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

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Westpac is one of Australia's traditional big 4 banks. Westpac has a focus on retail consumers and mortgages. Westpac does not provide any services to assist businesses with automating their banking, accounting and tax. With Thriday, small business owners can do everything from invoice through to lodge their BAS to the ATO. This 'one-stop shop' approach provides huge benefits to business owners who don't have the time, or the desire, to get bogged down in the books. Thriday is a great solution for business owners who expect much more from a bank than to just hold onto their money.

STEP BY STEP GUIDE

How to switch from Westpac to Thriday

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

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Open multiple free sub-accounts

Being able to create sub-accounts on the fly is one of the many benefits of Thriday when compared to Westpac. If you need to create a new account for whatever purpose - just press a few buttons and hey presto, your accounts are ready to go.

Bill manager

Bill manager is a game changing feature that reduces the time spent on paying bills to just 5 minutes. Based on Thriday data, the average business owner will spend over 1 hour a week paying their bills. Thriday now takes care of that for you by allowing you to get all your bills sorted in one place. You just need to forward, scan or upload your bills and Thriday will help you sort out the rest. No ABA files, no credit cards and no manual copy and paste of invoice details.

Automated receipt reconciliation

Receipts are super easy to lose, but you do require them when it comes time to claim a deduction. Thriday removes the pain of keeping receipts by allowing you to take a photo of it, the photo is then scanned and the details are matched to your underlying bank transaction. From there, you have a digital copy stored in the cloud, but you can easily search and filter by them when required. Westpac does not provide any receipt scanning features.

Cashflow and tax predictions

Small business owners are always nervous when it comes to tax time because many underestimated what they will owe the Australian Tax Office. Thriday removes this frustration by predicting what your tax position will be. This leaves business owners with no surprises. Unlike Thriday, Westpac does not provide any cashflow or tax prediction features.

Automated chart of account assignment

Thriday has developed a very unique feature that is able to automatically categorise a transaction to a chart of accounts. This means your bookkeeping is done in real-time with no need for manual reconciliation. Thriday really stands out when compared to Westpac because of this feature that saves a huge amount of time for small business owners. Westpac does provide basic categorisation but does not assign it to a pre-determined chart of accounts.

Unlimited invoices and quotes

Being able to issue and track invoices and quotes is one of the main advantages of using Thriday instead of Westpac. Westpac no longer provides BizInvoice to customers. So if you are a Bizinvoice customer and are looking for a new solution, then sign up to Thriday now.

Generate financial reports

From Thriday you can generate your management accounts. Management accounts are financial reports produced, generally monthly or quarterly, such as a Profit & Loss report and a Balance Sheet. These reports can be generated and download directly from Thriday and they help business owners understand exactly where they stand financially. Westpac does not provide financial reports such as an income statement, cashflow statement or balance sheet.

Lodge BAS

For every GST registered business, lodging your BAS is a monthly, quarterly or annual requirement. Thriday makes this easy to do because you easily track all your GST on web and app, then Thriday will generate a BAS report that you can view and lodge to the ATO. Westpac does not provide any option to lodge your BAS to the ATO.

Track budgets

Budgeting is king when running a small business. When you don't have a lot to go around you need to be smart with what you have. Unlike Westpac, Thriday makes it super easy to track your budgets through sub-accounts. Just create an account and assign a specific expense type to it. From there, you can easily monitor your spend and even put a freeze on your Visa Debit card if you no longer want expenses to be incurred on that account.

Cashflow and tax predictions

Westpac provides traditional banking services via their online banking platform, but this does not include cashflow and tax predictions. On Thriday, you can see your cashflow and tax predictions in real-time based on the data that flows into your business transaction account. The best part is there is no bank feed or setup time required.

Imagine if your business bank account* was your accounting software

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

Open multiple free sub-accounts

Bill manager

Automated receipt reconciliation

Cashflow and tax predictions

Automated chart of account assignment

Unlimited invoices and quotes

Generate financial reports

Lodge BAS

Track budgets

Cashflow and tax predictions

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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