Nomi – Important Product Update in April 2024

Team Nomi

Apr 30, 2024
9 minutes read

Welcome to our April 2024 update on Nomi

We are excited to share the latest features and improvements that will help you. Our team has been working hard to ensure that our software remains user-friendly, secure, and packed with essential tools for businesses of all sizes. From improved invoicing to enhanced reporting capabilities, we are confident that our latest updates will help you take your accounting to the next level.

Here are some of the important updates:

Bookkeeping Software

1. Sales and Expenditure Overview: Introducing an overview page for sales and expenditure bought an instant snapshot of financial health, allowing our partners to see total invoice amount, outstanding invoices, quotes and top debtors and creditors of the company. No more digging through multiple reports to get the information needed.
2. Bank Feed Reauthorisation: It offers several benefits in bank feed. It resolves the temporary connectivity issue in the bank feed connection, enabling users to quickly re-establish the connection without contacting their clients. Moreover it now provides users with great control over their bank feed connections, allowing them to manage access permissions and revoke authorisation anytime. This feature ensures peace of mind and transparency in data sharing.
3. OCR: With reduced manual data entry requirements, OCR can lower the cost associated with accounting task. Additionally, documents processed using OCR technology can be entered into the accounting system more quickly than through manual entry.
4. Quick Add on Dashboard: Having a quick adds option on main dashboard page allows users to create invoices, bills, customers, suppliers quotes and bank transactions quickly which saves time and reducing data entry efforts. It eliminates the need for repetitive actions, allowing users to focus on other important tasks, thereby increasing overall productivity.
5. Download in XLSX Format: Reports and transactions can now be downloaded in xlsx file over CSV which brings several advantages to users. Now users do not need to convert their files from CSV to xlsx format and retain all formatting which is crucial for financial reports and statements. It brings a greater flexibility, functionality, and compatibility with excel, making it a preferred choice for managing and analysing financial data effectively.
6. IWOCA Integration: We have introduced a new integration with IWOCA within our accounting software that will revolutionise the way companies manage their finances. With IWOCA, you can seamlessly access funding directly from your accounting software. Say goodbye to lengthy application processes and hello to quick and convenient funding options tailored to your business needs, with fewer to no paperwork.
7. Email Status: Recently introduced email status on the sales dashboard page offers real-time visibility into the communication status of sales transactions. Users can now track whether emails related to invoices or, quotes have been sent, not sent, or failed. This enables partners to follow up promptly. ensuring timely communication with customers and a smoother sales process.
8. Dashboard, Sales and Expenditure: While we have introduced our new user interface on few pages, we want to assure you that we’re not stopping here. In fact, we have several additional improvements and features currently in the pipeline that we can’t wait to share with you. Out team has been hard at work to bring fresh, modern, and user-friendly experience that will enhance the interactions with Nomi.

Payroll Software

1. Hourly Add Leave Options: Our hourly add leave options feature sets us apart, enabling employers to effortlessly manage leave requests down to the hours and minutes, unlike other software. Whether an employee takes a 4-hour, 15-minute leave, or any other duration, our slider tools simplify deduction. This feature provides unparalleled flexibility for both hourly and daily leave management, significantly easing the workload for employers everywhere.
2. NEST Integration: The direct NEST integration is groundbreaking, potentially saving over £ 500-600 per month. By eliminating the need for a pension sync service, we can now submit pension contributions directly to NEST Pension through Nomi. This means cutting out third-party involvement and its associated costs. It’s a significant cost-saving measure that streamlines our processes and ensures efficient pension submissions.
3. New Tax Year Changes 2024-25 (Payroll): Nomi’s Compliance with HMRC guidelines and regulations for the 2024-25 tax year is a crucial update, it ensures that our software aligns perfectly with the latest thresholds, rates, and guidelines provided by HMRC. This also means that our software remains fully compliant and up-to-date, providing peace of mind for users and ensuring smooth operations in the new tax year.
4. Auto Payroll Email Timing: The Auto Payroll email timing feature, which allow setting email timing in advance for auto payroll clients, is one of our standard offerings. Currently, this functionality is not available in competitor software. This features not only promises significant revenue potential for our software but is also an excellent selling point. From a sales perspective, it provides a competitive advantage that will help attract new employers.

