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

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PayPal specialises in online payment services for eCommerce sites. PayPal does not have a banking licence in the Australian market, and does not provide services for bookkeeping, accounting and tax. PayPal is good for getting paid, but beyond that, its product offer is very limited. Thriday provides payments, including BPAY, in addition to issuing bank accounts*, Visa Debit cards*, cashflow forecasting and BAS lodgment. Having everything in one place with Thriday results in a single source of truth, one flat monthly fee, and a whole lot less headache.

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Business bank accounts

Thriday and PayPal differ the most when it comes to business bank accounts. Thriday provides them via a partnership with an ADI and PayPal does not. With Thriday, your funds, up to $250,000 per account holder are protected by the government. With PayPal they are not.

Unlimited invoices and quotes

PayPal has invoicing and quotes but the issue is, they come at a cost. PayPal does charge you more depending on how many invoices you need to send. With Thriday, there is unlimited invoices available with any package you take up. This means that as you generate more business, you won't be impacted on your bottomline.

Expense reconciliation

Reconciling expenses is a 'boring essential'. You need to do it, but it does waste a lot of precious time. Thriday takes care of the tedious and eliminates financial admin by automating expense reconciliation. It's a powerful, automated and simple way for a business to stay on top of their finances. Unlike Thriday, PayPal does not provide any receipt reconciliation features.

Receipt scanning

Keeping a copy of a receipt is a hassle for most business owners. Who has the time to take a photo, and then store it somewhere for safe keeping. Thriday removes this burden and eliminates the time spent on keeping receipts with it's simple receipt scanning feature. Just upload, forward or take a photo, and Thriday automagically does the rest. PayPal does not provide any receipt scanning features.

Cashflow forecasting

PayPal provides services to receive payments online or in store. From a cashflow perspective, PayPal does not provide any services that help you forecast what your cashflow position will be. Thriday does this in a very simple, and easy to use graph, the shows you the predicted cashflow position until the end of the financial year.

Bill payment tracker

With a name like PayPal you would expect a helping hand when it comes to paying bills. Unlike PayPal, Thriday provides a bill manager service which streamlines the time it takes between receiving an invoice, and paying it. For those that hate manually trawling through invoice payment details, or downloading ABA files, start using Thriday today.

Automated bookkeeping

Bookkeeping is a critical aspect of good financial management. Without knowing where your money is going, it's impossible to determine what you can do improve your financial outlook. For most business owners, bookkeeping is either something they do themselves, or they outsource to a bookkeeper. Thriday now removes this burden and saves a whole heap of time. Thriday does bookkeeping automatically as soon as a transaction hits your account. No more wondering, no more guess work, it just happens. PayPal does not provide any bookkeeping services as part of its offering.

Budget tracking

Budgeting is a key skill for any entrepreneur. Keeping on top of your finances however, doesn't need to be a one-person show. Thriday can act as your budgeting assistant by highlighting expense categories and year-on-year reporting to help you know how things stand. PayPal does not provide any budgeting features, meaning you are either having to do a lot of mental maths, or using Microsoft Excel.

BAS lodgment

Thriday provides an end-to-end BAS lodgment service that means that when your BAS is due, it will only take a few minutes of your time. In addition to allowing you to lodge your BAS to the ATO, Thriday can provide access to tax experts, and even notify you of your final tax bill. PayPal does not provide any BAS lodgment services.

Management reports

PayPal does not provide any accounting and management reports. PayPal is more of a payment gateway, and this means that when it comes to tax time, you will need to use another platform like Thriday or rely on an accountant. Thriday has built a powerful management reporting toolkit which means business owners can leverage one product for all their needs.

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 PayPal that is more than a payment gateway

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

Business bank accounts

Unlimited invoices and quotes

Expense reconciliation

Receipt scanning

Cashflow forecasting

Bill payment tracker

Automated bookkeeping

Budget tracking

BAS lodgment

Management reports

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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