Nominal provides an AI-driven platform that automates financial consolidation, lease management, and revenue recognition, enabling businesses to streamline their accounting processes and enhance compliance with standards like ASC 842 and ASC 606. By normalizing data across multiple entities and automating workflows, Nominal reduces the time and errors associated with month-end closes and complex financial reporting.
Funding
$9.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
HVFounders
Product
Problem
Many businesses struggle with inefficient and error-prone financial processes due to siloed accounting systems and reliance on manual data entry. Multi-entity companies face challenges in consolidating financial data, managing leases, and ensuring compliance with revenue recognition standards, leading to delays in month-end closes and increased operational costs.
Solution
Nominal offers an AI-powered platform that streamlines financial consolidation, lease management, and revenue recognition, automating complex accounting workflows. The platform normalizes data across disparate accounting systems, providing a unified view of financial information. By leveraging generative AI, Nominal translates business logic into automated actions, enabling businesses to expedite month-end closes, ensure compliance with standards like ASC 842 and ASC 606, and reduce the need for manual spreadsheets. Nominal's twin-ledger system maintains a hierarchical, multi-entity general ledger that stays synchronized with all accounting books, eliminating migration risks.
Target Audience
Nominal targets multi-entity businesses, finance teams, and accounting professionals seeking to automate financial processes, improve compliance, and gain real-time insights into their financial data.
Features
- AI-driven automation of financial consolidation, lease accounting, and revenue recognition processes
- Generative AI capabilities to convert business logic into operational workflows
- Unified management of data across siloed accounting systems
- Automated inter-company transaction eliminations for audit-ready books
- Task management tools to track closing tasks and workflows
- Real-time consolidated ledger for multi-entity reporting
- Integrated subledgers for lease accounting (ASC 842/IFRS 16) and revenue recognition (ASC 606/IFRS 15) compliance
- Seamless integration with existing CRM and billing platforms