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    More Money, Less Problems: This Tech Company Is Helping Small Businesses Keep Their Profits

    Don't let the cost of living crisis take your biz down.

    Angeline Barion
    by Angeline Barion

    BuzzFeed Staff

    The cost of living crisis has the majority of the world in a chokehold. From price hikes at grocery stores to rising rent costs, it's no surprise people are doing it tough, especially small businesses.

    Woman appears frustrated or confused looking at a computer screen, hands raised slightly. She's wearing a blazer
    Jacob Wackerhausen / Getty Images

    In a survey conducted by Aussie tech platform Thriday, 38% of 200 small businesses said they experienced losses in the previous financial year. The contributing factors included "stagnant growth, inflation, and cost pressures".

    Sign on a store door reads "Sorry We're Closed."
    Athvisions / Getty Images

    If you haven't heard of Thriday, here's the 411. The app uses AI to make bookkeeping, invoicing, accounting and financial tracking simpler for small businesses.

    Backed by insights from the survey, a new initiative between Thriday and Profit First was formed to help small businesses keep a better hold on their profits.

    By allocating a percentage of the business's income to profit before other expenses, this ensures that financial gain is a non-negotiable consideration to build strategies around.

    Thriday's CEO and co-founder, Michael Nuciforo explained that this collaboration gives small businesses a chance to not only "survive but thrive" in uncertain economic times.

    There's more to come from Thriday and Profit First's collaboration — at the root of it all is a focus on keeping small businesses earning a sustainable profit. Who doesn't love seeing small businesses thrive?

    Visit Thriday's website for more details on their services.