Nominal

Company Overview

Nominal is a financial technology company that provides an AI-powered automation platform for finance and accounting teams. The company’s mission is to empower businesses to make better decisions through financial data intelligence. Nominal aims to bridge the gap between traditional accounting systems and the evolving needs of modern finance professionals.

Products Overview

Nominal offers a comprehensive suite of financial management tools and solutions:

1. Financial Consolidation Platform - Enables multi-entity finance management in a single click, with features like automated adjustment and elimination journal entries, real-time dimensional data analysis, and multi-currency support.

2. Generative Workflows - Uses AI to automate and customize accounting processes for tasks like lease accounting, accruals, fixed asset management, and deferred revenue recognition.

3. Close Management - Streamlines the month-end close process with features for task management, collaboration, document management, and audit trails.

4. Financial Data Lake - Aggregates and normalizes data across siloed accounting systems to provide a unified view of financial information.

The platform integrates with existing accounting software and financial stacks, requiring no migration. It leverages generative AI to interpret business logic and create operational workflows without complex engineering projects.

Problem and Market Fit

Nominal addresses several key challenges faced by finance teams:

1. The disconnect between evolving finance roles and outdated technology stacks
2. Time-consuming and error-prone manual processes for multi-entity accounting
3. Complexity of compliance with accounting standards like ASC 842, IFRS 16, ASC 606, and IFRS 15
4. Inefficiencies in month-end close processes
5. Lack of real-time, accurate financial data for decision-making

The company positions its solution as a way for finance teams to move beyond spreadsheets and focus on strategic work rather than manual data entry and reconciliation.

Business Model

While not explicitly stated, Nominal likely operates on a Software-as-a-Service (SaaS) model, offering its platform to businesses on a subscription basis. The company emphasizes quick implementation (less than 15 minutes) and no need for data migration, which suggests a cloud-based solution that can integrate with existing systems.

Competitive Landscape

Nominal competes in the financial management software market, which includes large enterprise resource planning (ERP) providers as well as specialized financial consolidation and close management tools. The company differentiates itself through:

1. AI-powered automation and customization
2. Rapid implementation without data migration
3. Integrated subledgers for comprehensive financial management
4. Focus on multi-entity and multi-currency support
5. Compliance with complex accounting standards

Customers

While specific customer names are not provided, Nominal’s website showcases logos of companies using their platform, including:

• GSPP
• Spera
• Continu
• LeanPay
• South Mill Champs
• Trilogy
• Vizion Health
• Wide Group

The company appears to target growth companies, renewable energy firms, and private equity organizations based on their solutions page.

Relevant News

No specific news articles or dates are mentioned in the provided content. However, the company’s focus on AI-driven automation and its positioning as a modern alternative to traditional accounting systems suggest it is aligned with current trends in fintech and the broader digital transformation of finance functions.

In conclusion, Nominal presents itself as an innovative fintech company aiming to revolutionize financial management through AI-powered automation and integration. Its comprehensive platform addresses multiple pain points for finance teams, particularly those dealing with multi-entity operations and complex accounting requirements. The company’s emphasis on quick implementation and seamless integration with existing systems could be attractive to businesses looking to modernize their financial processes without undergoing disruptive migrations.