Accounting isn’t often regarded as the most exciting topic. For many business owners, it’s a necessary task that often takes a backseat to more engaging priorities like product development, sales, or fundraising. But the good news is that Chineye Ochem has found the perfect solution to this challenge.
A study examining the role of accounting information systems on the performance of small and medium-sized enterprises (SMEs) in Nigeria found that many still depend on traditional accounting practices like physical invoices, handwritten records, and spreadsheets to manage their finances. The paper highlighted that the lack of modern accounting information systems leads to inefficiencies and hampers decision-making processes.
Furthermore, more studies revealed that the absence of effective bookkeeping and accounting practices significantly impacts the success and sustainability of SMEs. Without proper accounting records, these enterprises struggle with financial management, leading to poor performance and, in some cases, business failure.
Thus, In 2021, two brilliant minds—Chineye Ochem, a chartered accountant, and Ibrahim Adepoju, a seasoned software engineer—came together to revolutionise how African businesses handle their finances. They identified the gap in accounting and bookkeeping practices and decided to fix it. This is precisely where Tyms Africa (Tyms) comes in.
Tyms Africa
Tyms Africa is an intelligent assistant that handles all accounting tasks, including organising invoices, reconciling bank statements, and generating financial reports with just a button. The platform was formed to create an affordable, efficient, and comprehensive economic management system for African businesses through its flagship product, Tyms Book.
With Tyms Book, businesses can: Generate invoices and track payments effortlessly, manage expenses, budgets, and vendor payments without breaking a sweat, reconcile bank transactions automatically, and prepare comprehensive financial reports like income statements and balance sheets in minutes.
Tyms Africa stands out from other accounting software because it is incredibly user-friendly. Signing up takes just two minutes, and businesses can easily migrate from different systems with a single click. Additionally, SMEs operating on tight budgets can save up to 40% on accounting costs using the Tyms Book.
Additionally, Tyms connects businesses without a finance team to a financial advisor and expert network. These professionals use the Tyms Book to help enterprises prepare their financial books, file taxes, and make smarter financial decisions.
The best part is that Tyms Book integrates seamlessly with popular payment gateways like Paystack and Flutterwave, making it easier for businesses to collect payments. While its primary focus is on Nigerian and African companies, Tyms is designed to meet international standards like Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), making it accessible to users from any English-speaking region globally.
The Future
Recently, the company announced plans to integrate artificial intelligence (AI) into its platform. This upgrade will allow users to automatically upload PDF bank statements and generate income statements. With this, there won’t be tedious data entry but innovative, automated solutions that save time and boost efficiency.
A strong network of investors and partners, including Tekedia Capital, Seedstars, and Google for Startups, backs Tyms Africa. With this, the startup will continue making accounting more straightforward and innovative.
