Ready to Automate Banking, Accounting and Tax? How to Switch to Thriday in 3 Easy Steps

The Benefits of Thriday 

Thriday is more than just an online banking, accounting, and tax platform. It's a comprehensive solution that can help small business owners like you streamline their financial processes and make better decisions. Let's take a closer look at some of the benefits of using Thriday: 

Simplify your banking processes

With Thriday, you can set up multiple business bank accounts* and Visa Debit cards* to get a real-time view of your finances. Thriday can automatically categorise your transactions, set up automatic bill payments, and reconcile your receipts effortlessly. You'll have all the information you need to make informed decisions about your cash flow. 

Automate your accounting tasks  

Thriday's accounting features make it easy to keep track of your income and expenses. You can create invoices, record expenses, and manage your bills in one place. Thriday's automation capabilities mean that you can set up scheduled invoices and payments, saving you time and reducing the risk of errors. To see how much time you can save with Thriday, take our time saver quiz.

Stay on top of your taxes 

Thriday can help you stay organised when it comes to your taxes. You can generate management reports, making it easier to file your tax returns. You can also view your GST position in real-time, export all your categorised transactions and lodge your BAS directly to the ATO.   

View real-time insights into your business finances  

With Thriday's dashboard, you can see your business's financial health at a glance. You can view your cash flow, expenses, and income in real time, allowing you to make informed decisions quickly. You'll also get notified via your inbox when there are changes to your accounts, ensuring you're always in the know. With these benefits in mind, let's dive deeper into what Thriday can do for your small business. 

How Thriday Automates Banking, Accounting, and Tax 

One of the most significant advantages of using Thriday is that it automates many processes that can be time-consuming and prone to errors. Let's take a closer look at how Thriday can help you automate your banking, accounting, and tax processes: 

Automated banking 

Thriday connects to your bank accounts* and debit cards*, allowing you to see all your transactions in one place. It automatically categorises your transactions, so you can see where your money is going. You can also set up automatic payments and recurring transactions, saving you time and reducing the risk of errors. 

Automated accounting 

Thriday's accounting features allow you to automate many of the tasks that used to be manual. You can create invoices and automate bill payments, so you don't have to remember to do it each month. Thriday also automatically reconciles your receipts and GST, so you can be sure that your books are up-to-date and accurate. 

Automated allocations

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.

Automated tax 

Thriday can help you stay on top of your tax obligations by automating many of the tasks involved. With Thriday, tax time takes no time. Thriday will even provide real-time alerts when BAS deadlines are approaching, so you can avoid penalties and fees. 

Thriday's machine learning and artificial intelligence capabilities can help you automate even more processes. For example, it can learn from past transactions and predict future cash flow and tax position. It can also identify anomalies and potential issues, so you can take action before they become problems. 

Thriday integrates with various other tools, including payment providers like Stripe, Shopify and PayPal. This means you can automate even more of your business processes, saving time and reducing the risk of errors. 

How to Switch to Thriday in 3 Steps

Switching to Thriday is easy. Here are three simple steps to get started: 

1. Sign up for Thriday  

The first step to switching to Thriday is to sign up for an account. You can join Thriday for free by visiting Thriday's website and filling out a simple registration form. It only takes a couple of minutes to sign up. Ensure you have two ID forms handy (a Driver Licence, Australian Passport or Medicare card). 

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2. Add clients, items and billers 

Once you've signed up for Thriday, your bank account* will be ready. You can now add your clients and items for sending invoices. You can also add payment recipients and billers, so you are all set to go when you need to pay them. It would be best to let your clients know your new bank account details. 

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3. Add your balances 

The final thing to do when switching is to update your balances in your tax profile. Your starting balances record how much income and expenses you have generated for your business until you signed up for Thriday. Having this information in Thriday means the platform can automatically determine your current and predicted tax and cash flow position. 

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If you need help getting started, Thriday offers a range of resources and support options. You can access a knowledge base, video tutorials and contact the customer care team via phone, email or live chat. If you are switching from Xero, MYOB, Airwallex, Hnry or another similar platform, you can access these handy switching guides. 

Switching to Thriday FAQs  

If you're considering switching to Thriday, you may have some questions about the process. Here are some frequently asked questions that can help you understand more about switching to Thriday: 

Can I use Thriday if I'm a small business owner? 

Thriday is designed to support small business owners. In fact, many of Thriday's features are specifically tailored to meet the needs of small businesses. 

Is my data safe with Thriday? 

Yes, Thriday takes data security seriously. Thriday uses bank-level security measures to protect your data, and we never share your information with third parties without your consent. 

How long does it take to switch to Thriday? 

The time it takes to switch to Thriday depends on how many bank accounts you have and how complex your financial situation is. However, the process should generally take at most 1 hour. 

Can I still work with my accountant if I switch to Thriday? 

You can still work with your accountant if you switch to Thriday. Thriday data can be exported, so your accountant can access your financial data easily. 

How much does Thriday cost? 

Thriday has a free banking-only plan. If you want access to more advanced accounting and tax features, the monthly cost is only $29.95. 

Can I cancel my Thriday subscription at any time?  

Yes, you can cancel your Thriday subscription at any time. There are no long-term contracts or cancellation fees. 

In this post, we've covered the benefits of Thriday and how it can help you automate your banking, accounting, and tax. By switching to Thriday, you can save time, reduce the risk of errors, and gain better insights into your financial situation. Thriday's automation features can help you stay on top of your finances and free up time to focus on other aspects of your business. 

We hope this post has helped guide you through switching to Thriday. If you want to learn more about Thriday and how it can help your business, we encourage you to join for free or call us at 1800-THRIDAY. With Thriday, you can enjoy peace of mind knowing that your finances are under control.