Accounting Software for Small Businesses, with Tips From the Founder of Nominal

If you’re an entrepreneur or small business owner, you may be using some form of accounting software. If you are, you’ll know that choosing the right software for your business can directly influence your bottom line. If you aren’t, you should be.

Why is it important to use accounting software? There are many technical reasons, ranging from organization to efficiency and speed, but the most important reason: it saves your business time and money. As all entrepreneurs know, anything that can save time and money is worth investing in, and accounting software is definitely one of those things.

Uri Maimon, Founder of Nominal Accounting Software, came to the same realization when he started his own IT consulting business. He knew that efficient accounting solutions were important, but wasn’t able to find the right solution for his Australian business. Being a programmer himself, he decided to create one, and so he founded Nominal. I had the chance to speak with Uri about his experience as an entrepreneur and accounting software expert – here’s what he had to say:

As an Australian micro business or contractor you’re often overwhelmed with a lot of things to worry about and take care of. One of the biggest obstacles for a new business owner is understanding the financial aspect and especially making sure they are confirming to the rules and regulations.
When you dream of starting a new business there are probably other things you think about before learning how to keep good records…

As a first time contractor I was going through the same process and figured out I need to get some structure and order using an accounting software. First it will help me create and send invoices to my customers, but also keep track of my GST and other tax obligations.
Looking through the existing solutions I immediately realized they are not intended to be used by nonprofessionals. This was the drive for me to develop Nominal and come up with a clear and logical solution.

What would you say is the main benefit businesses and suppliers gain from leveraging accounting software?

In Australia keeping excellent records and keeping track of GST due is extremely important. A simple accounting software can help with making sure you always aware of what you purchased (GST Paid) and what you sold (GST Collected)

Not everyone is a bookkeeper or accountant. How does Nominal approach this problem and create an accounting software that can be used by anyone?

What most of our customers like about Nominal is its ease of use. It speaks in normal daily language and shows exactly how each record is affecting your books. Things like ‘Spend Money’ or ‘Pay Supplier’ are what you want to be able to do using a single click.

E-invoicing and e-payments are increasing in popularity every day. What do you predict for the future, and how does Nominal’s solution fit into that?

Over the past three years I have not wrote a single cheque. In fact I find it extremely complicated and time consuming to use. I am very enthusiastic about a future where such things as cheques and cash money will hardly be used.

Our solutions uses a large number of online integrations to e-invoicing (FreshBooks and Harvest) and e-payments solutions (PayPal) as well as many other online sources. We’re working with Payoneer to add its solution as a built in payment method for our invoices.

Are you a professional or business owner with experience using accounting software? If so, we want to hear from you – leave us a comment below! If you’re interested in also being interviewed for our blog, let us know by contacting community@payoneer.com.