Debunking myths: Why Thriday outshines Hnry

June 22, 2024
minutes to read
by
Michael Nuciforo
Table of Contents

While Hnry has garnered attention for its services, several misconceptions about its effectiveness exist. In this blog, we'll explore the differences between Thriday and Hnry

When it comes to managing taxes and accounting for small businesses, choosing the right software can significantly impact your financial health. While Hnry has garnered attention for its services, several misconceptions about its effectiveness exist. In this blog, we'll explore the differences between Thriday and Hnry, debunk common myths about Hnry, and highlight the benefits of Thriday's automated tax system.

Myth #1: Hnry's pricing is flexible as you grow

One of the primary considerations for any business owner is cost management. Hnry charges a fee of 1% of your income, capped at $1,500 annually. For many small businesses, this fee can become a substantial overhead.  

In contrast, Thriday offers a more cost-effective solution of only $29.95 per month. Unlike Hnry, Thriday's fees are not dependent on your income, ensuring your costs remain predictable and manageable. This means you can focus on growing your business without worrying about escalating accounting fees as your revenue increases.  

Let me tell you a little secret: just because you win a new client or sign a big contract doesn't mean your accounting solution is doing more work. So why would you pay more?

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Myth #2: Hnry pays the ATO early to avoid any late fees

Control over your finances is crucial for small business owners. With Hnry, you don't have full access to your funds at all times. Hnry withholds a portion of your income based on their calculations of what you'll owe the ATO, which can sometimes leave you without access to your money when you need it most.

Thriday, on the other hand, ensures that you maintain complete control of your accounts and funds. Using a straightforward Profit First setup, Thriday allows you to set aside a tax percentage, ensuring you have the necessary funds available when your tax payments are due. This approach provides greater flexibility and financial control, allowing you to manage your cash flow more effectively.

The way we think about it is, why would you pay something early when you can pay it when it's due? Furthermore, you could earn interest or put that money in your pocket for better use.  

Myth #3: Hnry's tax calculations are accurate

Business dynamics, cash flow, and tax obligations can change throughout the year. Hnry's model, which involves paying taxes based on projected earnings, can sometimes lead to overpayments. This is because it doesn't account for the fluctuations and changes that occur in a business’s financial landscape over time.

Thriday excels in providing accurate, real-time tax calculations. With Thriday, you can see exactly what you owe in taxes at any given time. As your business evolves and your financial situation changes, Thriday’s automated system updates your tax obligations accordingly. This ensures that you pay the correct amount of tax, avoiding overpayments and ensuring compliance without unnecessary financial strain.

Key benefits of Thriday over Hnry

Thriday has some key benefits for small businesses:

  • Cost efficiency: Thriday’s pricing model is more affordable and predictable, helping you keep your overheads low.
  • Financial control: Thriday gives you complete access to your funds, allowing you to manage your finances without restrictions.
  • Accuracy and adaptability: Thriday’s real-time tax calculations adjust to your changing business needs, ensuring you never overpay your taxes.

Ultimately, the best choice for your business will depend on your specific needs and priorities. To make an informed decision, it's worth exploring both options in more detail. You can find a side-by-side comparison of Thriday and Hnry, allowing you to evaluate their features, pricing, and suitability for your business.

Thriday’s automated system

For too long, small business owners have been forced to accept a banking experience that's stuck in the past. We're talking about lost hours navigating phone mazes just to check a balance, the anxiety of waiting days for payments to clear, and the frustration of deciphering confusing bank statements. It's a system that hasn't evolved with the pace of your business, a system that hinders your growth instead of empowering it.

You deserve better than wrestling with outdated tools and processes that feel like they were designed for a different era. You deserve a banking experience that's as dynamic, agile, and forward-thinking as your business. You deserve a banking partner that works as hard as you do.

Thriday goes beyond just tax calculations by automating your entire banking, accounting, and tax processes using advanced AI technology. Here are some of the standout features that make Thriday the superior choice for small business owners:

  • Integrated banking and accounting: Thriday combines your banking, accounting, and tax services into one seamless platform. This integration allows for real-time transaction tracking and instant categorisation of expenses, saving you time and reducing manual entry errors.
  • AI-powered automation: Thriday utilises cutting-edge AI to automate routine accounting tasks. This includes invoice management, expense tracking, and financial reporting. The AI continually learns and adapts to your business patterns, ensuring greater accuracy and efficiency over time.
  • Tax compliance and filing: Thriday’s automated system ensures you are always compliant with the latest tax regulations. It calculates your tax obligations in real-time and reminds you of upcoming deadlines, reducing the risk of late fees and penalties.
  • Cash flow management: Thriday’s platform provides detailed insights into your cash flow, helping you make informed financial decisions. With features like automated budgeting and forecasting, you can plan for the future with confidence.
  • User-friendly interface: The Thriday platform is designed with simplicity in mind. Even if you’re not a financial expert, you’ll find it easy to navigate and use the software. This user-friendly design ensures you can manage your finances without getting bogged down by complex systems.
  • Secure data handling: Thriday prioritises the security of your financial data and is ISO-27001 compliant. With robust encryption and secure cloud storage, you can be confident that your sensitive information is protected against unauthorised access.

Key Takeaways

While Hnry has proven to be a popular product in the market, its costs, lack of financial control, and potential for inaccurate tax payments can be detrimental to small business owners. Thriday provides a more cost-effective, controlled, and accurate solution for managing your business taxes. By choosing Thriday, you ensure your business stays financially healthy and compliant without unnecessary overheads or cash flow restrictions.

Moreover, Thriday’s advanced AI-driven automation streamlines your entire financial management process, from banking and accounting to tax compliance. This comprehensive approach not only saves you time and money but also provides peace of mind, knowing that your finances are in expert hands. Join Thriday for free today and experience the future of small business financial management.

Thriday customer
Thriday customer

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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