Tax Time in No Time: How to Automate BAS and Tax with Thriday

August 14, 2023
8
minutes to read
by
Justin Bohlmann
Contents

Tax time is a pain in the backside for most small business owners. There is always a last-minute rush to categorise income and expenses, review receipts, and calculate GST credits. It's time-consuming, overwhelming and a distraction from your day job ‚Äď the job of running an actual business! Fortunately, there is an easier way to manage BAS and tax processes: Thriday. Thriday is a next-generation accounting software designed specifically for small businesses. It simplifies BAS and tax processes by automating most tasks, allowing small business owners to focus on what matters most - running their businesses. In this blog, we'll discuss how Thriday can make tax time take no time.

How Thriday Helps Small Businesses with Tax 

Thriday is a powerful tool that can help small businesses streamline their BAS and tax processes in many ways. Here are some of the ways Thriday can help:  

  • Bookkeeping:¬†Thriday automates tasks such as categorising transactions, reconciling receipts, and generating financial reports.¬†
  • BAS Lodgment:¬†On Thriday, you can prepare and lodge your BAS directly to the ATO. We'll even notify you when your BAS is due.¬†
  • GST Reconciliation:¬†Thriday automates GST tracking so you can easily claim any GST credits.¬†
  • Invoicing and Payments:¬†Thriday allows you to create and send professional invoices and accept payments.¬†

 

Benefits of Using Thriday for Tax Purposes 

Thriday can bring many benefits to small businesses when managing their tax obligations. Here are some of the benefits: 

  • Time-saving:¬†Thriday automates most tax-related tasks, saving you time and effort.¬†
  • Accuracy:¬†Thriday's AI-powered technology ensures that your transactions are categorised correctly.¬†
  • Cost-effective:¬†Thriday is an affordable solution for small businesses allowing you to save thousands.¬†
  • Compliance:¬†Thriday ensures that your BAS and tax obligations are met in accordance with ATO rules.¬†

Using traditional spreadsheets and manual bookkeeping methods can be time-consuming, error-prone, and costly. Thriday's cloud-based technology allows for real-time data entry, automated categorisation of transactions, and easy reconciliation of accounts. This makes it far more efficient than traditional methods, saving time and money. 

 

1. How Thriday Uses AI to Categorise Your Transactions 

One of the standout features of Thriday is its use of Artificial Intelligence (AI) to categorise your transactions automatically. Thriday's AI technology has been trained to recognise patterns in your transactions and accurately assign the appropriate category. This is a huge time saver, as you no longer have to categorise each transaction and record GST manually. Check out this video to see how Thriday categorises your income and expenses: 

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Here are some of the benefits of using Thriday's AI-powered transaction categorisation: 

Increase Accuracy 

Thriday's AI technology ensures that your transactions are categorised accurately, reducing the risk of errors in your tax reporting. This is particularly important for small businesses, as errors in tax reporting can lead to penalties and fines. 

Save Time 

Manually categorising transactions can be a time-consuming task. With Thriday's AI technology, this task is automated, allowing you to focus on more critical aspects of your business. This can save you valuable time that can be used to grow your business. 

Tailored 

Thriday's AI technology allows for flexibility in categorising transactions. You can customise categories to suit your business needs, and Thriday's AI will learn and adapt to your preferences over time. This ensures that your transactions are categorised meaningfully for your business. 

In summary, Thriday's AI-powered transaction categorisation is a valuable tool for small businesses. It saves time, reduces the risk of errors, and ensures compliance with ATO regulations. Now let's check out how Thriday streamlines tax. 

 

2. View Your Tax Position at a Glance 

Thriday makes it easy for small businesses to view their tax position. Thriday enables you to make informed decisions about your business finances by providing a clear and concise overview of your tax position. Watch this video to see how Thriday displays your current and predicted tax position in real-time: 

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There are many advantages of being able to see your tax position in real-time: 

Improve Decision Making 

Thriday's dashboard provides a real-time overview of your business finances. You can view your income, expenses, and tax liabilities at a glance. This allows you to identify any issues and take corrective action if necessary. 

