Thriday vs. ING: Which is best for business owners?

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Unlike ING, Thriday allows you to open up a business transaction account online. Business owners just need to provide two forms of ID, and they can get set up in minutes. ING currently requires business owners to submit a PDF form, which is kind of cute in a 'Back to the Future' kind of way. Besides PDF forms being so very 90's, they are incredibly insecure and who knows where those forms end up! In addition to being able to open an account online, Thriday provides a Visa Debit card that can be added to Apple and Google Pay for the convenience of tap and go. Sign up to Thriday now and fast forward your business into the future.

STEP BY STEP GUIDE

How to switch from ING to Thriday

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

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Business bank accounts

Opening a business bank account should not feel like running a marathon. With Thriday, you can get your business up and running in minutes. In fact, when you open a bank account* with Thriday online, your BSB and Account Number is generated instantly. This means you can start getting paid that second. With ING, after you fill out the paper form, you then need to wait for someone to review it, and open the account. Who knows how long it will take!

Online bank account opening

ING requires you to open a business transaction via a PDF form. Perhaps they'll ask you to deliver it via horse and cart as well. With Thriday, you can open a bank account* online in minutes. All checks are done online, and there is need for PDF forms. Move to a modern platform and enjoy Thriday today.

PDF form

Send invoices and quotes

Thriday allows you to send unlimited invoices and quotes. You can personalise your template, even add your logo and select a colour to match your brand. Once an invoice is overdue, automated reminders are sent. If an invoice is paid, the income is reconciled and the status of the payment is updated immediately. ING does not provide any invoicing services making it hard to get paid on time.

Transaction reconciliation

Stay on top of each transaction instantly with Thriday's automated transaction reconciliation service. When you make a purchase, Thriday automatically determines if GST is applicable, then based on the receipt you upload, reconciles the GST to your ledger. ING does not provide any transaction reconciliation services, which means you have to figure things out for yourself.

Bill payment manager

With ING, every bill you pay is a manual process. Read the details on the invoice, copy and paste, and double check before paying. With Thriday, paying a bill is no longer a chore. Just forward, upload or scan your invoices and Thriday will do all the heavy lifting. Details are automatically picked up, and recommended payment dates are suggested. It's like paying in the bill in the future.

Receipt forwarding

Imagine you could just forward a receipt to a mailbox, and it was automatically reconciled to your bank transaction. Well, dream no longer. Thriday's receipt forwarding feature is absolute game changer and something that ING does not offer its business clients. Every Thriday member get's a unique mailbox that they can use to forward receipts to. GST is then scanned from the receipt and captured for your BAS reports. Thriday's receipt forwarding feature eliminates time wasted on financial admin.

Accounting reports

Requesting an accountant to create your profit and loss, cashflow statement and balance sheet can cost you hundreds of dollars. Thriday allows businesses to download these reports anytime, anywhere, and the best part is, it's included in your regular monthly subscription. ING does not provide any accounting reports, meaning you would still need to work with an accountant or bookkeeper to produce these numbers based on your bank transaction data.

Deduction tracker

Calculating your eligible business deductions is now a thing of the past with Thriday. Unlike ING, Thriday provides real-time deduction calculations. The power of this solution is driven by Thriday's intelligent bookkeeping and categorisation function. You'll be left speechless with how simple it is. Just spend money and Thriday will figure out what you can claim, and what you can't. This means you will get the maximum tax benefit for your business.

BAS lodgment

Being able to lodge your BAS is one of the key areas ING is lacking when compared to the Thriday. When your business is registered for GST, you must do it. Thriday eliminates all the time you would spend preparing your BAS and automatically figures it out for you. It's breathtakingly simple, and the best part is, if you want a tax expert to review, Thriday can arrange that as well. ING does not provide any assistance when it comes to lodging your Business Activity Statement.

Tax estimates

There is nothing certain in life except for death and taxes - and that's why Thriday has developed a unique tax estimate feature. Tax estimates work in real-time, as soon as you earn money or spend money, Thriday figures out what you owe the ATO and makes it easy for you to plan ahead. You'll no longer be surprised when it comes to the end of the financial year, and you can use a Thriday business transaction account to save funds for your expected tax bill without a hassle in the world.

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Thriday - An alternative to ING that is more than a bank

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

Business bank accounts

Online bank account opening

Send invoices and quotes

Transaction reconciliation

Bill payment manager

Receipt forwarding

Accounting reports

Deduction tracker

BAS lodgment

Tax estimates

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Why Thriday?

Join the Aussie community growing their businesses with Thriday

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

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