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.
Customers can choose between managing their accounting themselves with the software or having a certified Sumly bookkeeper handle the work. The self-service platform starts at €39 per month and includes invoicing, automated bookkeeping, bank reconciliation, VAT and VIES preparation, reports, and the AI assistant. A certified bookkeeper option is available for €390 per month and adds professional bookkeeping, filing support, payroll, and year-end accounting services.
Sumly also offers a 30-day free trial without requiring a credit card, as well as free migration assistance for businesses switching from another accounting system or accountant. Overall, Sumly combines AI automation, Cyprus-specific tax functionality, banking integrations, invoicing, payroll, and professional accounting services into a single platform designed to make managing a Cyprus company simpler, faster, and less dependent on manual bookkeeping.
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Sumly.cy is an AI-powered bookkeeping and accounting platform specifically designed for businesses and founders in Cyprus. It automates routine financial tasks such as categorizing bank transactions, processing receipts, and preparing VAT and other tax returns, allowing users to manage their bookkeeping efficiently.
Sumly.cy offers several key features including automated bookkeeping, direct bank connections with major financial institutions in Cyprus, an integrated invoicing system, an AI assistant for financial queries, payroll management, and support for Cyprus-specific accounting requirements such as VAT and VIES preparation.
Pros of Sumly.cy include its automation of bookkeeping tasks, ease of use with a simple three-step workflow, integration with various banks, and the availability of an AI assistant for real-time financial inquiries. However, some potential cons may include the need for users to familiarize themselves with the platform and its features, and the cost associated with the certified bookkeeper option.
The invoicing system in Sumly.cy allows businesses to create professional invoices and credit notes using their branding. It automatically applies the appropriate Cyprus VAT code to each line item and enables users to send invoices directly to customers. Payments can be matched to invoices automatically, streamlining the accounting process.
Yes, Sumly.cy offers a 30-day free trial without requiring a credit card. This allows potential users to explore the platform's features and capabilities before committing to a subscription.
Sumly.cy provides free migration assistance for businesses transitioning from another accounting system or accountant, helping to ensure a smooth and efficient switch to their platform.