​Numbers Station

Key Features

• Financial Consolidation
  Nominal streamlines the multi-entity consolidation process, which often involves combining data from multiple subsidiaries or business units into one comprehensive financial statement. This is accomplished with just a single click, making the task significantly less time-consuming and error-prone. The platform automates tasks such as intercompany eliminations, ensuring that the financial statements produced are not only accurate but also audit-ready. This capability drastically reduces the manual effort and time traditionally required for such processes, allowing businesses to prepare financial statements faster and with greater confidence.

• Generative Workflows
  Nominal offers a unique feature that allows finance teams to transform business logic into AI-driven workflows. This eliminates the need for a deep technical understanding or the requirement to hire specialized engineers. With this feature, businesses can automate their accounting processes by defining simple workflows based on their specific needs, streamlining operations without requiring substantial technical resources. These generative workflows make it easy to scale automation across different accounting processes, improving consistency and reducing errors.

• Close Management
  One of the most challenging aspects of accounting is managing the month-end close process. Nominal’s close management tool centralizes all tasks, automating recurring checklists, and ensuring that teams are aligned and have clear visibility into progress. The platform provides real-time insights, allowing finance managers to identify bottlenecks or emerging issues promptly. This transparency not only accelerates the month-end close process but also ensures that deadlines are met more consistently, improving overall productivity and reducing stress on finance teams.

• AI-Powered Analysis
  Nominal takes financial analysis to the next level by integrating AI-driven insights directly into financial reporting. The platform automatically generates executive-ready reports that clearly articulate key financial narratives, providing actionable insights. It uses advanced algorithms to identify trends, correlations, and anomalies within the data, offering data-driven recommendations that can guide strategic decision-making. This feature ensures that finance teams are not only reporting on historical data but also leveraging predictive analytics to make informed decisions about future business directions.

• Lease Accounting
  Compliance with accounting standards such as ASC 842 and IFRS 16 can be complex, especially when dealing with lease accounting. Nominal simplifies lease lifecycle management by automating lease tracking, accounting, and compliance reporting. It ensures that all financial reports reflect accurate lease data, helping businesses stay compliant with regulatory standards. By automating these processes, the platform reduces the risk of errors that could lead to compliance violations or financial misstatements, providing peace of mind for organizations handling large volumes of leases.

Key Benefits

• Enhanced Efficiency
  Nominal drastically reduces the time and manual labor involved in traditional finance and accounting tasks. By automating routine processes, the platform allows finance teams to redirect their efforts toward more strategic activities, such as planning, forecasting, and data analysis. Automation removes the need for repetitive work, improving workflow and freeing up valuable time for high-level decision-making.

• Improved Accuracy
  With AI-powered processes in place, Nominal ensures a higher degree of accuracy compared to traditional methods. It reduces the risk of human errors that can occur during manual data entry or calculations, ensuring that financial data is always reliable and consistent. This accuracy extends to tasks such as consolidations, close management, and lease accounting, where even small errors can have significant repercussions.

• Scalability
  As organizations grow, their financial processes often become more complex. Nominal is designed to scale with businesses of all sizes, easily accommodating increasing transaction volumes and more complex financial structures. The platform’s scalability ensures that companies can continue to rely on the same system as they expand, without the need for costly software upgrades or system overhauls.

• Regulatory Compliance
  Compliance with accounting standards and regulations is a critical aspect of any financial operation. Nominal ensures that businesses stay up-to-date with global financial regulations, providing tools specifically designed to support compliance with standards such as ASC 842 and IFRS 16. Automated workflows and real-time data updates also ensure that financial reports are audit-ready and compliant with legal requirements.

Pricing Plans

Nominal offers customized pricing that is tailored to the specific needs of each organization. Pricing is based on several factors, including the size of the company, the volume of transactions, and the number of entities involved. As such, Nominal does not provide a one-size-fits-all pricing model but encourages potential customers to reach out for a personalized quote based on their unique requirements. This flexibility ensures that businesses only pay for the features and services they need, making it a scalable solution for organizations of all sizes.

Pros and Cons

Pros:

• AI-driven automation: Nominal’s platform streamlines financial processes, reducing the need for manual input and decreasing human error.

• Comprehensive financial tools: The platform provides solutions for multiple financial operations, from consolidation to lease accounting.

• Scalable for all businesses: Nominal can grow with your business, offering flexible solutions as your needs expand.

• Regulatory compliance: The platform ensures your financial reporting complies with international standards, reducing the risk of legal complications.

Cons:

• Pricing may be higher for small businesses: For smaller businesses or startups, the platform’s pricing model might be more expensive than some basic accounting solutions.

• Initial setup and customization required: Implementing Nominal may require some setup and customization to align it with specific organizational needs, which could require additional resources or technical support.

• Learning curve: Although the platform is designed for ease of use, new users may need time to get accustomed to its features and capabilities, particularly in terms of setting up workflows.

Conclusion

Nominal stands out as an advanced AI-driven automation platform that significantly enhances financial operations. From simplifying multi-entity consolidation to automating month-end closes, its intelligent workflows ensure that finance teams can work more efficiently and make data-driven decisions. By incorporating AI into its operations, Nominal offers businesses a powerful tool to optimize financial reporting, reduce manual effort, and stay compliant with regulations. While it may come at a premium compared to traditional solutions, its scalability, accuracy, and efficiency make it a worthy investment for medium to large-sized businesses looking to modernize their financial processes.