Going it alone as an independent contractor/freelancer can be daunting. It’s natural for people to want the support of an advisor or coach to get them on track and set goals. The downside for advisors? When you start asking your client questions to create a plan and get their finances in order, chances are they have no idea how to answer. Most simply don’t know how much they earn. Worse still, there’s a lot of misinformation and myths around self-employment, which can make it difficult to give the right advice.

Advisors don’t need to be flying blind in this scenario though. If you want to support self-employed clients and add real value to how they manage their finances, you need to meet our friend Hnry.

What is Hnry and why should I recommend it?

Hnry is a simple mobile solution designed specifically for people who are self-employed in NZ and Australia. It’s not complex accounting software, but a mobile app that automatically pays and files taxes, supporting your clients in three key ways:

  1. Taxes: Hnry gives everyone a unique bank account for their income to go into, from as many sources as they get paid from. All obligations (income tax, GST, student loans, super etc) are automatically deducted from the account and the rest goes directly to your client — giving them full visibility on the cash that is theirs. Hnry also files taxes when they’re due.
  1. Financial planning/savings: The Hnry app can pull reports to make financial plans and goals, provide the paperwork needed for loans and mortgages, distribute direct debits, and even manage invoicing.  

  2. Instant support: Hnry is backed by local experts on tax for the self-employed who are on hand to answer questions (at a time when Kiwis and Aussies are awake). This means getting answers in moments, not waiting days for email responses or spending hours deciphering complex tax jargon.

As an advisor, this will earn you props for suggesting a handy app, but it can also change the way you support sole traders and self-employed clients.

Not only will you have the info you need to get the most out of their business — you can also use the app features to set financial habits and ensure they meet their goals. For example, if you created a plan to help build their retirement savings, they can set up individual debits for super contributions and savings to use for investments. This is all done at no cost to you or your client, so you can make the plan and take all the kudos.

How Hnry can support clients who hire or place contractors

On the flipside, you may be advising businesses that want to hire or place contractors. This can be a minefield of its own. Many companies find that they can attract quality talent to fill roles, but these individuals don’t want the burden of being hired as an independent contractor. But putting short-term staff on the payroll increases the risk and costs for your clients.

By recommending Hnry, your clients can get a better handle on how to manage their contract staff without having to employ them. Having Hnry manage their income for them, contract staff can feel confident that they have ticked all the right boxes and won’t be caught out at tax time. They’ll get paid like a staff member would, but still identified as an independent contractor for tax purposes.

When you’re asked these questions, recommend Hnry

  • How do I work out my taxes across multiple sources of income?
  • As a freelancer or sole trader, do I need to register a company?
  • When do I need to register for GST?
  • How can I set up financial plans for savings and investments as a freelancer?
  • How can I apply for loans/mortgage/rentals as a contractor?
  • How should I pay freelancers and independent contractors?

For all things finance and freelancers, there’s Hnry. For everything else, there’s PlayBooks. If you didn’t find an answer to your advisory questions here today, check out our content library for advisors, coaches, and consultants. Start building your client game-plans and showcase value in every meeting by signing up for free, here.