Best alternative to Hnry

How does Hnry work?

Hnry offers a tax and accounting service targeted primarily at freelancers and sole traders. When you sign up, you receive access to a Hnry trust account. All your income flows through this account, and Hnry automatically deducts tax, handles your super payments, and files your tax returns. Hnry aims to be a hands-off solution for taxes and compliance, promising you won't have to think about these tasks again.

However, while Hnry does take care of tax and invoicing, its approach to handling your finances may not suit everyone. Using Hnry is like being a PAYG employee, as it automatically deducts taxes, leaving you with post-tax income without the need to manage it yourself. This brings me to the first major difference with Thriday.

Where does my money go with Hnry?

When using Hnry, the money from your invoices is deposited into a Hnry trust account, not your own personal or business account. The Financial Claims Scheme does not protect these funds, and you earn no interest on this money. They withhold taxes and their service fee before passing the remaining funds to your bank account. This system means that Hnry, not you, controls your money until it's been processed. Scary huh?

Thriday takes a different and, in my view, far more secure and customer-friendly approach. With Thriday, all your money is deposited into your own Thriday bank account, which is stored with Regional Australia Bank. Regional Australia Bank has been around for over 150 years and is a fully authorised deposit-taking institute. You have full access to your funds at all times. Thriday automates tax deductions and payments just like Hnry, but you remain in control of your income, allowing you to make payments or access funds whenever you want.

Key benefit: Thriday keeps your money in an account you control and offers the added bonus of 3.35% interest on your account balance, something Hnry doesn't provide.

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Can I access my money with Hnry?

As mentioned, your income is funnelled through Hnry's trust account, and you only get paid after Hnry deducts taxes and fees. This lack of immediate access is problematic if you rely on instant liquidity to manage day-to-day expenses. Hnry customers often complain that planning and paying bills can be challenging, as they only receive a portion of their earnings after taxes and fees are deducted, limiting immediate access to their total income.

With Thriday, the process is entirely different. Your income is deposited directly into your Thriday accounts. While Thriday automates your tax obligations, you still have complete, real-time access to your money. Furthermore, Thriday provides other banking features like detailed transaction reports, statements and payments, including BPAY. It’s a seamless combination of control and automation that provides peace of mind, knowing your funds are always within reach.

Key benefit: With Thriday, I can access my money immediately, ensuring financial flexibility.

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What features does Hnry offer?

Hnry's feature set includes automatic tax calculations, invoicing, and payment processing. It's designed to remove the hassle of dealing directly with the Australian Taxation Office (ATO), and it can help freelancers and contractors handle tax filings and basic bookkeeping. Hnry also supports GST and expenses but is a limited service beyond tax filing.

Thriday goes beyond just managing tax obligations. It offers advanced automation features that streamline bill payments, receipt tracking, and expense categorisation. Thriday's AI-driven platform intelligently allocates income for tax, expenses, and savings, removing manual guesswork. The platform's automation also ensures compliance with the ATO. Thriday is a registered tax agent, and you can access Thriday's team of accountants and tax agents when you need to. Thriday's combination of banking, data, AI and human tax agents is unparalleled. With additional benefits like automatic invoicing, financial reporting, and real-time insights into your cash flow, it is no wonder Thriday is the highest-rated accounting app in Australia today.

Key benefit: Thriday provides a comprehensive suite of tools, including AI-driven automation that extends beyond tax to handle your entire financial management.

Is Hnry available for companies?

One significant limitation of Hnry is that it's targeted solely at freelancers and sole traders. If you run a company or plan to transition your business into a company structure, Hnry won't be able to support you. This restricts business growth and future scalability.

Thriday, however, caters to both sole traders and companies. Whether you're a one-person business or running a larger entity, Thriday supports your needs. This versatility allows Thriday to grow with your business, offering services tailored to different business structures, including sole traders, partnerships, and companies.

Key benefit: Thriday supports companies, making it a better long-term solution for businesses looking to scale.

Is the Hnry app good?

Hnry's app is functional, offering basic tools for managing taxes, invoices, and income tracking. However, reviews indicate that customers find accessing the app frustrating and that the interface could be more intuitive. Some users also report delays in responding to queries or resolving issues. Hnry's average app rating is 3.5.

The Thriday app stands out for its user-friendly design and comprehensive features. It allows me to manage taxes and offers real-time transaction tracking, invoicing, and financial reporting—all from the palm of my hand. Thriday's app is a one-stop solution for handling everything from automated accounting to cash flow management. Thriday's average app rating is 4.7.

Key benefit: Thriday's app delivers a full-featured experience that outshines Hnry’s, offering deeper insights into business finances and easier navigation.

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How much does Hnry cost?

Hnry’s pricing model is simple but can become expensive depending on your income. They charge a 1% fee on all income processed through their service, which can quickly add up for high earners. For someone earning $150,000 annually, the cost to use Hnry would be $1,500. Hnry also forces you to use their services; there is no ability to customise your package.

Thriday offers a much more cost-effective pricing structure. Rather than charging a percentage of your income, Thriday offers a free tier, and it's premium tier is a flat, affordable fee of $29.95 that can be significantly cheaper than Hnry. Thriday's pricing is ideal for small business owners who want to keep costs down while benefiting from automation and advanced financial tools. Thriday's pricing lets you choose how you want to use the platform. If you prefer to 'do-it-yourself', then there are different packages you can leverage. If you prefer for someone to do it for you, then there are options for that too. The choice is yours!

Key benefit: Thriday's flat $29.95 per month fee structure is more affordable and cost-effective, particularly for high-income earners, compared to Hnry’s 1% fee model.

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How do I contact Hnry?

Hnry primarily offers online support, but there is no direct phone line. While they provide chat support, some users have reported that getting answers can take time, which can be frustrating when facing a pressing financial issue.

Thriday takes a more personal approach to customer service. Not only do you have access to an online chat, but real people are available to help you with your queries. Thriday prides itself on rapid response times and expert customer support, ensuring you get the help you need when needed.

Key benefit: Thriday offers real-time, human support that's more responsive and personalised than Hnry's online-only support system.

Key takeaways

While Hnry has been a popular option for freelancers and sole traders, it has limitations that may only suit some. Thriday, on the other hand, provides a more complete financial solution that goes beyond basic tax automation. With access to your own bank account, competitive interest rates on your income, advanced AI-powered features, and human support ready to help you, Thriday is clearly designed to offer a superior experience for small business owners.

Not only is Thriday more affordable, but it also provides flexibility and features that grow with your business, whether you're a sole trader or running a company. If you're looking for an alternative to Hnry, Thriday is the better choice. The platform's combination of cost-effectiveness, automation, and customer-focused innovation makes it a standout option for anyone serious about their business finances.