Bankwest No More: Why Thriday is the Perfect Choice for Small Businesses

February 20, 2024
minutes to read
Ben Winford
Table of Contents

Running a small business comes with its fair share of challenges, and one critical aspect that can significantly impact its success is choosing the right banking partner. If you're a Bankwest customer, you may have recently received unsettling news that Bankwest is closing business accounts. This sudden change may have left you feeling uncertain and searching for a reliable alternative. In this blog, we'll guide you through moving from Bankwest to Thriday - which not only fills the void left by Bankwest but also offers a range of integrated services, including accounting and tax management. Join us as we explore the reasons behind Bankwest's decision, the importance of finding the right banking partner, and how Thriday emerges as the best alternative to meet your small business's needs.

With Thriday, you can rest assured that your financial operations will be streamlined, efficient, and well-equipped to support your business's growth. So, let's delve into the details and make your transition from Bankwest to Thriday a smooth and successful journey

Bankwest Closing Business Accounts

Bankwest's announcement to discontinue business banking services has undoubtedly left many small business owners wondering why this decision was made. While Bankwest has been a trusted banking institution for years, various factors may have influenced their choice to shift their focus away from business banking.

Bankwest, which Commonwealth Bank acquired, felt it was best to reallocate resources to other areas of their business and restructure their service offerings to align with changing market demands. Economic factors, evolving regulatory requirements, and shifts in customer preferences were also contributing factors.

Impact on Existing Bankwest Business Account Holders

This announcement can have significant implications for those who currently hold a business account with Bankwest. Having to move banks will disrupt your day-to-day operations, slow down access to financial services, and reduce the overall stability of your business. The sudden discontinuation of banking services can create uncertainty and prompt the need for a reliable alternative to ensure uninterrupted financial management.

With Bankwest no longer offering business banking services, it becomes crucial to find a dependable alternative that caters specifically to the needs of small businesses. Your chosen banking partner should provide a comprehensive suite of services, streamlined integration, and a commitment to supporting your business's financial success.

Because of this change, Thriday emerges as the best alternative to fill the void left by Bankwest. From seamless banking experiences to integrated accounting and tax solutions, Thriday offers a comprehensive platform that simplifies your financial management and empowers your business to thrive in the modern business landscape.

Thriday's all-in-one platform

The Importance of Banking for Small Businesses

As a small business owner, you understand the significance of efficiency and streamlined processes. Having a banking partner that seamlessly integrates with accounting and tax services can be a game-changer regarding your financial management. By consolidating these essential functions within a single platform, you can save time, reduce complexity, and gain a holistic view of your business's financial health.

Thriday Combines Banking, Accounting and Tax

Thriday recognises the importance of this integration and goes beyond traditional banking services. With Thriday, you can access banking features and advanced accounting and bookkeeping functionalities. This eliminates the need for separate systems and manual data entry, enabling you to effortlessly manage your finances, track expenses, and generate financial reports—all in one place.

Thriday Utilises AI to Streamline Processes

Small businesses often operate with limited resources, making it crucial to maximise efficiency and minimise the margin for error. Thriday's platform offers automated accounting features that streamline financial processes, allowing you to focus on growing your business. By leveraging cutting-edge AI technology, Thriday automates tasks such as transaction categorisation, invoice generation, and receipt reconciliation, reducing the likelihood of errors and freeing up valuable time for other critical aspects of your business.

Thriday is Cost-Effective and Tax Deductible

When it comes to financial management, cost-effectiveness is a priority for small businesses. Thriday understands this and offers pricing plans tailored to the specific needs of small businesses. With the ability to join for free, a $0 monthly bank account* and a $29.95 monthly plan, Thriday's pricing is simple and transparent. Thriday is also tax deductible. By eliminating unnecessary fees and providing affordable solutions, Thriday aims to support your business's financial well-being, enabling you to allocate resources effectively and drive growth.

Having a suitable banking partner that offers seamless integration, streamlines financial processes, and provides cost-effective solutions is vital for the success of your small business. Thriday stands out as an exceptional alternative to Bankwest, offering a comprehensive platform that combines banking, accounting, and tax services—all designed specifically with the needs of small businesses in mind. In the next section, we will delve into the key features that Thriday brings to the table, further highlighting why it is the best choice for your business.

Introducing Thriday: The Best Alternative to Bankwest

Thriday understands the unique needs of small businesses and has tailored its services to address those requirements effectively. Whether you are a sole trader, a freelancer, or a gig worker, Thriday's flexible solutions can accommodate your specific needs. From basic transactional accounts to BAS lodgment, Thriday provides a range of options to support your business's financial goals.

With Thriday, you can effortlessly categorise transactions, generate invoices, track expenses, and reconcile accounts, all within the Thriday platform. This integration saves you time, reduces errors, and provides a comprehensive overview of your financial position.

Moreover, Thriday's platform offers advanced reporting capabilities, giving valuable insights into your business's financial performance. You can generate custom reports, monitor key metrics, and make informed decisions based on real-time data—all within a few clicks. This level of visibility empowers you to stay on top of your finances, identify trends, and proactively manage your business's growth.