Self-assessment and Partnership Tax Software

1. New Tax Year Changes 2023-24 (in SA and PTR): Nomi’s Compliance with HMRC guidelines and regulations for the 2023-24 tax year is a crucial update, it ensures that our software aligns perfectly with the latest thresholds, rates, and guidelines provided by HMRC. Introducing the new tax year (2023-2024) allows users to accurately assess their tax liability, implement strategic tax planning, and potentially reduce their tax burden. With updated information tailored to the new tax year, users can make informed decisions, meet deadlines, and ensure compliance effortlessly.
2. E-sign Password Protection: We meticulously refined the security for the E-signature link and documents shared with clients via email, ensuring the completion of the e-sign procedure using a password. When an user attempts to access the link or documents in the e-sign email, a prompt will displayed, requesting user to input their DOB in the DD/MM/YYYY format. Upon clicking on the DOB section, calendar will appear and user can select the DOB and can continue with e-sign process.
3. Profit-sharing Ratio Function Improvement: In the PTR module, we focused on optimising profit-sharing ratio functions, both during client creation and post-creation, providing users with greater flexibility and ease of use throughout their operations.

Final Accounts Software

1. FRC Taxonomy 2023 IXBRL Tagging Updated for Final Accounts Reports and CT Computation: We have integrated the newest FRC IXBRL tagging into our final account report and CT submission services, ensuring Nomi stays current with the taxonomy accepted by Companies House and HMRC for submissions.
2. CT Taxonomy 2024 New Year Changes: We have implemented the changes related to the CT Taxonomy for 2024. These updates include the introduction of the new CT600 PDF version 05, which has been updated and is now operational within the system. Staying up to date with the FRC and CT taxonomies accepted by Companies House and HMRC for submissions offers several benefits:
   • Compliance: By using the latest taxonomies, Nomi ensures that your submissions comply with the current regulatory requirements set by Companies House and HMRC. Compliance is crucial for avoiding penalties or rejections of submissions.
   • Accuracy: Updated taxonomies reflect any changes or updates to reporting standards or regulations. By integrating these changes into your Final Account report and CT (Corporation Tax) submission services, it enhances the accuracy of filings, reducing the risk of errors or discrepancies.
   • Reputation: Commitment to staying current with regulatory requirements enhances Nomi reputation as a reliable and compliant service provider. Clients and stakeholders appreciate collaborating with professionals who prioritise accuracy and adherence to standards.
   • Efficiency: Incorporating the latest taxonomies streamlines the submission process and saves time and resources. Overall, integrating the latest FRC IXBRL tagging and staying current with taxonomies accepted by regulatory authorities like Companies House and HMRC ensures that your financial reporting services remain compliant, accurate, efficient, and adaptable to future changes.
3. Add new templates and separate email templates for all types of business in Agent settings: We’ve introduced a feature that allows users to add new templates tailored to any business type, be it Limited, LLP, Partnership, or Sole Trader. Now, users can effortlessly manage their email templates by business type through the agent settings, specifically in the Email Template Settings under Final Accounts.
   • Customisation: Tailoring templates to specific business types allows for greater customisation and ensures that communications are relevant and appropriate for each type of business. This can lead to more effective communication and engagement with clients or stakeholders.
   • Relevance: Every business needs, requirement and terminology is unique. By creating separate templates, we have ensured that the content is relevant and resonates with the recipients, addressing their specific concerns and interests.
   • Efficiency: Having pre-designed templates for each business type streamlines the communication process. Users can now easily select the appropriate template without the need to customise or edit extensively, saving time and effort.
   • Consistency: Using standardised templates helps maintain consistency in communication across different clients or stakeholders. Consistent messaging enhances professionalism and builds trust with recipients.
   • Improved Client Experience: Personalised communication tailored to the specific needs of each business type can enhance the client experience. Clients appreciate receiving communications that are relevant and demonstrate an understanding of their unique circumstances.
   • Scalability: As the number of clients or types of business you serve grows, having separate templates makes it easier to scale your operations. You can efficiently manage communication across a diverse client base without sacrificing quality or consistency. Overall, offering new templates and separate email templates for different types of businesses provides users with greater flexibility, efficiency, and effectiveness in their communication efforts, ultimately enhancing the overall client experience and streamlining operations.
4. Option to Remove the Comparatives & Customised Report Setting for Sole Trader and Partnership Business: Now users can hide comparative figures and select specific pages in the Final Account report for Sole Trader and Partnership businesses. This enhancement was in response to requests from some of our clients and is designed to provide a more user-friendly experience, especially for those managing Sole Trader and Partnership businesses. It offers flexibility and customisation in reporting, catering to the unique needs of these clients.

These updates reflect our commitment to enhancing Nomi’s functionality and user experience. Your feedback is invaluable in shaping the future of our products. For any suggestions or comments, please reach out to us at [email protected]. Stay tuned for more exciting developments from Nomi!