Can you tell me about the idea behind the business?
I’m a qualified accountant who has been in the industry for 15 years and have had my own practice for more than 10 years. With the launch of MTD, there was a lot of people who didn’t quite understand that they have to keep records digitally using a software to file a tax return with HMRC. They tend to keep physical receipts and think that is good enough but HMRC actually expects a digital record to be kept as well.
So in 2018 we decided to develop an app that would enable clients to take and upload
pictures of their receipts so that they can easily keep digital records which are then uploaded to our server for easy access.
How does the technology work?
My T is a subscription-based service designed for freelancers and micro businesses. My T
provides a way to keep track of your company’s finances on the go. Send and manage invoices and bills, keep tab on your expenses and track your mileage. With the help of My T app You and Your accountants have instant access to all the financial data of your company.
You simply take a picture using the app, which then can be stored on our server. All accounting information gathered by the client while using My T app is added to his record and automatically uploaded to the secure accountants’ server. Depending on the type of subscription, data might be only stored or transferred to the data entry algorithm, where AI does its magic and extracts data from scans and pictures into an editable spreadsheet. The data can also be exported into My T online bookkeeping software.
What are the main benefits for accountants?
First of all, they don’t have to worry about getting receipts from their clients anymore,
because that will happen all the time. Whenever the client goes out to buy products and services, they can take a picture of the invoice and send it to the cloud where the invoice is easily accessible.
Online bookkeeping itself is very easy, they just have to submit the invoice through machine learning software and it automatically converts the client’s uploads into a ledger spreadsheet format, containing all required accounting information. This ultimately saves a lot of time and frees up accountants to focus on other areas or even take on more clients.
What has been the reaction from your clients?
They’ve been very, very positive about it. We’ve also had good feedback. For example, one client said they wanted to be able to upload multiple invoices in one go so we altered the app to allow uploading multiple invoices at once and the client can now take pictures on the go and save them before uploading all the invoices in one go later.
What are your plans for 2021?
Currently we are working on improving the server, and we are waiting for our MTD approval from HMRC.
We also have a new version of the app coming up soon which will have more options available and allow clients to manage multiple businesses on the go.