Leading software provider CFPwinMan has achieved accredited status with the Institute of Chartered Accountants of England and Wales (ICAEW) and has been accredited as an approved service provider by the National Approved Letting Scheme (NALS).
CFPwinMan was the first and only lettings & property management software package to be accredited by the ICAEW in 2008.
The provider underwent a rigorous, independent software assessment and review to ensure that its client accounting postings met the detailed standards of the UK’s main accounting bodies and as set out in relevant legislation and regulations as well as NALS Accounting Standards.
The review included a clinical overview of its software, demonstration of the software’s compliance through a 66 page questionnaire with an independent evaluator and a second independent review by chartered accountants Baker Tilly.
Mark Daruvalla, Head of Compliance and Professional Standards at CFP said “There are generally agreed accounting principles and methods which we wanted to ensure CFPwinMan complied with so that we could offer our users the peace of mind of knowing that the tool they were using to manage their client’s cash was robust and reliable.”
NALS, as the only independent licensing scheme for lettings and management agents operating in the private rented sector, requires its firms to meet strict accounting standards in handling clients’ money.
Isobel Thomson, NALS Chief Executive said: “All existing and prospective NALS firms must evidence full compliance in order to be NALS licensed. NALS was keen to support the ICAEW’s accreditation of software firms which will ultimately facilitate agents evidencing to their accountants that they are compliant with NALS Accounting Standards.
Mark Daruvalla said “Adding additional NALS criteria to the ICAEW requirements ensures that CFPwinMan users can be sure that the software they are using will process client cash accounting transactions in a compliant and user-friendly manner.
“It will also mean that the risk that letting agent’s accountants will have to consider when examining the books and records of NALS agents will be lower for CFPwinMan users which may be reflected in the costs of the annual Accountants’ Report.
“Our aim is to provide a tool that will raise the standard of property management throughout the industry and gaining both ICAEW and NALS accreditation for CFPwinMan achieves this. These initiatives, combined with the SAFEagent campaign of which CFPwinMan is a supporter, demonstrate a commitment within the industry to create a professional and robust environment for agents to operate in.”