Parpera vs HNRY: What's the Difference and Which One is Best for You?

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:

• Invoicing
• Expense tracking
• Record and bookkeeping
• Human-contact customer service support…

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 vs Hnry
• What is Parpera?
• Parpera’s features
• Who is Parpera good for?
• What is Hnry?
• Hnry features
• Who is Hnry good for?

‍Sign up to Parpera today and start your 30-day free trial!

Parpera vs HNRY compared

What is Parpera?

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:

• You can keep your business and personal money separate
• Create and send invoices in-app to help you get paid faster
• Pay and keep track of business expenses
• Set aside your income tax and GST so you’re not short at tax time

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.

Parpera’s features

1. Quick 4-step sign-up under 10 minutes

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.

• Here, you'll add your ABN and business details.
• If you don't have an ABN, you can get one quickly and easily during sign-up.

3. Setup your personal profile and verify your identity.

4. Access your account.

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2. Business banking you can trust

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.

3. Send and receive online payments with a click

With Parpera you’ll enjoy fast, safe payments. Here's why:

• Unlimited transactions (both for payments received and payments made).
• Share your details and generate a payment link with a click.
• Client pay-by-card option (coming soon!).
• Physical Parpera Business Debit Mastercard®, available to use virtually on GPay (ApplePay coming soon)
• Fee-free international card payments. 
• Quickly transfer money and pay yourself.
• Quickly pay collaborators and materials on the fly.

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4. Easy Invoicing. Faster Payments. Real time insights.

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:

• Invoicing in a few clicks and in less than 30 seconds.
• Automatic insertion of your bank details in every invoice.
• Stored client details with one click
• Professionally designed invoices you can customise with your brand logo.
• Optimised for faster payments — we insert your bank details on the upper right side of your invoice and not hidden below in fine print.
• Concise emails with only the essential details, like payment link, and a clear subject line with invoice number and who it's from.

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You can also get business insights and analytics at your fingertips in real-time:

• See who's paid your invoices and who hasn't with a dedicated tab.
• Discover your best paying clients and jobs at a glance with business insights. 
• Realtime business and tax insights and analytics

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5. Automatic CRM (with a human touch)

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:

• Receive a payment link you can share with clients (we always add a payment link in every invoice and email communication so you don't have to) (coming soon!)
• Personalised emails with the client's name.
• In every invoice email, we remind clients to include the invoice number as reference in your payment. This allows for automatic invoice-to-payment matching (automatic reconciliation).
• Automated payment reminders with the same friendly tone via personalised emails. 
• Payment and income insights per client to understand who pays consistently.

6. GST or no GST: We've got you covered

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 can automatically calculate GST in your invoices. 
• We'll automatically move GST money paid into a separate savings wallet.
• Whether or not you add GST to your invoice, we'll always generate a tax-compliant invoice.

7. Whenever you need us, we're here to help

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:

• An active community forum where you can make valuable connections, learn from others, and share your skills and knowledge
• Human approach to customer service, which is available 24/7 via chat, email, or phone, all at the click of a button.
• Share feedback, take part in discussions, and test new features before they're rolled out. We want to hear from you. 
• Receive extra benefits like events, webinars, and discounts on Parpera partner services.

8. Tax-deductible, affordable fee

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:

• No hidden costs.
• $15 per month or $135 per year (save 25% annually).
• Tax deductible fee. 
• 30-day free trial.
• Cancel any time with a click, no questions asked.

Cons of Parpera

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.

App only

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:

• Connect with like-minded sole traders, entrepreneurs, and freelancers in our community forum. 
• Take advantage of freebies and offers from third-party partners. 

You’ll need to use a third party app to do your accounting

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.

Who is Parpera good for?

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.

What is Hnry?

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 features

1. Fast sign up

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.

2. Trust account provided by NAB

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.

3. Invoicing

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:

• Create quotes and invoices.
• Turn quotes into invoices.
• Send invoices directly to your clients from Hnry.

Hnry can also match payments to invoices, but only if you're using their accountancy services.

4. Full bookkeeping, accounting, and tax filing services

Hnry specialises in bookkeeping, accounting, and tax services:

• You can capture, upload, and categorise your receipts. Hnry reviews them, then calculates your deductions.
• Hnry tracks, calculates, deducts and pays your taxes for you based on the payments received and your expenses.
• Hnry files your taxes anytime they're due

5. Financial planning

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.

6. Tax-deductible fee

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.

Cons of Hnry

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:

• The more you earn, the more you pay. Therefore Hnry expenses can be high depending on your income, though you can avoid this by not using their trust account.
• Payment details are at the bottom of your invoices instead of highlighted at the top.
• Client invoice emails aren't personalised.
• You need to complete a questionnaire every time you log an expense.
• They pay taxes up front, so you have less access to cash when you may need it most.

Who is HNRY good for?

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.

Parpera or HNRY: Your choice

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?

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