Small business owners, we’ve got some good news for you. Thriday, the next-gen financial management platform built for SMEs (small-to-medium enterprises), is shaking things up in the world of finance. This AI-powered platform is saving business owners from the dread of financial admin and helping them reclaim their time.
“Time is money,” as the saying goes, and Thriday is taking that idea to the bank. Research conducted by Thriday found that small business owners waste an average of 42 days a year or six hours a week on financial admin tasks. And let’s not forget the cost of accountants — an average of $1,813 annually. But Thriday members are reporting a 60 precent drop in time spent on financial tasks like paying bills and reconciling transactions.
Thriday was born from the frustration of its co-founder, Ben Winford, who found his “to-do” list filled with financial admin tasks. The Thriday team recognised that better utilisation of banking data was the key to unlocking the pain points for small business owners.
With Thriday, as customers transact and receive payments, the data is categorised and fed into the Thriday bookkeeping engine. This means the appropriate accounting calculations and deductions are determined in real-time, eliminating the need for an accountant.
Michael Nuciforo, CEO and Co-founder, says that Thriday combines all accounting system into on. “It’s ironic because accounting software, such as Xero and MYOB, relies on data from your bank to determine your profit and loss and income statement. Then your bank relies on accounting data to decide if they want to lend to you. The underlying data, your transaction data, is the same,” he said.
“Because we can determine exactly what transaction has occurred, what GST was added, and what tax implications it has, we can then automatically calculate your tax, BAS and cashflow position. It’s like having a personal financial assistant,” he added.
In a recent survey of 250 Thriday customers, 85 percent agreed that managing their banking, accounting, tax, and payments in one place is much easier. And 66 percent said they would be “extremely disappointed” if they couldn’t use Thriday. It’s like having a personal financial assistant, right in your pocket.
Thriday has partnered with Regional Australia Bank and Visa to offer banking-as-a-service, so you can trust that your funds are safe and secure.
Thriday is just getting started, and they believe that in the future, they can fully automate the financial management of a business. So, small business owners, say goodbye to the headache of financial admin and hello to Thriday.
Find out more about Thriday here.
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