Tyms

Tyms is a comprehensive, AI-driven accounting software built to streamline and automate financial management for modern businesses. Positioned as a complete financial brain for a company, it aims to replace outdated, time-consuming manual accounting methods with a precise, efficient, and automated solution. The platform is specifically tailored to meet the needs of Nigerian businesses, ensuring 100% compliance with local tax regulations, including FIRS rules. By automating up to 90% of accounting tasks, Tyms helps companies save over 15 hours weekly, allowing them to focus on growth and profitability. The platform is ISO 27001:2022 certified and SOC 2 Type 2 compliant, guaranteeing high standards of data security and privacy.

How to use Tyms

Getting started with Tyms is a straightforward process designed for quick onboarding:

1. Create an Account: Visit the Tyms website and sign up by providing your business and personal details.
2. Choose a Plan: Select the 'Evolve Plan'. The pricing is transparent and scales based on the number of users and branches your business requires. There are no hidden fees or feature restrictions.
3. Data Migration: If you are switching from another software like QuickBooks or Zoho, Tyms supports data migration to ensure a seamless transition.
4. Connect Bank Accounts: Integrate your business bank accounts for direct, automated bank reconciliation. The system automatically fetches transactions and matches them with your records.
5. Manage Operations: Begin managing your day-to-day financial activities. This includes creating and sending invoices, tracking bills and expenses, managing inventory levels, and recording fixed assets.
6. Automate and Analyze: Let the AI-powered features automate complex processes like prepayment amortization, depreciation schedules, and inventory valuation. Use the CFO Dashboard to monitor key metrics and generate real-time financial statements (Profit and Loss, Balance Sheet, Cash Flow) for informed decision-making.
7. Stay Compliant: Utilize the built-in tax features, such as WHT (Withholding Tax) adjustments, to prepare tax-ready books in real-time and avoid penalties.

Core Features of Tyms

• Sales and Expense Management: Easily manage receivables through professional invoices and payables through bills. Set up recurring transactions and integrate with payment gateways.
• AI-Powered Bank Reconciliation: Automates the reconciliation process by connecting directly to banks or processing uploaded documents, preparing your books in minutes.
• Prepayment Automation: Automatically schedules and posts entries for prepaid income and expenses, correctly handling deferred revenue and expenses.
• Inventory Accounting: Tracks and values inventory using FIFO, LIFO, or weighted-average methods. Manages stock levels, purchase orders, and sales orders with real-time ledger synchronization.
• Fixed Assets Accounting: Automates the entire lifecycle of fixed assets, from preparing depreciation schedules to managing disposals and maintaining a complete asset register.
• Real-time Financial Statements: Instantly generates key financial reports, including Profit and Loss, Balance Sheet, and Cash Flow statements, with multi-dimensional views by period or branch.
• CFO Dashboard: Provides a high-level, at-a-glance view of your company's financial performance with key metrics and insights.
• Workflow and Permissions: Features approval workflows and custom user roles to enhance internal controls and team collaboration.
• Tax Compliance: Built-in tools for Nigerian tax regulations, including automated WHT adjustments, to ensure your books are always tax-ready.

Use Cases for Tyms

Tyms is versatile and beneficial for various stakeholders within a business:

• Small and Medium-sized Enterprises (SMEs): Automate accounting to save significant time and money, reduce human error, and maintain compliance without needing a large finance team.
• Business Consultants and Accounting Firms: Efficiently manage the finances of multiple clients from a single platform. The AI-powered data extraction and categorization save countless hours, as noted by firms like Levers Professional Services.
• Chief Financial Officers (CFOs): Utilize the CFO Dashboard for strategic insights into business performance, streamline financial operations, and ensure data integrity for reporting.
• E-commerce and Retail Businesses: Leverage the robust inventory management system to track stock, manage orders, and automatically update financial records in real-time.

Advantages of Tyms

Tyms offers a significant competitive edge over traditional software:

• Cost-Effective: Transparent, affordable pricing that is significantly lower than competitors like QuickBooks, Zoho Books, and FreshBooks, without sacrificing features.
• Time-Saving Automation: Drastically reduces time spent on manual data entry and reconciliation, freeing up valuable resources.
• Enhanced Accuracy: AI-driven features minimize the risk of human error, ensuring more reliable financial data.
• Guaranteed Compliance: Specifically designed to handle Nigerian tax laws, helping businesses avoid penalties for non-compliance.
• All-in-One Platform: A single subscription provides access to all features, from basic invoicing to advanced manufacturing accounting and fixed asset automation.
• Scalability: The solution grows with your business, easily accommodating more users and branches as needed.
• High Security: Adherence to international security standards (ISO 27001, SOC 2 Type 2) protects sensitive financial data.

Pricing and Plans

Tyms offers a simple and transparent pricing model called the Evolve Plan.

• Base Price: Starts at ₦750.00 per user per month (or approximately US$2.50).
• Scalable Model: The final price is calculated based on the number of users and business branches you need.
• All-Inclusive: This plan grants full access to all of Tyms' features, including sales and invoicing, inventory management, fixed assets automation, CFO dashboard, and more. There are no tiered plans or hidden costs for advanced functionalities.
• Value Proposition: Tyms positions itself as a more economical choice compared to international competitors, offering comprehensive features at a fraction of the cost.