Simple Bookkeeping Blog

Accurate accounting is at the heart of business efficiency.

In the mid of January, Nominal released an exciting new feature for their accounting software. This update provides online banking feeds to the users and lets them easily synchronize their data with the bank account they maintain with the Nominal software. Nominal's founder Uri Maimon was very optimistic following the update's release stating "We're really happy and excited. We're happy that we have finally included this critical update on which we were working for so long. With the update now available to our users, we are also excited about the enhanced functionality that they will enjoy."

Maimon maintains that Nominal software is always seeking ways to enhance the business efficiency of the small and micro Australian businesses that the company targets. The software update certainly reinforces the ambition and competency expressed by Mr. Maimon. The increasingly competitive business environment demands all industry players to offer software that takes less of their users' time and enables better productivity.

"The end-users and their objectives are always front-and-centre at Nominal," said Uri Maimon. He added that "Nominal's synchronization update is yet another proof that we always aim to offer a combination of simple yet powerful functionality for our clients.” With the majority of these clients being small Australian businesses, the update provides the efficiency that is especially crucial for small and micro businesses in any industry. Nominal founder also stated that “We think of this update as an augmentation of an incredible tool that helps the small business owner. Our work provides invaluable assistance to the Australian business community sector and we are very proud of our contribution."

Thanks to the synchronization update, users can easily keep track of all their transaction such as bank charges, with just a single click. The feature will save a lot of time that would otherwise be lost to lengthy reconciliation processes. Nominal experts express the benefits of the synchronization feature as an improvement in speed, simplicity and overall efficiency of the business through the accounting functions carried out by the users.

Speaking about the company and the update's impact on its value, Nominal's founder said "The update is great news for the company and our respected partners. Nominal's accounting software gets banking feeds from the most esteemed banks namely CBA, ANZ, Westpac, NAB, St. George and Bankwest. All of them are incredible banking institutions and valued partners and we are confident that this update adds to the value that all of us offer to our common clients."

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Simplification through software enhances convenience and efficiency of business accounting.

Nominal has recently announced an update for their Nominal Accounting Software. The update is the addition of online banking feeds which let users synchronize their software with their bank account. According to Nominal founder Uri Maimon, “the new feature will enhance the functionality and value of Nominal Accounting for its users by simplifying their day to day bookkeeping tasks.”

Maimon added that, "We would ask ourselves how efficient and simple our business accounting software really is? We always think from our clients' point of view and keep challenging ourselves to offer simpler and smarter ways of managing their accounts. The online banking feeds feature makes their accounting records more accurate and up-to-date, making them better business managers."

"Accounting solution providers such as Nominal face an increasing competition as more and more personal & business aspects are being automated and come to rely on accounting best practices. Nominal's new software feature is proof of the company's ability to press forward in this competitive environment." Referring to the competition Uri Maimon said "We tend to focus on our clients rather than other providers in the industry. Our aim is to facilitate local businesses and our work reflects our dedication of helping small and micro Australian businesses manage their finances and business accounts easily and efficiently."

The synchronization update was released in mid-January. According to Nominal experts, the feature will remove the need for users to manually ensure that all their transactions are recorded, account for bank fees in their personal files, or worry about forgetting to include a receipt.

The feature greatly simplifies their day-to-day bookkeeping tasks by reducing the time consuming comparisons and reconciliations to a couple of clicks. Drawing attention to user behaviour, Mr. Maimon says "It's natural for people to forget things and to worry about forgetting things. We had already automated a lot of transactions so our users didn't have to worry about (recording) them. The (synchronization) feature builds on the software's convenience as by synchronizing with the bank, now users no longer have to worry about forgetting about recording transactions."

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Whether you are just starting out or you are looking for better ways to manage your existing micro or small business, one of the key factors in making it a success is to manage your business financials and track your business health. 

Choosing the right accounting software package is a hard task for anyone, especially small business owners. What's right for other business owners may not be compatible with your small business. That's why we've come up with the top ten tips you should consider when choosing an accounting software package. These are sure to make your job simpler and less time consuming, so you can get on with running your business. 

When looking at software options make sure your accounting package can help you:

1. Keep your GST records in order: Most small businesses are required to report on GST via submitting a Business Activity Statement every month or quarter. This at times can be an exhausting job. Your accounting software package should be able to help you keep adequate records to ensure you fulfil this requirement painlessly and efficiently. 

2. Create and send out invoices: Making sure you are invoicing customers correctly should be a top priority. An accounting software package should be able to help you chose, customise and implement the right invoice template for your business. It should also calculate, print, email, and record invoices and credit notes to your satisfaction, keeping all invoice management centralised.

3. Record payroll for employees and vendors: The task of paying employees and vendors can be gruelling and at times lengthy but it is a must for every small business to stay on top of. Your accounting software should help you set up an efficient payroll, pay, edit, print, and email payslips. The right software should make things easier for you, not harder!

4. Track the current status of your business: Tracking the status of your business is especially important in today's continuously changing and growing market. Weekly sales, expenses, money owed, what you are getting in and out are all relevant aspects of a business that a good accounting software package will be able to help you monitor closely. 

