Independent traders should have access to world-class accounting services, says Hnry’s Karan Anand

New Zealand-based fintech startup Hnry is growing rapidly in the Australian market. It calculates and records income tax, GST, BAS and PAYG for the user. In fact, Hnry can review a person’s expenses, pay health insurance and student loan obligations, and even chase up customers if they’re late in paying their bills.

Hnry users are provided with a bank account that receives payment and Hnry automatically calculates the correct amount of GST, income tax, Medicare assessment, student loans, superannuation due – whatever is relevant. It also pays the amount to ATO and super fund and then the rest is transferred to your personal bank account.

Hnry’s managing director in Australia, Karan Anand, told Startup Daily that an individual entrepreneur should only pay the company when they earn. He adds:

“It’s an important part of what we offer given that many sole traders’ incomes are not constant.”

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Karan says this also means that an individual entrepreneur should have access to world-class accounting services:

“In fact, we can use digital technology to alleviate a lot of the stress that comes with it.”

Karan observes that many people turn to outsourcing or freelancing because “it’s a lifestyle choice.” He adds:

“So if it’s a lifestyle choice, your life shouldn’t be hampered by the stress that comes with [working]knowing what to do with business expenses, or running after bills.

Due to the nature of the service it provides, Hnry has grown rapidly since its launch in New Zealand in 2017 – its user base has grown by 30% month-over-month.

Hnry’s co-founders are a husband-and-wife team of James and Claire Fuller who developed the accounting software after struggling with the administration of finances when they were sole traders themselves. Their business is now considered Australasia’s fastest growing digital accountant and New Zealand’s largest specialist tax accountant.

The company entered the Australian market in 2020 with a $4.1 million capital raise led by Equity Venture Partners. This was the start of the COVID-19 pandemic. However, this did not hinder Hnry’s progress and the company was able to hire a team to provide real-time support to its customers. Karan observes:

“Providing access to this market segment to engage with best-in-class services that they typically couldn’t get because it’s too expensive.”

Karan, who was Hnry’s first Australian company employee, currently has 14 staff working under him dedicated to solving customer issues.

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Hnry has strategic relationships with NAB and partnerships with investment platform Spaceship and payment solutions provider Monoova. Experts estimate that with more than one million Australians working as freelancers, an increase of 110,000 since the start of the COVID-19 pandemic, the business will see continued growth.

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