Wave Accounting Alternative: Small Business Accounting in Australia Just Got Easier with Thriday

August 14, 2023
6
minutes to read
by
Ben Winford
Contents

As a small business owner, managing your finances is one of the most critical aspects of running your business. Wave Accounting, a popular cloud-based accounting software, has been a go-to solution for many Australian small businesses. However, recent news of Wave Accounting's departure from Australia has left many business owners searching for an alternative. That's where Thriday comes in. In this blog post, we'll explore Wave Accounting's exit from Australia, the features it offers, and why Thriday is an excellent alternative. We'll also discuss how Thriday can automate your accounting processes and provide a step-by-step guide to switching from Wave Accounting to Thriday.

What happened to Wave Accounting? 

Wave Accounting was founded in Toronto, Canada, in 2009. The company quickly gained popularity for offering a free accounting software solution that allowed small business owners to manage their finances efficiently. In November 2019, H&R Block, a tax preparation company, acquired Wave Accounting for $537 million. At the time, H&R Block said the acquisition would "revolutionize" its approach to serving small business clients. 

However, in July 2020, Wave Accounting announced it would no longer offer its services in Australia. The company cited "challenging market conditions" as the reason for the decision. This news shocked many small business owners who relied on Wave Accounting to manage their finances. Many businesses began searching for an alternative solution to meet their accounting needs. 

 

What features did Wave Accounting offer? 

Wave Accounting was a cloud-based accounting software that offered a variety of features to help small business owners manage their finances. Some of the key features included: 

  • Invoicing: Wave Accounting allows businesses to create and send professional invoices to customers. It also provided the ability to set up recurring invoices for regular clients. 
  • Expense Tracking: Wave Accounting provides an easy way to track business expenses. It allowed users to connect their bank accounts and credit cards to the software, automatically categorising transactions and giving real-time updates. 
  • Financial Reporting: Wave Accounting provides a range of financial reports, including profit and loss statements, balance sheets, and cash flow statements. 
  • Payroll (US and Canada): Wave Accounting offered a payroll service that allowed businesses to pay their employees and manage tax filings. 
  • Integrations: Wave Accounting integrated with a range of other business tools, including payment gateways, point of sale systems, and eCommerce platforms. 

While Wave Accounting offered many valuable features for small businesses, it also had some limitations. For example, its payroll service was only available in the United States and Canada, and some users reported issues with customer support. 

 

Why is Thriday a good alternative to Wave Accounting? 

Thriday is a cloud-based accounting software designed specifically for small businesses in Australia. It offers many core features as Wave Accounting but has many other features and additional benefits. Here are some reasons why Thriday is an excellent alternative to Wave Accounting: 

  1. Local support: Thriday is an Australian company with local support available to its customers. If you have any questions or issues, you can speak to someone who understands the Australian market. 
  2. Easy setup: Thriday is easy to set up and use. Its user-friendly interface means that even those with limited accounting knowledge can easily use the software. 
  3. Automatic bookkeeping: Thriday provides automated bookkeeping, allowing you to reconcile your accounts and keep your books up-to-date easily. 
  4. Bill manager: With Thriday, you can scan, upload or forward any bills you receive to schedule payments automatically. Thriday scans the documents using image recognition, and customers easily pay them. 
  5. Real-time reporting: Thriday provides real-time financial reporting, allowing you to monitor your business's financial health anytime. 
  6. Integrated banking: Thriday has a partnership with Regional Australia Bank, which allows it to issue bank accounts* and Visa Debit cards*. These features enable Thriday to automate transaction categorisation and reporting. 
  7. BAS lodgment: Thriday automatically calculates your GST credits and debits based on your transaction history and then has an integration into the ATO to lodge your BAS when it's due. 

Thriday is a robust accounting solution that can help small businesses streamline their financial processes and make informed decisions. Its local support, ease of use, and range of features make it an excellent alternative to Wave Accounting. To see how much time Thriday can save you on banking, accounting and tax, take this quick quiz. By answering a few questions, you can quantify how much effort you'll save.

Thriday's all-in-one software

 

How does Thriday automate accounting? 

