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

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Tyro is a listed bank with a focus on merchant terminals. Tyro does not provide any features to assist small businesses with managing their financial admin. Thriday is a perfect option for small business owners who want to use Tyro terminals for getting paid, but have far greater needs and administrative burden that they want to take control of. Thriday is a great option for Tyro customers because your daily takings can get deposited into your Thriday bank account*, and from there, all your bookkeeping is automatically completed using Thriday's AI and ML functions. It's like having an accountant in-built into the product. Once your bookkeeping is processed automatically, you know exactly where you stand financial and you can even see a prediction of where you will be in the future.

STEP BY STEP GUIDE

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Interest savings accounts

Any funds you have with Thriday will earn {{interestRate}} across all accounts without losing flexibility or functionality. Traditional banks and Authorised Deposit Taking Institutions (ADIs) like Tyro may offer business savings accounts with missing functionality like payments and cards. Any money earnt through your Tyro terminals can be transferred to your Thriday account. 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.

Open multiple bank accounts

Tyro only allows you to you create a merchant bank account linked to your merchant terminal. This makes it difficult to budget and allocate money to different pots. Thriday on the other hand allows you to create up to 9 bank accounts*, each with their own individual BSB and Account Number. In doing so, Thriday makes it easy to budget, track spend and also set savings targets.

Unlimited invoices and quotes

Tyro unfortunately does not provide any invoicing or quote functionality. This leaves Tyro clients high and dry when it comes time to issuing invoices. Thriday provides a powerful invoicing solution that allows you to send invoices instantly or schedule them in the future. Thriday also allows you to see if your invoice has been opened, and set automated overdue reminders.

Automated allocations

When you make money, simplify your finances by automating allocations - send a percentage of your earnings directly to your preferred bank account. Use this feature to streamline Profit First distributions or earmark funds for your Super account. Keep it easy, keep it efficient.

Expense reconciliation

Tyro does allow you to review your recent expenses but does not reconcile them, calculate the GST or categorise them to a chart of accounts. As a result, you will still need to sit down with a bookkeeper or accountant to figure out the details of where your money is going. Thriday on the other hand does this in real-time and without any guess work.

Receipt scanning

Keeping a record of your receipts is an essential item when running a small business. Tyro does not provide a receipt scanning capability which means you will need to access another service for that. Thriday does provide receipt scanning capabilities which streamlines your financial admin.

Cash flow forecasting

Tyro provides payment terminals but very little in the way of reporting and insights. Thriday on the other hand provides a lot of out of the box reporting, including cash flow forecasting. This helps business owners make the right choices today, so that they can benefit in the future.

Bill payment tracker

Paying bills with Tyro, relies on plenty of manual entry and double checking. Thriday really eases the burden of paying bills by helping you set up payments automatically using its bill manager feature. With bill manager, you just scan, forward or upload bills and away you go!

Automated bookkeeping

To truly understand your financial position, you need your bookkeeping to be up to date. Bookkeeping is where Tyro and Thriday are miles apart. Whilst Tyro does not provide any bookkeeping functionality, Thriday takes care of it all. This eliminates time spent on financial admin, and it empowers business owners to run better businesses.

Budget tracking

Tyro has no budgeting capabilities which means that business owners need to get the calculators out and figure it out for themselves. Thriday has deep budgeting features that eliminate financial admin and make it easy to stay in control of your finances.

BAS lodgment

Having to lodge your BAS is something that you just have to do when you are registered for GST. Unlike Thriday, Tyro does not provide any features to lodge your BAS. With Tyro, the most you can do is push your data into Xero and then rely on an accountant to calculate the rest and lodge it to the ATO. This means you go from dealing with one platform, to three.

Management reports

Tyro does not support the generation of reports such as profit and loss, cashflow or balance sheets. Thriday provides all of these and more. Thriday is a much more powerful way for business owners to track their income and expenses. With Thriday's inbuilt accounting functionality, business owners will always know exactly where they stand.

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 Tyro that is more than a bank