Best alternative to Rounded

How does Rounded work?

Rounded is designed specifically for sole traders and freelancers. It provides tools to manage invoicing, track expenses, and simplify tax calculations. It's simple to use, focusing on ease of operation for people who want a basic bookkeeping solution. Rounded is especially popular with freelancers because of its straightforward invoicing and expense-tracking approach.

However, Rounded lacks several features that make it a trustworthy all-in-one platform. While it covers the basics, it lacks deeper automation and financial intelligence. Although an approachable tool, Rounded is not particularly popular with accountants, so it may fall short when your business requires more robust financial management. Rounded also doesn't provide accounting or tax support, so you must either do it yourself or hire an expensive consultant.

Do you need an accountant with Rounded?

Yes, in most cases, you must rely on an accountant when using Rounded. Although it simplifies some bookkeeping tasks, Rounded doesn't offer the full suite of tools required to handle tax lodgements, business structure advice, or complex financial reporting. Many users still need an accountant to file taxes, set up business accounts, and ensure compliance.

Thriday offers a different approach. While you can do it yourself using Thriday's advanced AI and automation, you can also access Thriday's fractional accountants and tax agents when you need expert help. This combination of DIY simplicity and on-demand human support sets Thriday apart. This means you don't need to rely on an external accountant, as Thriday offers all the financial tools and expertise on one platform.

Key benefit: Thriday allows you to manage your finances independently or with professional support at a cost-effective price, giving you complete control while ensuring accuracy.

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Where does your money go with Rounded?

Rounded primarily acts as a bookkeeping tool, which means it doesn't offer banking services. Your money is deposited into your personal or business account, and Rounded helps you track expenses and income. However, it lacks any direct banking integration or a dedicated business account. As a result, you need to set up a bank feed, which is challenging and means that the data you see is a day behind. Bank feeds don't provide real-time data, which can be frustrating.

Thriday, on the other hand, provides a fully integrated business bank account. All your income goes directly into a Thriday bank account* that you can access anytime. With real-time banking and accounting in one place, you can manage your cash flow, tax obligations, and expenses seamlessly. Thriday's bank account also comes up with a healthy 3.35%p.a. interest rate, which means you can make money on your funds with Thriday.

Key benefit: Thriday offers real-time banking integration, interest-bearing accounts, and complete control over your money with real-time access and insights.

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Can you access your money instantly with Rounded?

Yes, but Rounded doesn't automate financial processes like tax allocations or provide advanced automation for expense tracking or bill payments. You must manually handle most of these tasks, which can be time-consuming.

Thriday automates these functions, ensuring that your taxes are automatically set aside, bills are paid on time, and expenses are categorised without manual intervention. You can see your cash flow and tax obligations in real-time, allowing you to make better financial decisions instantly.

Key benefit: Thriday's automation streamlines your financial processes, removing manual work and ensuring instant access to your funds. Thriday customers report saving over 5 hours a week on financial admin when they use the platform.

What features does Rounded offer?

Rounded is built with simplicity in mind. It provides essential features like invoicing, expense tracking, and basic financial reporting. Rounded also supports GST and tax calculations but lacks advanced tools for financial forecasting, real-time insights, and banking integrations.

Thriday offers a full suite of features that go far beyond what Rounded provides. Thriday's unique AI-driven platform, coupled with fractional accountant and tax agent support, automates everything from invoicing and expense management to tax allocations and financial reporting. It's designed to grow your business, providing advanced tools for detailed financial management, all in one place.

Key benefit: Thriday offers AI-powered automation and advanced tools for comprehensive financial management, which Rounded lacks. With Thriday, you can also access cost-effective accountants and bookkeepers.

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Is Rounded suitable for companies?

No, Rounded is designed exclusively for sole traders and freelancers. It does not support more complex business structures like companies, partnerships, or larger entities. This limits Rounded's ability to scale as your business grows.

Thriday, on the other hand, supports businesses of all sizes, from sole traders to companies. It offers tools for managing more complex financial structures and ensures compliance with the ATO for all business types. Thriday grows with your business, ensuring you have the right tools no matter your stage.

Key benefit: Thriday supports businesses of all sizes, making it a scalable solution as your business grows.

Is the Rounded app good?

Rounded's app is user-friendly and has a clean interface. It's designed to simplify basic bookkeeping tasks, so it's popular with freelancers. However, it's limited in functionality and doesn't offer the depth of features you'll find in more advanced accounting platforms.

Thriday's app offers a full-featured experience with real-time financial tracking, receipt scanning, automated accounting, and instant access to banking features. It's designed to handle all your financial needs, from tax management to expense tracking and invoicing, all in one place.

Key benefit: Thriday's app is a comprehensive financial tool, offering more features and better automation than Rounded. Thriday is the only platform in Australia that combines banking, accounting, and tax under one umbrella. This combination allows for unparalleled simplicity and automation.

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How much does Rounded cost?

Rounded offers a simple, fixed pricing model, but the cost can add up over time, especially when you factor in additional accountant fees. Rounded has two packages, $23.95 or $29.95 per month, but since you still need an external accountant for tax filing and more complex financial advice, your overall cost may increase.

Thriday offers a competitive pricing structure that's more cost-effective in the long run. Thriday has a free tier that allows you to track receipts, open up to 10 interest-bearing bank accounts*, and send unlimited invoices. If you upgrade, you can get a premium service at $29.95 per month; Thriday includes everything from automated tax calculations to access to fractional accountants and tax agents. You'll need to pay extra for human a human accountant to review your books, but it's a fraction of the cost you'll pay elsewhere.

Key benefit: Thriday's has multiple packages that include access to advanced features and on-demand accountants, making it more cost-effective than Rounded and paying a third-party accountant.

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How do you contact Rounded?

Rounded offers email support, but it lacks direct phone support or access to a team of accountants or tax agents. This can be an issue if you need immediate help with complex financial matters or tax-related questions.

Thriday provides instant access to a team of accountants and tax agents when you need help. You can contact real people through the platform’s chat feature, ensuring you get the support you need without delays. Thriday’s customer support is highly responsive, helping you resolve any issues quickly.

Key benefit: Thriday offers personalised, real-time support, including access to tax professionals and accountants, which Rounded lacks.

Key takeaways

Rounded offers a simple solution for sole traders and freelancers, but its limited features, lack of scalability, and the need for external accountants make it less appealing for those looking for a comprehensive platform. Thriday, with its AI-powered automation, integrated banking, and on-demand access to accountants, is a better solution for small businesses looking to grow and manage their finances more effectively.

Thriday offers more control over your finances, from real-time banking integration to advanced financial management tools. It's cost-effective, scalable, and designed to help businesses succeed, making it the best alternative to Rounded.