How Thriday Pricing Works

February 20, 2024
minutes to read
Jaala Alex
Table of Contents

As a small business owner, managing your taxes and staying on top of your financial records is crucial for the success and growth of your enterprise. However, this task can often be overwhelming and time-consuming, leaving you drained and diverting your attention from core business activities. That's where Thriday comes in, offering a range of powerful features designed to simplify your tax compliance process, empower you with financial insights, and save you valuable time and money. In this blog, we go deep on Thriday's pricing and how it's designed to allow small businesses to 'thrive every day'.

How Thriday Works

Thriday offers comprehensive features that empower small business owners like you to simplify and automate your tax compliance and financial management. Understanding Thriday pricing is not only about knowing the costs; it's also about understanding the potential of automated accounting and tax and how much money and time it can save you. So let's take a closer look at some of the key features that make Thriday a game-changer: 

1. Streamlined Tax Compliance

Thriday takes the hassle out of tax compliance by automating key processes. From tracking income and expenses to generating accurate financial reports, Thriday ensures you stay on top of your tax obligations effortlessly. 

2. Multiple Bank Accounts 

Managing multiple business accounts can be overwhelming. Thriday simplifies this task by allowing you to create and manage multiple bank accounts* from a single platform. This consolidated view helps you understand your finances holistically and reduces the time spent switching between accounts. Bank accounts* and Visa Debit cards* are included for free as part of a Thriday account.

3. Automated Expense Categorisation

Say goodbye to manual expense categorisation. Thriday uses advanced algorithms and machine learning to categorise your expenses based on predefined rules automatically. This saves you time and effort while ensuring accurate financial records. It also means you don't have to pay a bookkeeper by the hour to do this for you. This alone could save you thousands each year.

4. Automated Allocations

When you earn income, you can set up automated allocations so that a percentage of your earnings get distributed to a bank account of your choice. This can be used to automate your Profit First distributions, or can be used to send a percentage of your earnings to your Super account.

5. Receipt Reconciliation

Keeping track of receipts and invoices can take a lot of work. Thriday simplifies this process by offering receipt reconciliation. Simply snap a photo of your receipts, and Thriday will automatically extract relevant information, link it to the corresponding transaction, and maintain a digital record for easy reference. You can scan unlimited receipts on the Thriday platform for no extra fees.

6. Accounts Payable

You can upload, scan or take a photo of a bill, and the Thriday platform will check the details and determine the amount, payment details and due date and automatically schedule a payment for you to approve. This feature can save you a tonne of time on accounts payable each week.

All these great features, including invoicing, quotes, task management, and payments, are included in Thriday's $29.95 per month package. Having everything available in one platform can save you thousands yearly when you add up the costs of having separate software.

Thriday's all-in-one platform

Benefits of Using Thriday 

Using Thriday as your small business tax compliance and financial management solution brings many benefits that can transform how you handle your finances. Let's explore some of the advantages: 

Time and Cost Savings

Thriday's automation capabilities significantly reduce the time spent on manual bookkeeping and tax-related tasks. By streamlining your financial processes, you can focus more on growing your business and spend less time on administrative burdens. Moreover, the efficiency gained through Thriday can translate into cost savings by reducing the need for additional staff or outsourcing. 

A simple way to calculate this benefit is to calculate an hourly rate for your time. Let's say you earn $100,000 a year from your business, and an average working week is 40 hours, then your time is worth roughly $50 an hour. If you spend 6 hours a week on financial admin that Thriday could automate, you could save $300 a week of your time. If you sign up for a Thriday annual plan, it's $299. Thriday there basically pays for itself in one week.

Enhanced Accuracy and Efficiency

Manual data entry is prone to errors, leading to discrepancies in financial records. Thriday's automated processes minimise the risk of human error, ensuring accuracy in your accounting. By eliminating manual tasks, you can improve efficiency, minimise data entry redundancies, and have confidence in the integrity of your financial information. Again, a simple way to calculate the benefit of Thriday is that if you incorrectly categorise an expense that you could claim as a valid tax deduction, you are losing money from your business that could form part of your tax refund.

Eliminating Manual Paperwork

Gone are the days of sifting through piles of receipts and invoices. Thriday's digital platform lets you go paperless by securely storing and organising your financial documents in the cloud. This reduces clutter and provides easy access to essential records whenever needed. 

Gaining Valuable Financial Insights

Thriday goes beyond basic bookkeeping. With comprehensive financial reporting and analytics, Thriday offers valuable insights into your business's financial health. Visualise your profit and loss statements, track key performance indicators, and make informed decisions to drive growth and maximise profitability. 

