Oumesh Sauba is the founder and CEO of MyT Limited, a revolutionary AI-driven accounting app and software designed to support freelancers and micro businesses with their bookkeeping and records. He is also director of his own Croydon-based accounting firm Sauba and Daughters Co, and has over 15 years of experience as a Chartered Management Accountant specialising in financial accounts, management accounts and taxes.
Here Oumesh speaks exclusively to Start Your Business about his ambitions for MyT and the journey to where he is today.
Can you tell us a little bit more about your career journey to date? What led you to setting up MyT?
I was trained in an accountancy practice in South London in 2004. Compliance work was my first taste of accountancy and taxation. After I qualified in 2008, I started my own accountancy practice which was the natural thing to do. I started in my room and then moved to Croydon in 2009.
I was always a technologically savvy person and I used to build my own PC when I was at university. I knew technology would be the way forward for accountants. I started working on a project to see if AI can help accountants in 2015. I researched the field and asked my cousin to build a proof of concept for OCR. He was able to build the OCR through the cloud successfully. I then set up MyT in 2017 and invested my own money in the business to build the app and the OCR-AI algorithm.
Now I have a good team of IT technicians to help me improve the technology and bring it to micro and small businesses.
Tell us a little bit more about MyT and how it helps small businesses.
MyT is a simple app that allows users to capture invoices from their mobile phone and upload it to the MyT Cloud. MyT Cloud is an accounting platform where users can enter their data to produce a profit and loss and balance sheet or submit VAT returns to HMRC using Making Tax Digital (MTD). To make it easier for users to process their data, we integrated the OCR-AI Algorithm that will read the invoices and extract the necessary information to make an accounting entry.
What has been your proudest moment so far?
Personally, the birth of my daughters was my proudest moment. Professionally, creating the OCR-AI algorithm was my proudest moment.
What is your biggest challenge and how will you overcome it?
The next biggest challenge is to make MyT a household name, making sure that all businesses think of MyT the same way that a vacuum cleaner is called a Hoover. To achieve it will require focus, commitment and will power.
What is your life motto?
Where there is a will there’s a way. No effort, no luck.
What are your 3 top tips for new business founders to manage their finances effectively?
- Budgeting is very important. Know how much it will cost and when you will need to pay.
- Focus – do not get distracted by other things in your business. Stay focused on your task.
- Commitment – Ensure to spend all your energy on that particular task. Do not spread yourself too thin.
For more information about MyT visit: https://mytbusiness.com/