Thriday vs. Hnry: Which is best for business owners?

vs.

Hnry was founded in New Zealand and launched in Australia in 2021. Hnry requires you to get your income paid into a trust account, which is held in their business name. Hnry then disperse payments to your nominated bank account, minus any estimated taxes, which they forward to the ATO as you're paid. It's like the tax collector came to collect their tax early! When you consider that cash flow is king, it adds a huge burden knowing there is money literally just sitting there that you can't touch. To top it off, Hnry charges you up to $1,500 a year depending on how much you make as a business.

STEP BY STEP GUIDE

How to switch from Hnry to Thriday

Find out how much money you could save by switching to Thriday

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Income distribution

Hnry requires you to hold up to 55% of your income in a trust account with them. This means that you can only access up to 45% of the income you earn throughout the year. Hnry also holds these funds in a trust account where it advises in its terms, that it retains the interest it earns on your money.

No withholding

Hnry keeps up to 55%

No withholding

Hnry keeps up to 55%

Fixed monthly subscription

Hnry charges 1% of the income you earn up to a maximum of $1,500. If you receive individual payments of under $50, a minimum fee of $0.50 per payment applies. Thriday on the other hand, only charges you $29.95 per month and you still get the assistance on an accountant, or you can bring your own.

$29.95 per month

1% of income

$29.95 per month

1% of income

Automated Profit First allocations

Upon receipt of income, you have the option to establish automated allocations, guaranteeing that a specified percentage of your earnings is directed to a chosen bank account. This automated system enhances the efficiency of implementing Profit First distributions or facilitates the allocation of a portion of your earnings to your Super account. With Thriday you can allocation up to 100% of your income, with Hnry, you can only allocate up to 45%.

Income and tax payments

Hnry requires your invoice payments to be paid to a Hnry trust account. Hnry then deducts your estimated tax and then deposits the rest into your nominated bank account. This means you are essentially paying your tax bill early. With Thriday, all your income is paid directly into your nominated transaction account. It's your money, so you should get to keep it.

Deposited to you

Held in Hnry trust

Deposited to you

Held in Hnry trust

Automated receipt reconciliation

Hnry does not provide a receipt scanning service, so you must manually log your expenses and receipts. This is time consuming and can lead to human error. With Thriday, all your receipts are automatically reconciled once you scan or upload them. It's magic!

Log manually

Professional invoice templates

Hnry does not allow you to select and customise your invoice template. Thriday knows that your brand is special, so you can select from multiple templates and tailor the colours on your template down to the HEX code.

Cashflow forecasting

Hnry does not provide cashflow forecasting, so it's hard for you to predict where you will be and make informed business decisions. Thriday shows a prediction of your cashflow and tax position until the end of the financial year.

Visa Debit card

Hnry does not allow you to create debit cards for expense tracking purposes. With Thriday, you can create multiple debit cards, and add them to Google or Apple Pay. This makes it easy to keep a record of all your expenses. No manual expense entry required.

Smart budgeting

Hnry does not allow you to create sub-accounts or pots to track expenses. This makes it difficult to know where your money is going. Thriday allows you to create up to 9 sub-accounts which can used to track tax, GST, income, expenses and anything else you want to monitor.

Make payments

Hnry does not allow you to send payments or pay bills which means you must use a different app for that. With Thriday, you can send payments and pay bills using BPAY, these payments are automatically categorised and tracked as expenses. This means no double entry, and you know exactly where you stand at tax time.

Call centre support

Hnry has a chat service and an option to schedule a call. Thriday allows you to call or chat with team members based in Australia with no requirement to book something in. We know your time is precious, so reach out when you need us.

1800-THRIDAY

Need to schedule

1800-THRIDAY

Need to schedule

Enjoy these great Thriday features

Thriday is completely cloud based and available on web and app

Modern, fast and AI-driven platform that has no legacy systems

Works out of the box with no training or third-party support required

Combines banking, bookkeeping, accounting and tax in one platform

Saves hours each week as no manual intervention required

No bank feeds or manual expense tracking

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Why Thriday?

Managing your financial admin can be a real drain on your time and job satisfaction but there is a better way. Thriday is a new solution for a centuries old problem – managing your banking, accounting and tax. Thriday uses artificial intelligence to instantly interpret your transactions and apply them to a chart of accounts. This means as money hits your account, all your books are processed without lifting a finger. Thriday takes care of all your financial admin for only $29.95 a month. Say goodbye to time wasted, and say hello to Thriday.

Don’t get trapped with 55% of your income locked up with Hnry