Thriday uses AI like ChatGPT to help sole traders fly
Being a sole trader means everything you earn, you get to keep. But when you are your own boss, you must oversee all aspects of your business, from managing finances to handling daily operations and making crucial decisions. But running your own business doesn't mean you need to do everything on your own – because Thriday has your back.
With business owners spending an average of 6 hours a week on financial admin, Thriday has launched a new platform that uses artificial intelligence (AI) like ChatGPT to automate the bulk of financial admin tasks. Doing this saves time and makes it easier for sole traders to run their businesses. So, whether you're just starting a new venture or you have been running a successful sole trader business for years, it's never been a better time to take advantage of AI to streamline your back office.
Running a sole trader business can be a challenging and time-consuming vocation. It's definitely not for the faint-hearted. With so many responsibilities, it's difficult to keep up with customer inquiries, manage finances, and handle administrative tasks simultaneously. For many sole traders, it's all the 'business stuff' that makes running a business hard. Making sales, dealing with customers and creating new products is fun. Paying bills, reconciling receipts, and chasing up unpaid invoices is not.
With modern advancements in cloud computing and artificial intelligence, tools like Thriday and ChatGPT can be game changers for sole traders. These new products almost seem like they are from outer space when you consider how powerful they are. They take tasks that used to seem impossible and make them accessible to everyday business owners. Let's run through some of the incredible capabilities of the Thriday platform.
Automated transaction categorisation
To automatically categorise your income and expenses, Thriday uses a similar model to ChatGPT. Nicknamed 'Luca' after the inventor of bookkeeping – Luca Pacioli – Thriday's automated transaction categorisation system uses AI to determine what transaction has taken place. The Luca model was trained on 50,000 real-world bank transactions, so in other words, it's highly accurate. The model will also get smarter as more transactions flow through the platform
To understand the power of Luca, it's best to show you a real-world example. The screenshot below shows that the Thriday app has automatically determined that a card transaction at the Pancake Parlour is a 'Food and Drink' expense. The transaction was then allocated to the Chart of Accounts code for 'Entertainment - Non Tax Deductible'. This bookkeeping is done in real time, without human intervention, and this data is processed through a complete double-entry accounting system. This ground-breaking innovation is the heart of what makes Thriday so unique and highlights how the product can save you hours on reconciling expenses with other accounting software.
Automated receipt reconciliation
Once a transaction occurs, it's immediately recorded in your Thriday transaction ledger. With bank accounts integrated into the platform, there is no need for bank feeds and the associated delays with transactions appearing in your account days later. This capability then powers the next piece of magic in the Thriday platform – receipt reconciliation.
With in-built scanning and email forwarding capabilities, you can upload any receipts you receive directly into the Thriday product. Thriday then uses advanced image recognition to extract all the pertinent information from the receipt and automatically attach a digital copy to the bank transaction. This feature helps you stay compliant as you must keep a copy of the receipt when you lodge your taxes. Receipts are required as proof of purchase if you ever get audited.
When a receipt is uploaded into Thriday, the system can pull data including the total amount, GST, transaction date, merchant name and ABN. This extra information allows Thriday to record the GST you have paid so that it can be deducted from the GST you have received. This vital step enables Thriday to calculate your net GST position, which means you can lodge your BAS and tax directly from the platform. Thriday even uses the ABN of the business to confirm if the supplier is registered for GST. This 'double checking' provides that extra peace of mind that all your GST calculations are accurate.
Automated accounts payable
When it comes to paying bills on time, Thriday has you covered. Thriday's Bill Manager feature automates accounts payable so that you can get back to work faster. Like receipts, you need to upload or forward any bills you receive into the Thriday platform. Thriday then scans the details and extracts all the payment information. The system will even check if you have paid the invoice or supplier before just for extra security. Because Thriday is integrated into the Australian banking payments platform, once the bill is uploaded, you can then just hit pay. There is no need to make a payment manually or download an ABA file.
Smart invoice reminders
One of the most frustrating parts of running a business is chasing overdue invoices. It's always awkward having to call a client to remind them to pay, and it takes up valuable time you could be spending elsewhere. Thriday knows that cash flow is king, so to assist sole traders, Thriday has smart invoice reminders that you can set for each client. As you can see in the screenshot below, you can select from various options, and the friendly reminders are sent based on the schedule you set. Because the reminders are system generated, it also prevents you from dealing with difficult clients directly.
To send automated payment reminders, your system also needs to be able to determine when an invoice has been paid. If you can't, the client will continue to get reminders even though the invoice has been paid – this would obviously be super annoying. To avoid this, Thriday uses its smart transaction categorisation engine to determine when a bill has been paid. The invoice status is updated to paid as soon as the funds hit your business account. The income and GST are then added to your ledger, ready for tax time.
Real-time tax estimates
The final piece of the puzzle in the jigsaw is tax estimation. As you spend and earn money into your Thriday transaction account, all your taxes are estimated in real-time. This calculation is powered by a combination of all the features we just mentioned, and as a result, you can see exactly where you always stand. With many small businesses suffering from large, unexpected tax bills, Thriday removes this burden by telling you precisely what you will owe. With this information, you can start planning for the end of the financial year and either set funds aside for tax time or increase your spending to lower your profit. The choice is yours!
Automated customer care
One of the biggest challenges for business owners is getting customer support promptly and efficiently. This can be especially difficult if you're busy during the day running your business. To avoid these issues, Thriday has developed an automated chatbot to assist customers with their enquiries, providing instant and accurate responses to any help they need, 24/7. By automating the customer care process, Thriday can allow sole traders to focus on other important tasks and improve their overall customer satisfaction.
Whilst this list of features is impressive, their benefits are what really stand out. When you sign up for Thriday, you can feel the improvement in your business instantly, as all you need to do is spend money and make money, and your finances are done for you. With every sole trader looking to get some sort of competitive advantage, Thriday can win back time and help you achieve the following:
- Increased Productivity: Thriday can help sole traders be more productive by automating routine tasks such as bookkeeping, bill payments, and reconciling GST. This can help you save time and streamline your operations, allowing you to focus on more critical tasks that require your attention and expertise.
- Improved Customer Experience: By using Thriday to handle the bulk of your financial admin, you can provide a fast and efficient service that meets your customers' needs. This can lead to increased customer satisfaction and a better overall experience for your customers, helping to build trust and loyalty.
- Reduce Distractions: Thriday is accessible from any device via the web or app, making it easy for you to manage your business from anywhere, at any time. This can be particularly helpful for sole traders who are on the go and need to respond to items quickly. Being able to send a payment, or scan a receipt anywhere, can reduce the noise when you need to sit down and work.
- Cost-Effective: Compared to hiring a bookkeeper or accountant, Thriday is a cost-effective solution for sole traders. With no need for hourly rates or paying for expensive software tools, you can save money and allocate your resources to other areas of your business.
If you are running your own business, Thriday and ChatGPT can be valuable tools for sole traders looking to streamline their operations, improve customer satisfaction, and grow their business. With its ability to automate the entire back office, you can focus on providing a better customer experience. Whilst Thriday delivers the immediate benefit of automating your financial admin, the extra time you save can help you stay on top of your business and ahead of the competition.