Nomisma was born out of frustration with existing tax software (opens in new tab)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 (opens in new tab), Payroll (opens in new tab), Final Accounts (opens in new tab) and Self-assessments. Meanwhile, Practice Management options cover Lead Management, Quotes & Contracts, Onboarding and Company Secretarial. Nomisma consists of a team of over 40 staff, with a UK based support team available over the phone and via email. The name of the company, Nomisma, comes from the word for 'Money' and pronounced 'No-mis-ma'.
- Want to try Nomisma? Check out the website here (opens in new tab)
Nomisma 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 Nomisma site users are taken to the SME area where businesses can sign up for a free trial and explore the features. For SMEs, it's priced at £20 per month for payroll or £30 per month for both. At the top of the page there's an option to click 'Accountants', which will take the user to Nomisma’s dedicated site for accountant users.
The Practising Accountants (opens in new tab) route takes you to an area that outlines the modular approach used by Nomisma. There are currently 8 in all that cover Bookkeeping, Payroll, Self-Assessment, Accounts Production, Company Secretarial, CRM & Practice Administration, Onboarding and Proposals/Quotes. Pricing is listed in three categories: Compliance Tools cost £5 plus VAT per client, per month. Practice Management costs £4 plus VAT per client, per month while the Full Suite option gives you all of the features from Compliance and Practice Management for £7.50 per client, per month plus VAT.
Nomisma 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 (opens in new tab) users can make use of a free trial while pricing is currently £20 plus VAT per month for the Bookkeeping package, £20 plus VAT per month for the Payroll option or £30 per month plus VAT for the Bookkeeping and Payroll packages combined.
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 (opens in new tab), that is an HRMC registered tax solution that fully integrates with the bookkeeping module. Also integrated into this is the Company Secretary software (opens in new tab) that focuses on practice administration, with tasks such as allotting shares, and appointing or terminating a director. Finally, there is the Practice Administration module (opens in new tab) for managing client relationships, with lead capture and management tasks, document management, and workflow management.
Helping to make a quality decision, Nomisma offers a 30-day free trial, although there is no free tier available.
Nomisma 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 Nomisma 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, Nomisma 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.
Nomisma’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 Nomisma 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.
Nomisma’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 Numisma 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.
Nomisma (opens in new tab) 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, Nomisma is worth a serious look. Nomisma has been around for 7 years and has in excess of 200 active accountant users, so it's gaining traction in the accounting industry and remains an affordable solution. Nomisma was also built by accountants for accountants, so that in itself seems to make it worthy of investigation.
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