SVP, Corporate Communications
ICAEW Software Accreditation Gives Peace of Mind to Multinational Companies Using NetSuite for Financial Management in the UK
San Mateo, Calif. and London, U.K.—May 7, 2009—NetSuite Inc. (NYSE: N), a leading vendor of on-demand, integrated business management software suites, today 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 world class 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."
About NetSuite OneWorld
NetSuite OneWorld is to date the first and only announced on-demand system to deliver 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.
NetSuite OneWorld makes real-time, global business management feasible for the first time by combining a mature, multi-company business application suite with cloud computing delivery. The new release adds a key enhancement to NetSuite's One System data model to enable multiple companies and subsidiaries to operate in a single database instance. This re-architecture, perhaps the biggest product enhancement since the introduction of NetSuite itself, provides the product's signature capability to deliver deep and locally/nationally appropriate functionality (currency, taxation, language, reporting, dashboards, etc.) while providing for instantaneous global roll-up, visibility and compliance management. NetSuite's native SaaS delivery model enables the OneWorld functionality to be accessed anywhere simply by opening a browser, and eliminates enormous IT issues associated with traditional approaches to global business management. The combination of the new NetSuite OneWorld capabilities and NetSuite's cloud computing delivery platform significantly reduces the cost and technology barriers facing midsize companies operating globally.
For more information about NetSuite, please visit www.netsuite.co.uk.
NOTE: NetSuite and the NetSuite logo are registered service-marks of NetSuite Inc.