Thriday vs. Bank Australia: Which is best for business owners?

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Bank Australia, established in 1957 as the CSIRO Co-operative Credit Society, is a customer-owned bank based in Australia. Its business model is rooted in ethical banking, prioritising sustainability and community impact. Bank Australia offers a range of products, including home loans, personal loans, savings accounts, and credit cards. Thriday on the other hand is a new platform for small business owners that seamlessly integrates banking, accounting, and tax services, streamlining financial management, saving time, and ensuring accuracy.

STEP BY STEP GUIDE

How to switch from Bank Australia to Thriday

Find out how much money you could save by switching to Thriday

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Earn interest across all accounts

Any funds you have with Thriday will earn {{interestRate}} across all accounts without losing flexibility or functionality. Traditional banks offer business savings accounts where you may lose functionality like payments and cards and term deposits where your money is tied up for a period of time before the interest is paid. The best part about Thriday is there is nothing for you to do. Just keep your money in your Thriday accounts, and interest is earned daily and paid monthly.

Open bank accounts online

Thriday offers a streamlined online process for opening a business bank account*, while Bank Australia requires applicants to complete and submit a PDF form, reflecting differences in their digital banking capabilities and procedures

Implement Profit First with multiple bank accounts

Thriday makes it easy to create up to 9 accounts and facilitates easy adoption of the Profit First model. In contrast, Bank Australia requires a PDF form submission for each new account, making the process less efficient for implementing easy budgeting.

Scan invoices to schedule payment

Thriday allows automated payment scheduling by scanning or uploading invoices, simplifying bill payments. In contrast, Bank Australia requires manual bill payments, lacking the automated invoice processing capability found in Thriday's services.

Receipt scanning for automated GST calculations

Thriday offers a receipt scanning feature that digitises receipts and tracks GST, enhancing expense management. In contrast, Bank Australia lacks this feature, making receipt tracking and GST management a manual process for their customers.

Smart invoicing and quoting

Thriday provides integrated tools for issuing invoices and quotes to clients. With Bank Australia, customers must use separate software for these functions, as the bank doesn't offer such integrated financial management features.

Tax and cash flow forecasts

Thriday offers tax and cash flow estimates for proactive business planning. In contrast, Bank Australia lacks this feature, requiring customers to manually calculate tax and cash flow, hindering their ability to make informed decisions.

Management reporting

Thriday enables the generation of comprehensive management reports, including Profit and Loss statements. With Bank Australia, users must export bank statements and engage an accountant separately for report generation, creating additional steps and charges.

Automated accounting and bookkeeping

Thriday offers automatic transaction categorisation for simplified accounting and compliance. In contrast, Bank Australia users require additional accounting software like Xero or MYOB to handle tax-related tasks, increasing complexity and cost.

Enjoy these great Thriday features

Thriday is completely cloud based and available on web and app

Modern, fast and AI-driven platform that has no legacy systems

Works out of the box with no training or third-party support required

Combines banking, bookkeeping, accounting and tax in one platform

Saves hours each week as no manual intervention required

No bank feeds or manual expense tracking

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Why Thriday?

Do you love running a business but hate the 'business stuff'? Managing your financial admin can be a real drain on your time and job satisfaction but there is a better way. Thriday is a new solution for a centuries old problem – managing your banking, accounting and tax. Thriday uses artificial intelligence to instantly categorise all your transactions and apply them to a chart of accounts. This means that as you earn or spend money, all your books are processed without lifting a finger. Thriday takes care of everything for you, giving you the peace of mind to focus on what matters.