Hnry Review

"I have used Hnry for two tax years and have nothing but positive experiences. I am happy to forgo 1% of my income (up to a total cost of $1,500 a year) to use such an intuitive, easy-to-follow service that makes tax effortless. Best of all, if you're a middle or high earner, you'll likely get around 33% of Hnry's fee back every year in your tax return (given it's a business expense).

Hnry has proven reliable, attentive and helpful in all interactions I've had with their team. In addition, Hnry allows me to focus on MoneyHub (research, writing, updating, and talking with our team) rather than worrying about completing tax returns, making ACC payments, provisioning tax, and many other things.

At any time, I can log in and see my income reports, which I value. I also see a few MoneyHub contractors (who are Hnry users) sending invoices using the app. Paying them is effortless too, so I believe Hnry solves the hassles of tax for anyone self-employed, freelancing or earning a second or third income".

Hnry helpfully lets you send quotes to clients and prospective clients, which are presented in PDF format. You can see a simple example here. Hnry lets you manage all of your live quotes in one place, and it allows you to convert quotes to invoices. The functionality is seamless and will appeal to anyone, even beyond freelancers and trade professionals. Hnry eliminates the need to send Excel-format quotes while keeping track of your leads and potential client wins.

Hnry lets you create and send invoices to your clients; you can add your business logo and details, outline fees, expenses and everything you need to arrive at the amount due. You can also insert the due date and payment options. Any relevant client reimbursements will be automatically added to invoices you create - there's no need to add them manually as Invoice lines. You can see a simple example here.

Hnry's Services
To make quotes and invoice preparation quicker, Hnry's Services function lets you create a list of everything you sell with a description and a price for each. You can name these services or goods whatever you like.

Hnry also chases your unpaid invoices on your behalf, which helps you get paid faster. It also prevents you from having those awkward conversations with your clients - the Hnry reminder emails are templates but we argue they are polite and professional.

Important: Every time your clients pay, the money is received into your Hnry bank account, which means you'll promptly receive the net amount after income tax, GST, ACC, and other deductions such as student loan and KiwiSaver contributions. This eliminates the need to put aside money for tax and other obligations, which is at the heart of what Hnry does.

Hnry lets you manage the clients or organisations who will pay invoices into your Hnry account. This lets you keep track of all your clients (current and previous) and quote/invoice in seconds when needed. The client management tool acts as your all-in-one customer index.

Hnry shows you all the payments you've received, i.e. people or organisations who pay into your Hnry bank account. You can see an example of what this looks like here. Individual payslips appear in this format.

Hnry's Expenses and purchases feature lets you record your business expenses and client reimbursements so you can get the right tax relief immediately. Hnry's service also identifies assets and depreciation for you automatically.

Hnry helps you distinguish between business expenses and client reimbursements:

• Business Expenses are expenses incurred in the course of your business activities.
  
• Client Reimbursements are purchases that you have made in the course of working for a Client, that they have agreed to reimburse you for in full.

Hnry lets you set up automatic allocations to apportion your income every time you get paid. These options include KiwiSaver, secondary bank accounts, investments, charity donations and prior-period tax repayments, among others. This means that for every dollar you earn gross, a percentage will be directed to your allocation(s). For example:

1. You set up an Allocation for 10% of your income to go into your KiwiSaver
2. You then get paid $1,000 by one of your clients
3. Hnry automatically deducts and pays the exact right amount of all your taxes (in this example, let's estimate that at 25%, so $250 will be deducted for tax)
4. $100 would then be transferred through to your KiwiSaver automatically (10% of $1,000)
5. The remaining $650 would be transferred through to the personal bank account Hnry sends money to.

The allocations feature is there to make it easier for you to plan and save for your future - helping you meet your financial goals. Hnry's allocation feature lets you set up automatic payments for paying rent and utility bills and whatever else you need to do every time you get paid. Hnry lets you allocate up to 45% to one or many investment platforms - it's currently integrated with Sharesies, Simplicity KiwiSaver, Booster, Hatch, KiwiSaver, Kernel Wealth and kōura. Keep in mind, if you allocate to "KiwiSaver", the money will be remitted to the IRD and take up to 30 days for the IRD to credit it to your KiwiSaver fund. Recent reports of payment delays suggest it may be a better idea to make a voluntary contribution to your KiwiSaver provider directly via your bank account.

To make sure you're paying the right amount of tax, Hnry requires you to enter the details of all your sources of income not paid through Hnry. For example, if you have a salaried job and use Hnry for additional income, you'll need to enter the details so you're taxed correctly. Hnry then takes over as your tax agent and ensures your end-of-year tax filing is as accurate as possible. This feature is designed to solve hassle and uncertainty.