Technology
NetSuite OneWorld Accredited by UK Accountanting Institute
ICAEW Software Accreditation Gives Peace of Mind to Multinational Companies Using NetSuite for Financial Management in the UK
May. 07, 2009
LONDON — NetSuite Inc., a provider of on-demand, integrated business
management software suites for mid-sized companies and divisions of large enterprises,
has announced that the accounting component of NetSuite OneWorld has been accredited
by The Institute of Chartered Accountants in England & Wales (ICAEW). The
ICAEW is a professional accountancy body with over 132,000 members in 165 countries.
Its Accreditation Scheme is the most widely recognised accreditation scheme
in the UK for financial software and completion of the stringent evaluation
process affirms that NetSuite OneWorld’s business management suite fulfils
the ICAEW’s criteria for financial and accounting software. For more information
on NetSuite’s ICAEW accreditation document, please click here.
NetSuite OneWorld allows companies to manage their multinational and multi-subsidiary
business operations, in real-time around the world. It integrates the key business
management functions across the enterprise, from Customer Relationship Management
(CRM) to Enterprise Resource Planning (ERP) and Ecommerce. The ICAEW’s
accreditation gives multinational companies additional confidence that NetSuite
OneWorld’s accounting component is suitable for use in their UK based
divisions.
ICAEW Accreditation
The ICAEW’s independent software Accreditation Scheme requires
all accounting software being evaluated to satisfy a broad range of technical
criteria. These include the capability to support key accounting functions,
such as VAT tracking and reporting, detailed audit trail and other facilities
that ensure the completeness, accuracy, confidentiality and continued integrity
of those functions and the businesses’ accounting data. The Accreditation
Scheme also considers ease of learning and operation, the ability for users
to customise the solution for their specific requirements and the depth of the
support and maintenance provided by the software vendor.
“NetSuite OneWorld met the ICAEW’s key accreditation requirements
for accounting software in the UK,” said Kamlesh Rajyaguru, Senior Product
Manager, NetSuite. “Current and prospective customers can be assured that
in choosing NetSuite OneWorld they not only receive the cost, functionality
and flexibility benefits of the cloud, but also an accounting solution that
is secure, compliant and easy-to-use.”
Craig McLellan, Relationship Manager, ICAEW Member Services, said: “I
am delighted that NetSuite OneWorld has successfully gone through the ICAEW’s
Accreditation Scheme. The accounting software satisfies all of the scheme’s
key requirements.”
NetSuite OneWorld is the only on-demand system to capable of delivering real-time
subsidiary management and business consolidation capabilities to mid-market
companies for front-office, back-office and ecommerce operations. Prior to NetSuite
OneWorld, often only large companies willing to spend millions of dollars and
even tens to hundreds of millions of dollars could approach such levels of business
integration. Midsize companies using traditional applications such as Microsoft
Dynamics GP (often referred to as Great Plains) could achieve a low-level of
business integration, but often only see limited consolidated financials of
suspect value. Of course, large systems such as SAP or mid-market systems like
Microsoft Dynamics GP are not delivered as native web-applications, so any attempt
at limited business consolidation required large expenditures in IT costs and
systems management.