Nomisma and Xero: Which is the Best Software for Accountants Working with Small Businesses and Contractors?
Nomisma Solution is white-label, cloud-based, and fully integrated bookkeeping and compliance software, designed by accountants for use by accountants and their small business and contractor/freelancer clients. From an Accountant’s perspective, Nomisma offers an integrated solution at a very competitive all-in-one price, providing bookkeeping/accounts production/full compliance (tax, VAT, expenses, dividends, payroll, and filing). Please see the Table below.
Software Designed for Growth
Designed specifically to reduce overheads and increase efficiency by streamlining tasks, Nomisma was built to address the whole lifecycle of running a successful business. Take the CRM module: it has leads capture and management, and an email and a tracking system too. Everything is integrated—CRM, accounts, books, company secretary-so that you avoid wasting time on duplicating tasks and swapping between different software systems.
Comparing other software
How will Nomisma compare to one of the big players, the well-regarded Xero?
As it says on the website, Xero is cloud-based software initially designed with small businesses in mind. It has become an increasingly popular accounting system for large stock exchange listed companies. Xero is also recommended for accountants and bookkeepers to “grow their practice … to help build a trusted relationship with small business clients through online collaboration”. Xero has built up a healthy reputation for doing what it says on the tin, although it can get expensive when users opt for additional features (i.e. see below, receipt storage).
|1.1. Unlimited Invoices||In standard & premium package|
|1.2. Automatic Invoicing|
|1.3. VAT Flat Rate and Standard Rate|
|2. Payment Button|
|3. Quotes and Estimates|
|4. Purchases / Expenses / Customer / Supplier|
|5. Profit and Loss, Balance Sheet Reports|
|6. VAT Comparison Report|
|7. Expenses Management / Car Mileage|
|8. Reference Letters|
|9. Receipt Storage No Additional Cost|
|10. Allowances for Employees and Directors|
|11. Taking Sheet for Retail and Cash Business|
|12. Process Dividends / Create Dividend Vouchers|
|14. Company Secretary|
|16. Self Assessment Integrated|
|18. Accounts Production|
|19. Access Rights|
Planned Development Unique to Nomisma
Comparison Nomisma v Xero
Looking at the Table, Nomisma offers accountants many features to help them manage their practice better and improve delivery of services to their small business and contractor/freelancer clients. As you can see, Xero and Nomisma share many fantastic features, but Nomisma has certain unique features that really do make it outstanding value.
These unique features include:
• Dividends processing
• Receipt storage at no additional cost
• Reference letters
• VAT comparison report
• Takings sheet component for cash, retail, and restaurant businesses
• Integrated module for CIS subcontractors and generates contractor statements
• White label software that you can cross-sell
Nomisma’s integrated system means that there is no need for any other software, no swapping between different programmes to carry out the many tasks businesses contractors and freelancers require from their accountant.
Another remarkable aspect of Nomisma is its business growth element. Yes, you can work on the cloud with your clients and colleagues with Xero, but it is not a white-label product like Nomisma is. You can provide your clients with Nomisma at a price you decide; but apart from this benefit, Nomisma places accountants in a very strong position, by lessening the risk of clients moving to another accountancy practice that is using the same software based on just the issue of price.
While Xero does offer a great solution for accountants in practice and their clients, it is mainly concerned with bookkeeping and basic compliance options, and can turn out to be quite costly for accountants wanting to run their practice from a cloud, as the price goes up according to the number of users and features.
Unlike Nomisma, Xero does not offer full compliance. So while it is great with bookkeeping and payroll, what about final accounts, self-assessment, and other accountancy tasks? Nomisma is designed so that you only buy one software system, only do things once, because it is fully integrated, and only need to learn and train on one system. Nomisma reduces costs and increases efficiency.
While Xero is strong in delivering good cloud-based software it has not been built with the same focus on full integration, compliancy, cost savings, business growth, CRM, and efficiency. Xero was designed initially for small businesses and has many useful features for them. Ultimately, however, Nomisma’s competitive price and total integration is particularly attractive to accountancy practices that wish to grow their practice by attracting small businesses as well as the lucrative freelancer/contractor market.