Tax Summary 

Thriday's tax summary provides a summary of your tax obligations, including GST. You can view your BAS liabilities and payment due dates, ensuring you stay on top of your tax obligations. 

Smart Projections 

Thriday's forecasting functionality lets you project your tax liabilities based on your current financial position. This lets you plan and ensure sufficient funds to meet your tax obligations. 

Thriday's overview features allow small businesses to view their tax position at a glance. This enables them to make informed decisions about their business finances and stay on top of their tax obligations. Let's now check out Thriday's receipt scanning features. 

 

3. Scanning Receipts to Reconcile Expenses 

Keeping track of business expenses can be tedious, but Thriday allows you to scan and store your receipts. Receipts are required to make eligible tax deductions, and you also need receipts to confirm the exact GST that was incurred on an expense.

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Here are some of the benefits of using Thriday's receipt scanning functionality: 

Time-saving 

Manually entering receipts into your accounting system can be a time-consuming task. With Thriday's receipt scanning functionality, you can scan your receipts and automatically reconcile them with your transactions. This saves you time and ensures that your expenses are accurately recorded. 

Avoid Errors 

Manually entering expenses can also lead to errors, such as transcription errors or misinterpretation of receipts. Thriday's receipt scanning technology ensures that your costs are recorded, reducing the risk of errors in your accounting records. 

Online Storage 

Thriday's receipt scanning functionality lets you easily store and organise your receipts. This means you no longer have to keep physical copies of your receipts, which can take up valuable space in your office. 

The ATO requires that businesses keep records of all their expenses. Thriday's receipt scanning functionality ensures that you comply with ATO regulations by keeping accurate records of your expenses. 

 

4. Adding Balances for Tax Time 

As tax time approaches, small businesses need to ensure that their accounting records are up to date. Thriday makes this task easy by allowing you to add balances for tax time. Here's how it works: 

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Thriday's balance adding functionality makes it easy for small businesses to prepare for tax time. It saves time, improves accuracy, and ensures compliance with ATO regulations.  

Preparing for Tax Time 

Thriday allows you to prepare for tax time by adding depreciation, inventory, and capital gains balances. This ensures that your accounting records are accurate and up to date, making it easier to complete your tax return. 

Year-end Adjustments 

Thriday also allows you to make year-end adjustments to your accounting records. This includes adjusting your income and expenses to account for any end-of-year transactions that may have been missed. 

Automated Calculations 

Thriday's automated calculations make it easy to add balances for tax time. Thriday will calculate your tax liabilities based on the balances you have added, ensuring you have an accurate picture of your tax position. 

Adding balances for tax time can be time-consuming, but Thriday makes it easy. Thriday's automated calculations and user-friendly interface make it quick and easy to add balances for tax time, saving you time and reducing the risk of errors. 

 

5. Generate Professional Management Reports 

Thriday provides small businesses with a range of professional management reports, which help you to understand your business finances and make informed decisions. Here's how Thriday's management reports can benefit your small business:

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Financial Reports 

Thriday's financial reports clearly show your business finances, including profit and loss statements and balance sheets. You can use these reports to identify trends, track your business performance, and make informed financial decisions.   

Income Reports 

Thriday's sales reports allow you to track your sales performance over time. You can use these reports to identify your best-performing products or services, track sales trends, and make informed decisions about your sales strategy. 

Expense Reports 

Thriday's expense reports allow you to track your business expenses over time. You can use these reports to identify areas where you may be overspending, track your expenses against your budget, and make informed decisions about your expenses. 

Thriday's management reports provide small businesses with valuable insights into their finances, sales performance, and expenses. These reports can help you to make informed decisions and grow your business. 

