Small business financial management platform Thriday has announced an exclusive partnership with Profit First.
Profit First is a financial management system created by New York Times bestselling author and small business expert, Mike Michalowicz. The system works by putting aside a portion of every sale as profit, rather than following the conventional method of calculating profit after expenses are deducted from sales.
By utisiling Michalowicz’ system and putting profit first, a business is forced to only spend what’s remaining on day-to-day expenses.
By partnering with the fintech, Profit First is giving everyday Aussie business owners access to a system that has been touted by Forbes and Fast Company.
As part of the partnership, Certified Profit First Professionals (CPFP) can use Thriday’s revolutionary platform to set up the Profit First system in minutes. Thriday members can then take advantage of direct access to Profit First assistance to ensure they are implementing the system correctly.
This service is currently exclusive to Thriday customers.
Laura Elkaslassy, CEO of Profit First Professionals Australia & NZ, said Thriday is the perfect partner for the Profit First system.
“The platform provides a seamless, intelligent, quick-fire way for small businesses to set up and implement Profit First. All Profit First fans can now benefit from setting up sub-accounts in minutes and tracking income, expenses and tax easily in one place.”
Thriday CEO, Michael Nuciforo, said, “Small businesses have had a difficult three years. First, it was COVID and now it’s inflation. Thriday is really proud to be working with Profit First to help scale this incredible financial management system across Australia and to help provide small businesses with the tools they need to succeed.”
The announcement follows Thriday’s recent partnership with Visa, where the fintech became the first Australian accounting software to integrate a Visa Debit Card.
The Thriday Visa Debit Card allows small businesses to take advantage of automated banking, accounting and tax features without the need to reconcile expenses across multiple systems. The all-in-one financial management platform is a first of its kind in Australia. The integration is expected to save business owners who adopt the service over six hours of financial admin a week.
“Accounting software has traditionally been very siloed from the banking and payments tools a business uses,” said Nuciforo. “With Thriday, businesses will be able to eliminate the time they spend on managing their card purchases, as all their expense data will be available in real-time in the Thriday platform.”
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