What is Hnry: Hnry Review

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What is Hnry?

Established in New Zealand in 2017, Henry is a digital platform that provides financial services, primarily designed for the self-employed and freelancers. Hnry aims to simplify financial management for those who work as independent contractors or are part of the gig economy.

Hnry covers all your business accounting needs, including:

1. Invoicing

Using Hnry, you can effortlessly generate and send an invoice to any of your clients within seconds. Alternatively, you can begin with a quote; once it’s approved, a simple tap of a button converts it into an invoice!

Hnry will even follow-up with clients that have overdue invoices.

2. Payments

Clients automatically have the option to pay your invoices with a debit/credit card at no extra cost to you – or they can transfer the funds into your Hnry account using a direct banking transfer.

3. Fund allocation

Hnry allows you to take control of your finances by establishing automated payments for your mortgage, rent or utility bills. You can also make payments to friends, family or charities.

4. Expense tracking

Log expenses in seconds by simply snapping a photo and entering a few details. Hnry will store your receipts for up to seven years.

5. Tax payments

Hnry is designed to ensure you’re up-to-date on your taxes so that you don’t get a big tax bill at the end of the year.

Hnry can also automatically pay your GST, ACC, and student loan, every time you get paid.

6. Tax filings

As your accountant, Hnry will file all of your returns (income tax and GST) whenever they’re due.

How to set up Hnry

1. Sign up

Joining Hnry is a quick and easy process. You can sign-up via its website or through the app, which is available on the App Store and Google Play.

You’ll be asked to provide the following information:

• Your email address and a password
• Your estimated annual earnings (all sources of income)
• What type of work you do
• Whether or not you’re GST registered
• If you have a student loan

2. Verify your identity

To verify your identity you’ll need to provide evidence of your identity. You can do this by uploading a photo of either:

• Your NZ passport
• Your NZ driving licence

3. Get paid

Your Hnry Account is held in trust in your name (this means the money in it always belongs to you!). Hnry Accounts are provided by ASB, with the option for money to be transferred into your preferred bank account.

You can choose how your clients pay you: by online card payments; from remit services; or via an mPOS terminal.

With Hnry, you can receive payments in domestic or foreign currencies from any NZ or overseas bank account through standard direct banking transfers.

How much does Hnry cost?

Instead of charging you based upon the work completed, Hnry’s fees are based on your income.

Hnry charges $1+ GST for every $100 in self-employed income that you earn. To keep fees low, the 1% fee is capped at a maximum of $1500 per year.

However, if you receive individual payments of under $50, a minimum fee of $0.50 per payment applies.

When it comes time to file tax returns, Hnry automatically claims its fees for you as a business expense.

Is Hnry worth it?

If you are a freelancer, contractor, tradie or sole trader, it’s worth considering Hnry. Hnry makes managing your businesses’ financials easy. It’s worth noting however, that if you want to keep track of your inventory and easily pay employees, Hnry isn’t your best option.

Ultimately, Hnry is a useful business tool and when used correctly is of great benefit, ensuring you won’t get caught out for missed tax payments or forget about an outstanding invoice.

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About the author of this page

This page was written by Canstar Content Producer, Caitlin Bingham. Caitlin is an experienced writer whose passion for creativity led her to study communication and journalism. She began her career freelancing as a content writer, before joining the Canstar team.