Top Accountants in Leeds
Nomisma is the UK’s only fully integrated SaaS cloud-based compliance and
bookkeeping software developed with the sole purpose of helping small businesses to ensure that the owners can leave
their basic bookkeeping matters in the hands of experts and get working on the
critical matters important to the business. This Cloud-based Simple Small
Business Bookkeeping Software allows owners to access their books anytime and
anywhere through its automated collaborative systems, thus making it an
efficient, time and money saving tool for a profitable business.
Nomisma is a New Era Accounting Software designed to give accountants the opportunity to offer their clients a modern technology led, all-in-one accountancy service to increase client loyalty.Its objective is to build and provide a common platform to connect contractors/small businesses, financial professionals, and the banking and tax systems of the UK, while also providing the capability to work across the global marketplace. Seeking to streamline many of the manual processes of accounting while automating others, Nomisma’s labor-saving capabilities include providing Simple Bookkeeping for small businesses and the ability to help make intelligent and profitable decisions about business, personal taxation and VAT.
With its huge spectrum of Easy Bookkeeping capability, its accessibility, and user-friendly design, accountants are easily able to encourage their clients to take advantage of real-time accounting. It has every feature any Small Business Bookkeeping and Accountancy practice may require in order to run the management accounts of their business and contractor clients. Nomisma is a sophisticated compliance software, but its design pays attention to the lay-user and expert user alike.
More often than not, Accountants complain of the time it takes to swap between different software interfaces and the effort it takes to become a proficient user of each one; they suffer the expense of using multiple software programs and have concerns about lost data and client security. As accounting software for small businesses, NOMISMA’s Simple Bookkeeping solutions and processes are specifically designed to address all areas of compliancy, integration, and accessibility, as well as building in business growth elements to create a low-overheads and high-yielding business.
NOMISMA is an Efficient, secure, value for money, integrated Bookkeeping software for accountants, which promotes business growth by cutting costs. Itproficiently integrates bookkeeping, expenses management, payroll, self-assessment, accounts finalization, and reporting and can be customized and branded by accountants for use with their clients. Also as a white-label product it can also be cross-sold at any price chosen, thereby providing accountants with an additional income stream.
With NOMISMA, the modernization of Accountancy and Bookkeeping methods does not stop at integration. It easy bookkeeping methods suited for small businessescan help accountants manage CRM, receipts and expenses, reimbursements, process allowances and calculate dividends, handle allowances for Employees and Directors, Payroll/Auto-enrolment, Accounts Production and much more, all through one common platform. It also creates greater transparency hence providing better security.
Together, all of these dynamic features of Nomisma create its most unique feature: an automated monthly statement based on the data collected and processed.
Nomisma’s Bookkeeping module is designed for multi-users among finance professionals, small businesses and contractors. It benefits not just accountants but also Owners of businesses and clients alike. Its user friendly and Simple Bookkeeping software design helps owners access well prepared, detailedreports anywhere, anytime in a secure environment at their own convenience. It provides free and fast support in case of any problems thus helping efficient management of business accounts at a low affordable price.
Read Also: Nomisma crm Software for GEN-Y
Putting the customer at the heart of business strategy is the key to success, and Nomisma being a Small Business Bookkeeping Software and well integrated system, complimented by its CRM capability allows businesses to concentrate on what is most important.It effectively manages, uses, shares, generates, and produces data. This provides small businesses with the time and freedom to concentrate on other areas of business, safe in the knowledge that a highly sophisticated, well-designed automated system is keeping the books and accounts up-to-date and fully aware of clients’ needs.
There are storm clouds gathering over Silicon Valley – and it’s more than just El Nino.
As a venture capitalist, I see a lot of data points within the private company marketplace. Every Monday, I sit in a room with my partners and we discuss dozens of companies, both portfolio companies as well as those we are considering for investment. When a market turns, we tend to see the signs earlier than the entrepreneurs working on the front lines.
This market? I’d say it has turned.
It is going to be hard (or impossible) for many of today’s startups to raise funds. And I think it will get worse before it gets better. But, hey, my entrepreneurial friend, who ever said it was going to be easy? One of my favorite expressions is: “that which does not kill us makes us stronger.”
So which is it going to be for you? Tougher? Or dead.
Fortunately, (unfortunately?) I’ve been to this movie before, during the dot-com “nuclear winter” – anyone remember that? I’d like to think I’ve learned some things from that painful experience.
I’ve seen companies live, and I’ve seen them die. And I’ve concluded that certain behaviors separate the two.
Which behaviors, you ask? Here are a few from my downturn playbook for how to stay alive.
Stop clinging to your (or anyone else’s) valuation: You know what somebody else’s fundraise metrics are to you? Irrelevant. You know what your own last round post was? Irrelevant. Yes, I know, not legally, because of those pesky rights and preferences. But emotionally, trust me, it is irrelevant now. We even have a name for this – valuation nostalgia. Yes, it was great when companies could raise those amounts, at those prices, blah, blah, blah, but the cheap-money-for-no-dilution thing is largely over now. The sooner you get on with dealing with that, and not clinging to the past, the better off you will be. As my DFJ partner Josh Stein says, “flat is the new up.”
