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

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Commbank, the largest of the Australian banks, has traditionally focused on its retail customer heartland. Commbank's best offering for business relates to its suite of payment terminals. It's online and mobile banking for business offering however leaves a lot to be desired. Let's not even get started on Commbiz. If you want to take a trip down memory lane to see what websites used to look like, then jump aboard the time machine and hold on for dear life. Commbank essentially provides the same features to business owners as it offers to retail customers. If you want to step beyond the essentials, than it's time to start looking at Thriday.

STEP BY STEP GUIDE

How to switch from Commbank 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.

Setup free bank accounts

One of Thriday's biggest superpowers when compared to Commbank is free bank sub-accounts. Sub-accounts allow small business owners to create up to nine accounts in seconds. These accounts can be named and coloured to suit your needs. You might have a wages account, or a rainy day account, you can decide as it's up to you! Sub-accounts are super handy when it comes to budgeting and planning. With Commbank you will need to open separate accounts one-by-one which can take time and also come with additional fees.

Bill payment tracker

Who has time to remember when they need to pay all their bills? Thanks to Thriday, you can now forward or upload all your bills and Thriday will automatically scan all the details, including the amount and due date and setup a bill payment schedule for you to use. Once all your bills are uploaded, you just need to review the list and pay the ones that you want. Thriday will even recommend a payment date. No ABA files, no manual handling and no double entry. Commbank does not provide a bill manager feature to its customers which means you are stuck having to go through endless paper forms and PDFs yourself.

Registered tax agent (no. 26262416)

To automate your tax, BAS, and accounting needs, Thriday, a registered tax agent (no. 26262416) with the Tax Practitioners Board (TPB), allows you to lodge your BAS and taxes directly from the Thriday platform and access expert support from registered tax agents.

Receipt scanning

Shoe boxes full of receipts are no longer an issue now that you have Thriday. Thriday allows you to take a photo of a receipt and then it will automatically scan all the details, including your GST and reconcile it to the core business transaction. It's so easy you won't stop using it! Commbank does not provide any receipt scanning capabilities and you'll need to get that old shoe box out of the closet again!

Cash flow forecasting

In the past, trying to figure out your cash flow position meant opening Excel and trawling through different calculations, models and numbers. If you don't like maths, you could forget about it! Thankfully Thriday has come to save the day and provide business owners with the superpower of cash flow forecasting. Built into the platform, and available in real-time, Thriday looks at your past performance to predict the future. This feature is unique to Thriday when compared to Commbank, which does not provide any cash flow forecasting features.

Automated bookkeeping

In the old world, bookkeeping was something you had to pay someone to do. It was expensive and it still relied on a lot of manual intervention from the business owner. Thriday removes the burden of financial admin by automatically doing your bookkeeping as transactions hit your business transaction account. It's of the special features that Thriday offers when compared to Commbank. Commbank does not provide automated bookkeeping and this makes it hard to know exactly where your money is going.

Send invoices and quotes

Commbank only provides a very basic invoicing feature which requires you to download the invoice PDF and send it yourself. There are no automated reminders, and very minimal personalisation you can implement. Thriday on the other hand provides a seamless, end-to-end, invoicing and quoting solution. You can tailor your invoice templates to your brand and colours, save items and clients, see a calendar view of when your invoices are due, and even convert approved quotes to invoices. It's a real game changer for businesses who need to get paid for the services they provide.

Management reports

Understanding the finer details of your budget and expenses is crucial to keeping on top of your finances. In the past this meant spending hours extracting data from your bank account, and playing around in Excel. Thriday now solves this issue by allowing you to automatically generate your management reports instantly, based on the most up-to-date data in your business transaction account. It's seamless, accurate and included in your subscription package. Commbank does not provide any option to generate an income statement, cashflow statement or balance sheet.

BAS lodgment

A Business Activity Statement (BAS) is a form that businesses must submit to the Australian Taxation Office (ATO) in order to report and their tax liabilities. Thriday calculates and reconciles all your GST in real-time so that you can submit it to the ATO. Commbank does not provide any details on your BAS and you'll need to lodge it yourself with an accountant.

Budget tracking

One superpower that many Thriday customers rave about is the ability to setup multiple sub-accounts so you can budget across different types of spend. It could be marketing, wages, building repairs, you name it, you can do it. This feature makes it super easy to keep on top of your expenses. Commbank does not offer the ability to instantly create sub-accounts to track your budgets.

Tax estimates

Tax time can be a scary time for any business owner. It's hard to know exactly what your tax bill is going to be, and for many, it can lead to sleepless nights when they are short on cash. Tax bills are such a huge burden on small businesses, that many businesses are in fact in debt to the ATO. Thriday turns this challenge on its hard by providing accurate and real-time tax estimates based on data flowing into your business transaction account. Commbank does not provide a tax estimate to small businesses on their platform.

Imagine if your business bank account* was your accounting software

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

Earn interest across all accounts

Setup free bank accounts

Bill payment tracker

Registered tax agent (no. 26262416)

Receipt scanning

Cash flow forecasting

Automated bookkeeping

Send invoices and quotes

Management reports

BAS lodgment

Budget tracking

Tax estimates

Enjoy these great Thriday features

Why Thriday?

Join the Aussie community growing their businesses with Thriday

Why waste time on financial admin when Thriday can do it for you?

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