Borne out of frustration with existing tax software solutions, in 2013 the Managing Director of a London accounting firm invested money into creating a better solution. He felt that current software was lacking in helping him to service his clients.
Following a vision of “One Practice, One Software,” and after the software was used successfully by his team, the Nomisma Solution was debuted to the world. It consists of multiple, integrated components, specifically Bookkeeping, Payroll, Self-Assessment, Accounts Production, Corporation Tax and Company Secretarial. A ‘lean and mean’ company, Nomisma currently has 26 employees. The name of the company, Nomisma, comes from the ancient Greek word for “money.”
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Nomisma sells their software via a subscription, by the module. The advantage of this is to integrate multiple components together, so data is easily transferred between modules in a seamless fashion.
On entering the Nomisma website you’re essentially given two options, depending on whether or not you’re an accountant or you want to handle accounts duties for your business. From there, Nomisma is able to tailor a price to suit your requirements.
The Practising Accountants 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.
Small business users can make use of a free trial while pricing is currently £20 plus VAT per month (£192 plus VAT annually) for the Bookkeeping package, £20 plus VAT per month (£192 plus VAT annually) for the Payroll option or £40 per month plus VAT (£384 plus VAT annually) 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, 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, 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 is timesaving as well as Workflow Management can automate accounting processes for 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 file cabinet.
Nomisma offers a more comprehensive financial software solution than most, and is notable as to how many modules are offered, and how well they integrate all together to seamlessly transfer bookkeeping info for tax submission, and dashboards for business financial analysis. Concerns remain however as each module is subscribed to separately to build the package, and the costs are opaque without contacting the company for a quote.
In addition, there are concerns that this company has not achieved mainstream popularity, and going full tilt with them may leave a business high and dry if this company does not make it long term. Still, 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. Other options to consider include FreshBooks, QuickBooks, Xero, Sage Business Cloud Accounting, Kashoo, Zoho Books and Kashflow.