Tax compliance is crucial to running a business, and Thriday simplifies this process for you. With its integrated tax management features, Thriday automates tax calculations, generates tax reports, and helps you stay on track with your tax obligations. By reducing manual effort and ensuring accuracy, Thriday streamlines your tax management, saving you time and mitigating the risk of errors or penalties.

Thriday sub-accounts - Open up to 9 in seconds

Key Features Offered by Thriday

1. Services Tailored to Small Business Needs

Thriday understands that small businesses have distinct banking needs, and its banking services are designed to cater to those requirements. From business transaction accounts to BPAY payments, Thriday offers a range of tailored solutions. You can easily set up multiple accounts in seconds, manage payments, and access essential banking features through their user-friendly online and mobile platforms. Thriday's banking services provide the foundation for efficient financial management, ensuring your business's banking needs are well managed.

2. Advanced Accounting and Bookkeeping

Thriday goes beyond banking and offers advanced accounting and bookkeeping functionalities to simplify financial management. Their integrated accounting tools allow you to seamlessly track income and expenses, manage invoices, and reconcile accounts. You can easily categorise transactions, generate financial reports, and gain a clear understanding of your business's financial position. Thriday helps you save time, reduce manual errors, and maintain accurate financial records by automating these accounting tasks.

3. AI-Powered Automation

Thriday eliminates manual data entry and reduces the likelihood of errors. This automation saves you valuable time and ensures accuracy and consistency in your financial records. By automating routine tasks, Thriday empowers you to focus on more strategic aspects of your business while maintaining a solid foundation of reliable financial data.

4. Seamless Tax Management and Reporting

Tax management can be a complex and time-consuming process for small businesses. Thriday simplifies this aspect by providing seamless tax management and reporting capabilities. You can effortlessly generate tax reports, track tax obligations, and comply with the latest tax regulations. Thriday's platform helps you streamline your tax processes, ensuring you meet deadlines, accurately calculate taxes, and clearly understand your tax liabilities. With Thriday, you can minimise the stress and hassle associated with tax compliance, allowing you to allocate more time and resources to growing your business.

Thriday offers robust features that combine banking, accounting, and tax management into a single platform. Their tailored banking services, advanced accounting functionalities, automated features, and seamless tax management capabilities make Thriday the ultimate solution for small business owners seeking a comprehensive and integrated financial management platform. In the next section, we will guide you through switching from Bankwest to Thriday, ensuring a smooth transition for your business.

Thriday customer Kiki

How to Switch to Thriday from Bankwest

Follow this step-by-step guide to switching to Thriday:

  1. Join for free: Select the "Join for free" button on Thriday's website or download the app to initiate the account opening process. Fill out the required information accurately, providing details about your business and contact information.
  2. Verification: Thriday will then verify your identity and business details. You'll need to provide your ABN and two forms of ID. Once confirmed, your account will be opened immediately.
  3. Fund your account: Once approved, you can fund your Thriday business account by transferring funds from your Bankwest bank account to Thriday. Thriday will provide you with the necessary instructions and account details.
  4. Update payment details: You can then update the details of any recurring payments or direct debits previously associated with your Bankwest account. Update the account information with the relevant service providers to ensure a smooth transition.

Throughout the transition process, Thriday's customer support team is available to assist you. You can reach out via phone, email, or live chat for any questions or concerns.

By following these steps and utilising Thriday's resources, you can successfully switch from Bankwest to Thriday, ensuring a seamless transition for your business. Thriday's commitment to customer support and its intuitive platform will make the switch a smooth and positive experience.

Final Thoughts

Now that Bankwest has discontinued its business banking services, small business owners must find a reliable alternative that meets their banking, accounting, and tax needs. Thriday emerges as the best choice, offering a comprehensive platform that combines all these essential functions into one integrated solution. By seamlessly integrating banking services, advanced accounting features, and seamless tax management capabilities, Thriday simplifies your financial management and empowers your business to thrive.

With Thriday, they have a $0 monthly bank account, and you gain access to a range of banking services tailored to small business requirements. Thriday offers flexible options to support your financial needs. You can easily manage payments, monitor account activity, and streamline your banking processes through their user-friendly online platform.

Thriday goes beyond banking and delivers advanced accounting and bookkeeping functionalities. With automated transaction categorisation, invoice generation, and bill management features, you can save time, reduce manual errors, and maintain accurate financial records effortlessly. Thriday's platform provides a unified view of your finances, allowing you to generate financial reports, track expenses, and make informed decisions based on real-time data.

Making the switch from Bankwest to Thriday is a straightforward process. Following the step-by-step guide in this blog post, you can open a Thriday business account, transfer your funds, and seamlessly integrate your accounting data. Thriday's customer support and onboarding resources are available to assist you throughout the transition, ensuring a smooth and hassle-free experience.

Remember, the transition from Bankwest to Thriday is not just a change in banking services—it's an opportunity to elevate your financial management and drive your business towards tremendous success. Embrace the power of Thriday and experience the difference it can make for your small business.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

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