By leveraging Thriday's features and benefits, you can transform your small business financial management from a burden into a strategic advantage. With streamlined processes, accurate records, and powerful insights, you'll have the tools to thrive in today's competitive business landscape.

Thriday Client Testimonial

How to Switch to Thriday 

Switching to Thriday is a straightforward process that ensures a seamless transition to our platform. Here's a step-by-step guide to help you get started:

1. Join Thriday for free

Visit the Thriday website and create a free account here. Provide the necessary information, including your business details and contact information. Thriday takes data security seriously, so your information will be protected. 

2. Create bank accounts*

Once you've signed up, you can create your bank accounts* on Thriday. You will also get issued a Visa Debit card to add to Apple and Google Pay. This allows Thriday to automatically complete bookkeeping on any income and expenses that hit these accounts.

3. Import existing data

If you already have financial data stored in another accounting software or spreadsheet, Thriday offers the option to import that data via the Manage Balances feature. This ensures a smooth transition without manually re-entering historical financial information.  

4. Migration Assistance

If you need assistance migrating your financial data from another platform, Thriday offers data migration services. Our team of experts will guide you through the process, ensuring that your valuable financial information is transferred accurately and securely. 

Thriday Pricing Plans 

Thriday's pricing plans cater to businesses of all sizes, ensuring that you can find the right fit for your specific requirements and budget. Whether you're just starting a business or looking to upgrade your existing accounting system, Thriday has a plan to support your growth and simplify your tax compliance process. Let's explore the different pricing options available and the features they encompass: 

Package 1: $0 Monthly Bank Account* 

Thriday understands that every dollar counts, especially for small businesses. That's why we offer a $0 monthly bank account* option. With this plan, you can enjoy the following benefits: 

  • No Monthly Fees: The $0 monthly bank account plan eliminates the burden of recurring fees, allowing you to keep your expenses in check. It's a great option if you're starting out or have a limited budget. 
  • Bill Manager: Thriday's automated bill management feature removes the hassle of accounts payable. You just need to scan or upload a bill, and Thriday will confirm the details, and you can then approve a payment.
  • Great Features: Although it's a free plan, you still get access to fundamental features that simplify your accounting. These include expense tracking, basic reporting, and connecting and managing one bank account. 

The $0 monthly bank account is an excellent starting point for small businesses that want to dip their toes into automated accounting without committing to a paid plan. If your business is starting out, this is the perfect option for you.

Package 2: $29.95 Monthly Subscription

For small businesses looking for more advanced capabilities and enhanced support, Thriday offers a comprehensive monthly subscription plan priced at $29.95. Here's what you get with this plan: 

  • Expanded Features: The $29.95 monthly subscription unlocks a range of powerful features, including advanced expense categorisation, receipt scanning, and the ability to issue invoices and quotes. These features are designed to streamline your financial processes and provide deeper insights into your business. 
  • BAS Lodgment: If you're registered for GST and need to lodge your BAS, you can do it directly from Thriday to the ATO. BAS lodgment is not bundled into your monthly plan to keep costs low, as only some businesses require it. For those that do, BAS lodgment starts at $59.95.
  • Priority Support: As a valued subscriber, you receive priority support from Thriday's customer service team. Whether you have questions, need assistance, or require troubleshooting, our support team is dedicated to ensuring you have a smooth experience and timely resolution of any issues.  

The monthly plan is a fantastic way to start using the complete feature set of Thriday to ensure it meets your needs. It's very affordable, especially when compared to other accounting software, and it's also tax deductible.

Package 3: $299 Annual Plan 

For those seeking long-term cost savings and commitment to Thriday, we offer an annual plan priced at $299. This plan comes with several benefits: 

  • Cost Savings: Opting for the annual plan saves you over 17% compared to the monthly subscription. It's an ideal choice for businesses that plan to use Thriday long-term and want to maximise their cost efficiency. 
  • Extra Swag: When you sign up for an annual plan, you'll get sent some Thriday swag to show your love. You'll also get exclusive access to Thriday events and features.
  • Full Access: The annual plan provides complete access to all the features offered by Thriday, including advanced expense categorisation, comprehensive reporting, and the ability to manage multiple bank accounts. 

Renewal Procedure

Thriday's annual plan renews automatically at the end of the term. However, we understand that circumstances may change, so you can discontinue the annual plan and switch to a different one if needed. 

Cancel Anytime, No Credit Card Required

Thriday's billing is completed via direct payment from your Thriday account. This means you don't need to provide a credit card to sign up. You can also cancel your subscription anytime.  

In the next section, we'll compare Thriday's pricing with traditional accounting services and competing software solutions, highlighting the unique advantages Thriday brings to the table. 

How Does Thriday Pricing Compare? 

