MyT Review – AI Accounting Software

MyT online accounting software provides small businesses an AI solution for their accounting needs. We are MyT Accountants and this is our MyT review. We have many clients that use MyT to do their online bookkeeping, VAT returns, and management accounts. We also do bookkeeping for our clients using MyT. You can see all of our fees and get an instant quote from the menu above. This is our MyT accounting software review covering their online accounting software.

Is MyT any good?

This is our MyT review which gives a detailed opinion on various parts of the software. If you’re looking for a quick review of MyT, our overall rating is 3/5, however it is brand new and improving and could save you a lot of money.

How much does MyT cost?

Prices range from just £5pcm up to £30pcm, after a free trial and the MyT offer of £1 per month. The Standard plan should be sufficient for most small businesses which is £5pcm and is £9pcm cheaper than the Xero Starter plan. Our MyT review for cost is 5/5.

How easy is it to use MyT

MyT could be more intuitive at times but once you get used to it, it’s quite easy and quick to use, with a clear layout. There could be some improvements like bulk categorisations and banking rules. Read on below for how easy it is to do various things on MyT. Our MyT review for overall ease of use is 3/5.

MyT Sales Invoices

To add new sales on the mobile app, from the Home screen just click on Create Customer Invoice, add the details, then Create. The layout is in the style of an invoice, so it’s clear what information needs to go where. Then you need to go to Customer Invoices to email it to your customer from the mobile app. On the desktop app, go to Sales, Create Invoice, add the details then Save. Again, you have to go to the Sales Overview to email the invoice to your customer. It would be easier if there was an option to email the invoice directly from the created invoice. You can set up a payment service with BOPP to add a payment option to give customers an easy way to pay the invoice. Adding attachments is a useful option which will make it easy to show the customer their order.

MyT Purchase Invoices

On the mobile app you have to add a photo or a file to create a supplier invoice. This is where the MyT Artificial Intelligence comes into play. It will read the details on the photo or file and create the supplier invoice for you.

On the desktop app you can add supplier invoices without uploading a photo or file.

Banking

Connecting Bank Accounts

Connecting Bank Accounts was easy and powered by the reputable MoneyHub. It involves choosing your bank (the open banking one worked for us), then logging into that bank account with your online banking details. Then you can choose the specific account to import and the range of dates you want to import transactions from. Both HSBC and Lloyds Bank worked fine.

Importing Bank Transactions

If you can’t connect to your bank account, or if there are transactions missing, you can upload your bank transactions instead. First, you need to log into your online banking account and download your bank transactions. The download needs to be in the CSV format or some others might work, but not PDF. Once you have that click on Banking in MyT, then Import Data. Then choose the file you downloaded click on Import, then match the filed names. Make sure you select the correct bank account to import the data into.

Manually Adding Bank Transactions

To manually add bank transactions on MyT Accounting, just select either Spend Money or Receive Money, then Add Transactions.

Categorising Transactions

Once your transactions are imported into MyT, you’ll need to categorise each one. For manually added transactions, you will have done this when adding the transaction. Click on the bank account, then click Review alongside the transaction. Then select the correct category and any other details required such as name and VAT rate, then Add. If it relates to a sales invoice or purchase bill, use the View More Match Options to allocate it against the invoice/bill. There are also options for Transfer and Credit Card payments.

VAT Returns

Preparing and submitting VAT returns on MyT is very easy once you’ve entered the VAT settings and connected the account to HMRC. Just click on Taxes, Prepare VAT for the period, check the numbers, then submit. To check the numbers you can click on them, or rather than clicking Prepare there are other options to view different VAT reports.

Reports on MyT

MyT provide a basic suite of useful reports, including the ones shown below. You can export the reports into a spreadsheet or PDF file. Our MyT review on reporting is 3/5.

Support and other features

Support

There’s telephone support which is great. It’s fairly new software so there aren’t many support articles yet.

Our QuickBooks rating for support and other features is 2/5.

Overall QuickBooks Review

Overall we rate MyT Online Accounting 3/5 which for brand new software which is good. It’s a cheaper alternative to Xero and QuickBooks but doesn’t provide as much functionality or time saving features. However, it has the AI receipt/invoice reader built in which could save you a lot of money compared to using Dext alongside Xero or Quickbooks. At CloudBook Online Accountants, we help out clients with whichever online accounting they choose to use, all for a low fixed monthly fee. See our prices or get an instant quote below.