Thriday vs. Bankwest: Which is best for business owners?

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Bankwest have recently announced that they will no longer be providing business banking services which has left their existing clientele high-and-dry. Thriday is the perfect alternative for Bankwest business banking customers because customers can open an account in minutes online, and then get trading in seconds with a business bank account* like no other. In addition to a bank account* and Visa Debit card*, customers can use features like receipt scanning, transaction categorisation, invoicing and quoting, cashflow and tax forecasting and BAS lodgment. Bankwest customers will never look back once they start using Thriday.

STEP BY STEP GUIDE

How to switch from Bankwest to Thriday

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

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Business bank accounts

Bankwest no longer offer business banking. Thriday brings the power of real-time business transaction data, a Visa Debit card*, and accounting and tax into one holistic solution. Plus, any funds you have with Thriday will earn {{interestRate}} across up to 10 fully-featured business accounts* (perfect for Profit First). No minimum deposits or restrictive terms. With Thriday, your business bank account* is your accounting platform.

Online bank account opening

Bankwest no longer allows businesses to open a bank account online. Actually, you can't open a business bank account at all. With Thriday, you can open a business bank account* in minutes. Just login via the website or app, and then provide two forms of ID and away you go. Once your IDs are verified your account is ready, and your Visa Debit card is on the way in the mail.

Automated allocations

When you start raking in revenue, simplify your financial game. Activate automated allocations to seamlessly route a portion of your earnings to the bank account you prefer. Whether it's for streamlining Profit First distributions or allocating a percentage to your Super account, we've got your small business covered.

Registered tax agent (no. 26262416)

To further streamline your tax, BAS, and accounting needs, Thriday, a registered tax agent (registration number 26262416) with the Tax Practitioners Board (TPB), enables you to lodge your BAS and taxes directly from the Thriday platform and access expert support from registered tax agents.

Transaction categorisation

Imagine logging into your mobile app and all your transactions were neatly categorised, easy to understand and clear descriptions provided. Well, you no longer need to imagine this dream scenario as Thriday is in the business of making dreams come true. With Thriday, all your business transactions are instantly categorised, enriched and applied to a chart of accounts. It's an incredible feat that you need to see with your own eyes. Bankwest does not provide detailed transaction categorisation for business bank accounts.

Cash flow and tax estimates

Knowing you cash flow and tax position is an essential part of running a healthy business. Thriday provides both sets of data to small business owners, eliminating the time spent trying to calculate this yourself. Bankwest does not provide any cash flow or tax estimates to business customers.

Income statement

An income statement (or profit and loss report) is considered the most important financial report for a business. It shows the company's revenues and expenses during a particular period and helps a business determine if they are profitable. Within Thriday, you can generate an income statement in seconds. You can even download a copy as a PDF or CSV. Bankwest does not provide any option to generate an income statement.

Cash flow statement

A cash flow statement is a financial reports that provides an overall view as to the cash inflows and outflows of a business. It's an important financial report that helps a business understand how financially viable they are. Within Thriday, you can generate a cash flow statement immediately and export into a PDF or CSV. Bankwest does not provide any option to generate a cash flow statement.

Balance sheet

A balance sheet is a financial report that reports a company's assets, liabilities, and shareholder equity at a specific point in time. Within Thriday, you can generate a balance sheet whenever you need it, which can come in handy when speaking to investors. Bankwest does not provide any capability to generate a balance sheet report.

Lodge BAS

Because Bankwest no longer provides business bank accounts, small business owners will not be able to access any services from Bankwest. This includes BAS lodgment. Thankfully with Thriday, you can do BAS lodgment if you are registered for GST directly from the Thriday platform.

Bill payment manager

Bankwest no longer provides business banking services, so you will not be able to open a business bank account with Bankwest anymore. Thriday was built for small business owners, so you can open a business transaction account online in minutes. Thriday also makes it easy to pay your bills on time with its Bill Manager feature which allows you to take a photo of a bill, and Thriday will determine all the details required to make a payment using image recognition.

Track budgets

Being able to track your budget is an important consideration for any business owner. Running a viable business means spending less than your earn. Thriday makes it easy to track your budget because you can create multiple sub-accounts and assign specific categories of spend to them. You could have an account for marketing expenses, or refunds, or whatever your heart desires. Bankwest does not provide any budgeting features or support for sub-accounts.

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.

Thriday - An alternative to Bankwest that is more than a bank