Thriday vs. Square: Which is best for business owners?

vs.

Square, which acquired Afterpay last year, provides a series of payment and point of sale solutions to small businesses. Square is suited to businesses that operated in retail and hospitality. With Square focused on payments, Thriday is a great compliment to their offering. With Thriday you can get your Square funds deposited into your Thriday business bank account*, from there, you can use the Thriday Visa Debit card* to purchase supplies. Thriday also offers BPAY and direct entry payments so if you need to pay bills or staff, Thriday has you covered. Thriday provides a 'business-in-a-box' solution for businesses that need more than a payment terminal.

STEP BY STEP GUIDE

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Business bank accounts

Square does not provide bank accounts or banking services in Australia. Funds held with Square are not protected under the Financial Claims Scheme. Thriday business bank accounts* are protected, and issued by an Authorised Deposit-Taking Institution. Keep your money safe, use Thriday!

Unlimited invoices and quotes

Square does not allow businesses to do unlimited invoices and quotes, and this is where Square differs quite significantly from Thriday. Thriday provides an end-to-end invoicing and quoting solution for merchants who need to know exactly who has paid, and who hasn't.

Expense reconciliation

Reconciling expenses helps lay the groundwork for good financial reporting and insights. Thriday automatically takes care of your receipt reconciliation, bringing artificial intelligence and machine learning to a mundane and tedious manual process. Power up your bookkeeping with Thriday and move away from services like Square which leave all the hard work to you.

Receipt scanning

When you collect a receipt from a store after making a purchase, what would you rather do? Put it in a glove box? Stash it in a shoe box? Or keep a digital copy? With Thriday, the choice is simple. Just take a photo and Thriday takes care of the rest. Square does not provide any receipt scanning features. You'll therefore need to use a tool like Thriday to take care of this.

Cashflow forecasting

Imagine you predict the future, what would you do today? Square and Thriday differ significantly when it comes to cashflow forecasting. Thriday provides cashflow forecasting out of the box, with graphs and trend analysis to help you know where things are heading. Thriday really helps business owners know what to do today, to have a better outcome tomorrow.

Bill payment tracker

Paying your bills on time is considered good practice to ensuring your suppliers stay on side. Thriday takes away all of the headaches of paying bills by allowing businesses to forward, upload or take photos of bills. These bills are then instantly evaluated by Thriday's artificial intelligence system to determine the exact amounts due, the due date and when would be the appropriate time for them to be paid. Thriday provides this feature as part of it's regular subscription package. Square does not provide any bill scanning technology and business owners need to manually trawl through the details to do it themselves.

Automated bookkeeping

Managing the books is the last thing most business owners want to do. With Thriday, that dream can now become a reality. Thriday automatically does the bookkeeping as business owners spend and receive money. There is nothing to figure out, and no guess work required. Square does not provide any bookkeeping services like Thriday does.

Budget tracking

Budgets are important. They help you stay focused and live within your means. For many business owners, the hard part about budgeting is calculating the numbers and being disciplined. Thriday makes the art of budgeting easy. Unlike Square, Thriday provides a whole plethora of options for tracking your income and spend, empowering busy business owners to make the right decisions to stay afloat.

BAS lodgment

Who wants to spend time sitting down and figuring out what their Business Activity Statement is? With Thriday, you never have to fear. Unlike Square, Thriday automatically calculates your BAS information so that when it comes time, you can review the details and submit it directly to the ATO. This is a key benefit of using Thriday over Square. With Square, you still have to do all the leg work when it comes to staying compliant. With Thriday, it's all taken care of.

Management reports

Square provides POS and terminal solutions mostly targeted at retail store owners. Square does not provide any management reporting such as profit and loss statements, cashflow statements and balance sheets. As a result, unlike Thriday, you would need to pay for a bookkeeper or accountant to do it. This not only adds additional burden to you, but it's expensive and it leaves you stranded when it comes to understand your true financial performance. Thriday generates all these reports at a tap of a button.

Thriday - An alternative to Square that is more than a terminal

Find out how much money you could save by switching to Thriday

Business bank accounts

Unlimited invoices and quotes

Expense reconciliation

Receipt scanning

Cashflow forecasting

Bill payment tracker

Automated bookkeeping

Budget tracking

BAS lodgment

Management reports

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Why Thriday?

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Why waste time on financial admin when Thriday can do it for you?

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