It’s safe to say that in the current economy, each and every dollar counts.
As well as seeking out great deals on our daily expenses, it’s important to ensure the money we already have in our bank accounts is working hard for us. That’s especially true if you’re a small business owner. After all, you never know when a quiet period is just around the corner and you’ll need to rely on your financial buffer.
Enter, Thriday. As well as providing innovative banking and accounting tools for entrepreneurs and sole traders, the Aussie app recently launched its new interest earning feature. Now, all funds stored in Thriday transaction accounts will earn an impressive 3.35 per cent p/a interest rate. This is right up there with some of the most generous business banking accounts in Australia.
Combining simplicity with flexibility
In the past, business owners have been forced to choose between high-yield accounts, and having control over their money — as savings accounts and term deposits often require the funds to go untouched for a certain amount of time. With no restrictive terms or thresholds to meet, all funds stored in your Thriday account are eligible to earn the lucrative interest rate. The interest is calculated daily on all account balances and paid out at the end of each month.
“Earning 3.35% interest across all my accounts is effortless and incredibly beneficial for my cash flow management,” says Lauren Deuble, owner of All Wrapped Up VA and Thriday customer. “With the amount of money I have coming into my accounts, and the money I set aside for tax, the interest more than pays for my Thriday subscription.”
Turning passion into profit
The new feature is in line with Thriday’s broader mission to help small business owners become profitable from day one.
“Our new interest feature makes it easier and faster for small businesses to try and make a profit,” says Michael Nuciforo, CEO and co-founder of Thriday. “Every bit of extra money can make a big difference in today’s economic climate. We are committed to providing our customers with the best tools to help them succeed.”
These tools include the ability to generate quotes and invoices from one streamlined platform, so you can get paid faster. You can also send automated payment reminders and late payment fees for those clients who are dragging the chain. Thriday also makes tax time a breeze, thanks to its in-app camera for capturing receipts, and its AI-powered automatic reconciliation feature.
Thriday also makes it seamless to implement the profit first method created by author Mike Michalowicz, which involves taking a predetermined portion of each pay as a profit. Allowing you to create up to 10 bank accounts (e.g. for profit, tax, operating expenses and owner’s salary), you can also automatically split each pay based on pre-set percentages.
A Thriday subscription starts at just $29.95 per month or $299 per year, with your first month free. Or, for an even more premium experience, you can go for the BAS + Tax Plan which gives you access to an introductory cash flow optimisation session, four assisted BAS (business activity statement) lodgments, an annual tax planning session and an assisted annual tax return. This will set you back $119 per month, or $1190 per year.
Get started with Thriday here.
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