Running a small business can be challenging, especially when it comes to managing cash flow and maximising profits. The Profit First money management methodology is an effective approach for small businesses to improve their financial health. However, managing finances manually can be time-consuming and prone to errors. This is where Thriday software comes in, providing a solution that benefits small businesses in many ways.
Thriday is an Australian based financial management software developed to eliminate the time-consuming financial administration tasks that sole traders and small business owners often find themselves doing. These tasks can include chasing unpaid invoices, reconciling bank transactions, and lodging BAS and tax, which can take away from running a business or spending time with family.
Thriday software assists with automating financial processes and making informed financial decisions. It also offers a feature that allows small business owners to easily implement the Profit First money management methodology. The software’s Profit First Allocation feature enables business owners to create up to 9 transaction accounts to make implementation of Profit First easier than ever before.
Additionally, Thriday’s Cash Flow Forecasting feature provides accurate predictions of cash flow based on past financial data and future revenue projections, while its easy-to-understand reports allow small business owners to analyse their financial data and identify areas for improvement.
Here are some ways Thriday software can benefit small businesses that implement the Profit First money management methodology:
We love nothing more than things that make business easier and Thriday does just that. It works out of the box with no training or third-party support required; combining banking, bookkeeping, accounting and tax in one platform. With no need for configuring bank feed connections and easy BAS submissions direct to the ATO, you’ll save so much time on finance admin every single week!
Easily assign Profit First target allocations
It’s the built-in bank accounts that differentiate Thriday from all of the other players in the financial management space. Setting up your Profit First account structure takes just a few clicks. Out of the box Thriday comes with your Operational expenses account with attached Visa Debit card, then you simply create accounts for Revenue, Profit, Owners pay, and Tax. As money comes into your Thriday revenue account you simply distribute the target allocations to the other accounts so you always know exactly how your business is performing.
Real-time financial tracking
Small businesses that operate on tight budgets need to have a clear understanding of their finances. Thriday software provides real-time financial tracking, allowing small business owners to see how much money is in each account. This feature is especially useful for small businesses with multiple revenue streams or those that operate in different locations.
Get paid faster
With Thriday’s invoicing feature, you can easily invoice customers on-the-go, ensuring you get paid quickly. You can set up automated payment reminders, offer customers early payment incentives, and even schedule invoices to be sent at a later date. Thriday allows you to add attachments and photos to show the completed job, and you can send quotes and invoices from the app at any time and from anywhere. This feature is perfect for small business owners who need to create and manage invoices efficiently and effectively, without having to be tied down to a desk or computer. Income received from Thriday invoices is automatically reconciled and marked as paid when it hits your account and tax is automatically calculated in real-time.
Reconcile receipts automatically
With Thriday’s receipt reconciliation feature, you can easily manage receipts from anywhere, whether you’re on-the-go or at home. You can scan, send, and save receipts directly from the app or website, and Thriday will automatically reconcile them to transactions. The software also allows you to quickly scan and email receipts, and set up smart email forwarding rules to send them straight to your Thriday account. Additionally, Thriday’s smart GST recognition feature makes it easy to calculate BAS and tax, streamlining the process for small business owners. If there’s one fool-proof way to minimise tax, it’s to claim back as much of your expenses as you can.
Cash flow visibility
Thriday software helps small businesses to forecast cash flow accurately, allowing them to plan for future expenses and make informed decisions about their finances. This feature is crucial for small businesses that want to avoid cash flow problems and ensure they always have enough money to cover expenses.
Thriday software generates easy-to-understand reports, making it easy for small business owners to analyse their business financials. The reports provide a clear overview of their finances, allowing small business owners to identify areas where they can cut costs and increase profits.
In conclusion, small businesses that implement the Profit First money management methodology can simplify their financial admin with Thriday. With Thriday, small business owners can focus on what they do best – running their business – because the software is integrated with the ATO and for those who prefer extra peace of mind, Thriday has tax experts and we have Profit First Professionals who can review your books online at any time.
Find out what Thriday is all about and never worry about financial admin again. Visit www.thriday.com.au.