Go from Xero to Hero and enjoy automated financial management with Thriday

For a non-employing business on a comparable package with Xero, which includes unlimited invoices and quotes, BAS lodgment, and receipt scanning, then you will be paying about $59.00 a month, not including any special promotions. With Thriday, for $29.95 per month, you get all this plus the ability to set up multiple business bank accounts*, make payments with a Visa Debit card*, send money via BPAY, pay bills with Bill Manager, view cashflow and tax predictions and get support from Australian-based call centre agents. Whilst Xero's $59.00 package comes with payroll for 2 people, this feature is not required if you are a non-employing business. Thriday is perfect for small business owners who have straightforward needs. In addition to the cost savings available with Thriday, you also need to consider the time savings as well. Because Thriday is designed to eliminate financial admin, you could easily save over 6 hours a week on time wasted doing financial admin.

To access your bank transaction data in Xero, you must set up bank feeds. Depending on who you bank with, you can set up bank feeds via an online process, or you may be required to fill out a PDF form. Once you set up a bank feed, you will be able to see transactions only from the point in time at which access was granted. Any historical data you have will need to be imported manually. Xero retrieves data from your bank account daily, which can leave your business looking in the rearview mirror. Thriday, on the other hand, allows you to see your bank transaction data in real-time without any set-up or sharing of login credentials. There are no files to upload or forms to complete. This superpower means you always know exactly where your business stands.

When you earn income, you have the option to establish automated allocations, ensuring that a designated percentage of your earnings is directed to a preferred bank account. This automated process can facilitate the implementation of Profit First distributions or enable the allocation of a portion of your earnings to your Super account.

Thriday's use of artificial intelligence and machine learning to automate bookkeeping and accounting is so accurate, you'll feel as though there must be an accountant working behind the scenes. With Thriday, you have the choice of whether you want to use an accountant or just rely on Thriday's calculations. Giving small business owners the choice means you can decide what works best for you and your business. Xero is a more elaborate system that requires some form of training and knowledge to use. It's very rare for a business to use Xero without the support of a bookkeeper our accountant. When you combine the cost of Xero with that of an accountant or bookkeeper, things can get quite expensive. So just keep that in mind when making your choice.

Thriday's instant receipt reconciliation feature is the stuff dreams are made of. As soon as you make a purchase with your Thriday Visa Debit card*, the transaction will appear on the Thriday website or app. From there, you can upload, forward or take a photo of a receipt. Receipts are then instantly scanned and reconciled. From the receipt, the GST is calculated, and included in your accounting and BAS reports. This feature is included in your Thriday subscription and you can scan unlimited receipts. Xero's receipt reconciliation is not real-time and it's not linked to your underlying bank account transaction like Thriday.

Because Thriday has integrated banking, accounting and tax, when an invoice you have issued has been paid, the funds will hit your bank account* with Thriday. Thriday will then automatically reconcile this payment and update your invoice status in real-time. This removes one of the main issues when using Xero. Because invoice income reconciliation is not real-time, there is always the risk of contacting a client to enquire about payment but they have already paid. This means you need to check your bank account before checking in with your client. This all creates confusion, headaches and worst of all, a negative customer experience.

Many of the advantages you can enjoy with Thriday, come from the fact that you have real-time access to your transaction data. Small business owners need to have the most up to date data and yesterday's information is no longer good enough. With real-time data, Thriday can provide instant cashflow and tax predictions so that you can make informed business decisions. Being able to see what is likely to happen in the future with your financial position, is one of the many superpowers Thriday provides to small businesses in Australia. Xero is unable to provide real-time cashflow and tax predictions because the data they get from bank feeds is usually 1-2 days behind.

ABA files... need we say anymore. Wouldn't it be great if your accounting platform also allowed you to pay bills? Unlike Xero, with Thriday you can make payments directly to a BSB or Account Number, or pay bills via BPAY, without having to download a file and log into another system. This saves time, reduces human error and avoids sensitive data being stored in random files. Thriday is unique in providing this feature to small businesses and something that sets it apart from Xero.

Thriday provides a unique BAS lodgment feature that is part-automated, part-human. What this means is that Thriday will automatically generate your BAS reporting for the selected time period. If you would then like the extra peace of mind of getting a human to review, Thriday can provide a tax expert as well. The tax expert will review your numbers, transactions and deductions to ensure everything is as it should be. Xero does not provide the option to get a tax expert to review it. You either need to do it yourself, or bring your own accountant along.

Thriday brings the power of real-time business transaction data, a Visa Debit card*, and accounting and tax into one holistic solution. To use Xero, you need to have a bank account, otherwise there is no way to see any transaction data. With Xero you can either setup a bank feed, or import transaction data manually. Both take a lot of time to do, and there can also be issues with data quality and delays. When using data from a separate bank account, it also means you need to reconcile your transactions because you need to make sure both systems match. This pain is removed with Thriday as banking, accounting and tax are combined. If you get frustrated by the amount of time it takes to do your financial admin, then Thriday is the perfect solution for you.

Small business owners are very time poor, and when you need help, you want a quick answer. Thriday provides call centre support from 9 am to 5 pm, Monday to Friday at 1800-THRIDAY. This means that if you need to talk to someone you can. All call centre staff are located in Australia, so you can be confident you will get the right support you need. One of the frustrations that customers have with Xero is that there is no direct phone number to call for assistance. A simple search of Xero reviews online and you'll find many examples of small businesses being frustrated by slow response times to customer support enquiries.