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

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Bank of Melbourne, founded in 1989, serves Victoria with a range of banking services, focusing on local expertise and community engagement. 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 of Melbourne 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.

Unlimited branded invoices and quotes

Thriday simplifies business operations by enabling unlimited, branded invoice and quote generation. In contrast, Bank of Melbourne lacks automated tools, requiring users to manually craft these documents, increasing administrative workload.

Automated bill scanning and payment

Thriday employs AI to scan bills, extract due dates and amounts, and schedule payments for user approval. In contrast, Bank of Melbourne lacks automated bill processing, requiring manual bill payments by customers.

BAS and tax lodgment to the ATO

Thriday automates BAS and tax return calculations, facilitating direct lodgment with the ATO. Bank of Melbourne lacks tax-related services, leaving customers responsible for their own tax calculations and submissions.

Tax deduction and receipt scanning

Thriday offers receipt scanning with automatic tax deduction calculations, simplifying expense management.

Cash flow and tax estimates

Thriday offers real-time tax and cash flow calculations, along with an end-of-year financial prediction.

Instant transaction categorisation

Thriday employs an advanced AI algorithm called Luca to instantly enrich and categorise transactions, automating bookkeeping and accounting tasks seamlessly. This feature simplifies financial management for users, ensuring accuracy and efficiency.

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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Who has time to set up bank feeds and code transactions? Thriday takes care of the hard work for me so I can focus on my business.

Alex

Mindset Health

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.