 

6. Exporting Income and Expenses 

Thriday makes it easy for small businesses to export their income and expenses to various formats, including PDF and CSV. Watch this video to see how you can export income and expenses in seconds:

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Here's how Thriday's exporting functionality can benefit your small business:

Easy Exporting 

Thriday's user-friendly interface makes exporting your categorised income and expenses easy. With just a few clicks, you can export your data to various formats, including PDF and CSV. 

Compliance 

Thriday's exporting functionality also ensures compliance with reporting regulations. Thriday's reports and exports are designed to make it easy to see how your business is performing, ensuring that your data is accurate and complete. 

Flexible 

Thriday's exporting functionality saves time, allowing you to export your income and expenses for use in other applications. This can save you hours of manual data entry and ensure that your data is accurate and up to date. 

Thriday's exporting functionality makes it easy for small businesses to export their income and expenses to various formats. This saves time, ensures compliance with ATO regulations, and reduces the risk of errors when transferring data between different systems. 

 

7. Lodging Your BAS to the ATO 

Thriday also provides small businesses an easy and efficient way to lodge their Business Activity Statement (BAS) to the ATO. 

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Here's how Thriday's BAS functionality can benefit your small business: 

Automated BAS Preparation 

Thriday's automated BAS preparation feature helps you to accurately and efficiently prepare your BAS. Thriday uses your income and expense data to automatically generate your BAS, saving you time and reducing the risk of errors. 

Online Lodgment 

Thriday also provides online lodgement of your BAS, allowing you to quickly and efficiently submit your BAS to the ATO. Thriday's online lodgement feature saves you time and eliminates the need for manual data entry. 

Peace of Mind 

Thriday has a partnership with POP Business tax agents, who can review your BAS lodgment upon request for an extra fee. This extra peace of mind can be helpful if you are not used to lodging your BAS alone. 

Thriday's BAS functionality saves time, allowing you to quickly and efficiently prepare and lodge your BAS. This can save you hours of manual data entry and ensure that your BAS is accurate and current. 

 

Thriday Tax FAQs 

What is Thriday? 

Thriday is a cloud-based accounting software that provides small businesses with an easy and efficient way to manage their finances. It includes automated accounting, AI-powered transaction categorisation, receipt scanning, and online BAS lodgment.   

How can Thriday help with tax automation? 

Thriday's features are designed to simplify tax-related tasks for small businesses. With features like automated bookkeeping, receipt scanning, and AI-powered transaction categorisation, Thriday makes it easy to track income and expenses throughout the year, making tax time a breeze. 

Can Thriday generate BAS reports for ATO lodgment? 

Yes, Thriday can generate BAS reports that are compliant with ATO regulations. You can use Thriday to prepare your BAS and lodge it online with the ATO directly from the software. 

Can Thriday export income and expense data to other software applications? 

Yes, Thriday makes it easy to export your income and expenses to various formats, including PDF and CSV. This makes it easy to import your data into other software applications. 

Is Thriday suitable for all types of small businesses? 

Thriday is perfect for a wide range of small businesses, including tradies, consultants, creatives and everything in between. It provides features that can be customised to meet the needs of different types of businesses. 

How easy is it to use Thriday for tax automation? 

Thriday is designed to be user-friendly, with an intuitive interface that makes it easy to perform tax-related tasks. Thriday takes the hassle out of managing finances, making tax time a breeze. 

 

Thriday is a powerful tool for small businesses looking to automate their tax and financial management processes. With its advanced features, including automated transaction categorisation, and receipt scanning, Thriday can save business owners time and money when it comes to tax preparation and reporting. 

Thriday allows small businesses to have a clear overview of their financial position, generate professional management reports, and easily export income and expense data. Additionally, Thriday's BAS reports and online lodgment functionality ensure businesses comply with ATO regulations. 

Whether you are a small business, freelancer or solopreneur, Thriday can provide the features and functionality to streamline your tax and financial management processes. So why not join for free and see how Thriday can help you automate your BAS and tax reporting, leaving you more time to focus on growing your business? 

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

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