Small businesses account for 35% of Australia’s gross domestic profit, employing some 44% of Australia’s entire workforce.
According to Australian Government statistics, 93% of total employing businesses are small businesses, and of those small businesses, the majority employ between one and four people.
With small business employees essentially wearing many hats, from marketing to e-commerce, this usually leaves little room for full-time dedication to finance. For emerging business owners, the prospect of managing funds can be daunting, which is why anyone starting a new business would be wise to seek out as much help as possible.
Thankfully, there’s an app for that. No longer will you have to pore over spreadsheets and receipts, because a new app called Thrive is here to serve as the CFO in your pocket.
Launched from a Melbourne-based FinTech, Thrive was created to help small businesses automate banking, accounting, tax and lending activities. Aside from assisting such transactions, the app is able to take your information to provide transaction insights, to help you see where your money is going.
Automated expense categorisation, invoice creation and automatic payment reminders are additional features sure to set up a new business for success, plus you can send and receive payments from anywhere on the spot.
“Thrive will deliver a smart, automated, and digital-first experience that integrates banking, accounting, tax and lending into one product. Once a customer opens an account, they will have access to an end-to-end solution that will automate reconciliation, cash flow forecasting, invoicing, and payroll through its proprietary ‘Fetch, Analyse and Decide’ capabilities,” Thrive says.
In short, the app is designed to serve as your in-house accountant, looking after cashflow, invoicing, payroll and tax (read: no more late nights in the lead-up to tax time). It’s not only that you could save time, but money too. Thrive estimates small businesses spend between $1,813 and $4,350 a year on an accountant.
Whether you’re a sole trader, small biz, gig worker or emerging start-up, the Thrive app is a valuable tool many could benefit from.