11 ways Thriday removes time wasted on financial admin
Financial admin can be an overwhelming and time-consuming task for most small business owners. It requires a great deal of attention to detail, as even the smallest mistake can have serious repercussions on your business’s financial health. Thankfully, there is now a solution that can help you automate this tedious task and free up time so that you can run your business – Thriday. In this blog post, we’ll discuss how Thriday removes the time wasted on financial admin and helps you focus more on the parts of the business you love.
What is Thriday?
Thriday is an Australian cloud-based platform that automates banking, accounting and tax for small businesses. The goal of Thriday is simple: to streamline financial operations so business owners can spend less time managing finances and more time focusing on what matters most.
How does Thriday work?
The way Thriday works is quite simple. When you register for Thriday, you get access to a business bank account* and Visa Debit card*. Once you earn money or spend money on your Thriday bank account*, Thriday takes over from there by automatically processing all your incoming payments and reconciling them with their corresponding invoices and transactions. This means that all of your financial data is tracked in real-time, which makes it easier to identify any discrepancies or potential issues before they become major problems. Plus, the data collected by Thriday can be used to generate insightful reports which provide valuable insights into your finances that can be used to make smarter decisions about how to manage them in the future.
What are the benefits of Thriday?
The main benefit of using Thriday is that it eliminates the need for manual data entry, and it automatically does your bookkeeping and tax. This reduces human error as well as the amount of time spent managing finances manually. Because all of your data is managed in one place and updated in real-time, it becomes much easier to spot any inconsistencies or potential issues before they become a problem—which further helps reduce human error.
What are the top features Thriday offers?
1. No bank feed or setup required
With Thriday there is no bank feed required, or setup needed, it works straight out of the box. You just sign up and you can start transacting instantly.
2. Bank accounts and Visa Debit card*
You get your very own business bank accounts* and Visa Debit card*. As soon as you start spending money, Thriday will automatically calculate your real-time tax position.
3. Automated bookkeeping and transaction categorisation
Traditional accounting software relies on you to do the bookkeeping and reconciliation. This is time consuming and prone to human error. Thriday automatically categorises your transactions to a chart of accounts, so you don’t have to think twice about what a purchase was for.
4. Scan and schedule bill payments with Bill Manager
Paying bills, or accounts payable, can take hours each week for many business owners. Thriday removes this time sink by allowing you to upload or forward bills to a unique mailbox. Thriday will then scan the details and prepare a payment ready for you to approve.
5. In-built receipt scanning
When it comes to tax time, you need to have a receipt copy for all your business expenses. Thriday makes this easy by allowing you to scan, forward and upload your receipts directly against the underlying bank transaction. It’s simple, instant and GST is automatically reconciled as well.
6. Integration to the ATO to lodge BAS and tax
For businesses that are GST registered, it’s a requirement that you lodge your BAS monthly, quarterly or yearly. With a direct integration into the ATO, Thriday makes this easy. All your BAS calculations are automatically determined, and you just need to confirm a few details and away you go.
7. Expert tax agents to review your books online
Some business owners love the extra peace of mind of having a tax expert review their books. So Thriday has made this super simple by allowing you to access a team of expert tax agents online, who can review your books when you need.
8. Real-time tax estimate and forecast
Not knowing what you will owe the ATO is a common stress point for most small business owners. In fact, most small business owners underestimate what their tax bill will be, meaning they end up on tax repayment plans. This leaves the ATO as one of the largest lenders to small businesses in Australia. Thriday automatically calculates your current and predicted tax position taking away any of the surprises.
9. Smart invoice reminders
Every business owner hate chasing up their clients for overdue invoice payments. Thriday takes away this dreaded call by automatically following up with clients using smart invoice email reminders. These reminders can be set to your terms and they help you to get paid on time, more of the time.
10. Invoice income reconciliation
When you get paid, you want to know immediately. With Thriday, as soon as an invoice is paid, we see the income hit your Thriday business bank account*, so we automatically reconcile it and update the status of the invoice to paid. No confusion, and no accidental follow-ups with a business client that has already paid.
11. Call centre support
Thriday has a dedicated Australian-based call centre team that will happily answer your calls during business hours from 9am to 5pm (AEDT), Monday to Friday. The team is also happy to answer any queries you have via email or live chat.
Overall, Thriday offers a convenient and secure solution for automating financial admin tasks so you can focus more on growing your business instead of wasting valuable time on manual processes such as data entry or reconciliation. By syncing all your transaction data with the platform and leveraging its automated features, businesses will not only save money but also gain insight into their finances that could potentially lead to increased revenue down the line. So, if you’re looking for an efficient way to manage your money without sacrificing accuracy or security then give Thriday a try today!