5. Track Your Inventory: Inventory is a vital component of your business, and ensuring you're up to date with stocks and purchases is imperative. Your accounting software should help you keep track of your stock levels, products and sales through a manageable and adjustable list that monitors this in real time for you. 
6. Manage Time Sheets and Billing: Calculating time sheets and time billing is not always fun, however, it is a central component of running your own small business. A good accounting software package will be able to help you bill customers for time spent via a timesheet feature that will calculate multiple rates and costs, and auto create invoices from the timesheet. 

7. Integrate your Online Systems: Ensuring all your financial records are combined make calculating costs and expenses more manageable. A good software package should be able to integrate your accounting records with other accounts such as PayPal. This allows for auto-payments, purchases and invoices to be managed centrally. 

8. Provide Detailed Financial Reports: Preparing financial reports should be easy but more than often it becomes a hard task. Your accounting software should be able to produce multiple reports and charts, be able to customise reports to suit the small business owner and be able to schedule weekly reports to be sent to specific emails, saving you time and effort. 

9. Manage Finances: Accounting for what you do with your money and where it goes is something all business owners should monitor and keep records for. A good software package will help you do this by tracking the spending, transferring and depositing of money. It should also have tools that connect to the company register as well as online records. 

10. Customer Management: We all know that satisfying your customers is the single most important thing in a business. Without customers, what business you have? Your accounting software package should include tools and features that help you track and monitor customer relations and touch points as well as create charts suited for each individual. This will ensure that you know each of your clients needs and wants on an individual level and you are able to sufficiently identify how you have managed each client. 

These are just a few tips that should be taken into consideration when choosing the right accounting software package for your small business. After all, every business is different and should have the right software catered to their individual needs, so don't settle for less!

Nominal Accounting Software develops, sell and supports a micro business management software.

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In today's society, technology is increasingly becoming one of the key industries changing the way we operate our daily lives. Each day, new innovative advances in technology are being created and mass-produced to the public. In turn this has created a high-tech world lead by technology as the key source of knowledge and power. One of the main benefits of technology is its ability to help individuals and businesses, and the reason why Uri Maimon decided to design his very own accounting software for micro-sized businesses. 

Uri Maimon is the founder of Nominal Accounting Software. A self-proclaimed technophile, Uri has been programming since he was 10 years old, and still retains a passion for software and computing. Nominal Accounting is a specifically designed product designed to help micro and small sized businesses (sole traders, consultants, businesses with 5 or less staff) with required accounting needs in a simple and straightforward product. Nominal Accounting enables business owners to create invoices, purchases, expenses, reports, even submit BAS and integrate into PayPal accounts. 

Born and raised in Israel, Uri has since been living and working in Australia for over ten years. Starting out in the IT industry as a customer support technician, he worked his way up to project management before starting out with his own IT consultancy business. As his business grew, Uri was shocked to learn of the limited number of accounting software packages available for small and micro business owners. 

"The existing products all seemed to be over complicated, expensive and used ancient technology", says Maimon. 

After exploring the options available, Uri decided to create his own software package. He based his design and features on the simple question "Will it be simple enough for an Australian micro business owner to operate and provide full functionality and business insights in an easy-to-use format?" and from there, Nominal Accounting was born. 

One of the biggest challenges he has faced through his journey is creating a new category. “I wanted a micro business management software that broke away from existing software products dominated by the likes of MYOB and QuickBooks.” The key driver behind Nominal Accounting was to create something innovative, easy, simple and effective that was not already on the market. 

A key challenge Uri has faced on his journey has been learning the ins and outs marketing a product like Nominal Accounting. 
"Positioning and branding is not about what you say or do but about what space you occupy in the mind of the prospect",Maimon states. 

"As a small company, finding your place in an incredibly competitive market is often a difficult task. Nominal Accounting has distinguished itself by targeting a niche market and emphasising the micro business aspect of the audience. We have created a new category and seek to be the leader in this category through understanding our audience and going over and above their needs"

Nominal Accounting seeks to achieve an effective and simple solution for all micro business owners in Australia, using current technology and integrating with other systems used by small business, such as online payments. 

"We provide simple accounting software that allows Australian micro businesses do their bookkeeping by themselves. Often micro business owners don't know much about bookkeeping and don't have time to invest in training, they also don't need complicated features but still need to do things like submit their BAS, create payslips and keep GST records. Nominal provides a simple solution that makes it easy to get started and still includes all the features necessary for a micro business owner", Maimon says. 

Since developing Nominal Accounting, Uri has successfully expanded the business and now faces his own challenges as it continues to grow. For those aspiring business owners, or anyone currently involved in running their own business Uri believes that reading is the best tip to help up skill and learn new areas quickly. 

"I have found that reading books in all departments of business helps you see and identify patterns that can often transfer to your own business situations. My initial naive thinking was that if a product A cost X and is of a certain feature and quality, and product B cost less and has better features and quality, than it should be easy to sell at least some product of B. The error of my ways soon hit me: No one is going to care about a product which is a little bit better and/or a little bit cheaper unless we find something they really care about"

Awareness is a huge part of the marketing and growth strategy for Uri and something that he is largely focused on at this stage of the business's growth. 

