I've got the power – why Thriday integrates banking with accounting and tax

Why banking and accounting were historically siloed

Traditionally, banks and accounting systems operated independently. Banks focused on facilitating payments, holding funds, and providing account statements. Accounting software, on the other hand, focused on recording transactions, tracking expenses, and preparing financial reports. Tax processes were yet another layer, often outsourced to an accountant.

This fragmented approach made sense decades ago when manual processes ruled the day. Businesses had to reconcile bank statements with accounting records manually. Over time, technology evolved, but the divide between banking and accounting largely remained. As a result, small business owners had to manage multiple platforms, logins, and workflows to keep their finances in order. This inefficiency created frustration and wasted valuable time.

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How Thriday has integrated banking with accounting

Thriday recognised the need for a unified solution. By integrating banking with accounting and tax, Thriday eliminates the pain points of traditional financial management. With a Thriday bank account and a Visa Debit card, small business owners can manage their transactions effortlessly. Every payment made using the Visa Debit card or received into the Thriday bank account is automatically recorded and categorised in real-time.

This integration goes beyond simple synchronisation. Thriday leverages advanced automation to handle tasks such as bookkeeping, tax reporting, and payment reconciliation. Transactions flow seamlessly from your bank account into your accounting records, ensuring accuracy and saving you from manual data entry. This streamlined approach empowers small business owners to focus on their core operations rather than getting bogged down in administrative tasks.

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What are the benefits of integrating banking?

Integrating banking with accounting brings numerous advantages, especially for small business owners who wear many hats. Here are some of the standout benefits:

1. Streamlined financial management: Integration means fewer tools to manage and no need to transfer data between systems manually. With Thriday, everything you need to manage your finances is in one place.
2. Real-time visibility: Because transactions are automatically categorised, you get an up-to-date view of your cash flow at any moment. This transparency helps you make better decisions and avoid surprises.
3. Enhanced accuracy: Manual data entry is prone to errors. Thriday's automated system ensures that every transaction is recorded correctly, reducing the risk of mistakes in your financial records.
4. Time-saving efficiency: By cutting out repetitive tasks like reconciling accounts or categorising expenses, Thriday gives back valuable hours you can spend growing your business.
5. Improved compliance: Thriday helps you stay on top of tax obligations by automating GST calculations and preparing reports. This reduces the risk of errors and penalties from incorrect filings.

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What tasks can be automated by Thriday?

Automation is at the heart of Thriday's platform and where small business owners see the biggest gains. Here are some key tasks that Thriday automates:

• Transaction categorisation: Each payment, whether made or received, is automatically classified into the appropriate category.
• Bank reconciliation: Transactions from your Thriday bank account and Visa Debit card are reconciled in real-time, eliminating discrepancies.
• Invoicing: Thriday can generate and track invoices, ensuring you get paid on time.
• GST and tax reporting: Thriday calculates GST, prepares BAS statements, and even assists with lodging tax returns.
• Expense tracking: Recurring expenses, one-off purchases, and other outgoings are logged without you lifting a finger.

These automations free you from tedious bookkeeping and tax preparation tasks, letting you focus on what matters most—running your business.

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How much time and money does Thriday save?

Time is a precious resource for any small business owner. Thriday can save weekly hours by automating processes that traditionally require manual effort. For example, reconciling accounts often takes several hours a month. Thriday's real-time categorisation and reconciliation reduce this to mere minutes.

The financial savings are equally compelling. By eliminating the need for separate accounting software, bookkeeping services, and additional tools, Thriday reduces overall costs. Thriday's all-in-one solution means you pay for one platform rather than piecing together multiple services. This streamlined approach saves money and reduces the stress of managing several providers.

What are Thriday's plans for the future?

Thriday is constantly innovating to improve the experience for small business owners. Plans for the future include expanding the range of automated features, enhancing payment options, and leveraging AI to deliver even more personalised insights.

For instance, upcoming features could include deeper analytics to help you forecast cash flow and identify growth opportunities. Thriday also aims to provide enhanced integrations with other tools small businesses rely on, making its platform even more versatile.

Thriday's vision is to continue empowering small business owners with tools that simplify financial management. Thriday ensures its users can focus on their passions and goals by staying ahead of technological trends.

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How to sign up for Thriday

Getting started with Thriday is simple. Follow these steps to begin your journey towards effortless financial management:

1. Visit the Thriday website and select the "Join for free" button.
2. Provide your details and complete the registration process.
3. Open a Thriday bank account and activate your Visa Debit card.
4. Start using Thriday to manage your banking, accounting, and tax all in one place.

Thriday's intuitive interface makes it easy to hit the ground running. Whether setting up a new business or looking to streamline an existing one, Thriday has the tools to help you succeed.

Key takeaways

Thriday's integration of banking, accounting, and tax is a game-changer for small business owners. By eliminating silos and automating key tasks, Thriday saves time, reduces costs, and simplifies financial management. The benefits are clear: streamlined operations, real-time insights, and greater peace of mind.

If you're ready to take control of your business finances, sign up for Thriday today. With its powerful all-in-one platform, you can focus on what you do best—growing your business—while Thriday handles the rest.