Nomi (Nomisma) review

Nomi (formerly Nomisma) was born out of frustration with existing tax software options and is a complete cloud-based solution for accountants. What started in 2013 as the dream of a London based accountant now allows accountants to consolidate their software stack from eight to just one. The software covers all compliance tasks as well as internal practice processes and is completely interconnected so you never have to enter the same data twice. 

Compliance tools include Bookkeeping, Payroll, Final Accounts and Self-assessments. Meanwhile, Practice Management options cover Lead Management, Quotes & Contracts, Onboarding and Company Secretarial. Nomi consists of a team of over 40 staff, with a UK based support team available over the phone and via email. 

• Want to try Nomi? Check out the website here

Nomi: Pricing

Nomi sells its software via a per client subscription model. The company claims this makes it completely transparent as there are no hidden fees and all of the premium features are included.

On arrival at the Nomi site users are taken to the SME area where businesses can sign up for a free trial and explore the features. There's an option to click 'Accountants', which will take the user to Nomi’s dedicated site for accountant users.

The Practising Accountants route takes you to an area that outlines the modular approach used by Nomi. There are currently 8 in all that cover Bookkeeping, Payroll, Self-Assessment, Accounts Production, Company Secretarial, CRM & Practice Administration, Onboarding and Proposals/Quotes. 

Nomi also points out that individual modules can be used as required and the company suggests contacting them in order to tailor a package accordingly. It says self assessments are not counted as clients from a billing perspective.

Small business users can make use of a free trial while pricing is currently £6  per month for the Bookkeeping package, £3 per month for the Payroll option or £2.50 per month for the Final Accounts & Self-assessment package.

The Payroll module has a variety of functions, such as automatic run payroll, auto enrolment for easy compliance, a dashboard, the ability to email or print payslips, and in-depth reporting. Perhaps the most important feature of the Payroll module is that integrates fully with the Bookkeeping module. Further encouraging that users subscribe to both, there is a 50% discount when adding the Bookkeeping module to the Payroll module.

The Bookkeeping module includes the ability to manage sales and purchase invoices, including uploading and sending subcontractor bills; invoices can also personalized with the company logo. It can generate reports to determine the most cost effective VAT scheme, and can also perform automatic reconciliation with bank records.

Modules like the  Accounts Production and Corporation Tax Software, have a wide ranging variety of functions, including dashboard tracking of accounts, production of dividend vouchers, processing of journal entries for client’s accounts, all with a full audit trail of what changes were made, and by whom. There is also the Self-Assessment Software, that is an HRMC registered tax solution that fully integrates with the bookkeeping module. Also integrated into this is the Company Secretary software that focuses on practice administration, with tasks such as allotting shares, and appointing or terminating a director. Finally, there is the Practice Administration module for managing client relationships, with lead capture and management tasks, document management, and workflow management.

Helping to make a quality decision, Nomi offers a 30-day free trial, although there is no free tier available.

Nomi: Features

Nomi is a cloud-based solution, which has the software, and all the data in the cloud. This has the advantages that the software gets updated when needed on their server, and Nomi is responsible for redundancy of data and a hard drive failure on the office desktop will not result in loss of the program, nor any data.

Another pro of a cloud based approach, is that it can easily integrate with mobile apps. Thankfully, Nomi embraces this, and offers both Android and iOS mobile apps. The software can also be used via a web browser interface. The mobile app is also useful for capturing expenses as invoices and receipts can be captured and uploaded on the mobile platform while away from the office.

Nomi’s Bookkeeping module has an Automatic Reconciliation feature. It is a serious time saver, and can shoulder some of the heavy lifting of running a business as it connects to your bank account, recognizes the transactions, and then can match them up so everything is reconciled.

Another useful Nomi function is Dashboard on the Payroll module. This provides key data, that is easily glanced, and can show payslips, payroll and RTI submissions. Payslips can also be emailed or printed to keep track of them.

Nomi’s Self-Assessment Software for Accountants brings plenty of functionality to the table. By integrating with the Bookkeeping module, it can prepopulate Self-assessment fields, carrying data forward, and avoiding the tedium and potential for error by not having to re-key in data. It can also perform an unlimited number of Self-assessment submissions, and is fully HMRC compliant and registered. It also provides confirmation that the HRMC has accepted the tax return through submission reports.  

Using the Nomi suite saves time because the Workflow Management automates accounting processes resulting in a more efficient workflow. For example, client management is made more efficient through creation of email templates and scheduling. Another example is that working papers can be kept organized all in a single place, with less time spent on the menial task of organizing a filing cabinet.

Nomi: Final verdict

Nomi offers a more comprehensive financial software solution than many similar products and is notable for the features outlined above. Everything integrates nicely to help accountants seamlessly transfer bookkeeping info for tax submission, and the dashboards for business financial analysis are handy too. 

For a small business that needs a single, integrated solution that can handle complex financial situations that competing software does not address, Nomi is worth a serious look. Nomi has been around for several years (first as Nomisma) and has in excess of 200 active accountant users, so it's gaining traction in the accounting industry and remains an affordable solution. Nomi was also built by accountants for accountants, so that in itself seems to make it worthy of investigation.

Other options to consider include FreshBooks, QuickBooks, Xero, Sage Business Cloud Accounting, Kashoo, Zoho Books and Kashflow.

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