Hnry - Find out why so many businesses are leaving

How does Hnry work?

Hnry markets itself as a full-service tax and financial admin solution for sole traders. It automatically deducts and pays taxes on income received before passing the remainder to the business owner. On the surface, this seems convenient, but it creates several issues.

• Lack of control over tax payments: Hnry immediately deducts tax from any income received, which can result in overpayments if deductions or offsets are not properly accounted for. Many sole traders who switch later find out that they have paid more tax than necessary instead of retaining cash flow to reinvest in their business. In many cases, the ATO has to be contacted to reimburse clients for the overpaid funds.
• Slow disbursement of funds: Since Hnry holds the money before paying out, users experience delays in accessing their earnings, disrupting budgeting and financial planning. Access to cash fast is key when running a business, so this can have huge flow-on implications.
• No interest-earning accounts: Hnry does not provide users with a traditional business bank account and Visa Debit cards, limiting financial flexibility. This means you don't earn interest, and you don't get the protection of the Financial Claims Scheme and banking regulations.
• No payments: Hnry does not offer payment options like direct transfer, BPAY, or the ability to move money between your own bank accounts. Instead, if you have to pay a supplier, you will have to maintain a bank account with another bank.
• No tax forecast: With Hnry, you never know where you stand regarding your tax affairs. Money leaves your account, but there is no recognition of whether that was the correct amount and whether you have overpaid. This leaves you in the lurch.
• No asset and liability register
• No credit scores

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How much does Hnry cost?

Hnry charges a percentage of all income received, which can become costly. While they claim to simplify tax and financial admin, the ongoing fees often outweigh the benefits.

• Percentage-based fees: Hnry takes a cut of every dollar earned, meaning the more a business earns, the more it pays in fees. This can become prohibitively expensive for growing businesses.
• No flat-rate pricing: Unlike Thriday, which offers a simple and predictable fee structure, Hnry's pricing scales up with revenue, making it difficult for users to anticipate their costs.
• Extra charges for additional services: While Hnry provides essential financial services, anything beyond the standard offering may come with additional fees.

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Why are so many businesses leaving Hnry?

1. Limited access to funds

Hnry takes complete control of business finances, deciding when and how much tax to deduct. This removes flexibility, making it challenging to manage cash flow effectively. Thriday, on the other hand, allows full access to funds while automatically handling tax obligations.

2. Non-interest-bearing accounts

With Hnry, funds held in accounts do not earn interest. This means businesses miss out on potential earnings. Thriday offers an integrated solution where funds remain accessible and can generate healthy returns.

3. Poor user experience

Many Hnry users report a clunky interface that makes financial management more complicated rather than simpler. Users often struggle with the platform's navigation and find it challenging to locate critical financial data. Thriday is designed for ease of use, with automated bookkeeping and intuitive features that save time.

4. Higher costs

Hnry’s percentage-based fees add up quickly, making it an expensive option for growing businesses. Thriday offers a cost-effective alternative with no hidden costs.

5. More manual processes

Hnry requires manual input for certain transactions, receipt capture and reporting. Users have reported needing to intervene in tax allocations, GST processing, and invoice tracking. Thriday automates accounting, bookkeeping, and tax calculations, removing the hassle entirely.

6. Poor customer support

Many users complain about slow response times and limited assistance from Hnry's customer support. Issues such as incorrect tax payments, missing transactions, and account discrepancies often take a long time to resolve. Thriday provides reliable, responsive support to ensure business owners get the help they need.

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How to switch from Hnry to Thriday

Switching from Hnry to Thriday is straightforward. Here's how to do it:

Step 1: Sign up for Thriday

Create an account with Thriday in minutes. Provide your business details and connect your bank accounts for seamless integration.

Step 2: Seamless switching

Gather your financial records from Hnry, including income statements, expense reports, and tax summaries. Then log into Thriday, and go to Settings > Switch to Thriday. Follow the instructions.

Step 3: Set up automated tax and bookkeeping features

Thriday's automation ensures that tax calculations, invoicing, and expense tracking are handled without manual intervention.

Step 4: Close your Hnry account

Once you have successfully moved your financial operations to Thriday, close your Hnry account to avoid additional fees.

Step 5: Enjoy a hassle-free accounting experience

With Thriday, you regain complete control over your finances, benefit from interest-bearing accounts, and eliminate unnecessary manual processes.

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How to contact Hnry?

If you are still using Hnry and must reach their support team, be prepared for potential delays. Many users report slow responses. You can contact them through their website, but expect limited assistance.

• Website: Henry’s official website offers a contact form, but response times are inconsistent.
• Email support: Users have reported long wait times for email queries.
• No direct phone support: Unlike Thriday, which provides dedicated customer service, Hnry lacks a direct phone line for immediate assistance.

Key takeaways

Hnry may have glossy marketing, but its flaws become apparent over time. From high costs to limited control over finances, many businesses are making the switch. Thriday provides a superior alternative, offering automation, flexibility, and better value. Take charge of your business finances with Thriday. Join Thriday for free today.