New Fintech Boosts Small Business Response to Inflation
Small businesses, battered and bruised by a triple whammy of high inflation, rising utility prices and wage increases over the past six months, can now breathe a sigh of relief with new fintech Thriday promising to make their lives 10 times easier.
Thriday a new business bank account for small businesses, makes it easy for business owners to stay in control of their finances and eliminate the amount of time business owners waste on running the books.
Combining a business bank account and debit card with intelligent automation, Thriday reconciles, forecasts and presents a complete 360-degree picture of how a business is performing. Using AI and ML, Thriday is designed to run on autopilot, winning back time for busy business owners and making it easy for them to stay in control of their financial destiny.
Thriday conducted an extensive survey of over 500 small businesses in late October and found that business owners were starting to see the real financial impact of the global downturn. Key findings included:
- 62% of business owners were concerned about the economic outlook and impacts of inflation
- 72% had seen an increase in their monthly costs primarily driven by utility, rent and wage increases
- The average wage increase reported by the panel was 7% over the last 12 months
- 32% had open job roles they were unable to fulfil, having an impact on sales
- 38% reported seeing a softening in sales, primarily due to a cooling off in consumer demand
- The increase in costs and wages is being pushed through to customers.
Recent research from the Australian Bureau of Statistics (ABS) also found that more than a third (35%) of Australian businesses expect to find it difficult or very difficult to meet financial commitments over the next three months.
Michael Nuciforo, CEO of Thriday, said that the platform was designed to help business owners who understood the importance of financial control but were short on time. “We understand that most business owners don’t want to moonlight as a CFO. Thriday reduces the burden of managing business finances by providing an all-in-one platform that automates banking, accounting, and tax. With Thriday, small business owners can make informed financial decisions today knowing what will come tomorrow”.
Small business owner and Thriday customer Kiki Beckerleg explained, “Running a small business is extremely challenging at the best of times. Right now, it’s super important to be financially prudent with the business, so we ensure our long-term success. Thriday’s automated bookkeeping and accounting features show me in real-time where the business stands so I can make better decisions”.
She added, “Thriday is like a Swiss army knife. I can now do everything easily in one place. This saves me time but also gives me peace of mind that I am doing the right thing”.
Using AI, Thriday’s unique value proposition is automating financial admin that currently relies on the business owner, a bookkeeper or an accountant. Without Thriday, businesses today are stuck having to use a disparate variety of tools and in turn, spending over 6 hours a week managing their financial admin.