Sumly vs a Cyprus accounting firm
The average switch is worth €3,210 a year.
Your yearly bill
The same job, two very different bills
A traditional accounting firm keeps your books in their system and bills you every month for the data entry; with Sumly the books are yours, live, the data entry does itself — and answers take seconds.
| Feature | Sumly | A typical firm |
|---|---|---|
| Built for Cyprus tax | ||
| You see your books in real time | rarely | |
| AI does the monthly grind | ||
| VAT & VIES prepared automatically | manually | |
| Answers in seconds | in a week | |
| Price | €39/mo | thousands per year |
| 30-day free trial | rarely |
Switching is an afternoon, not a project
Three steps, and the monthly grind is gone.
Connect your bank
Read-only feeds from the banks Cyprus businesses already use. Sumly sees transactions — it can never move your money.
Bring your history
A dedicated opening-balance flow brings in your existing balances — your history stays intact.
Stop paying for data entry
From here the AI does the monthly grind and you review. That's the line on the invoice you were paying a firm for — the judgment calls are still yours to keep, or to ask a professional about.
Switching, answered
The questions every founder asks before leaving their firm.
How much does an accountant cost in Cyprus?
Fees vary widely by firm, city and workload — a small company typically pays a monthly bookkeeping retainer plus separate charges for VAT and VIES returns, the year-end accounts and the tax return, so the annual bill runs into the thousands. The audit is separate again, and always carried out by an independent auditor. We don't publish firm prices, but we do publish ours: the average Sumly user saves €3,210 a year doing the books on Base.
Why are accounting fees so high — and what should they include?
Because most of the retainer pays for data entry: typing receipts, matching bank lines, chasing documents. A good engagement should include bookkeeping, VAT and VIES preparation and submission, provisional and corporate tax, the year-end statements and auditor liaison. Sumly automates the entry and keeps the professional work — that is the whole difference in price.
Monthly or annual — how do accountants in Cyprus charge?
Both models exist: a monthly retainer for ongoing bookkeeping, or an annual fee for the year-end with returns billed separately. Either way you are billed for time. Sumly is a flat monthly (or yearly, two months free) subscription — the price doesn't rise because you sent more receipts.
How can I pay less for accounting in Cyprus without cutting corners?
Stop paying a person to type. On Base the AI reads every document, books it on the right Cyprus VAT code and reconciles the bank; you review and file, about 10 minutes a month, for €39/month. If you want a professional to review and file, Premium includes a Sumly certified bookkeeper — among the cheapest in Cyprus, Base included. Both plans are laid out on our pricing page.
Is a cheap accountant risky?
Cheap is risky when it means less review; it isn't when it means less typing. What protects you is a complete audit trail — every entry linked to its document, filed periods locked, bank reconciled to the cent — and a human who reviews before anything is filed. Sumly gives you the trail by default; who reviews (you or a bookkeeper) is your choice.
Can I switch to Sumly mid-year?
Yes. A dedicated opening-balance flow brings in your existing balances, so you can switch in any month — mid-year included — and your books simply carry on from there.
Do I lose my history or my documents when I switch?
No. Your balances come across in the switch, so your history stays intact. Going forward, your source documents live in Sumly from day one — every booking stays linked to the file behind it. For prior years, ask the firm to hand over your records; that's standard practice when switching.
Do I still need an auditor, and what does that cost?
Yes — the statutory audit stays. Every Cyprus limited company needs an independent auditor to approve the accounts, and for the smallest companies that can be a review engagement instead. Sumly never performs the audit itself; you order a Partner Auditor from the dashboard, and the fee depends on the company and the state of the books. Because the books arrive reconciled with a full trail, the hours behind the quote are fewer. Our auditor page explains how the engagement runs.
Founders who made the switch
“I used to lose a full weekend to VAT every quarter. With Sumly it's ten minutes and I actually trust the numbers.”
“We cancelled our €3,000 accounting retainer. Sumly does the boring 90% and flags the rest.”
“Finally, accounting software that speaks Cyprus. VAT and VIES just… happen.”
“I used to lose a full weekend to VAT every quarter. With Sumly it's ten minutes and I actually trust the numbers.”
“We cancelled our €3,000 accounting retainer. Sumly does the boring 90% and flags the rest.”
“Finally, accounting software that speaks Cyprus. VAT and VIES just… happen.”
“I used to lose a full weekend to VAT every quarter. With Sumly it's ten minutes and I actually trust the numbers.”
“We cancelled our €3,000 accounting retainer. Sumly does the boring 90% and flags the rest.”
“Finally, accounting software that speaks Cyprus. VAT and VIES just… happen.”
“I used to lose a full weekend to VAT every quarter. With Sumly it's ten minutes and I actually trust the numbers.”
“We cancelled our €3,000 accounting retainer. Sumly does the boring 90% and flags the rest.”
“Finally, accounting software that speaks Cyprus. VAT and VIES just… happen.”
“It found my IP Box exemption before my old accountant ever mentioned it. Paid for itself in a month.”
“Connected my bank, and the next morning everything was categorised. Genuinely felt like magic.”
“No more 11pm spreadsheets from the accountant. Sumly gives me peace of mind at tax time.”
“It found my IP Box exemption before my old accountant ever mentioned it. Paid for itself in a month.”
“Connected my bank, and the next morning everything was categorised. Genuinely felt like magic.”
“No more 11pm spreadsheets from the accountant. Sumly gives me peace of mind at tax time.”
“It found my IP Box exemption before my old accountant ever mentioned it. Paid for itself in a month.”
“Connected my bank, and the next morning everything was categorised. Genuinely felt like magic.”
“No more 11pm spreadsheets from the accountant. Sumly gives me peace of mind at tax time.”
“It found my IP Box exemption before my old accountant ever mentioned it. Paid for itself in a month.”
“Connected my bank, and the next morning everything was categorised. Genuinely felt like magic.”
“No more 11pm spreadsheets from the accountant. Sumly gives me peace of mind at tax time.”
Related
- Ready to switch? Three steps, one afternoon
How changing accountant in Cyprus actually works.
- Pricing
Base vs Premium — and what each includes.
- Do I need an accountant for a Cyprus company?
The obligations, and what you can do yourself.
- Savings calculator
Enter what you pay today; see what's left.
Every month without Sumly costs you about €268.
That's €3,210 a year — the average saving. And switching is an afternoon, not a project.