Hnry is a graduate of the KiwiBank FinTech Accelerator, this is a three-month programme for new financial technology startups. Hnry completed its trial period and launched in New Zealand in early 2018. Hnry has continued to expand and has announced partnerships with ASB and Hatch. In the beginning most early adopters were in their late 20s and early 30s, now customers are widely spread across age and income brackets.
Hnry was started to help self-employed freelancers, contractors and sole traders. The idea was making it simple, affordable and accessible for anyone to get into, and out of self-employment without any of that stress or hassle and giving them their freedom back by being their trusted financial sidekick.
What Hnry can do
· Hnry automatically files and pays your taxes – automatically makes payments for income tax, GST, ACC and student loan. Also files your tax returns when they’re due.
· The app can send invoices easily and helps you get paid faster – send quotes and invoices to clients. Hnry will automatically chase unpaid invoices on your behalf.
· Get automatic tax relief on expenses – Hnry’s team of accountants will review your expenses and get you immediate tax relief for expenses.
How Hnry works
Customers are provided with a Hnry bank account to have all their contractor income paid into. The minute money gets paid into that account, Hnry automatically calculates, deducts and pays exactly the right amount of all taxes, before passing what’s left on to the customer immediately (along with a payslip).
Hnry is a registered Tax Agent with both IRD and ACC so they can represent customers just like an accountant does. They ensure that all taxes get dealt with to meet IRD and ACC standards and answer any questions customers have. This means customers don’t get left with a standalone software product and expecting them to do all the work themselves.
Hnry also ensures that student loans get paid off at the right rate each time you get paid. Customers are able to make contributions automatically to kiwsaver, savings accounts, investment portfolios and charities through Allocations. You can set a cap on your allocation so it will end once it has reached a certain amount. E.g. this can be used to pay off an old tax debt etc. There is a new graphing feature to track your Allocations over time.
Most of the app relies on automation and predictive analytics software however as a registered tax agent they have a responsibility to check and validate business expenses as they come in. This means that they have deliberately chosen not to automate the review of customers business expense receipts and this is done by an accountant.
You can join if:
· You have a PAYE/Salary job in addition to your independent income
· It’s part way through the year
· You have outstanding tax returns
How much does it cost to use Hnry?
Hnry works on a pay-as-you-earn model, charging a 1% fee on the income that gets paid into the Hnry account. For that fee, you get full access to the Hnry service, to the support team and to all the features of our online platform. No Subscriptions costs, No Contracts and no hidden fees
Hnry’s fees are capped so that if you’re a super-high earner bringing in over $200,000 per year, you’ll never pay more than $2,000 for Hnry.
HNRY can take care of it if you have multiple sources of income. E.g. Salary, Dividends, Rental Properties. These need to be indicated on the HNRY dashboard so that the correct tax rate is used.
All reviews I have seen for this company have been good and is a product that has been recommended on quite a few business facebook groups. Feedback from users includes
- Has made my life so much easier
- Awesome and easy to use
- Ensures all your taxes are paid on time without the hassle of having to do it myself.
- Hnry has made my life so much easier
- I can automate any repayments or savings allocations
- The team are lovely to chat to and are always happy to help.
- Invoices can be paid by credit card
- Great website and app – easy to use
- Good customer service support
They have a helpful facebook page which includes The Ultimate Guide to Invoicing so you can invoice like a pro.
Hnry is so far the only of its kind in NZ (and is now also available is Australia) and could prove to be a good option for any sole traders that don’t want an accountant and could easily help to automate processes to save time and money!
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