Thriday vs. Hume Bank: Which is best for business owners?

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Hume Bank, founded in 1955, has a rich history rooted in the Albury-Wodonga region of Australia. Over the years, Hume Bank has evolved its business model to encompass a broader range of financial services. Today, Hume Bank operates as a customer-owned bank with personalised service and community engagement at its core. Thriday on the other hand is a digital-first business financial management that uses AI to automate banking, accounting and tax. Designed specifically for small business owners, Thriday provides an all-in-one platform that makes it easy to stay compliant with your tax obligations.

STEP BY STEP GUIDE

How to switch from Hume Bank to Thriday

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

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Digital bank account opening

Thriday offers a completely digital process for opening a business bank account*, while Hume Bank requires potential customers to complete an online form and then chat with a staff member. This reflects the differences in their digital banking capabilities and procedures

Profit First quick account setup

Thriday allows you to instantly generate up to 9 accounts and makes it easy to implement the Profit First model. In contrast, Hume Bank requires a form submission for each new account, making the process cumbersome when trying to implement a new budgeting solution.

Upload invoices to automate bill payment

Thriday has an incredible feature that allows you to upload, scan or take a photo of an invoice. Thriday will then scan the details and automatically schedule a payment when it's due. Hume Bank only provides manual bill payment services, lacking the automated invoice processing capability found in Thriday's services.

Receipt and tax deduction finder

Thriday offers a receipt scanning feature that digitises receipts and determines what tax deductions you are eligible for. This makes it easy to maximise your tax. Hume Bank does not offer any receipt or tax deduction features, making receipt tracking and GST management a manual process for their customers.

Professional invoice and quote generator

Thriday streamlines business operations by enabling the generation of professional invoices and quotes for clients. Conversely, Hume Bank lacks automated tools, meaning you need to manually create these documents, increasing administrative workload.

Real-time tax and cash flow estimates

Thriday offers real-time tax and cash flow forecasts, providing current and future business insights. In contrast, Hume Bank lacks such features, leaving users without the advantage of precise financial visibility and planning.

Accounting reports

Thriday empowers users to generate comprehensive accounting reports like Income Statement, Cash Flow Statement, and Balance Sheet in-house. In contrast, Hume Bank necessitates exporting bank statements and hiring an accountant for report generation, adding complexity and cost.

Transaction categorisation with AI

Thriday utilises AI to automatically categorise bank transactions, streamlining accounting and bookkeeping tasks. Hume Bank lacks this feature, requiring additional software like Xero or MYOB for tax-related work, potentially increasing complexity and expenses.

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.