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

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AirTax is a service that was previously under the ownership of PwC. Targeted at gig workers and sole traders, AirTax relies on the business owner to populate all their financial information into the product. This means the business owner has the burden of calculating everything which is very time consuming. Thriday on the other hand is designed for busy business owners who don't want to moonlight as a CFO. Thriday saves time by eliminating financial admin through intelligent automation and insights.

STEP BY STEP GUIDE

How to switch from Airtax to Thriday

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

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Business bank accounts

AirTax does not provide any banking services including bank accounts and debit cards. This means that you need to have multiple products that house your data. Thriday is unique in that you can open a business bank account* in minutes online, and then get access to a Visa Debit card* that you can use to make payments at millions of merchants globally. This setup streamlines your accounting as this data flows through to your chart of accounts instantly.

Visa Debit card

When you register with Thriday you can get access to a Visa Debit card that can be added to Apple and Google Pay. With every tap or purchase those transactions are then automatically categorised to your chart of accounts and your tax estimate is calculated. It's super easy to use, and you just have to go about your day-to-day business without a care in the world. Airtax does not provide the ability to get a transaction card.

Unlimited invoices and quotes

Most businesses rely on invoices to get paid. Most businesses end up having different platforms for banking, invoicing, and accounting. Thriday is unique in that it provides an all-in-one financial management platform. This includes the ability to issue unlimited invoices and quotes. Quotes that are approved can be converted into a quote to save time. Airtax does not provide any invoicing or quoting capability.

Expense reconciliation

You need to have a good handle on your expenses when running a business. Especially as inflation, rising utility prices and salary increases continue to hamper business profitability. Thriday allows you to track all your expenses through it's Visa Debit card and business transaction accounts. You can then upload, forward or scan a receipt to the transaction so you have a digital record for tax time.

Receipt scanning

Anything you purchase over $75 must have a receipt. Receipts are required for tax and audit. They provide proof of purchase. Thriday provides a powerful receipt scanning solution embedded into the product for no additional fees. You can upload unlimited receipts with a tap of a button. If you really want to get sophisticated, you can even setup an automated forwarding rule to your nominated inbox. As soon as receipts are sent to that inbox, they will be scanned and reconciled by Thriday. AirTax does not provide any receipt scanning features.

Cashflow forecasting

You don't need a clairvoyant to tell you how your business is going to perform, you just need Thriday. Thriday's cashflow forecasting solution gives you the information you need today, to make good business decision for the future. AirTax does not provide any cashflow forecasting features. AirTax can tell you how things have gone in the past but so can Thriday anyway.

Bill payment tracker

AirTax has not bill payment or tracking capability. AirTax relies on manual data entry to interpret your financial position. Thriday supports direct payment via BSB and account number, and also BPAY. With Thriday bill manager, all your invoices can be scanned, approved and then paid in a matter of seconds. Given that most business owners spend up to two hours a week paying bills, Thriday's automated bill payment tracker can save you a huge amount of time.

Automated bookkeeping

AirTax was designed to allow gig workers to upload all their transactions manually, and then track their income and expenses and lodge a BAS. Having to manually upload all this information is time consuming and tedious. It can also result in human error. Thriday is brilliant because bookkeeping happens automatically. As you spend and earn money, your transactions are reconciled and categorised using Thriday's unique bookkeeping API. It's instant, accurate and most importantly, you don't need to do a thing.

Budget tracking

Good budget management is a key requirement for managing a successful business. Put simply, you need to spend less than you earn to survive. Thriday provides instant budget insights through it's sub-accounts feature. Thriday customers can tailor their accounts to view and track all their income and expenses in real-time. AirTax does not provide any budget tracking features and is not useful when it comes to managing spend.

Management reports

AirTax does not allow you to generate your standard management reports such as a profit and loss, cashflow and balance sheet statement. With AirTax you would still need to pay an accountant to held generate these reports. Thriday has these reports in-built into the product, so at anytime you can create your own versions. The reports are easy to read, and you can also download a copy for safe keeping.

A tax solution that requires no manual data entry

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

Business bank accounts

Visa Debit card

Unlimited invoices and quotes

Expense reconciliation

Receipt scanning

Cashflow forecasting

Bill payment tracker

Automated bookkeeping

Budget tracking

Management reports

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Why waste time on financial admin when Thriday can do it for you?

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