

Paying bills is a no brainer with Thriday now. You can get all your bills sent to Thriday, via a unique mailbox, and Thriday will determine the correct payment details, due dates and then help schedule a payment for the appropriate date. Macquarie bank does not provide any bill payment features.

Receipt scanning

Throw out the shoe box, and clean out the glove box, receipts no longer have to be kept under lock and key. With Thriday, you can take a photo of a receipt and Thriday will keep a digital copy. Thriday will also scan the details, pull out the GST and reconcile the expense to the underlying transaction. Receipt scanning is included in your subscription package. Macquarie bank does not provide any receipt scanning functionality.

Cashflow forecasting

Getting on top of your cashflow is a position all small business owners aspire to. With Thriday, this is super easy. Unlike Macquarie bank, Thriday provides deep insights and predictions as to your cashflow position. You can even see a month by month projection displaying your income, expenses and profit. No more confusion, and no more time wasted on calculating this yourself.

Automated bookkeeping

When it comes to tax time, you need to have all your bookkeeping done so an accountant can easily determine what needs to go where. This is where Thriday really excels. Thriday takes all your business transaction account transactions and automatically categorises. As a result, your bookkeeping is done in real time. Macquarie bank does not provide any bookkeeping functionality.

Send invoices and quotes

If you run a business that needs to get paid by issuing invoices, then you only really have one choice when it comes to Thriday and Macquarie; Thriday! Macquarie doesn't provide any invoicing functionality. Thriday provides a full end-to-end invoicing platform. It's as simple as that.

Management reports

Reporting is an essential function to keeping on top of your day-to-day business performance. Thriday's automated accounting reports bridge the gap between having a broad understanding, and having a deep understanding. Macquarie does not provide any management reporting and it's left to the small business owner to figure things out.

BAS lodgment

BAS lodgment is where Macquarie and Thriday are miles apart. Macquarie does not provide any features or insights to assist with BAS lodgment. Thriday on the other hand has built and end-to-end BAS lodgement feature that is super easy to use. If you need to lodge your BAS, and you want to do it in accurate and streamlined way, then sign up to Thriday now.

Budget tracking

Budgeting is a muscle that all small business owners should build. Thriday fast tracks this by providing a variety of easy to setup tools, to assist with budget tracking. Macquarie bank does not provide any budget calculators or tools. Business owners are then forced to do it themselves.

Tax estimates

Macquarie bank does not provide any support when it comes to tax. Thriday helps businesses understand what their potential tax position could be so that they can start to plan ahead. Thriday's tax estimate feature is one of the most popular features on the platform.

Enjoy these great Thriday features

Thriday is completely cloud based and available on web and app

Modern, fast and AI-driven platform that has no legacy systems

Works out of the box with no training or third-party support required

Combines banking, bookkeeping, accounting and tax in one platform

Saves hours each week as no manual intervention required

No bank feeds or manual expense tracking

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Why Thriday?

Do you love running a business but hate the 'business stuff'? Managing your financial admin can be a real drain on your time and job satisfaction but there is a better way. Thriday is a new solution for a centuries old problem – managing your banking, accounting and tax. Thriday uses artificial intelligence to instantly categorise all your transactions and apply them to a chart of accounts. This means that as you earn or spend money, all your books are processed without lifting a finger. Thriday takes care of everything for you, giving you the peace of mind to focus on what matters.

Thriday - An alternative to Macquarie Bank that is more than a bank

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

Setup multiple bank accounts

Bill payment tracker

Receipt scanning

Cashflow forecasting

Automated bookkeeping

Send invoices and quotes

Management reports

BAS lodgment

Budget tracking

Tax estimates

Enjoy these great Thriday features

Why Thriday?

Join the Aussie community growing their businesses with Thriday

Why waste time on financial admin when Thriday can do it for you?

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