MYOB vs Hnry: Choosing the Right Accounting Software

As a business owner, freelancer, or sole trader, you understand that managing your finances is essential for success.

But let's be honest—accounting isn't why you started your business.

You want to focus on what you do best: designing websites, consulting, or creating products.

That's where accounting software can be a game-changer, relieving you of the burden of manual financial management. Two popular options in Australia stand out: MYOB and Hnry.

So, which one to choose? Let's explore and find out!

What to Consider Before You Make a Decision?

Before we do a MYOB vs Hnry comparison, it's essential to understand what you need from your accounting software:

Your specific situation will significantly influence which software best fits you.

Now, let's begin with the Myob solution overview.

MYOB: The Comprehensive Solution

MYOB, which stands for "Mind Your Own Business," has been a stalwart in the accounting software world for years.

It's designed to be an all-in-one solution for businesses of various sizes.

How Do You Know if Myob is the Right Choice?

If you find yourself nodding along to any of these statements, MYOB might be the right choice for you:

👉 "I need to manage payroll for my employees."

👉 "I have inventory that I need to track."

👉 "I want detailed financial reports to help me make business decisions."

👉 "I need software that can grow with my business."

MYOB offers a range of features that cater to these needs. Let's break them down:

1. Comprehensive Financial Management

MYOB goes beyond basic bookkeeping. It offers tools for invoicing, expense tracking, and bank reconciliation.

This means you can keep all your financial data in one place, giving you a clear picture of your business's financial health at any time.

2. Payroll and Employee Management

If you have employees or are planning to hire soon, MYOB's payroll features can save you a lot of headaches.

It automates payroll processes, including superannuation calculations and tax withholdings.

This means you can ensure your employees are paid accurately and on time, without spending hours poring over tax tables.

3. Inventory Management

MYOB's inventory management features are a significant advantage for businesses that deal with physical products.

You can track stock levels, manage costs, and even set up automated reordering. This can help you avoid stockouts and overstocking, optimizing your cash flow.

Scalability and Flexibility

One of MYOB's strengths is its ability to grow with your business. It offers different plans to suit businesses of various sizes, from sole traders to large enterprises.

This means you won't need to switch to a new system as your business expands.

Learning Curve and Cost Consideration

While MYOB offers powerful features, it's worth noting that it comes with greater complexity than some more straightforward solutions. It may take some time to fully understand and utilize all its features.

Additionally, its pricing structure, while flexible, can be more expensive than some alternatives, especially for very small businesses or sole traders.

Hnry: Simplifying Taxes for Sole Traders

Hnry is a newcomer to the accounting software scene and has made waves with its focused approach to serving sole traders, freelancers, and contractors.

If you've ever felt overwhelmed by tax obligations or spent countless hours sorting through receipts, Hnry might be the solution you've been looking for.

How Do You Know if Hnry is the Right Choice?

Hnry could be your ideal choice if these statements resonate with you:

👉 "I'm a sole trader or freelancer who wants to focus on my work, not on taxes."

👉 "I want a simple solution that handles my taxes automatically."

👉 "I prefer paying for services only when I'm earning."

👉 "I need help with invoicing and expense tracking, but don't need complex features like inventory management."

Let's explore how Hnry addresses these needs:

1. Automated Tax Management

Hnry's standout feature is its ability to automatically calculate, pay, and file your taxes as you earn.

This means no more guessing about how much to set aside for taxes or scrambling to file returns at the end of the financial year.

2. Simplified Invoicing and Expense Management

While not as feature-rich as MYOB in this area, Hnry offers straightforward tools for creating and sending invoices and tracking expenses.

For many sole traders, this is all they need to keep their business finances in order.

3. Pay-As-You-Earn Pricing

Unlike traditional accounting software with monthly or annual subscriptions, Hnry charges a percentage fee (1% + GST) on the income you receive through their platform.

This can be particularly appealing for freelancers with fluctuating incomes or those just starting out.

The Trade-off: Simplicity vs. Advanced Features

Hnry's focus on simplicity means it lacks some of the more advanced features offered by MYOB.

If you need detailed financial reporting, inventory management, or payroll features, Hnry may not be the best fit.

However, for many sole traders, this simplicity is exactly what they're looking for.

A Comprehensive Third Option: ANNA One

While MYOB and Hnry are excellent choices for many businesses, it's worth taking a closer look at a third option that's gaining traction: ANNA One.

This platform offers a unique blend of features that cater to both new and established businesses, bridging the gap between MYOB's comprehensive approach and Hnry's simplicity.

ANNA One: Your All-in-One Business Solution

ANNA One is designed to be a one-stop-shop for small businesses and sole traders. It not only handles your accounting needs but also helps you set up and manage your business from the ground up.

Let's dive into the key features that make ANNA One stand out:

1. Business Registration Services

One of ANNA One's unique selling points is its ability to help you register your business. This feature is particularly valuable for those just starting their entrepreneurial journey. 

ANNA One streamlines the process of:

All necessary ASIC documents are delivered directly to your inbox, saving you time and reducing the stress of navigating complex bureaucratic processes.

2. Automatic Tax Calculations

Similar to Hnry, ANNA One takes the headache out of tax management. The platform automatically calculates:

This ensures you're always up-to-date with your tax commitments, reducing the risk of unexpected tax bills or penalties.

3. Personalized Tax Calendar

ANNA One goes a step further by providing a personalized tax calendar. This feature:

4. Expert Accountant Support

While ANNA One automates many processes, it recognizes that sometimes you need human expertise. That's why it provides access to a team of qualified accountants.

These professionals can:

This blend of automation and human support ensures you're never left in the dark about your financial situation.

5. Professional Invoicing

ANNA One doesn't skimp on the basics. Its invoicing feature allows you to:

This comprehensive approach to invoicing helps improve your cash flow and maintains a professional image with your clients.

6. Bookkeeping and Receipt Matching

Keeping your books in order is crucial for any business. ANNA One simplifies this process by:

7. Business Bank Account Integration

ANNA One offers the ability to open a business bank account directly through the platform. This integration means:

This feature is particularly useful for new businesses, providing a streamlined way to separate personal and business finances from day one.

Who Is ANNA One For?

ANNA One could be the ideal choice if you:

👉 Are starting a new business and need help with registration and setup.

👉 Want a balance between automated tax management and more advanced business tools.

👉 Appreciate having expert support available when you need it.

👉 Need a solution that can grow with your business.

👉 Value having all your business financial tools in one place.

Making Your Choice: MYOB, Hnry, or ANNA One?

With ANNA One in the mix, your decision becomes a bit more nuanced. Here are some key questions to consider:

1. Are you starting a new business? If so, ANNA One's registration services could be a significant advantage.

2. How much automation do you want in your tax management? Both Hnry and ANNA One offer strong features here, while MYOB requires more manual input.

3. Do you need advanced features like detailed inventory management? MYOB might still be your best bet.

4. How important is having integrated banking services? If this appeals to you, ANNA One stands out.

5. What level of support do you need? While all three offer support, ANNA One's inclusion of expert accountant access could be a deciding factor.

Wrapping Up

With the right accounting software in place, you'll be well-equipped to handle your business finances efficiently and effectively.

This can set you up for long-term success in the dynamic business world.

Whether you choose MYOB for its comprehensive features, Hnry for its simplified approach to taxes, or ANNA One for its all-in-one business management capabilities, the right choice is the one that best fits your specific needs and future plans.

And, if you're new to the business landscape in Australia, we recommend getting started with ANNA for hassle-free registration and comprehensive support to manage all your finances in one place.

Ready for a smooth start?

Sign up with ANNA One today to simplify your business journey.