When considering a small business accounting solution, comparing pricing options is essential to ensure you're getting the best value for your investment. Let's take a closer look at how Thriday's pricing compares to traditional accounting services and other software solutions in the market: 

Thriday vs. Accountants

Small businesses with basic accounting needs will spend anywhere from $2,000 to $5,000 annually on accounting services. This could include basic bookkeeping, financial statement preparation, and tax return filing. Thriday's automated accounting features offer businesses a significantly cheaper alternative at only $299 a year. Because of Thriday's automation, the software can streamline processes and eliminate the need for extensive manual labour. By automating repetitive tasks and simplifying financial record-keeping, businesses can realise substantial cost savings with Thriday while maintaining accurate and efficient financial management.

Thriday vs. Traditional Accounting Software

Traditional accounting services often come with hefty fees that can significantly burden small businesses, especially those just starting out. When looking at major brands like Xero and MYOB, base packages vary from $15 to $50 a month. Thriday offers cost-effective pricing plans, including a $0 monthly bank account option, making it a more affordable choice without compromising on essential accounting features. With these platforms, in addition to the monthly fees, you'll also need to pay a bookkeeper or accountant, as they do not have any automation in-built.

Traditional accounting services typically rely on manual processes, which can be time-consuming and prone to errors. Thriday's automation capabilities significantly streamline financial tasks, saving you valuable time and minimising the risk of mistakes. This efficiency can result in significant cost savings over time.

Thriday vs. Startup Software Solutions 

Thriday's pricing plans are better priced when compared to other startups, offering a balance between affordability and advanced functionality. Thriday provides a comprehensive set of features compared to some competing software solutions at a more accessible price point. Hnry, a New Zealand-based business, charges its clients 1% of their income up to an annual fee of $1,500. This can add up quite quickly, depending on the size of your business. Parpera, another startup based in Sydney, has three pricing tiers starting at $15, then $35 and $75. Parpera does not have advanced features like receipt scanning, automated GST reconciliation, quotes, bill manager or physical Visa Debit cards. Parpera is also only available as an app, whereas Thriday is also available on the web.

In the final section, we'll address some frequently asked questions about Thriday's pricing, providing further clarity and addressing any remaining concerns you may have.

Thriday Pricing FAQs 

Is there a trial period for Thriday's pricing plans? 

Yes, Thriday offers a free 30-day trial period, allowing you to experience the platform's features and functionality before committing to a pricing plan. You also won't be charged to your account until you start making money. 

Are there any additional fees besides the monthly or annual plan cost? 

Thriday's pricing plans are transparent, and there are no hidden fees. The monthly or annual plan cost covers the features and services specified in each plan. However, if you want to lodge a BAS because your business is GST-registered, you will need to pay an additional fee starting from $59.95 per lodgment.

Can I switch plans or cancel my subscription at any time? 

Absolutely! Thriday understands that business needs can evolve. You can switch between pricing plans or cancel your subscription at any time. For annual plans, you can discontinue the subscription at the end of the term. Thriday aims to make your experience hassle-free and ensures that you have control over your subscription. 

How secure is my financial data on Thriday? 

Thriday prioritises the security and privacy of your financial data. The platform utilises industry-standard encryption protocols to safeguard your information. Thriday also adheres to strict data protection and privacy policies to ensure that your data remains confidential and secure. 

Does Thriday offer customer support? 

Thriday provides customer support to assist you with any questions or concerns you may have. Our support team can address your inquiries via phone, email or chat, ensuring that you receive prompt and helpful assistance. 

How does Thriday pricing compare to hiring an accountant? 

Thriday's pricing plans offer a cost-effective alternative to hiring an accountant, particularly for small businesses. Traditional accounting services often come with higher costs, including hourly rates or monthly retainers. The average small business spends over $3,000 a year on accounting. Thriday's pricing plans provide a more affordable option while offering automation, efficiency, and valuable financial insights. Find out how much you can save with Thriday here.

Key Takeaways

Thriday's pricing plans are designed to meet the unique needs of small businesses, providing an affordable and efficient solution for tax compliance and financial management. Whether you choose the $0 monthly bank account, the $29.95 monthly subscription, or the $299 annual plan, Thriday offers a range of features and benefits to streamline your accounting processes, automate expense categorisation, and provide valuable financial insights. 

By switching to Thriday, you can save time, reduce costs, and gain confidence in your financial records. Don't let tax compliance and bookkeeping keep you from focusing on growing your business. Join Thriday for free today and experience the power of automated accounting and simplified tax management. Remember, at Thriday, we're not just an accounting platform; we're your trusted partner on the journey too small business success.

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.

Why waste time on financial admin when Thriday can do it for you?

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