Features in Tyms AI Automation explained

Tyms has several sections for bookkeeping, accounting, and finance. These areas help users carry out several functions, such as preparing and sending invoices, audit trails, journal entries, bank reconciliation, and so on. We will explain each of these sections. First of all, take a look at the screenshot below. It contains all sections in the Tyms software.

Dashboard

This contains the need to know areas of the business at a glance. As you can see from the photo above, cash balance, revenue, expenses, and it burn, and cash flow. You can decide to change the period you want to see the above information. From the drop-down at your right side, you can change the drop-down to “This year”, “This quarter”, “Last quarter”, “This half”, and “Last half.” It also helps you know when your payment is due.

Accounting

The accounting section contains a chart of accounts, journals, recurring journals, trial balances, income statements, balance sheets, cash flow statements, and consolidated statements.  

You can set up the chart of accounts and post journal entries manually or use the AI generate feature. We will discuss this in another article.

Document AI

This contains the data set of the entity. It displays the number of storage used, unprocessed documents, and Active workflows. 

Bank reconciliation 

From here, you can reconcile bank statements after adding one or more statements to the software.

Revenue

From the revenue category, you can create invoices for customers and send sales receipts, prepaid income, quotes, and sales imports. This section allows users to see their total sales. Customers that owe the company. You can also create a sales report from here.

Expenses

Here, all kinds of expenses can be documented. Including purchases of items the business deals with. As well as, regular and recurring expenses such as utility bills. You can also get an expense report from this section.

Inventory

You can use this to set up the business inventory. You can set up new inventory items, categorize them, and restock them. Also, inventory reports can be generated.

Contracts

For entities in construction and real estate business. New contracts can be added up and reports can also be generated concerning contracts.

Fixed Assets

This is for the entity's non-current assets. New assets can be added. Also, you can import fixed assets in situations whereby the company was using a different accounting software and has decided to use the Tyms software. You can track the total assets cost, total depreciation, total book value, and total payables from the software.

Projects

This is similar to the contract section. You can use it to set up a project and compute the estimated product life, among other things.

Budgeting

Here you can create the budget for an organisation

Task

This shows available tasks that are yet to be completed. It also shows all tasks that were done within the software for a particular period. The chief executive officer can use this section to know what's happening in the entity at a glance.