How Much Does Hnry Cost?
As we dive into the world of freelance and independent contracting, two prominent names often stand out: Hnry and Thriday. These platforms offer a comprehensive solution to the age-old problem of managing finances as self-employed. Cost is one of the most important factors to consider when choosing between these two services. In this post, we'll break down how much Hnry costs, how their pricing model works, explore the cost of Thriday, and finally, compare the two to help you make an informed decision.
How Much Does Hnry Cost?
Hnry's pricing model is designed to simplify your financial life while ensuring compliance with tax laws and regulations. The cost of using Hnry primarily depends on your income. Hnry charges a fee of 1% of your earnings up to a maximum fee of $1,500.
For many freelancers and contractors, this pricing structure can be a cost-effective way to ensure tax compliance without the headaches of managing it all on your own. Hnry's service includes tax management, invoicing, and expenses, allowing you to focus on your work while they take care of the financial details.
How Does Hnry's Pricing Work?
Hnry's pricing is calculated as a percentage of your income. So, for example, if your business earns $100,000 a year, Hnry will charge you $1,000. This fee covers various services, from filing taxes to handling ATO lodgments and managing expenses. There are no hidden charges, making it easier to budget and plan your finances.
Hnry's approach to pricing is suited to micro businesses and side hustles where you may only be earning $10,000 or $20,000 a year. The costs start adding up for larger enterprises earning $30,000 and above.
How Much Does Thriday Cost?
Thriday, on the other hand, offers a different pricing structure. Thriday provides a $0 monthly package and a premium $29.95 option. The flat monthly fee is available regardless of your income level. Under both options, if you want to lodge your BAS and Tax, you have multiple options, including doing it yourself for free or lodging it directly from Thriday for as little as $59.95.
Thriday's pricing may appeal to small businesses who generate income of $30,000 and above, plus businesses who prefer a fixed, predictable monthly cost. However, evaluating your income and the services you need is crucial to determine which product aligns best with your financial situation.
How Does Thriday Compare with Hnry?
One of Thriday's standout features is its commitment to automation. For sole traders who wear many hats, this is a game-changer. Here's how Thriday's automation features simplify your financial life:
- Automated Banking Integration: Thriday seamlessly integrates bank accounts* and Visa Debit cards*, allowing you to track income and expenses effortlessly. Transactions are imported and categorised automatically, saving you precious time that can be better spent on your core business activities. With Thriday, you just need to earn and spend money to manage your finances.
- Accounting Made Easy: Thriday's intuitive accounting features enable you to manage your finances without being a financial expert. From generating financial reports to tracking invoices and expenses, Thriday's automation streamlines the accounting process so you can stay organised and compliant.
- Effortless Tax Management: Tax season can be a source of stress for freelancers. Thriday removes tax compliance's pain with automated tax calculations and submissions to the ATO. It ensures that you meet your tax obligations without the headache of deciphering complex tax codes.
- Painless Payments: With Thriday, everything is available in one solution. You can even make payments to other bank accounts or pay your bills via BPAY. Thriday also includes a bill scanning feature, allowing you to take a photo of a bill in seconds. The photo will then be scanned, and a payment will be set up for your approval.
Thriday vs. Hnry: The Automation Advantage
Now, let's compare Thriday's automation prowess with Hnry to understand why it's the preferred choice for many sole traders:
- User-Friendly: Thriday's automation features are designed for ease of use. You don't need a background in finance to navigate the platform effectively.
- Price-Friendly: Thriday's flat monthly fee suits sole traders well, providing cost predictability.
- Time Savings: Thriday's automation features save you precious time. Hnry, while comprehensive, requires more manual input and oversight.
- All-in-One Solution: Thriday offers an all-in-one solution, seamlessly integrating banking, accounting, and tax management. Hnry does require the use of additional tools or services for specific functions.
Thriday vs. Hnry: Smarter Allocations
With Thriday, when you earn income, you can set up automated allocations so that a percentage of your earnings get distributed to a bank account of your choice. This can be used to automate your Profit First distributions, or can be used to send a percentage of your earnings to your Super account. With Hnry, you can only distribute up to 45% of your income, as the rest is held by Hnry in a Trust account and then sent to the ATO prior to tax time. Thriday's automated allocations are a game changer for people who love budgeting, but hate the grind of having to do it manually.
The Choice is Yours
The choice between Hnry and Thriday ultimately depends on your needs and preferences. Hnry's percentage-based pricing and all-inclusive services can be ideal for many micro businesses, especially those with fluctuating incomes. On the other hand, Thriday's automation and flat monthly fee may suit those who prefer a lower fixed cost and less time on the books. When deciding, it's essential to consider your income, the services you require, and your financial goals. Both platforms aim to simplify the financial aspects of freelancing so you can focus on what you do best – your work.