Redefine what success looks like: I had lunch last week with a friend of mine who broke her leg in three places four months ago. “I used to think a successful weekend was 10+ miles of running,” she said. “For now, success is going to have to mean making it to the mailbox and back without my crutches.” When a market like this turns, in order to survive, it is critical to redefine what success is going to look like for you – and your employees, and your investors, and your other stakeholders. Holding on to ‘old’ ideas about IPO dates, large exits and massive new up rounds can ultimately be demotivating to your team. If you can make it through the downturn, you will have those opportunities again. But for now, reset your goals.
Get to cash-flow positive on the capital you already have (AKA, survive): My DFJ partner Emily Melton said this in our last partner meeting: “Must be present to win.” I used to say it at T/Maker (the company for which I was CEO) in a slightly different way: “In order to have a bright long-term future, we need to have a series of survivable short term futures.” You need to survive in order to ultimately win.
You know what kind of companies generally survive? Companies that make more money than they spend. I know, duh, right? If you make more than you spend, you get to stay alive for a long time. If you don’t, you have to get money from someone else to keep going. And, as I just said, that’s going to be way harder now. I’m embarrassed writing this because it is so flipping simple, yet it is amazing to me how many entrepreneurs are still talking about their plans to the next round. What if there is no next round? Don’t you still want to survive?
Yes, some companies are ‘moon shots’ (DFJ has a fair number of those in our portfolio) where this is simply not possible. But for the vast majority of startups, this should be possible.
So, for those of you in the latter group, I want you to sharpen your spreadsheet, right now, and see if, by any hugely painful series of actions, you could actually be a company that makes money. ASAP. Or at least before you run out of money. Because that’s the only way I know to control your own destiny. You don’t have to act on it (although I would), but at least you will know if you have a choice.
And if you absolutely, positively, cannot get there without more capital? Then you need to…
Understand whether your current investors are going to get you there: Guess who else cares about whether you live or die? Yep, your current investors. Another duh. That’s why they are your best source of ‘get me to cash flow positive’ financing. And yet, even though we all know this, why is it we don’t actually (1) create the plan that gets us to cash flow positive ASAP, and then (2) go to our backers and get their commitment that they will see us through (or know that they won’t, because if they won’t, the sooner we know that, the sooner we can go out and do something about this.) I know many VCs hate to be put on the spot about this, but I think entrepreneurs have the right to ask, and to know.
Stop worrying about morale: Yes, you heard me right. I can’t tell you how many board meetings I’ve been in where the CEO is anguished over the impacts on morale that cost cutting or layoffs will bring about.
You know what hurts morale even more than cost- cutting and layoffs? Going out of business.
I was at a conference once where someone asked Billy Beane how he created great morale at the A’s. His answer? “I win. When we win, morale is good. When we lose, morale is bad.”
Your employees are smart. They know we are in uncertain times. They see the stress on your face. They worry about their jobs. What do they want to see most? A decisive plan for survival, that’s what – even if some of them have to go. Trust me, a clear plan is a real morale turn-on.
Cut more than you think is needed: Yes, this is simple, but not easy. It is so easy to justify why you want to lay off fewer people. However, when you do, by and large, you’ll be laying even more off later. Why we humans seem to prefer death by a thousand cuts is a mystery to me. Don’t. It’s easier on everyone if you cut deeper and then give people clarity about the stability of the remaining bunch.
Scrub your revenues: Last week an entrepreneur pitched us, and his ‘current customers’ slide was alight with bright, trendy logos of bright, trendy venture-backed companies. You know what I saw? A slide full of bright, trendy, money-losing, may-not-survive companies. (Luckily, in this case, the entrepreneur referenced these customers because he thought VCs would like to see that their smart startups use his stuff, but he actually had a lot of mainstream customers too. He has a new slide now.) This, I think, was one of the biggest surprises from the last dot-com bust – we all knew we had to cut our expenses, but no one thought about what our customers might be doing. And guess what? They were all cutting costs too – including those costs which comprised our revenues. Or worse, they were going out of business. If you are in Silicon Valley and your customers are mostly well-paid consumers with no free time, or other venture-backed startups, well, I’d be worried. And yes, it sucks, but it is better to be worried than surprised.
Focus maniacally on your metrics: I know a few CEOs who delegate the understanding of their financials and their business metrics to the CFO, and then stop worrying about all that ‘numbers stuff’. Don’t do that. You have to know your numbers inside and out – they are your life blood. You also have to know which metrics drive the business, and focus on them like your survival depends on it – because it does. Figure out your canary (or canaries) in the coal mine (by that I mean the leading indicators that tell where your business is headed and whether it is healthy) and watch them weekly, or daily, or in real time, whatever is possible. And, have a plan in advance about what you will do if/when the metrics go south. Many of the best companies to have survived the last downturn became super data-driven, and were constantly course-correcting to make small but continuous improvements in their operations with what they learned.
