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.
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.