According to UK government data, in 2020 there were 5.7 million micro-businesses in the UK, therefore making up 96% of all businesses. Micro-businesses are defined as those with 0-9 employees. These businesses have unique requirements and need an accounting solution that is tailored to their needs and easy-to-use. Oumesh Sauba spotted this gap in the market and created the AI-driven MyT app and software solution. MyT recently surpassed its initial Seedrs funding target, securing an impressive 132% of their desired target of £100,000.
MyT’s innovative app harnesses the power of AI to help micro-businesses process invoices and receipts, and manage their records. Prioritising simplicity and efficiency, MyT allows businesses to take a picture through the app, crop it and send it. Their accountants can then easily access the data and convert it into an editable file.
Most importantly, the software is Making Tax Digital (MTD) compliant. HM Revenue and Customs will introduce MTD in 2023 for micro and small businesses, making MyT ahead of the curve.
The tiered subscription-based service provides businesses with an 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.
Founder Oumesh Sauba is a Chartered Accountant, founder of Sauba and Daughters Co. Accountants and has over 15 years of experience helping freelancers and micro businesses with their accounting. He has a strong understanding of their unique financial pressures and needs. MyT was created to empower them with a secure, affordable and intuitive service so that they don’t have to struggle keeping on top of their records.
On MyT’s successful first funding round of £135,460 on Seedrs, Oumesh said “Myself and the MyT team are always looking to find new ways to empower micro businesses and accountants across the globe with new tools for success, and we are proud to see that our investors share this vision. The business has grown massively since its foundation in 2017, reinventing accounting processes for many businesses and freelancers, and I’m excited to continue our expansion and make a significant mark on the industry.”
The MyT app is available to download through the App Store and Google Play.