Best Accounting Software for Didi Drivers
If you are heading out, Didi drivers play a crucial role, offering convenient transportation services to people across Australia. However, navigating the financial side of being a Didi driver can be overwhelming without the right tools. This blog post aims to shed light on the best accounting software for Didi drivers, with a focus on Thriday - an all-in-one banking, accounting, and tax solution designed to simplify financial management for gig workers.
Accounting Obligations for Didi Drivers
Becoming a driver for Didi requires a clear understanding of your accounting obligations. As a driver, you must have an ABN and be registered for GST. Business Activity Statements (BAS) and tax returns must also be lodged on time. Failure to meet these obligations can lead to penalties and added stress.
To register for GST, you can do so directly via the Online Services for Business portal, by phone at 13 28 66 or through your registered tax agent or BAS agent. It would be best to have your tax file number handy when doing so.
As a Didi driver, staying compliant with these regulations is not just a legal requirement but a critical factor in ensuring the longevity of your gig business.
Tracking Income and Expenses with Thriday
Efficiently tracking income and expenses is a common challenge for Didi drivers. Knowing your income and expenses is essential, as this will help ensure you claim the correct tax deductions and submit the right information when lodging your BAS and tax.
Thriday is a powerful tool for Didi drivers, providing a user-friendly platform to streamline this process. The Thriday app allows Didi drivers to easily track daily earnings, fuel costs, maintenance expenses, etc. Its intuitive interface automates categorisation, ensuring that every financial detail is accurately recorded. This facilitates seamless record-keeping and sets the stage for a stress-free tax season.
Thriday's Automation for Didi Drivers
What sets Thriday apart from other accounting software is its emphasis on automation. There is no need for human support, saving you thousands in accounting expenses each year. On top of this, Thriday's automation removes the need for manual data entry, a time-consuming task prone to errors.
To take advantage of Thriday's automation, you must get your Didi earnings paid into your Thriday transaction account. By integrating seamlessly with your Didi payouts, Thriday pulls in transaction data and categorises it accurately. This not only reduces the risk of errors but also provides real-time insights into your financial standing. Automation ensures that you spend less time on administrative tasks and more time on what matters - providing excellent service to your passengers.
When to Start Using Thriday
The optimal time to start using Thriday is right from the beginning of your journey as a Didi driver. By adopting Thriday from the start, it allows you to establish a solid foundation for your financial management. Its user-friendly setup ensures that even those new to accounting can quickly adapt and benefit from its features. Starting early simplifies your day-to-day financial tasks and ensures you're well-prepared for tax season.
If you already have an existing accounting software and want to move to Thriday, never fear, it's straightforward. Just follow these steps:
- Sign up for Thriday and open a $0 monthly transaction account.
- Update your Didi bank account details to your new Thriday account.
- Calculate your total income and expenses for the year to date.
- Add them via the Thriday 'manage balances' feature.
- Book a demo if you need any help.
- That's all!
Cost of Thriday
Concerns about costs are natural when considering any tool for your small business. Thriday, however, positions itself as an affordable and practical investment for Didi drivers. You can join Thriday for free with a banking-only plan, and if you want a premium plan with all your accounting and taxes automated, a monthly plan is only $29.95.
With transparent pricing plans catering to various needs, Thriday ensures you get the most value for your money. Consider it an investment in the efficiency and success of your gig business.
Benefits of Using Thriday
Thriday has an average of 4.9 stars on Google for a reason. Some of the benefits include:
- Time Savings: Thriday's automation features significantly reduce the time spent on manual data entry, allowing you to focus on driving and enjoying your downtime.
- Accuracy: Automation saves time and minimises the risk of human error in financial record-keeping, ensuring your records are accurate and reliable.
- Tax Compliance: Thriday is designed with the unique needs of gig workers in mind, helping you stay on top of your tax obligations and avoid unnecessary penalties.
- Financial Insights: The real-time data provided by Thriday gives you valuable insights into your financial health, enabling better decision-making for your business.
Alternatives to Thriday
While Thriday offers an excellent solution for Didi drivers, exploring alternatives is essential to make an informed decision based on your specific needs. QuickBooks, Xero, and MYOB are notable alternatives, each with features and pricing plans. However, it's important to note that Thriday is the only platform that automates accounting. In addition to using these platforms, you will need to pay an accountant or bookkeeper to help you - which can be very expensive.
In the fast-paced world of gig driving, Didi drivers in Australia need reliable tools to manage their finances effectively. Thriday emerges as a standout choice, combining user-friendly interfaces with powerful automation features. By understanding your accounting obligations, embracing Thriday early on, and enjoying its benefits, you can streamline your financial journey as a Didi driver. Remember, investing in the right accounting software is an investment in the success and longevity of your gig business. Choose wisely, and drive your financial success with Thriday.