Hunker down: These markets generally take a long time to recover. Longer than you think. And, it might get worse. So don’t plan for the sun to start shining tomorrow. Or next month. Or next quarter. Or maybe even next year. Sorry.
Having just thoroughly depressed you, let me say that I’ve seen amazing transformations by companies who adapt early to the new reality. Severe budgets give clarity. Smaller teams often find greater purpose in their work. Gaining control (by becoming profitable) feels really, really good. Watching your competition (who didn’t read this) die, feels – can I say it? – well let’s just say that when your competition goes out of business, you often gain their customers…and that’s a very, very good thing.
Some of the greatest companies were forged in the worst of times. May you be one of them.
Accounting software is used by Contractor Accountants London to enter many complex financial transactions into the financial books of account and is almost invariably based upon double entry bookkeeping principles. A major advantage to those companies and the finance staff is the extent to which financial information contained in the database can be queried for financial control purposes.
An accountant needs to not only ensure the financial records are accurate but also retrieve any part of the accounting records to answer accounting questions on the accounts, provide a legal basis for the transactions and report the financial statements at regular periodic intervals.
The small business has different accounting needs which are better described as bookkeeping than accounting. For non limited companies that do not need to produce a balance sheet then a simple income and expenditure account can be produced much simpler using single entry bookkeeping principles.
Less financial control is often required from small business accounting software as the bookkeeper is often the owner manager who already has an intimate knowledge of each transaction. Books are still required for tax purposes and a solid requirement of preparing a set of financial books for tax purposes is that each entry is supported by third party evidence.
Examples of third party evidence would be sales invoices, purchases invoices and bank statements. Financial transactions where no receipt exists can still be entered in the business books although all transactions not carrying third party evidence could subsequently be disallowed for tax purposes and certainly would be if the amounts entered indicated unusual income or expenditure.
Producing an income and expenditure statement using single entry bookkeeping is little more than making two lists of financial transactions. Those lists being one of sales income received from sales invoices or receipts issued to customers and the other of purchase expenditure being from purchase invoices received from suppliers.
To record sales income it would not normally be sufficient to simply add up the total of the invoices as such a summation does not leave an audit trail of the items which have been included. A written list of sales invoices does provide an audit trail.
Sales accounting for a small business accounting purposes can be either a manual list of the sales invoices or by using a spreadsheet package a list can be made on a bookkeeping spreadsheet. Using a spreadsheet for the bookkeeping has advantages as simple formula can be used to add up the column totals.
The essential information to enter for a sales invoice would be the date of the sale, name of the customer, sales invoice number if applicable and optional a brief description of the item sold. In the next column would be the total sales invoice amount. If items like value added tax are required to be accounted for then an additional column would be required to accommodate the vat or sales tax accounting.
A further small complication might be if at the discretion of the small business owner additional information was required from the bookkeeping records to indicate the totals of the different types of products and services then additional columns could be incorporated to enter the net sales figures in these columns.
There it is then, a simple list of sales invoices to satisfy the sales accounting requirements for a small business where a balance sheet is not required.
On the expenditure side of the business the bookkeeping can also be a simple list of the purchase invoices and receipts showing the amount spent. The list should also produce an audit trail by showing the date of the purchase invoice, name of the supplier, purchase invoice for identification purposes and the total amount spent.
Usually tax returns are the main purpose of producing small business accounts and invariably some analysis is required to show what the expenses have been spent on. That is not difficult to achieve and as with the sales accounting the owner manager can add additional standard columns to the bookkeeping spreadsheet.
The expenditure analysis columns do not need to be a different column for each type of expenditure. It is better to set up and group the analysis columns in general headings which can accommodate all the expenses.
Such columns may include stock, other direct costs, premises costs, general administrative costs, transport and delivery costs, repairs and maintenance, travelling and hotel costs, motor costs, bank and legal costs and other expenses. It is better not to enter too many items under a general heading of other expenses as this is more likely to be investigated as the type of expense has not been precisely identified.
One important column to also include is for asset purchases as fixed assets usually have different tax rules applying to the claim of the expense against tax and should be separated from other expenditure.
Having set up two bookkeeping spreadsheets the task is then to produce the income and expenditure account by collecting the totals of each of the analysis columns. The sales total is the sales turnover from which is deducted the totals of each of the expenditure classification totals with the result being the net profit and loss of the business.
Where stock is bought and sold a further adjustment may be required to account for the difference between opening and closing stock. This is done by taking a physical stock check and valuing the stock at the start and end of the financial period.
On the income and expenditure account adjust the stock purchases figure by adding the value of the opening stock and deducting the value of the closing stock. The result is not the stock purchases total as shown in the bookkeeping spreadsheets but the cost of the goods which have been sold to produce the sales turnover being reported.
Simple bookkeeping for a small business accounting purposes can be two lists of sales and purchases supported with sales invoices and purchases invoices.
Terry Cartwright a qualified accountant at DIY Accounting in the UK designs UK Accounting Software on excel spreadsheets providing complete Small Business Accounting Software solutions with single and double entry Bookkeeping Software for both limited companies and self employed business
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