Tradie Hacks - How to Reduce Financial Admin by 90%

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

Tradies often wear many hats, from managing apprentices to marketing their products or services. However, one of the most time-consuming tasks for a tradie can be managing their finances. That's where Thriday comes in - an online platform that helps tradies reduce their time on financial admin by 90 per cent.

Traditionally, small business owners, such as tradies, have had to manage their finances manually, using spreadsheets or paper-based methods. Besides being time-consuming and prone to errors, it's hard to make sound business decisions without having up-to-date accounts. That's why using a 4th generation accounting platform like Thriday can be a game changer.

The Thriday difference

Thriday differs from traditional accounting software in that it automates financial admin. These include a range of tools perfect for tradies - features like automated invoicing, expense tracking, and financial reporting. By automating many of these tasks, Thriday can save tradies up to 90% of the time they would otherwise spend on financial administration. With the average tradie spending 6 hours a week on financial admin, this is a huge time-saving.

The benefits of reducing financial admin

The importance of reducing financial admin time for tradie business owners cannot be overstated. Whether you are a carpenterplumber, or HVAC technician, spending less time on banking, accounting, and tax tasks allows you to focus on more important aspects of your business, such as growing your customer base, improving your products or services, and increasing revenue.

Improve tradie cash flow

In addition to saving time, Thriday can also help small businesses improve their cash flow. With many tradies operating on tight margins and high operating costs, it can be challenging to manage cash flow effectively if you don't have the right tools. Particularly when customers don't pay their invoices on time or unexpected expenses arise.

Automate financial admin

Thriday addresses this challenge by offering features like automated invoicing and payment reminders, which can help ensure your company gets paid on time. This, in turn, can help small businesses avoid cash flow problems that can lead to financial difficulties. Every time you log in to your Thriday, you see your full financial picture in HD. 

Thriday is designed for tradies

Thriday is designed to be easy to use for tradies on the go, even for those with limited financial management experience. The platform offers a simple interface and guides tradies through each process step. It's also very affordable; you can sign up for free in minutes. Thriday is ideal for tradies with up to 20 employees and self-employed sole traders.

Thriday - everything in one platform for tradies to thrive

Financial Admin FAQs

What is financial administration?

Financial administration refers to the management of a business's financial resources, including tasks such as bookkeeping, budgeting, financial reporting, and cash flow management.

Why is financial administration important for a business?

Proper financial administration is crucial for a business to maintain financial stability and make informed decisions. It can also help the business stay compliant with regulatory requirements and identify areas for improvement.

What financial records should a business keep?

A business should keep records of all financial transactions, including invoices, receipts, bank statements, and tax documents. Keeping these records organised and up-to-date for accurate financial reporting and tax preparation is essential.

Thriday is the best accounting software for tradies looking to streamline their financial administration. By saving time, improving cash flow, and providing an easy-to-use platform, Thriday can help small business owners focus on what they do best - running their business and serving their customers.

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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