Thriday is designed to automate many of the time-consuming tasks involved in accounting, allowing small business owners to focus on running their businesses. Here are some ways that Thriday automates accounting: 

  • Artificial intelligence: Thriday has trained its software on over 50,000 real-world transactions to help it automatically categorise income and expenses to the correct chart of accounts and tax codes. 
  • Real-time tracking: Thriday provides automatic bank feeds, meaning transactions from your bank account are automatically imported into the software. This saves you time and reduces the risk of errors. 
  • Receipt scanning: Thriday uses artificial intelligence to reconcile your receipt automatically. This means that you don't have to spend time manually reconciling transactions. 
  • Invoice creation and sending: Thriday allows you to create and send professional invoices to customers. You can set up scheduled invoices for regular clients, saving you time and reducing the risk of errors. 
  • Financial reporting: Thriday provides real-time financial reporting, allowing you to monitor your business's financial health anytime. You can generate various reports, including profit and loss statements, balance sheets, and cash flow statements. 

By automating many of the tasks involved in accounting, Thriday can save small business owners time and reduce the risk of errors. This can free up business time and make accounting more efficient. 

Thriday tax estimates

 

Is Thriday better than Wave accounting? 

Since Wave accounting is no longer available in Australia, small business owners must look for alternative accounting software. Thriday is an excellent option for those who want a replacement for Wave accounting, and it offers several advantages that make it the clear choice. Thriday is an Australian company that provides local support to its customers, making it easier to navigate the local market. Its user-friendly interface, automatic bank feeds, real-time reporting, and payment features make it a better product than Wave accounting and the logical choice for small business owners looking for an alternative to Wave accounting. Unlike Wave, with Thriday, using an accountant or bookkeeper is optional. To find out what you'll need, take this quick tax quiz, and we'll confirm if you just need Thriday for your business finance needs.

 

How do you switch from Wave accounting to Thriday? 

If you're currently using Wave accounting and want to switch to Thriday, the good news is that the process is straightforward. Here are the steps you need to follow: 

  1. Join Thriday for free: Sign up for an account with an account. Thriday has a $0 monthly account option, which includes a free trial period for more advanced accounting and tax features. This allows you to test the software before committing to a paid subscription. 
  2. Export data from Wave accounting: Export your data by going to "Settings" and then "Data Export." Choose the date range for the data you want to export and select your preferred file format. 
  3. Import data to Thriday: In Thriday, go to "Tax" and then "Manage Balances." Add your income and expenses for the financial year into the table. 
  4. Check your data: Once you've added your data, check that everything has transferred correctly. Double-check your account balances, transactions, and other data. 
  5. Start using the bank account*: Thriday issues bank accounts* to help you reconcile your transactions easily. Start using the transaction account to automate your bookkeeping. 
  6. Start using Thriday: Once you've completed these steps, you can start using Thriday. Explore the software, take advantage of its features, and enjoy the benefits of accounting software designed for the Australian market. 

Switching from Wave accounting to Thriday is a straightforward process that can be completed in simple steps. Thriday's customer support team is available to help you with any questions or issues you may have along the way. 

 

Wave Accounting FAQs 

Why is Wave accounting no longer available in Australia? 

Wave Accounting withdrew its services from Australia due to strategic changes within the company and the decision to focus on the North American market. 

What features did Wave accounting offer? 

Wave accounting provides features such as automatic bank feeds, invoicing, expense tracking, reporting, and payroll services.   

How does Thriday automate accounting? 

Thriday automates accounting by providing automated bookkeeping, real-time reporting, expense tracking, and automatic reconciliation of transactions. 

Is Thriday better than Wave accounting? 

Thriday is a better option than Wave accounting for several reasons, including its local customer support, user-friendly interface, automated bookkeeping and accounting, real-time reporting, and payment services.   

Can small businesses use Thriday? 

Thriday is designed for small businesses, making it an ideal accounting software for Australian small business owners. 

How does Thriday compare in terms of cost to Wave accounting? 

Thriday's pricing plans are competitive and offer value for money. While it may be slightly more expensive than Wave accounting, Thriday's additional features, local customer support, and user-friendly interface make it a better option for small businesses. 

Can Thriday import data from Wave accounting? 

Yes, Thriday can import data from Wave accounting, making it easy for small business owners to switch to Thriday from Wave accounting. 

 

Wave accounting was a popular accounting software for small businesses in Australia. However, with its withdrawal from the Australian market, small business owners are left searching for a reliable alternative. Thriday is a new wave accounting software that offers more features and benefits than Wave accounting. Thriday's automatic categorisation, real-time reporting, and bill payment services make it a choice for small business owners needing reliable, user-friendly, affordable accounting software. Furthermore, Thriday's local customer support team can assist users with any issues or questions. If you're looking for a Wave accounting alternative, Thriday is the perfect choice for your small business. Join for free today and experience the benefits of more advanced and user-friendly accounting software.

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