If you're looking for a business money management tool, you might be considering Parpera or Hnry, and are unsure which platform is best for you. Until recently, there weren't any digital financial solutions for sole traders, solopreneurs, or small business owners in Australia to choose from. Now there are two that seem quite similar, but are they really?
Both platforms make money management easier for sole traders by offering:
However, the similarities stop there.
Both Hnry and Parpera are excellent tools for freelancers and sole traders, the key is to understand which is best for you.
Our goal with this article is to deliver all the information you need to choose the money management platform that's right for your business. We'll cover:
Parpera is a money management platform that lets you manage your business finances in one easy-to-use app.
When you sign up to Parpera, you're opening a business bank account with Volt Bank, our trusted banking partner. With Parpera you can:
It takes less than 10 minutes to sign up and open your account. Let's go through all the features and benefits of becoming a Parpera member.
To sign up to Parpera, all you need is a smartphone with an internet connection, a driver's licence or passport, and your ABN to start managing your money.
After downloading the Parpera app, the sign-up process is a simple, 4-step process:
1. Sign up and verify your phone via SMS and email.
2. Setup your business profile.
3. Setup your personal profile and verify your identity.
4. Access your account.
Your business bank account is available through our trusted banking partnership with Volt Bank. Your money is safe because Volt is an Authorised Deposit Taking Institution that provides secure banking services and deposits of up to $250,000 that complies with the Australian Financial Schemes Claim and protects each account holder for up to $250,000.
With Parpera you’ll enjoy fast, safe payments. Here's why:
We've designed our invoicing system to be quick, easy, and professional. They're also optimised for faster payments because we make your payment details the most prominent feature on your invoice. Here's what you'll be able to do with Parpera invoices:
You can also get business insights and analytics at your fingertips in real-time:
At Parpera, we're dedicated to making you part of a growing sole trader community, which is why we know how important client relationship management is.
Here's how Parpera’s CRM works:
We know that every freelancer and sole trader is different. So whether you're already registered for GST or have just started on your sole trader journey, we've got your tax compliance covered:
Parpera means “fair wallet” in Latin. With Parpera, you're not just receiving a money management tool, you're receiving access to a bigger community. Here are the benefits of a Parpera membership:
Parpera is Latin for "fair wallet" and reflects our values. We're upfront about our cost and commit to the utmost transparency. With Parpera you'll have:
We understand Parpera isn't for everyone, and we're not perfect (yet). So it helps to know about the features we don't have, which may be valuable to you.
Though our desktop version is in the works, Parpera is currently available as an app. So if you're looking for desktop only or the possibility of working with both versions, Parpera may not be a good choice for you.
However, on our Parpera community forum, you can find the same community benefits that are available on the app, like:
Even though you can gain access to financial insights, auto-reconciliation, and downloadable reports, you're still going to do your taxes on your own or hire an accountant. So if you're looking for accountancy and tax help, Parpera isn't the best fit.
If you use Xero, however, you’ll be able to integrate Parpera into your Xero account so you can easily do all your bookkeeping and accounting from one place.
Parpera is especially good for Australian freelancers and sole traders who are just starting out or freelancers who are tired of constantly switching tools to manage clients, payments and invoices and want to be able to do it all from one place.
Hnry is an accounting and tax management platform that started in New Zealand in 2016 and opened in Australia in 2020.
As we mentioned before, like Parpera, Hnry is people-focused and offers human-contact customer service.
Hnry's sign-up is streamlined to be quick and easy to get started with. You can either decide to provide more of your business details right away or later on.
Eventually, you’ll have to provide Hnry with enough information for them to calculate the right tax bracket for you. For example, if you have a full-time job as an employee plus a side gig, then you'll need to provide information on how much you expect to earn doing both jobs and information on your full-time employment.
You can sign up either on the desktop or mobile version.
With Hnry, you open a trust bank account that's provided by NAB. You own it, but Hnry's accountants manage it for you. When you get paid into this trust account, the Hnry bank account will automatically calculate, deduct, then pay your taxes for you. Hnry then passes the remaining amount to you, via a bank account of your choosing.
If you choose not to take advantage of their accounting services, you can still use their invoicing feature. For example, with Hnry invoicing you can:
Hnry can also match payments to invoices, but only if you're using their accountancy services.
Hnry specialises in bookkeeping, accounting, and tax services:
With Hnry, you can pay off student loans or debt and make regular charitable donations. You can decide what payments you want to make and then automate the set up. They will then be deducted from your incoming payments.
Hnry costs uses a pay-as-you go model. They charge 1% of the income you receive in your Hnry account (capped at 1.5k per year).
You’ll only pay when using the Hnry trust account that is connected to its accounting services.
Comparing HNRY to Parpera is like comparing apples to oranges. While they are both financial management tools, they’re very different. There are some potential drawbacks to using Hnry:
Henry is good for sole traders and gig-workers who have complicated taxes and would benefit from HNRY's accounting and tax filing service.
They are also good for any sole trader who needs help in organising their finances, like paying off debt and student loans.
We hope this article on Parpera vs Hnry was useful in understanding the difference between the two financial management tools. Whether one is better than the other depends on what you're looking for and which best meets your business needs.
Since both are free to try (Parpera for 30 days), why not sign up to the free trial and see for yourself if it really works for you?
Please note the information contained in this article is general information only and does not take into account your personal circumstances. Before you open any account please ensure that you obtain and read the account terms and conditions and Target Market Determination to see if the account is suitable for you.
*Parpera Australia Pty Ltd (Parpera) ABN 47 641 580 743 is an Authorised Representative (No. 1292372) of Railspay Pty Ltd (Railspay) ABN 17 646 031 558, which holds an Australian Financial Services Licence (AFSL) (No. 530983).
Volt Bank Limited (Volt) ABN 67 622 375 722, which holds an AFSL (No. 504782) is the issuer of the bank accounts in Parpera's App and deposits of up to $250,000 per account holder are protected by the Financial Claims Scheme.