SAN MATEO, Calif. and TOKYO, June 2, 2016 /PRNewswire/ -- NetSuite Co., Ltd., the Japanese subsidiary of NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that MC Aviation Partners Inc. ("MCAP"), the aircraft leasing and trading arm of Mitsubishi Corporation, has implemented NetSuite OneWorld to support its business growth. The company is now using NetSuite OneWorld to manage financials, accounting, reporting, multi-language capabilities for English and Japanese, multi-currency capabilities and financial consolidation.
Originating under the aircraft leasing team of Mitsubishi Corporation with a track record of over 20 years in the aircraft leasing business, MCAP was founded as an independent company in 2008 to assist airlines in building and maintaining an optimal fleet, primarily through aircraft leasing.
As MCAP's global business expanded rapidly, it required a unified solution that could provide an integrated accounting system across all of its subsidiaries. Previously, the data from each separately operated and managed company's accounting systems had to be combined, reviewed for accuracy placing a heavy burden on finance staff. In addition, MCAP and its subsidiaries ("MCAP group") faced limitations on reporting for both the whole group and at a subsidiary level. MCAP Group needed a system that could track each company's business progress, with analysis and real-time view of the whole group enterprise using multi-faceted analytical reports.
After a thorough evaluation of various accounting system solutions, MCAP ultimately selected NetSuite OneWorld.
With support for 190 currencies, 20 languages, and automated tax compliance in over 100 countries, NetSuite OneWorld can bring MCAP group the following features and benefits:
Real-time global financial consolidation. NetSuite OneWorld gives MCAP group real-time visibility across all of its subsidiaries with unparalleled speed in consolidated accounting when compared with the prior methods, while the platform enables the books to be kept in each separate country and consolidated with a single financial system of record, while maintaining compliance with the tax system of each country where it operates.
A broad range of robust international capabilities. NetSuite OneWorld provides a highly scalable system for growth with the ability to quickly and easily add functionality as MCAP group's business grows.
Customization capabilities. Customization and integration capabilities within the NetSuite SuiteCloud development platform help MCAP group to tailor the system to its unique business needs and easily integrate with other systems.
A scalable platform. NetSuite OneWorld's scalable infrastructure enables the business to be flexible as it expands to support growth without significant expenses, allocating other resources such as MCAP's own IT infrastructure.
Real-time business visibility and business intelligence. With NetSuite OneWorld, MCAP group can gain real-time insights into key business performance indicators for a unified view across the head office and subsidiaries and can gain a single version of truth.
MCAP's CFO, Satoshi Nanbu, stated: "NetSuite OneWorld could integrate multiple accounting sources. In the past, handling the accounting for aircraft assets and loans was a heavy burden. But we were able to rapidly transform our business based on real-time information. I am confident that NetSuite OneWorld can support our growth opportunities, increase asset under management and pursue ongoing business interests such as setting up independent subsidiaries using a minimum of the company's resources."
NetSuite OneWorld, winner of the 2015 Software & Information Industry Association (SIIA) CODiE Award for Best Financial Management Solution and the 2015 UK Cloud award for ERP Product of the Year, provides a unified and cloud-based suite of software that is flexible enough to meet the needs of diverse business models, legal structures and geographies. Customers like Misys based in the UK, HP Software and American Express Global Business Travel in the US and Scoot, a wholly-owned subsidiary of Singapore Airlines in Singapore, are turning to NetSuite OneWorld for advanced capabilities to manage their complex business processes across subsidiaries, countries and continents. NetSuite OneWorld supports 190 currencies, 20 languages and automated tax compliance in more than 100 countries, and transaction in more than 200 countries.
About MCAP group
MCAP group owns and manages about 80 aircraft as the aircraft leasing company under the Mitsubishi Corporation umbrella. It was founded as an independent company in 2008, originating from the aircraft leasing team that had already amassed a track record of over 20 years in the aircraft leasing business and has main offices in Tokyo, Los Angeles and Dublin. In 2015, a new joint venture for aircraft leasing business was established with CK Hutchinson, a leading Hong Kong based multi-national conglomerate.
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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SOURCE NetSuite Inc.