Small business owners can reduce their financial management by up to 90 percent with the groundbreaking AI accounting app Thriday
Thriday, a next-generation financial management platform built for SMBs, has reported excellent results in the first three months of its launch. Thriday, which launched for clients in early October last year, uses artificial intelligence to automate banking, accounting and tax to help businesses eliminate time wasted on financial management.
Australian small and medium businesses cut down on time-consuming financial management by using the new Thriday app
After raising $9 million in funding, Thriday has launched a breakthrough innovation called Luca. Luca – a homage to the inventor of double-entry bookkeeping, Luca Pacioli – is an automated accounting algorithm that uses a company’s real-time bank account data to categorize transactions according to the correct ATO rules.
Using the same approach as Chat GPT, the accounting model was refined through testing with a dataset of over 50,000 real world banking transactions. The new solution means small businesses only need to make and spend money using their Thriday Transaction account and all their financial management is done on autopilot.
Optimized for Australian small business owners, Thriday works seamlessly with banks and the ATO to manage your day-to-day financial management
Research conducted by Thriday has shown that since implementation, Thriday customers have reported a 90 percent time savings for financial management. With financial management ranked as the least favorite activity of running a small business and the average small business owner spends 6 hours a week on their financial affairs, the solution is a welcome addition to the market.
Small business owner Will was one of the first clients to try the new platform: “Thriday is an absolute game changer for my business!” He added: “With a tool like Thriday I can easily manage everything in one place. This saves me time and gives me the certainty that I am doing the right thing. With Threeday everything is automated and the tax time doesn’t cost me any time at all.’
Using AI, Thriday’s unique value proposition is the automation of financial management, which currently has to be completed by the business owner, an accountant or an accountant. Today, without Thriday, companies have to perform a large number of manual calculations and updates. Manual implementation leads to human errors, incorrect categorizations and ultimately to an expensive bill.
Thirday has also launched a Business Activity Statement (BAS) placement service to support small businesses. The new feature is an Australian first, allowing businesses to save time by automatically submitting their BAS to the ATO using data from their Thriday business bank account. On Thursday, GST registered companies will be notified when their BAS is due. Thriday then prepares the BAS report using its bookkeeping and bookkeeping services ready for submission to the ATO.
Threedays CEO and co-founder Michael Nuciforo
When Thriday was founded, the team realized that artificial intelligence was the key to solving the pain points plaguing small business owners. Michael Nuciforo, CEO and Co-Founder, highlighted what makes Thriday so unique: “Legacy platforms like Xero and MYOB still rely on a human being, be it the business owner, an accountant or an accountant to do all the heavy lifting. Like ChatGPT, we’ve adopted the latest technologies like cloud computing and machine learning models to fully automate the hardest part of bookkeeping – figuring out what a transaction is and applying the right tax rules.’
The Thirdy Team
“The reality is that all the data you need to determine your cash flow, profit and loss, BAS and tax statement is stored in your business bank account,” he continued, “Thriday allows business customers to eliminate the time wasted on financial administration , and the best part is that they can reinvest that time back into their business or spend more time with their loved ones.
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