Thriday and NAB launch AI platform that automates tax time for SMEs

NAB Bookkeeper features

Using AI, Thriday’s unique value proposition is eliminating financial admin that currently relies on the business owner, a bookkeeper or an accountant to do. Without Thriday, businesses today are stuck having to use a wide variety of clunky processes and tools, and in turn spending over 6 hours a week managing their financial admin. NAB customers who sign up for NAB Bookkeeper can enjoy 6 months for free, and can take advantage of these great features:

• Enjoy automated transaction categorisation, bookkeeping and GST recognition.
• Intelligent receipt scanning and reconciliation to keep accurate records for tax time.
• Unlimited invoicing and quoting, including automated payment reminders.
• Real-time cash flow and tax predictions and forecasts for the end of the financial year.
• No need for bank feed setup and data sharing with external software platforms.
• Management reporting, including income statement, cash flow and balance sheet reports.

Switch to NAB Bookkeeper

In addition, there is no effort to switch from spreadsheets or existing software such as Xero or MYOB. When customers sign up to NAB Bookkeeper, all their bank transactions from the start of the financial year will automatically be calculated and categorised for tax purposes. If you are a NAB business transaction account holder, and you operate a sole trader, company, partnership or trust business, you can sign up today here: https://www.nab.com.au/business/nab-bookkeeper

Thriday CEO, Michael Nuciforo, explained, “The reality is, all the data that you need to determine your cash flow, profit & loss, business activity statement and tax estimate sits within your business transaction account”, he continued, “With Thriday, NAB business customers will be able to eliminate the time they spend on financial admin, and the best part is, it will be available directly for them via Internet Banking”.

Small business opportunities

With small businesses disproportionately affected by inflation, rising utility prices and an increase in wages, NAB and Thriday could provide the perfect antidote to the various challenges small business owners face right now. Recent research from the Australian Bureau of Statistics (ABS) found that more than a third (35%) of Australian businesses expect to find it difficult or very difficult to meet financial commitments over the next three months.

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Australia's biggest business bank is NAB

NAB, Australia's largest bank for small business, has a long history in Australia, dating back to the 19th century. Over the years, it has built a strong reputation for providing banking services to businesses of all sizes, from small enterprises to large corporations. Its long-standing presence and reputation are important for small businesses seeking stability and reliability in their banking partner.

Some of the benefits of banking with NAB include:

• Diverse range of services: NAB offers a wide range of banking and financial services tailored to businesses, including business loans, transaction accounts, merchant services, cash management solutions, international trade services, and more. Its comprehensive suite of offerings appeals to businesses with varying needs, making it a preferred choice for many.
• Customer-centric approach: NAB focuses on understanding the needs of its business customers and providing personalised solutions to help them achieve their financial goals. By prioritising customer satisfaction and building long-term relationships, NAB can retain and attract business clients effectively.  
• Innovation and technology: NAB invests heavily in technology and innovation to improve its services and enhance the customer experience. By offering digital banking solutions, online platforms, and mobile apps designed specifically for businesses, NAB can cater to the evolving needs of its business customers and stay ahead of competitors.
• Industry expertise: NAB has dedicated teams with expertise in various industries, including agriculture, healthcare, retail, and more. This industry-focused approach allows NAB to understand the unique challenges and opportunities faced by businesses in different sectors and provide tailored financial solutions to meet their specific requirements.

This combination of factors such as market presence, reputation, diverse services, customer focus, innovation, and industry expertise contribute to NAB's position as Australia's largest business bank. You can find out more about NAB Bookkeeper here: https://www.nab.com.au/business/nab-bookkeeper