"We have a very big awareness gap which we're looking for innovative and cost effective ways to close. Our website has X visitors/month, out of which 10% download the trial version, out of which 50% try the software, out of which Y% actually but the software. Our main challenge is to increase both the X value and the Y value of this vital statistics of our business. Google Analytics has been an invaluable tool in growing Nominal to where it is today"

http://www.nominal.com.au/

Whether you are just starting out or you are looking for better ways to manage your existing micro business, one of the key factors to making it a success is to manage your business financials and track your business health.

FOR IMMEDIATE RELEASE

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Nominal Accounting, which specialises in offering small businesses simple and easy to use accounting solutions, today announced the release of the only micro business management software program suitable for small business operators - Nominal.com.au.

Nominal Accounting, which specialises in offering small businesses simple and easy to use accounting solutions, today announced the release of the only micro business management software program suitable for small business operators.
“With this new simple and complete small business accounting software, small business owners can now better manage their payroll and inventory quickly and without hassle,said Uri Maimon, founder of Nominal Accounting.
Maimon, who made the announcement, said using their newly released software program will make users properly maintain their bookkeeping tasks much easier.
“Our solution has the key functions that you need, without the unwanted features, options and processes that you don't need, and won't use,” added Maimon.

The Nominal accounting software package, with its simple, easy-to-master, and user-friendly interface, is promising to save users hours that would be otherwise spent on extensive training.
“Our software contains basic payroll functionality, perfect for all of your small business needs, and you can simply download your free copy and experience it for yourself for a 60 day, no-questions-asked refund guarantee,” said Maimon.
One of the benefits of using Nominal is that it allows for easy integration with PayPal and EBay transactions into one seamless account. The software even allows it's user to create invoices, purchases, expenses, refunds and accounting for the PayPal fees and currency conversions.
“Nominal has the most advanced PayPal integration available to Australian Businesses today,” claimed Maimon.

Any size business, including micro businesses, can benefit from Nominal Accounting because it is designed for those who have minimal amount of accounting knowledge. According to Maimon, Nominal Accounting does all of the accounting work for you - all you do is to input data and access the reports.
Here are some of the benefits Nominal Accounting offers Micro and Small Businesses:

• It saves time in handling the company' books
• It uses data efficiently – there is no need to enter the same data in different places
• Easy inventory management, sales tracking, management of customer contacts, payroll and business tax reporting.
• Helps eliminate mistakes that may occur as a result of human error
• Provides all monthly, quarterly and yearly reporting.

The software also simplifies the management of customers, employees and inventory because it has the ability to:

• Organises customer data efficiently
• Offers easy access to customer contact information, credit terms, credit card numbers and history of transactions
• Processes payrolls, including printing and E:ing payslips
• Maintains employee details, taxes, additions and deductions
• Manages lists of items and services
• Keeps track of price levels for buying and selling
• Reports on stock levels
• Provides transaction histories and reporting per item or service type.

Notwithstanding its many utilities, Nominal offers a complete accounting package at a very competitive price.
'We understand that you will need to consider the upfront, on-going upgrade, and license costs for accounting software packages. With this new program, we offer a complete solution, at an amazing price, allowing you to keep track of your capital and operational expenses', noted Maimon.

By Gareth Rose on Monday, March 28th, 2011

Nominal is an Australian startup on iPitch.  They have built a good product and are currently growing their customer base.  We were interested to feature Nominal because they provide a great example to the iPitch community about a fellow startup facing typical startup challenges and working hard to succeed.  Here's the interview with Uri Maimon of Nominal:

iPitch: What problem is your business or idea trying to solve?

Nominal: Micro Australian businesses require a minimal set of bookkeeping tools to manage their businesses, they may need to produce a pay slip for themselves but don't really need a payroll solution, they may need to manage a simple stock but don't need an inventory system. Most existing solution try to be all things to all people, they focus on small businesses with a more diverse set of requirements and not on the micro businesses with a simple set of requirements.  When a micro businesses uses a bookkeeping tool which was built for a bigger businesses it will too complicated and/or too expensive for his needs.

iPitch: What's your solution?

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Press Release

Nominal Accounting Software seeks user feedback from small business owners

There's a new player in the DIY Accounting software market – Nominal Accounting. Nominal's CEO, Uriel Maimon, says his firm wants to provide small business owners, particularly those who previously used only spreadsheets or the now defunct ATO's eRecords, with an accounting software package that is simple to use, affordable and that doesn't require a huge learning curve.

"Most small businesses start because the owner has a product or service that he or she is passionate about." Uri says "They don't want to spend large slabs of time on administration. That's not why they went into business. Our software addresses this issue by allowing them to take care of their accounts accurately and quickly."

"Nominal Accounting software has all the features small businesses need plus it's the first to support the Treasury's Standard Business Reporting (SBR) framework by allowing businesses to submit their Business Activity Statements (BAS) and Tax File Number (TFN) Declarations for their employees, online"

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