Case study: Locking in cash flow for your SME with the right accounting software
We spoke to Shane Keats of AnyKey Locksmiths about how Thriday has helped him tackle the fiscal responsibilities that come with running your own business.
As the owner-operator of AnyKey Locksmiths, Shane Keats knows how much good tools matter.
Whether it's replacing locks, retrieving keys locked inside cars or just helping people get back inside their home, it's essential to have the right tool for the job.
But as a new apprentice, about a decade ago, he realised there was a problem.
Although he was well-equipped on the frontline, the business backend was a different story. There wasn't real-time insight into funds. Invoices were a chore. Clients wanted better documentation of the completed jobs.
And worst of all, the financial admin chewed up so much unnecessary time.
So when the time came to start up AnyKey, Shane knew that he wanted to do things differently. After searching high and low through his software options, Thriday emerged as the logical choice.
"In my time in the industry, I think I've tried every bit of accounting software on the market," laughs Shane. "But there's no question that Thriday is the best-rounded one that I've run across."
One of the big selling points for Shane was the all-in-one interface, and the ability to streamline the bookkeeping process. It freed up his spare time immensely.
"Work-life balance is really important to me," says Shane. "But when you're running your own business, it's pretty easy for the work part to become all-consuming."
Having a service like Thriday has meant that he's able to focus more on his family and life outside work – and in turn, keep the working hours dedicated to better serving clients.
"Part of the reason people go into business for themselves is so they can run things the way they want to," says Shane. "Thriday's been a tool that's helped me enable that with my own business."
Monitoring cash flow
Cash flow is a critical consideration for any business. So being able to see what funds you have available at a glance was an essential consideration for Shane.
As part of the Thriday service, users are also able to create a bank account that's directly linked to Thriday's software. This way, you're able to see exactly what funds you have available without needing to juggle multiple apps or banking providers.
"A lot of the other software options on the market just don't update in real time," explains Shane. "Waiting overnight for reconciliation doesn't sound like much, but it can make a big difference."
After all, locksmithing emergencies can happen any time of day or night. So if there's a part or tool that needs to be purchased to complete a job, it's essential to have funds available.
To further streamline the process, Shane also uses a Visa Debit card that's tied to his Thriday account.
"This way, I know where all the work expenses are going," says Shane. "I can make purchases when required – I don't need to worry about complex approval processes or anything like that."
App access on the go
When most of your working life is spent on the road, it's essential to have access to information and easy reconciliation.
"Having the Thriday app on my phone has been incredibly helpful," says Shane. "If I'm handling expenses like fuel or business purchases, I just need to snap a pic of the receipt and upload it to the app."
The Thriday app also matches receipts with transactions automatically. It's a process that's far easier than having to sort through receipts and manually input data later on."
"If you wait to get it done, there's too much chance that things can go missing," chuckles Shane. "Better just to get it all done on the spot."
Making invoices a breeze
Getting invoices out the door – and in turn, getting paid – is essential for any business.
Through Thriday, Shane is able to automate this process. It gives him greater clarity about his cash flow, and clients don't need to worry about chasing him up, either.
Invoice templates can be created, but they can also be customised and tweaked in order to add extra information as necessary.
"I work with a lot of real estate clients and it's crucial to have the ability to add nuance to the wider conversation," says Shane. "Jobs of that nature aren't always clear-cut, so being able to attach supporting documentation is a really useful feature."
Looking ahead, Shane is keenly aware of the importance of having software that can grow with the company.
"I'm a one-man operation at the moment, but that may expand," says Shane. "And the type of clients coming on board is always evolving. I need to make sure that I've got the backend that can service them."
He's also excited to see how Thriday continues to evolve down the track, too.
"There have been a few new features introduced or streamlined since I first joined," he says. "I think we're at a good place with the toolset that's currently available – but I'm always excited to see what they add next, too."