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

vs.

Rounded is focused on being a simpler, easier and sole trader focused version of traditional accounting software such as Xero or MYOB. Rounded is primarily used by freelancers and consultants. Rounded has a handy invoicing and time tracking feature but does not provide an all-in-one financial management solution. With Rounded, you will still need to use a bookkeeper and accountant. Unlike Thriday, transactions are not automatically categorised, receipts can’t be reconciled, and you can’t lodge your BAS directly to the ATO. Rounded also requires you to set up a bank feed, using screen scraping technology that requires your bank login to work. Bank feeds are notorious for missing transactions and being hard to set up.

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To do more than just invoicing, Rounded requires you to set up a bank feed. To use bank feeds, you need to provide your bank login credentials, which is very risky. Bank feeds can be very inconsistent and often data can be missing making it hard to reconcile. Rounded also charges an extra fee to access your bank feeds. With Thriday, there is no bank feed setup required, and access to all your transactions is available in real-time and for no extra fees.

Business bank accounts for budgeting

Rounded does not provide any features to assist with budgeting or creating accounts to track your income or expenses. This means you still need to navigate between your bank account and Rounded to understand your true financial position. Using different tools and systems not only increases costs but can result in inconsistencies. Thriday on the other hand does provide an all-in-one financial management platform that includes the ability to create multiple bank accounts* and issue Visa Debit cards*.

Automated allocations

Upon earning income, you can opt for automated allocations, guaranteeing that a specific percentage of your earnings is directed to a chosen bank account. This automated system streamlines the execution of Profit First distributions or allows for the allocation of a portion of your earnings to your Super account.

Make payments

Thriday allows you to make payments to a BSB and account number, or via BPAY, and as a result, you can track all your expenses in one place. These payments are automatically assigned to a chart of accounts, and Thriday will then present all your real-time reports with accurate up to date information. Rounded does not allow you to make any payments.

Automated receipt reconciliation

All business owners know the answer to the perennial question ‘Would you like a receipt?’. The answer of course is ‘Yes’. As a business owner, keeping receipts is a requirement, without them, you run the risk of not having the right information when you get audited. With Thriday you can take a photo, forward or upload a receipt and it will automatically be reconciled and stored digitally. With Rounded, you will need to upload your receipts manually. This is time consuming and can lead to human error.

Cashflow and tax predictions

If you want to know what your predicted cashflow or tax position is, you will need to use Thriday for that. Rounded does not use artificial intelligence to predict your future financial position. This can leave you blinded when it comes time to make accurate business decisions. With Rounded, you would probably need to do your own calculations or set up a spreadsheet.

Real-time bookkeeping

Bookkeeping is where Thriday really excels. Every time a transaction hits one of your Thriday accounts, a bookkeeping function runs, which automatically categorises your transactions, then applies it to the correct chart of accounts. In addition, Thriday will calculate the GST based on whether the merchant is registered for GST or not. You can even nominate a transaction is being for personal use only. To do any bookkeeping with Rounded, you would need to do it manually yourself, or hire a bookkeeper for support.

Automated income reconciliation

Because Thriday transaction accounts can be nominated as your preferred payment method for an invoice, as the income hits your account, it’s reconciled. This means there is no need to manually mark an invoice as paid, and automated payment reminders automatically get turned off. Once the income is received, it’s also added to your chart of accounts without lifting a finger.

BAS lodgment

Manual BAS lodgment is risky and time-consuming or paying an accountant to lodge it on your behalf can be very expensive. Thriday provides the best of both worlds. Firstly, your BAS is automatically calculated and you can lodge it yourself directly to the ATO. If you would prefer for someone to review it, THriday can arrange for a tax expert to go through the numbers before it’s lodged. Unlike Rounded, there is no need to share data, pull reports, or fill out forms yourself.

Accountant support

Thriday provides access to expert accountants that can review your financial year data and double-check that all your deductions and claims are valid. Thriday accountants provide an extra layer of support for businesses that are more complex. Rounded does not provide any accountant support, which means that you need to source your own accountant, and then pay a subscription for a service like Xero or MYOB to allow the accountant to do the books. This extra cost with Rounded can quickly grow into the thousands depending on your needs.

Call centre support

Running a small business means you barely have time to sit down and take a coffee break. When life gets busy, sometimes you just need an immediate answer, and Thriday knows this. With Thriday, you can call 1800-THRIDAY during business hours and a local call centre agent will pick up the phone and handle your enquiry. Unfortunately, Rounded does not provide a phone number to call, so you will need to fire off an email or chat request and wait a while before hearing back.

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Take back control of your time with no setup, no bank feeds and no hassles

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

Smart expense insights

Business bank accounts for budgeting

Automated allocations

Make payments

Automated receipt reconciliation

Cashflow and tax predictions

Real-time bookkeeping

Automated income reconciliation

BAS lodgment

Accountant support

Call centre support

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