Founder(s): Oumesh Sauba
Description: MyT’s innovative accounting app helps micro businesses harness the power of AI to process their invoices and receipts and manage their records.
MyT’s innovative accounting app helps micro businesses harness the power of AI to process their invoices and receipts and manage their records. Using MyT, business owners need only take a picture of their receipts and upload it to the secure cloud-based application where accountants can access the data and immediately convert it into an editable file. It was founded by Chartered Management Accountant with over 15 years experience in accountancy, Oumesh Sauba, named in the TechRound BAME 50 under 50 Entrepreneurs 2021 and shortlisted for the SME National Business Awards Business Person of the Year 2021. MyT is an extension of Oumesh’s experience and knowledge, combining his passion for working with micro and small businesses with the ease and accessibility of an app.
MyT is not just another record keeping app. It is backed by a bespoke AI augmented Optical Character Recognition (OCR) algorithm, which allows accountants to efficiently extract relevant data from users’ uploads and convert it to spreadsheet format automatically. The algorithm allows data to be automatically extracted and divided into accounts and ledgers, taking away the burden of manual entry. The tiered subscription-based service provides businesses with an affordable, easy to use app and portal that can be easily scaled up or down, depending on requirements, with features including AI-backed data extraction, professional invoice creator, invoice, bill and receipt management tools, automatic and manual mileage tracking and tax deadline alerts.
UK Government research states there were 5.7 million microbusinesses in the UK in 2020, accounting for 96% of all businesses, so it is imperative these companies are equipped with the tools and support needed to thrive. Despite being a pillar of the UK economy, many micro and small-businesses are often unable to access the latest technologies that would save them valuable time and money. FinTech services typically focus on meeting the needs of large corporate and multinational businesses, but instead, MyT prioritises finding a solution for the issues uniquely faced by small businesses with fewer resources. The AI algorithm is continually learning from users, providing them with an intuitive, easy-to-use solution that they can be confident in.
MyT accounting software empowers micro businesses and their accountants with efficient digital recordkeeping. Not only does this streamline operations, saving both time and money, but it also ensures businesses remain compliant with Making Tax Digital. It provides a simple way to keep track of business finances on the go, with emphasis being placed on UX design to ensure the app is user friendly and works on a range of devices. It allows business owners and accountants to benefit from the capabilities of AI without needing any technical experience.
MyT has grown since its foundation in 2017, reinventing accounting processes for many businesses and freelancers and continues to make a growing mark on the industry with plans to expand nationwide in the near future.
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