The Melbourne-born company centralises every aspect of finance – not just accounting – in one slick, AI-powered place designed for people with no background in money. And for a limited time it’s 45 per cent off.
Managing finance effectively is one of the most important tasks for any business owner, but it’s also one of the most complex and time-consuming. You can hire an accountant and a bookkeeper, which costs money, or you can try and do it yourself – if you have time left at the end of each day.
A new tech platform is aiming to solve this issue and launch a new wave of financial management. Melbourne-based Thriday is a mobile and web app that automates your financial admin, acting as a bookkeeper, accountant and transaction account all in one place. It’s billed as a Xero and MYOB killer that removes the need for third-party plugins and add-ons.
The platform uses AI to fill the gaps left by face-to-face accounting, as well as platforms such as Xero. Users transact and receive payments through an integrated business account and debit card. That AI automatically categorises each transaction and feeds into the platform’s bookkeeping engine, which interprets the information and determines the tax treatment for that income or expense in real-time. Yearly tax and cashflow are automatically forecast as the go.
In short: Thriday does the work for you and gives you access to your financial data in one place, straight away. The idea is to save business owners hours on financial management each week.
Co-founder Ben Winford started working on Thriday in 2020, after feeling frustrated with the amount of admin in his life.
“With my last business, I would often find my to-do list filled with financial admin tasks,” he says. “I got fed up with the amount of time I spent on my financial affairs even though I had an expensive accountant and a bookkeeper.”
The team believes that in the future, it can completely automate the financial management of a business. The platform has also partnered with Regional Australia Bank and Visa under a “banking-as-a-service” agreement. This means the Thriday business transaction account is insured up to $250,000 per account holder as the funds are held with an authorised deposit-taking institution.
To celebrate its launch the platform is offering a special discount to new subscribers. Sole traders can sign up for 12 months for $199 – a 45 per cent discount.
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Photography: Simon Shiff