SMEs save 6 hours a week with ground-breaking new fintech app
Thriday, a next-generation financial management platform built for SMEs, has reported outstanding results from its first three months of a public 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.
Research conducted by Thriday highlighted that financial admin was the most disliked activity in running a small business and that business owners waste over 42 days a year, or 6 hours a week, in managing their financial affairs. In addition, small businesses spend an average of $1,813 on an accountant each year, and those that also utilise a bookkeeper spend over $4,350.
During the first three months of launch, Thriday members reported seeing a 60 per cent drop in the time they spent on financial admin tasks such as paying bills, reconciling transactions and chasing unpaid invoices. Will Pattinson, a small business owner from Melbourne, was one of the sole traders to sign up for Thriday, "Time is my most precious commodity, and with Thriday, I save hours each week that I can now invest into doing more sales and marketing for my business."
Founded in 2020, Thriday launched a Beta testing phase before public lunch to test their product and incorporate feedback from small business owners. Ben Winford, COO and Co-founder, explained that Thriday was an idea formed from a very personal frustration, "With my last business, I would often find my 'to-do' list filled with financial admin tasks. I got fed up with the amount of time I spent on my financial affairs even though I had an expensive accountant and a bookkeeper."
When the idea was first formed, the Thriday team identified that better utilisation of banking data was the key to unlocking the pain points that small business owners were suffering from. So as customers transact and receive payments via their Thriday business transaction account and Visa Debit card, data is categorised and fed into the 'Thriday bookkeeping engine', which interprets the data, augments it with third-party data, and determines the appropriate accounting calculations and deductions for that business, in real-time.
Michael Nuciforo, CEO and Co-founder, confirmed that Thriday combines everything into one, "It's ironic because accounting software, such as Xero and MYOB, relies on data from your bank to determine your profit and loss and income statement. Then your bank relies on accounting data to decide if they want to lend to you. The underlying data, your transaction data, is the same."
Thriday believes that in the future, it can fully automate the financial management of a business. Nuciforo added, "Because we can determine exactly what transaction has occurred, what GST was added, and what tax implications it has, we can then automatically calculate your tax, BAS and cashflow position. It's like having a personal financial assistant."
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.
Thriday has partnered with Regional Australia Bank and Visa under a 'banking-as-a-service' agreement. This means that the Thriday business transaction account is insured up to $250,000 per account holder as the funds are held with an authorised deposit-taking institution (ADI).