Thriday’s Automated Accounting Platform Saves Small Businesses $3,000 a Year

February 20, 2024
minutes to read
Michael Nuciforo
Table of Contents

Melbourne, Australia - Thriday, a groundbreaking new business tax solution that is revolutionising how small businesses manage their accounting and tax responsibilities, has announced the results of its 12-month longitudinal study into the cost of accounting and tax. With Thriday's innovative AI-powered platform, small businesses save over $3,000 annually, making financial management more efficient and cost-effective.

The Burden of Financial Admin is Huge

Small businesses have long been burdened with high accounting and tax compliance costs. On average, these businesses spend over $3,000 each year to meet their financial obligations, often struggling to keep up with the complex and ever-changing tax regulations. Thriday has recognised this challenge and is committed to providing a game-changing solution that empowers small businesses across Australia.  

Michael Nuciforo, CEO of Thriday, explains, "We understand the financial strain that small businesses face, particularly when it comes to accounting and tax. Thriday's mission is to simplify these processes, make them more cost-effective and ultimately help businesses 'thrive every day'. Our automated accounting platform utilises cutting-edge AI technology to transform how businesses manage their finances, saving them thousands of dollars.

Thriday Streamlines Accounting

Thriday's platform seamlessly integrates AI into the accounting and tax processes, streamlining operations and eliminating the need for costly manual labour. Here's how Thriday works:  

  • Automated Accounting: Thriday's AI technology automates day-to-day accounting tasks, such as data entry, categorisation, and reconciliation. This reduces the time and effort required to maintain financial records, allowing small business owners to focus on what matters most – growing their business.  
  • Tax Returns Made Easy: Thriday simplifies the tax filing process, ensuring businesses always meet deadlines and take advantage of potential deductions. The platform provides real-time tax insights, making it easier than ever to stay compliant and minimise tax liabilities.
  • Effortless BAS Lodgment: Thriday automates Business Activity Statement (BAS) lodgment, making it a hassle-free experience for small businesses. With accurate and timely submissions, businesses can avoid penalties and fines.

Thriday Saves Small Businesses $3,000 a Year

During the longitudinal study, Thriday asked 20 customers to track their regular spending on accounting and tax at the same time as using Thriday. By embracing Thriday's AI-driven approach, small businesses doing the study were able to significantly reduce their accounting and tax-related expenses, saving more than $3,000 annually. These savings can be reinvested in business growth, hiring, or other essential operations.

Thriday customer Jodie was one of the participants, “In the past I would pay a bookkeeper about $40 an hour to go through my books, code transactions and track my GST. In addition, I was using MYOB, which cost me about $50 a month. When it came to lodging my BAS and tax, that was another $500 each time. With Thriday, it’s $29.95 a month plus a small fee for BAS and tax lodgment. That’s it! Not only is it cheaper, but it also saves me a huge amount of time as everything is automated.”

Thriday has already garnered the trust of thousands of satisfied customers who have experienced the benefits of automated banking, accounting, and tax management. These businesses have witnessed firsthand how Thriday's platform enhances efficiency, accuracy, and overall financial well-being.

Thriday is Committed to Innovation

Michael Nuciforo further emphasises the significance of Thriday's mission: "Our commitment to small businesses goes beyond cost savings. We aim to empower entrepreneurs and business owners by giving them the tools they need to succeed financially. This is just the first step in our journey to ensure that financial admin is not a burden for small businesses across Australia."  

Small businesses play a vital role in the Australian economy, with approximately 2.4 million small businesses accounting for nearly 35% of the nation's GDP. Despite their economic significance, many struggle to navigate the complexities of accounting and taxation, often leading to financial strain. Thriday is dedicated to levelling the playing field for these businesses by providing affordable, AI-driven solutions that promote growth and prosperity.  

Thriday's automated accounting platform is a game-changer for small businesses in Australia. By harnessing the power of AI, Thriday not only simplifies financial management but also saves businesses over $3,000 a year. As thousands of satisfied customers have already discovered, Thriday is the partner small businesses need to thrive in a competitive marketplace. This is just the beginning of Thriday's mission to revolutionise financial admin for small businesses nationwide.

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. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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

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