MyT is an innovative accounting software powered by AI and designed for accountants and businesses.
- Proprietary AI software.
- Easy to use Accounting software.
- HMRC recognised software provider for new MTD regulations.
- Over 500 users secured without any extensive marketing spend.
MyT is an innovative subscription-based service designed for small businesses to support their need to submit financial information to HMRC under the Making Tax Digital initiative, which is mandatory from April 2023. Making Tax Digital is for individuals and businesses to get their tax right and keep on top of their affairs.
MyT provides a simple way to keep track of business finances on the go, send and manage invoices and bills, record expenses and mileage. MyT is the perfect solution for companies with limited time and budget. Easy to use and quick to set up, MyT works on a range of devices and allows businesses and accountants to harness the power of AI without any technical experience.
The platform is designed to be intuitive and easy to use, it is built with the future in mind. As we grow and expand, we will be able to offer more features to streamline the accounting process. MyT is here to support SMEs and accountants as they grow their business.
Substantial accomplishments to date
• MyT has acquired over 500 users without extensive marketing effort, in part due to our innovative Artificial Intelligence solution that was developed in house.
• User feedback has helped to develop MyT, providing us with suggestions for new features that have been successfully implemented.
• Recognised software provider for HMRC Making Tax Digital. HMRC will introduce Making Tax Digital for self employed businesses as a mandatory process from April 2023.
• MyT app is available on App Store and Google Play and has had 1000+ downloads to date.
• Optical Character Recognition (OCR) invoice extraction to improve efficiency and accuracy.
• Integration of Artificial Intelligence into the bookkeeping functionality to make it easier to users to maintain proper records for tax returns.
• Registered trademarks for 'MyT' logo, 'T' icon logo, 'Easy Accounting' and 'a mighty powerful app' phrase.
• MyT is an Artificial Intelligence cloud-based accounting software.
MyT is an affordable subscription service with five flexible options to choose from.
These options differ in functionality, so you can pick the solution that best suits your needs at any one time and scale up or down as needed.
Accountants can use the app for free, and refer their clients to our service.
Use of proceeds
Based on our strategy, we intend on using half of proceeds to implement our marketing plan. A third for development of new technology and the remaining proceeds for administrative expenses.
MyT has a Bounce Back Loan for £5000 with and interest rate of 2.5% to be paid back over 6 years. The first year is interest free.
The funds raised in this round will not be used to repay these loans.
The first £150k invested in the round is eligible for SEIS tax relief and will be offered on a first come first serve basis.
Investments over £150k will be eligible for EIS.
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