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

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MYOB is the oldest of the accounting software platforms. MYOB begun life as an application that an accountant would install on their computer. MYOB customers often use the product because their accountant has asked them to. Thriday is a very modern, cloud-based platform design for web and app. Thriday uses artificial intelligence and machine learning to eliminate most of the tedious and time-consuming financial admin tasks that business owners hate. Instead of needing an accountant or bookkeeper, Thriday uses automation, and is purpose built for modern business owners.

STEP BY STEP GUIDE

How to switch from MYOB to Thriday

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

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Monthly subscription

For the most comparable package, Thriday's monthly subscription is $29.95 and MYOB's monthly fees are $53.00 a month not taking into account any special promotions. Thriday provides a whole host of features for way less, including banking, accounting, invoicing, payments and tax in one system, there is nothing else you'll need. You'll also save money on not requiring an accountant or bookkeeper to complete your taxes.

$29.95 per month

$53.00 per month

$29.95 per month

$53.00 per month

No bank feed setup

According to reviews, setting up a bank feed is one of the most common frustrations customers have when using a platform like MYOB. Bank feeds can takes days to get setup, and even longer if you have multiple directors on an account. With Thriday, there is no need to setup a bank feed as all your transactions seamlessly flow from your business bank account* and Visa Debit card* into the platform. For a business owner, this means you just need to spend money and earn money and the rest is taken care of. This is one of the many advantages Thriday provides compared to MYOB.

Automated allocations

When money's coming in, set up auto-allocations to send a chunk of your earnings straight to your chosen bank account. It's your ticket to hassle-free Profit First distributions or squirreling away a portion for your Super account. Keep it simple, keep it smart.

Registered tax agent (no. 26262416)

To simplify your tax, BAS, and accounting needs, Thriday is a registered tax agent (registration number 26262416) with the Tax Practitioners Board (TPB). This allows you to file your BAS and taxes directly through the Thriday platform while benefiting from expert support from registered tax agents.

No accountant required

MYOB can be used on your own, but it's rare for small business owners to use MYOB without having a trained accountant or bookkeeper to support them. With Thriday, you can bring your own accountant or bookkeeper and share your transaction data with them, however you don't need to. For some businesses, you may decide that the extra cost is not worth it and that's fine. If you have more complex needs you may decide you want that helping hand. If you don't already have your own accountant, Thriday can also provide one as integrated into the platform.

No training required

MYOB provides extensive training and guides to help you get set up. They even have the MYOB Academy (https://academy.myob.com/) which is a comprehensive list of resources and tools to build up your knowledge on how to use the product. Thriday was designed with simplicity, speed and ease in mind. With Thriday's goal being to eliminate time wasted on financial admin there is nothing for you to learn. Just spend and earn money and Thriday takes care of the rest.

Automated reconciliation

Thriday removes the burden of reconciling transactions because it's a single system that combines banking, accounting and tax. Thriday automatically reconciles your business transactions to a defined category and chart of accounts. This means that when it comes time to check how your business is performing there is really nothing for you to do. This can save business owners about 2 hours a week. MYOB does not automatically reconcile transactions, so you need to go into the system, setup a bank feed, then code your transactions accordingly.

Create and track budgets

Thriday is uniquely positioned to help you create and track budgets because it combines banking, accounting and tax into one product. With Thriday, you can setup your business transaction accounts and Visa Debit card which ensures all your real-time transaction data flows into the platform. From there, you can create goals or targets for each account. For example, you might have an account just for staff wages, or an account just for travel expenses. You can then use that account to specifically monitor your spend for travel. It's a great way to manage your budget. MYOB does not provide any budgeting features or business banking and debit card services.

Open business bank accounts

Thriday is the only accounting platform in Australia, that also allows you to setup business bank accounts* to track your income and expenses, any funds you have with Thriday will earn {{interestRate}} across all accounts. This superpower means that you have one system and one set of data for finalising your financial admin. All funds held in your bank account* with Thriday are protected under the Financial Claims Scheme (FCS). MYOB does not provide any business bank accounts or ability to store the money you receive as a business. Because MYOB does not provide this, this also creates limitations with other features they provide. Without an integrated bank account*, data does not flow through in real-time, and income can not be reconciled automatically from paid invoices.

Lodge BAS directly online

MYOB allows you to lodge your BAS using their AccountRight package. AccountRight comes in at $130.00 a month without a promotion deal. To lodge your BAS with MYOB, you'll be required to have their desktop app on version 2016 and above. Thriday allows you to lodge your BAS directly from its cloud based system. If you require extra assistance, Thriday can even arrange for a tax expert to review your numbers prior to submission to the ATO. If you know your numbers, you can even submit it yourself.

Make payments with a Visa Debit card

When compared to MYOB, Thriday really differentiates itself by allowing small businesses to open a business transaction account and Visa Debit card. MYOB does not provide any card transaction services. Having a card makes it easy to keep on top of your expenses, track your spend, and reconcile receipts. With Thriday you can even put a freeze on your card, when you no longer want to use it.

Australian owned

MYOB was acquired by US private equity firm KKR in 2019. Since then, the business has changed a lot with a whole new Board and leadership team. With a new head office in Cremorne, Victoria, MYOB has continued to offer its accounting platform to small businesses post its sale. Thriday is a Melbourne based-startup that is Australian owned and operated. Founded by local lads Michael and Ben, the business was built by two small business owners who grew frustrated by the challenges they faced keeping on top of their financial admin.

You can mind your own business and be online with Thriday

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

Monthly subscription

No bank feed setup

Automated allocations

Registered tax agent (no. 26262416)

No accountant required

No training required

Automated reconciliation

Create and track budgets

Open business bank accounts

Lodge BAS directly online

Make payments with a Visa Debit card

Australian owned

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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