Sumly.cy

Sumly is an AI-powered bookkeeping and accounting platform built specifically for businesses and founders in Cyprus. It is designed to automate much of the routine financial work involved in running a Cyprus company, from categorizing bank transactions and processing receipts to preparing VAT, VIES, and other tax returns. By connecting a company's bank account and uploading financial documents, users can allow Sumly AI to handle the majority of their bookkeeping automatically, while they retain control over reviewing and filing their returns.

The platform is built around a simple three-step workflow. Users can connect their bank accounts and upload receipts, invoices, and other documents by dragging and dropping them into Sumly or forwarding them by email. Its AI then reads the documents, identifies suppliers, dates, line items, and VAT information, categorizes transactions according to Cyprus tax rules, and matches receipts with corresponding bank transactions. Once the bookkeeping is prepared, users can review the results and approve their returns, with the company stating that this process can take around ten minutes per month for typical users.

Sumly provides direct bank connections with financial institutions commonly used by Cyprus businesses, including Bank of Cyprus, Hellenic Bank, Eurobank, Alpha Bank, Revolut, and Wise. Automatic bank reconciliation helps ensure that incoming and outgoing payments are matched to the correct transactions and invoices without requiring users to manually maintain spreadsheets or bookkeeping records.

In addition to bookkeeping, Sumly includes an integrated invoicing system. Businesses can create professional invoices and credit notes using their own branding, automatically apply the appropriate Cyprus VAT code to each line, and send invoices directly to customers. When a customer pays, the incoming transaction can be automatically matched to the corresponding invoice and recorded in the company's books.

The platform also offers an AI assistant that can answer questions using the company's live financial data. Users can ask about VAT obligations, upcoming deadlines, changes in financial figures, or other questions about their accounts. They can also attach documents, such as bank statements, and have them compared against the company's ledger. The assistant can help categorize, create, or correct accounting entries, providing a more interactive way to manage business finances.

For businesses with employees, Sumly offers a payroll add-on that calculates Social Insurance and General Healthcare System contributions, generates monthly payslips, maintains employee and employment information, and posts payroll transactions to the company's ledger. Employer filings can also be prepared for submission.

Sumly is particularly focused on Cyprus-specific accounting requirements. Its system supports VAT and VIES preparation and maps Cyprus VAT codes to the relevant VAT return categories. The platform also offers services beyond bookkeeping, including company formation, self-employed registration, tax residency services, Yellow Slip assistance, IP Box applications, dedicated bookkeeping, and integrations for platforms such as Shopify and WooCommerce.