Thriday vs. Bendigo Bank: Which is best for business owners?

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Bendigo bank is not Australia's fifth largest bank in terms of customers. Bendigo bank has a very weak business banking offering that is essentially a replica of what they offer for retail banking. Bendigo bank does not use any of its transaction data to provide insights or help businesses keep on top of their finances. Thriday is a the perfect product for Bendigo bank customers who are looking for something more. Thriday provides an all-in-one financial management platform that automates banking, accounting and tax, saving business owners over 6 hours a week on financial admin.

STEP BY STEP GUIDE

How to switch from Bendigo Bank to Thriday

Find out how much money you could save by switching to Thriday

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Transaction categorisation

To improve you must measure, to measure you must have accurate date. This is where Thriday becomes such a powerful tool when compared to Bendigo bank. Within Thriday, you can see granular details about your transactions so that you determine exactly where your money is going. Nobody does this better than Thriday. Bendigo bank does not provide the level of transaction categorisation that Thriday does. Leaving you in the dark about your true financial position.

Cashflow and tax estimates

If you want to have your finger on the pulse, there is really only one way as a business owner - Thriday. Thriday allows you to review your real-time cashflow and tax estimates from the web or app. With this information at your fingertips the world is your oyster. Bendigo bank does not provide any ability for customers to generate a cashflow or tax estimate.

Income statement

Knowing how much income you make is core to understanding how your business is performing. Without income, or not enough of it, your business will fail. Thriday knows the importance of an income statement, so as a result, Thriday allows you to generate an income statement anytime, anywhere, via CSV or PDF. It's a powerful tool for business owners who want the detail, without the time taken to get there. Bendigo bank does not provide any option for customers to generate an income statement.

Cashflow statement

A cashflow statement has three sections: investing, financing, and operations. With Thriday, you can generate a cashflow statement in seconds. You can even download a copy in CSV or PDF. The cashflow statement shows you how much cash you had at the beginning of a time period, and how much you had at the end of that period. It's a simple way to see if you making money. Bendigo bank does not allow customers to generate a cashflow statement from their account.

Balance sheet

Business activity statement

If you are registered for GST, you will know all about a Business Activity Statement. Lodging your BAS with Thriday is super easy, as from within the product you can review all your details and calculations, and then submit it directly to the ATO. It's fast, accurate and significantly cheaper than other ways of doing BAS. Bendigo Bank does not provide any option to lodge your BAS, so you are stuck having to pay an accountant a lot of money to do something you already know all the details for.

Bill payment manager

With Bendigo bank, when it comes time to pay bills, there is only one option. You have to do it yourself. Unlike Thriday, Bendigo bank does not provide any enhanced bill payment capabilities. Thriday makes it easy to pay bills because you can upload, scan or forward your bills to Thriday. Using image recognition, Thriday will then retrieve all your details and automatically suggest a recommended payment date. It's like magic!

Tax tutorials and guides

Bendigo bank does not provide any tutorials or guides to assist business owners with understanding all the red tape and complexity of tax time. Thriday on the other hand, provides a full suite of information, content and self paced learning modules so you can build up your knowledge on the topic. Whilst Thriday is powerful enough to take care of all the leg work, it's still important for you to understand the basics.

Smart expense insights

If you want to know exactly where your money has been spent, plus the who, the what and the how, then Thriday is the perfect solution for you. Thriday's smart expense insights and categorisation, means that every transaction you see goes to a new level of detail unlikely to have been seen before. This extra details enhances your ability as a business owner to make smart business decisions. Bendigo bank does provide the level of categorisation and insights as Thriday does.

Task tracker

Thriday is not just handy for eliminating financial admin, it also allows busy business owners to keep on top of their other tasks. If you need a reminder to send something to a client, or run some errands, Thriday's task tracker is the perfect tool for your business. Integrated into the core platform, task tracker is easy to use and simple to setup. Bendigo Bank does not provide any task tracking functionality, which means business owners will need to use another tool or stick to dreaded notepads and sticky notes.

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Imagine if your business bank account* was your accounting software

Find out how much money you could save by switching to Thriday

Transaction categorisation

Cashflow and tax estimates

Income statement

Cashflow statement

Balance sheet

Business activity statement

Bill payment manager

Tax tutorials and guides

Smart expense insights

Task tracker

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