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

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Community First Bank is a local financial institution deeply rooted in the neighbourhoods it serves. It priorities the well-being of its community by fostering close relationships, offering personalised financial solutions, and investing in local initiatives. Thriday, on the other hand, stands out as a superior choice due to its innovative approach. Thriday combines traditional banking with cutting-edge technology, enabling seamless online and mobile banking experiences. It empowers customers with convenient tools like tax estimates, cash flow forecasts and invoicing. While Community First Bank values personal connections, Thriday's digital prowess provides greater accessibility and modern banking solutions, making it the better choice for today's tech-savvy consumers.

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How to switch from Community First Bank to Thriday

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

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BAS and tax lodgment

Thriday goes above and beyond by allowing users to seamlessly lodge their BAS (Business Activity Statements) and taxes directly to the ATO from the same platform they use for banking. This integration streamlines the often complex and time-consuming tax-related tasks for businesses, offering a convenient all-in-one solution. Conversely, Community First Bank lacks this integrated functionality.

Bookkeeping and transaction categorisation

Thriday provides incredible transaction categorisation insights that make it easy to determine exactly where you are with your expenses. Transactions are automatically categorised to a chart of accounts to that it flows into your double entry accounting system. Communityu First Bank does not automatically categorise a transaction to a chart of accounts which means additional financial admin for small business owners.

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.

Instant online account opening

Thriday allows instant online account setup - it only takes 3 minutes, and you can open up to 9 accounts in seconds. To sign up, just visit the website or app and select the 'Join for free' button. In contrast, opening an account with Community First Bank requires a call or branch visit.

Unlimited professional invoices and quotes

Thriday offers a distinct advantage by allowing users to send an unlimited number of invoices and quotes seamlessly. This feature empowers individuals and businesses to manage their financial transactions efficiently. However, with Community First Bank, this functionality is not available, potentially limiting the convenience and flexibility for customers who rely on invoicing to earn income.

Automated tax deductions

Thriday stands out with its innovative Visa Debit card feature, automatically calculating tax deductions as you make transactions. This not only simplifies financial record-keeping but also ensures compliance with tax obligations. In contrast, Community First Bank does not provide this convenient functionality, which means customers have to manually track and calculate taxes associated with their card transactions.

Real-time cash flow forecasts

Thriday's cutting-edge platform automatically predicts your cash flow by analysing your income and expenses. This feature provides users with foresight into their financial health, aiding in better financial planning and decision-making. In contrast, Community First Bank does not offer this predictive functionality, leaving customers without the proactive insights that can significantly contribute to their financial stability and success.

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?

Thriday has gained immense popularity among small businesses for its AI-powered automation of banking, accounting, and tax processes. Thriday's intuitive platform streamlines financial tasks, reducing manual handling and minimising errors. Small businesses appreciate the time and money saved, allowing them to focus on growth. Thriday's AI algorithms analyse financial data, ensuring compliance with tax regulations and providing valuable insights for informed decision-making. With its user-friendly interface and comprehensive features, Thriday has become the go-to solution for small businesses in Australia.