Thriday Business Account Review in 2024

20 September, 2024 · 5 min read

Author

Nikita Filippov

Discover the Thriday Business Account, its key features, and how it simplifies financial management, from invoicing to expenses.

What is Thriday?
How the Thriday Business Account Works
Thriday Fees and Charges
How to Open a Thriday Business Account
Thriday vs. ANNA
Final Thoughts

Managing bookkeeping and business banking is one of the primary challenges many small business owners face. Managing finances can often feel overwhelming with responsibilities such as invoicing, bill payments, wages, tax obligations, and cash flow.

The added pressure of bank fees and the cost of professional accounting services only increases the complexity. For many small business owners, this can be a source of constant stress, distracting them from focusing on growth and operations.

Fortunately, services like the Thriday Business Account offer a solution that simplifies financial management by minimizing administrative burdens and reducing costs.

In this review, we'll explore the key features, fees, and how Thriday can benefit small businesses.

However, if Thriday isn't the right fit for your needs, we will also compare it to ANNA, another popular business banking and bookkeeping service, to help you make the best decision for your business.

What is Thriday?

Thriday is an innovative financial service designed specifically for Australian small businesses. Founded in 2020 and launched in 2022 by Michael Nuciforo and Ben Winford, Thriday provides a banking and accounting platform that helps business owners manage their finances more efficiently, ultimately reducing the time spent on bookkeeping and financial tasks.

How the Thriday Business Account Works

With the Thriday Business Account, you can set up multiple linked accounts (up to 10) under their introductory Business Banking Plan, including tax, profit, and spending accounts.

This makes organizing finances easier and ensures that funds are properly allocated.

Thriday allows users to:

Schedule payments,
Make BPAY transactions, and
Manage funds using a Visa Debit Card,

– all of which help business owners stay on top of their financial commitments.

Additionally, Thriday offers integration with Apple Pay and Google Wallet for seamless in-person payments, and cash deposits can be facilitated through Bank@Post.

These features are particularly useful for businesses looking to streamline their payment processes.

Key Features

Some of the standout features of Thriday include:

Multiple linked accounts for better organization of funds.
Automated accounting for payments and expense tracking, helping to reduce manual work.
Cash flow and tax forecasting tools that provide insights into future financial needs.
Quote and invoice creation, bill uploading, and payment scheduling, streamlining the invoicing process.
Thriday Visa Debit Card with integration to Apple Pay and Google Wallet, offering flexibility in transactions.
Monthly PDF statements and data export capabilities, making it easier to share financial information with accountants or tax preparers.
Mobile app for iOS and Android, allowing for easy financial management on the go.

Thriday Fees and Charges

Thriday offers a fee-free plan for its basic banking services, making it an affordable option for small businesses. Below is a breakdown of the costs:

Account opening: Free.
Monthly fees: Free for the base plan.
ATM withdrawals: Free at major Australian ATMs.
Interest: Earn 3.35%p.a^ across all accounts.
International transactions: 3.5% conversion fee on international purchases.

Thriday's transparency around fees, especially its lack of fees for most standard transactions, is a significant advantage for small businesses that need to watch their budget.

However, additional services are only available through the Time-saver plan and BAS+Tax plan.

International Transfers

While Thriday supports receiving international payments, it does not currently allow businesses to send them. A flat AUD 15 fee is charged for each incoming international transaction, which is reasonable compared to many other providers.

How to Open a Thriday Business Account

Opening an account is straightforward. You’ll need:

A valid Australian Business Number (ABN).
Two forms of ID (e.g., driver's license, passport).
Details of any additional business directors (if applicable).

The entire process can be completed online in minutes via the Thriday website or mobile app.

Safety and Security

Thriday operates as an authorized representative of Regional Australia Bank Ltd (RAB), which holds an Australian Financial Services License (AFSL).

As it is regulated by the Australian Securities and Investments Commission (ASIC), users can feel confident that Thriday adheres to high security and compliance standards.

Thriday vs. ANNA

When comparing Thriday to ANNA, both offer unique features for small businesses in Australia. While Thriday focuses on comprehensive banking and accounting integration, ANNA stands out for its inclusion of company registration services.

ANNA One: A Comprehensive Solution for Small Businesses

ANNA One provides an all-encompassing solution for small business owners. It offers a business account and a full suite of tools for managing tax, invoicing, and bookkeeping. It's ideal for entrepreneurs who want to streamline their operations and enhance financial management efficiency.

⚡ Key features:

Free Company Registration: ANNA takes care of the costs associated with registering your business with the Australian Securities and Investments Commission (ASIC), simplifying the startup process for new businesses.
Automated Tax Management and Bookkeeping: Automatic calculation of GST and other taxes, with a personalized tax calendar to help you meet your obligations without hassle. This feature significantly reduces the time spent managing finances manually.

Integrated Invoicing and Receipt Matching: ANNA allows users to create and send invoices directly through the app. Additionally, it automatically matches receipts to corresponding expenses, making financial tracking easier and more accurate.

Business Debit and Virtual Cards: With ANNA, you receive a business debit card and can create virtual cards for secure online transactions. This enhances control over spending and improves overall financial security.
24/7 Customer Support: ANNA stands out with its round-the-clock customer support via chat, ensuring that assistance is always available when you need it.

Why ANNA One Stands Out:

ANNA One is more than just a business account – it's a comprehensive financial platform designed to support small businesses from company registration to daily financial operations.

Its focus on automation, particularly in tax management and bookkeeping, makes it appealing to entrepreneurs who want to minimize administrative tasks and focus on running their businesses efficiently.

Final Thoughts

When compared to solutions like the Thriday Business Account, ANNA excels with its free company registration and round-the-clock support, making it an attractive option for startups.

On the other hand, Thriday offers more comprehensive linked accounts and deeper cash flow management tools, making it a better fit for established small businesses focusing on streamlined banking.

Ultimately, your decision will depend on your specific business needs and priorities.

If ANNA One sounds like the right solution for you, don't wait – sign up today to streamline your business operations and start easily managing your finances!