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

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Prospa is a specialist small business lender. Prospa provides some basic features to be able to manage your loan but does not offer any banking, accounting or tax services. Thriday is a great compliment to having a Prospa loan as it actually allows you to monitor your business finances end-to-end. Thriday acts like a CFO in your pocket, allowing business owners to focus on what matters, their customers and their craft.

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Business bank accounts

One of the main benefits of Thriday versus Prospa, is the ability to open business bank accounts* for storing, receiving and sending money. In addition to the account, you will also get a Visa Debit card* which you can use to make purchases anywhere Visa is accepted. Prospa does not provide banking or card services.

Unlimited invoices and quotes

One of the key differences between Prospa and Thriday is invoicing and quoting. Thriday has invoices and quotes inbuilt into the platform. This means you don't need to download, access and pay for a separate tool. In addition, because invoicing and quoting is linked to your business transaction account, Thriday can instantly reconcile that income and update the status of the invoice to paid. Prospa does not provide any invoicing and quoting features which means there is not much you can use the product for.

Expense reconciliation

Expenses are important to keep a record of, especially if you are in the services industry. When invoicing clients you'll need to keep these expenses and add them to your invoices to get reimbursed. Thriday makes this super easy as all your transactions instantly flow through to Thriday from your business transaction account and Visa Debit card. Prospa does not provide expense reconciliation services so you will need to do your number crunching to figure things out.

Receipt scanning

Keeping a digital record of your receipts is the easiest way to ensure you are prepared for tax time. Receipts are required during a tax audit and they are also helpful when calculating your GST position. Unlike Thriday, Prospa does not provide any receipt keeping features. This means you'll need to keep a folder, use your glove box or fill up an old show box. Receipts can then also become illegible as they fade leaving you with some major issues.

Cashflow forecasting

Prospa is a business lender, so can assist with providing finance if you are short on cashflow. Debt can be an important instrument for businesses depending on their cashflow position. Thriday provides a cashflow forecast so you can determine if you are likely to be low in the upcoming months. Using this information you can plan ahead and make decisions to help increase your cashflow. Prospa does not provide any cashflow forecasting features.

Bill payment tracker

The only thing worse than paying bills is the amount of time it takes to do it. It's late at night, and the last thing you want to do is get through your long list of accounts payables. Thriday streamlines bill payments with bill manager. With bill manager, business owners can upload, forward or take a photo of a bill and instantly all the details required to make a payment are retrieved. You can then schedule the bill payment for the day they are due. Prospa does not provide any bill payment functionality.

Automated bookkeeping

Many business owners unfortunately have to moonlight as a bookkeeper. This means hours reconciling and coding transactions. Now there is a better way. Thriday can take care of all your bookkeeping by automatically categorising your transactions to the appropriate chart of accounts. The best part is, it happens without you have to do a thing. Prospa does not provide any automated bookkeeping features and as a result, business owners have left having to do the books all over again.

Budget tracking

Being able to keep your budget in check is important as inflation rises and costs increase. Thriday has various tools to assist you with budgeting. Firstly you can create sub-accounts to track different expenses. Thriday also provides a handy cashflow and tax prediction feature. Prospa does not help with budgeting at all.

BAS lodgment

BAS lodgment is a key requirement for businesses earning over $75,000 a year and registered for GST. Lodging your BAS is a compliance requirement and Thriday has your back covered. Prospa does not provide the ability to lodge your BAS whilst Thriday allows you to lodge your BAS in minutes.

Management reports

Prospa does not provide any management reporting to their clients. In fact, Prospa will often request income and cashflow statements to make a decision on lending you money. Thriday provides all these reports instantly and they can be accessed under the tax menu.

Thriday - An alternative to Prospa that is more than a business lender

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

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