The new accounting software player called Thriday says it will be cheaper and more efficient for small and medium-sized businesses than Xero and MYOB.
A new player in the Australian accounting software space has scored the backing of National Australia Bank’s venture capital arm, NAB Ventures, with promises to take on industry giants Xero and MYOB by saving small businesses time and money.
Key to this automation is the fact its customers have to take out a debit card and open a banking account with the two-year-old start-up, which is supplied through a banking-as-a-service provider the company would not disclose. At this point, all the functionality the Thriday platform offers is also available in Xero, except for the bank account and debit card features.However, Thriday claims its platform enables faster, more accurate and more reliable reconciliation of expenses because it does not rely on bank feed data.
“The average amount of time for a small and medium-sized business to manage their finances was six hours a week, and the owners were doing it at night and on weekends.”
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