If You Like Hnry, You'll Love Thriday! Let Us Tell You Why
As a small business owner, we know that managing finances and checking spreadsheets is the last thing you want to do. But with the launch of new automated accounting platforms, it has become much easier. Thriday and Hnry are two such platforms that have recently gained popularity among small businesses. While Thriday and Hnry are relatively new players in the market, both platforms have established a significant presence in a short timeframe. In this post, we'll provide a detailed comparison of Thriday and Hnry. We'll examine their features, pricing, customer support, and more to help you decide which platform is right for your small business.
Over recent years, accounting has undergone significant changes due to technological advancements. Xero and MYOB, two legacy accounting platforms, were primarily designed for accountants to streamline financial management, reduce paperwork, and automate bookkeeping tasks. However, new technologies have opened up innovations in accounting that have benefited small business owners. Innovations such as cloud computing, big data analytics, artificial intelligence, and automation have begun to transform accounting into a more dynamic, data-driven, and collaborative profession, enabling accountants to provide more value to their clients.
Thriday and Hnry: An Overview
Thriday and Hnry are two new accounting software options designed to make bookkeeping and accounting simpler and more efficient for small businesses. Let's take a closer look at each platform's features and benefits.
Thriday has established itself as one of the most popular automated accounting options for small businesses. Thriday offers a wide range of features and benefits, including invoicing, expense tracking, receipt scanning, BAS lodgment and tax estimates. Thriday's intuitive user interface, user-friendly design, and affordable pricing plans have helped it gain a cult following among small business owners. Thriday is considered the first 4th generation accounting software due to its unique combination of banking, accounting and tax.
Hnry is a relatively new player in Australia, having first launched in New Zealand in 2017. Hnry is designed to cater to the needs of solopreneurs, micro-businesses, and side hustlers. Hnry has a team of accountants that manually review your finances and communicate with you to clarify any tax questions they have. The platform automatically withholds up to 55% of your income during the financial year. Your income is held in a Hnry trust account, and this can make it hard to access and use. Any interest that is accrued on the trust account goes to Hnry. In the next section, we'll look at each platform's banking capabilities.
Thriday and Hnry: Banking Comparison
Thriday is Australia's first accounting platform to offer integrated bank accounts* and Visa Debit cards*. This incredible feature powers several unique features for small business owners. Integrating banking into the same accounting software enables automatic transaction tracking, reconciliation, and categorisation. Additionally, Thriday allows users to set up multiple bank accounts, which benefits businesses that want to maintain separate accounts for different purposes. For this reason, Thriday is popular with Profit First aficionados, and Thriday is the official software partner of Profit First Professionals in Australia.
Hnry, on the other hand, offers a trust account, which allows businesses to deposit funds for tax payments and invoices. These funds are held in a trust account with Monoova on behalf of Hnry and can't be accessed directly by the business owner. The trust account does not come with a Debit card, and it's designed to withhold enough funds to cover a business's tax liabilities during the financial year. It's important to note that businesses cannot directly access the funds in the Hnry trust account. Instead, Hnry will make payments on behalf of the business using the funds in the trust account.
Overall, the Hnry trust account creates a lot of complications for small businesses that need to access all their income during the financial year. The fact that up to 55% of your income is held in a trust account that you can't access impacts cash flow and results in headaches when there are short-term opportunities you need to act on.
In terms of banking capabilities, both Thriday and Hnry offer features that can help users streamline their financial processes. However, Thriday's integration of real bank accounts*, Visa Debit cards*, no transaction fees, no tax withholding and acceptance of multiples currencies gives it the edge over Hnry for businesses that conduct transactions online and in-person. In the next section, we'll compare each platform's bookkeeping capabilities.
Thriday and Hnry: Bookkeeping Comparison
Bookkeeping is essential to any accounting software, and Thriday and Hnry offer robust bookkeeping capabilities. Let's take a closer look at each platform's bookkeeping features.
Thriday offers automatic bookkeeping, which means users don't have to worry about manually entering transactions or reconciling their accounts. Thriday automatically categorises income and expenses using its unique 'Luca' algorithm, which tracks bank transactions in real time and determines the appropriate chart of accounts and tax implications. On Thriday, you can also generate detailed financial reports, making it easier for users to stay on top of their finances. Additionally, Thriday's tax management feature calculates taxes owed and files BAS returns when due, saving users valuable time and reducing the risk of errors.
Hnry also offers bookkeeping features; however, the process is manual and requires users to input their expenses into the platform. Hnry's team of accountants will then review your expenses and let you know if the deductions can be claimed.
