Automated BAS Lodgment Provides Exciting Glimpse Into the Future
Thriday Business Activity Statement (BAS) lodgment service in partnership with POP Business. The new service is an Australian first as it allows businesses to save time by automatically submitting their BAS to the ATO using data from their business transaction account.
The new service was built to take advantage of the transaction insights and existing automation on the Thriday platform. Once a business signs up to Thriday, they have access to a business bank account* and Visa Debit card*. Any income or expenses incurred on the account are automatically categorised and reconciled to a pre-configured chart of accounts. This enriched data is then used to power the calculations of a BAS.
Thriday CEO Michael Nuciforo explained, “Our mission is to become the fastest way for small businesses to manage their transactions, accounting and tax. We know that the average businesses spend over 6 hours a week on managing their finances. We want to bring this down to 30 minutes”.
"We know that the average businesses spend over 6 hours a week on managing their finances. We want to bring this down to 30 minutes"
Yao Tang, Chief Data Officer, continued “In combination with POP Business, we have developed an incredibly sophisticated BAS lodgment flow that identifies over 200 unique transaction variables. We then use this information to dynamically optimise in real-time the BAS to be lodged to the ATO directly from within the Thriday platform”.
Businesses who use the Thriday service to lodge their BAS have two options to choose from:
- They can use an automated lodgment service for $ $59.95, or;
- Take advantage of an accountant assisted option, whereby a trained specialist tax agent will review the BAS prior to submission to the ATO for that extra peace of mind for just $199.95.
Thriday and POP Business will now commence the development of a similar service for business tax lodgment.
Olivia Giaccotto, of Olivia’s Cakes was one of the first customers to use the service and said:
“Thriday has done it again! Our first BAS lodgement ever and it couldn’t have gone any better. It was a breeze. A couple of clicks and it was lodged to a chartered accountant to review (who was amazing also!). What I used to dread about accounting, I now love with Thriday. I feel in complete control of my business and have visibility and understanding of finances and where we are heading.“
POP Business CEO, Patrick Sargent added, “Business owners are extremely time poor and are always looking for more efficient ways to get the job done. This technology represents the next generation of accounting and tax and takes advantage of the latest technology in AI, machine learning and deep data”. Thriday and POP Business decided to build the feature after conducting research with small business owners.
Thriday and POP found that over 53% of businesses wanted help with doing their BAS, and that they found the current approach too time consuming and expensive. The service is now live on the Thriday platform and early customers have reported great success. Survey results found that the time spent preparing a BAS reduced by 62%, costs spent reduced by half, and customer satisfaction scores increased significantly. Thriday BAS lodgment is now being rolled out to all customers from this week.
"This technology represents the next generation of accounting and tax and takes advantage of the latest technology in AI, machine learning and deep data"