Is 'game changer' fintech app the Chat GPT of accounting?

August 15, 2023
6
minutes to read
by
Michael Nuciforo
Contents

After raising $9 million in funding, Thriday has launched a ground-breaking innovation known as 'Luca'. Luca – a homage to the inventor of double-entry accounting, Luca Pacioli – is an automated bookkeeping algorithm that uses a business's real-time bank account data to categorise transactions according to the correct ATO rules.

Thriday, a next-generation financial management platform built for SMEs, has reported outstanding results from its first three months of launch. Thriday, which rolled out to customers in early October, uses artificial intelligence to automate banking, accounting, and tax to help businesses eliminate time wasted on financial admin.

Using the same approach as Chat GPT, the bookkeeping model was fine-tuned by testing on a data set of over 50,000 real-world bank transactions. The new solution means that small businesses only need to earn and spend money using their Thriday transaction account, and all their financial admin is completed on autopilot.  

Research conducted by Thriday highlighted that since launch, Thriday customers reported a 90 per cent reduction in time spent on financial admin. With financial admin ranking as the most disliked activity in running a small business, and the average small business owner spending 6 hours a week on their financial affairs, the solution is a welcome addition to the market.

Small business owner, Will, was one of the first customers to try out the new platform, "Thriday is an absolute game changer for my business!" He added, "Using a tool like Thriday means I can manage everything easily in one place. This saves me time and gives me peace of mind that I am doing the right thing. With Thriday, everything is automated, and tax time takes me no time at all."

Using AI, Thriday's unique value proposition is automating financial admin that currently relies on the business owner, a bookkeeper, or an accountant to complete. Without Thriday, businesses today are stuck having to do a huge number of manual calculations and updates. Doing it manually leads to human errors, incorrect categorisations, and an expensive bill at the end of it all.

Thriday has also launched a Business Activity Statement (BAS) lodgment service to support small businesses. The new feature is an Australian first, allowing companies to save time by automatically submitting their BAS to the ATO using data from their Thriday business bank account. Using Thriday, businesses registered for GST will be notified when their BAS is due. Thriday will then prepare the BAS report using its bookkeeping and accounting services ready for lodgment to the ATO.

When Thriday was first established, the team identified that artificial intelligence was the key to unlocking the pain points that small business owners suffer from. Michael Nuciforo, CEO and Co-founder, highlighted what makes Thriday so unique: "Legacy platforms such Xero and MYOB still rely on a human, whether it's the business owner, a bookkeeper or accountant, to do all the heavy lifting. Like ChatGPT, we have adopted the latest technology such as cloud computing and machine learning models to completely automate the hardest part of accounting – figuring out what a transaction is and applying the correct tax rules."

"The reality is, all the data that you need to determine your cash flow, profit & loss, BAS, and tax bill sits within your business bank account", he continued, "With Thriday, business customers can eliminate the time they waste on financial admin, and the best part is, they can reinvest that time back into their business or spending more time with their loved ones".

Mr Nuciforo was excited about what the next 12 months have in store, "We have built an incredible product, and we are only 1 per cent into the journey of where we are going. Our customers love the product, and we are well and truly on the way to achieving our mission of eliminating financial admin for all business owners."

In a recent survey of 250 Thriday customers, 85 per cent of respondents Agreed or Strongly Agreed with the statement 'Managing my banking, accounting, tax and payments in one place is much easier, and 66 per cent said they would be 'Extremely disappointed' if they could no longer use Thriday.    

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