Overall, both Thriday and Hnry offer bookkeeping capabilities. Still, Thriday's automatic bookkeeping and tax filing feature makes it a standout option for small business owners who want to save time and reduce the risk of errors. Coming up, we'll compare each platform's accounting capabilities.
Thriday and Hnry: Automated Allocations
Discover the unparalleled convenience of Thriday's profit management system. When you earn income through Thriday, you gain the flexibility to establish automated allocations, ensuring that a specified percentage of your earnings is seamlessly directed to the bank account of your choice. If you love Profit First, this is perfect for you!
In contrast to Hnry's limitation, where only up to 45% of your income can be distributed, Thriday offers a more expansive approach. While Hnry holds the remaining income in a Trust account, earmarked for later transmission to the ATO before tax time, Thriday allows you to wield greater control over your finances.
Thriday's automated allocation feature is a true game-changer, especially for those who appreciate the art of budgeting but loathe the manual grind. Say goodbye to the tedious task of managing finances manually, and embrace the simplicity and efficiency of Thriday's innovative solution. It's not just about income – it's about empowerment and seamless financial control.
Thriday and Hnry: Accounting Comparison
While bookkeeping capabilities focus on the day-to-day recording of financial transactions, accounting capabilities are geared towards analysing and interpreting financial data to make long-term decisions. Let's take a closer look at each platform's accounting features.
Thriday offers comprehensive accounting features that include balance sheet and profit and loss statement generation, expense tracking, tax reporting, and invoice management. Thriday also supports GST reconciliation and BAS lodgment, a significant advantage for small businesses registered for GST. Additionally, Thriday's dashboard provides users with a real-time view of their financials, making it easier to make informed decisions. Thriday's invoicing feature is particularly noteworthy, enabling users to create professional-looking invoices and send them to clients directly from the platform. Thriday also supports payments so you can pay bills and transfer funds between your accounts.
Hnry also offers accounting, but small business owners must liaise with an accountant by email. Hnry staff will contact the business owner to confirm expenses and track income. The ability to speak with an accountant is popular with older business owners or people that run tiny businesses where they have a limited amount of income or transactions to discuss.
Thriday's support for GST and BAS and its real-time tax dashboard make it a standout option for businesses that need a more comprehensive view of their tax position.
Thriday and Hnry: Customer Support
With accounting software, it's essential to have access to reliable customer support in case of any issues. Let's take a closer look at each platform's customer support options.
Thriday offers customer support via phone, live chat, and email. When calling, users can expect an immediate response during business hours. For live chats, most queries are responded to within minutes, and via email, you'll be waiting a maximum of a few hours. Thriday's website also features a help centre with FAQs, step-by-step guides and video tutorials and a community forum where users can ask questions and get support from other users.
Hnry offers customer support via live and email, and users can expect a response within 1 to 3 business days. Hnry's website also features a help centre with user guides and FAQs.
Thriday and Hnry offer reliable customer support options. However, Thriday's dedicated customer phone line and community forum give it the edge regarding responsiveness and convenience.
Thriday and Hnry: Pricing
Pricing is an important consideration for any small business looking for accounting software. Let's compare the pricing options for Thriday and Hnry.
Thriday is free to join, and all banking and payment functionality is offered under a free plan. This includes a $0 monthly bank account*, a Visa Debit card*, and payments. For accounting features, Thriday provides a monthly subscription plan for only $29.95 per month, which includes unlimited invoicing, unlimited quotes, expense tracking, receipt reconciliation, automated bookkeeping, tax and cashflow estimates. To help small business owners save money, Thriday offers a $299 annual plan, representing a 17% discount on the monthly plan.
Hnry is unique in that it charges a 1% fee on all income made through the platform. So, if you expect to earn $100,000 a year for your business, $1,000 will go to Hnry. While this fee may seem high compared to other accounting software platforms, Hnry's fee structure may benefit businesses that only earn a small amount of income. Businesses that need to make frequent payments may find Hnry's fee structure to be cost-prohibitive compared to Thriday.
Thriday's premium plan is significantly cheaper than Hnry's premium plan, making it a more affordable option for businesses that never want to worry about financial admin and tax again. To find out how much money you could save with Thriday, take the money saver quiz.
Thriday and Hnry represent a new wave of robust accounting software options for small businesses. While Thriday's banking capabilities and integration options make it an excellent choice for businesses that want to automate banking, accounting and tax, Hnry's team of accountants and 1% pricing fee may be suited to smaller or micro-enterprises that are just starting.
Thriday is the best option for small businesses looking for reliable and affordable accounting software. With its user-friendly interface, extensive feature set, and responsive customer support, Thriday is an excellent choice for businesses of all sizes.