Tax time* can be a period of stress and long hours, especially for small and medium-sized enterprise (SME) owners, with the financial admin* often consuming valuable time that could be spent growing the business*.

However, a groundbreaking partnership* between National Australia Bank (NAB) and fintech startup Thriday* is set to revolutionise how Australian SMEs handle their financial obligations*.

NAB, one of Australia's largest financial institutions, has teamed up with Thriday* to launch NAB Bookkeeper*, an innovative AI-driven platform designed to automate the tedious and time-consuming tasks associated with tax and financial management*.

Thriday, in partnership with NAB, launched NAB Bookkeeper. Image source: Thriday

This strategic collaboration* is poised to benefit NAB's one million small business customers, integrating Thriday's cutting-edge technology* directly into NAB's Internet Banking services.

The initiative comes after NAB’s $6 million investment in Thriday* in 2022, showcasing the bank's commitment to digital innovation* and support for the SME sector* in Australia.

Thriday's platform* is a game-changer for business owners who are all too familiar with the hassle of juggling multiple tools and processes to keep their financial admin* in check.

On average, businesses spend over six hours a week* managing these tasks—time that could be better spent on strategic planning* and customer engagement*.

Michael Nuciforo, CEO of Thriday*, highlighted the simplicity and efficiency of the platform*.

'The reality is, all the data that you need to determine your cash flow*, profit & loss*, business activity statement*, and tax estimate* sits within your business transaction account,’ he said.

‘With Thriday*, NAB business customers will be able to eliminate the time they spend on financial admin*, and the best part is, it will be available directly for them via Internet Banking*,’ Mr Nuciforo continued.

The features of NAB Bookkeeper* powered by Thriday* are extensive and tailored to the needs of modern businesses.

The tool* includes:

• Automated transaction categorisation*, bookkeeping*, and GST recognition* that simplify the accounting process.
• Intelligent receipt scanning* and reconciliation that ensure accurate record-keeping* for tax purposes.
• Unlimited invoicing* and quoting* with automated payment reminders* that facilitate efficient transaction management.
• Real-time cash flow* and tax predictions* which provide valuable insights for financial planning*.
• Direct integration* with NAB Internet Banking, eliminating the need for setting up bank feeds or sharing data with external software.
• Comprehensive management reporting tools*, including income statements* and balance sheet reports*, that offer a clear view of the business's financial health.
• Smart notifications* to help keep businesses informed about important events and deadlines.

For SMEs* concerned about the transition from spreadsheets or other accounting software* like Xero or MYOB, NAB Bookkeeper* promises a seamless switch.

Upon signing up, all bank transactions from the start of the financial year* are automatically calculated and categorised for tax purposes*.

For an added incentive, NAB* business transaction account holders operating as sole traders, companies, partnerships, or trusts can enjoy NAB Bookkeeper* free for the first six months*.

This partnership* comes at a crucial time, as small businesses* face mounting pressures from inflation, rising utility costs, and wage increases.

According to recent data from the Australian Bureau of Statistics (ABS), more than a third of Australian businesses* anticipate difficulty in meeting financial commitments* in the coming months.

The efficiency and cost savings offered by NAB Bookkeeper* could be the lifeline many SMEs* need to navigate these challenges.

For more information on how NAB Bookkeeper* can transform your business's financial management*, visit this website*.

Thriday* is at the forefront of financial technology innovation*, having reimagined the way businesses manage their finances.

By harnessing artificial intelligence, Thriday* acts as a virtual CFO, automating banking*, accounting*, and tax tasks* for SMEs, allowing business owners* to focus on what they do best—running their business.

As we approach the end of the financial year, SME owners* across Australia can breathe a sigh of relief. With NAB Bookkeeper*, tax season* headaches could soon be a thing of the past.

*Please note, members, that this is a sponsored article. All content that has an asterisk next to it means we may get a commission when you click on a link—at no cost to you! We do this to assist with the costs of running the SDC. Thank you!

 

[Rob44]

I look at my receipts and utility bills intelligently and read my monthly paper bank statement and enter the data in a spread sheet.

Well done, NAB. You have re-invented the wheel. But I suppose you can make money from it.

 

[NotNats]

Won't be using anything from NAB - it's another Bank that has left its country clients in the lurch by closing it's branch in Lithgow.

 

[Tipsy]

I would not trust the NAB or any other of the big 4 banks with anything, as they will come up with some way of ripping people of...

 

[LeahI]

Just another way for them to intrude on your money

 

[IAN3005]

I look at my receipts and utility bills intelligently and read my monthly paper bank statement and enter the data in a spread sheet.

Well done, NAB. You have re-invented the wheel. But I suppose you can make money from it.

Likewise.... I scrutinise every document.