SVP, Corporate Communications
NetLedger adds multi-currency, multi-location inventory, and advanced customization tools to extend application services
SAN MATEO, CA. August 27, 2002—NetLedger, Inc., makers of the Oracle® Small Business Suite (NASDAQ: ORCL), today announced NetLedger Advanced Accounting, a powerful, online accounting solution for mid-size enterprises. With this new offering, NetLedger extends its integrated application service to firms needing sophisticated accounting features to address their business needs. Companies with multi-national locations, complex warehousing and complicated inventory management will greatly benefit from the new functionality.
The new service can be licensed as either a stand-alone package or as an add-on to the company's flagship Oracle Small Business Suite, an application service that integrates complete front-office and back-office application functionality to enable companies to run their entire enterprise on a single, hosted software service. With more than 5,200 companies currently using the Oracle Small Business Suite, NetLedger is the leading provider of integrated ERP/CRM application services to small to mid-size enterprises.
Elcometer, Inc. a Rochester Hills, Mich.-based company and an innovator in inspection instrumentation for the quality control of surface coatings since 1947, is replacing several traditional software packages with NetLedger's application services to manage their multi-national enterprise. "For years we used Microsoft Great Plains for accounting. It was a complex system to implement and really hard to use. The NetLedger Advanced Accounting Suite gives us all the power to run a multi-national business, without all the cost and complexity," said Joe Walker, vice president at Elcometer. "The integration with the Oracle Small Business Suite is also a big plus. We previously had to manually import data from one system to another multiple times -- from our Goldmine SFA tool to the Great Plains accounting package, for example. Now with the Oracle Small Business Suite, we've eliminated all of this redundant data entry. Not only can we more effectively manage our worldwide, multi-location business, we can also do it much more affordably."
"As a previous Microsoft Great Plains Business Solutions reseller, I can honestly say the NetLedger Advanced Accounting solution offered in conjunction with the Oracle Small Business Suite is light years ahead of Great Plains, and any other mid-market solution, when comparing cost, feature set, and ease of use," commented Mike Galloway, managing partner of AAppTech, LLC, (www.aapptech.com) a NetLedger Solution Provider based in Bingham Farms, Mich. "Working with NetLedger and implementing its application services for many companies since 1999, I am consistently amazed at the product depth and functionality with each new release. When you add these new accounting features to a Web-based application that integrates customer relationship management, sales force automation, and e-commerce, you have a single solution that formulates a foundation for success without the traditional headaches and costs associated with managing hardware and software."
"Today's announcement extends our application services to meet the needs of growing businesses while removing the pain and expense of managing complex software," said Zach Nelson, president and COO of NetLedger. "NetLedger Advanced Accounting delivers a powerful midrange accounting solution without the headaches, hassles and costly implementation cycles of traditional enterprise software."
NetLedger Advanced Accounting leverages the existing accounting features available in the Oracle Small Business Suite, and adds many new advanced accounting features including:
Multi-Currency Transactions and Reporting - This capability allows businesses that work with foreign companies to record and track transactions in the currency of the foreign company. The powerful automated currency revaluation feature simplifies the period-end close process by generating adjusting journal entries to reflect exchange rate fluctuations.
Multi-Location Inventory - This feature gives businesses the ability to categorize entities, items, and transactions by location so that they can manage, track and report on inventory across multiple locations.
Advanced Customization Tools and Custom Records - These powerful customization options give businesses the flexibility to customize the NetLedger Advanced Accounting system to meet their specific needs. Customization tools include enhanced form customization for transactions, entities and CRM records, in addition to custom fields with new display options and enhanced sourcing, and the ability to embed custom code on forms to define specific validation and calculation behavior for custom fields. The custom record capabilities allow businesses to define their own data records with complex relationships between each other and existing records/transactions. For example, a property management company can define a property record and associate it with tenants, rent invoices, maintenance records, etc.
Advanced Shipping and Receiving - This set of tools breaks out the order fulfillment and receiving functions for greater control of order management and workflow. Separate users can be assigned shipping, receiving and returns functions with views on order records and reports tailored to their requirements. It includes capabilities for pick, pack and ship; receiving to multiple inventory locations; and UPS shipping integration.
Multi-Company Consolidations - The consolidation capabilities now allow financial results to be rolled up for complicated multi-level business entity hierarchies, with full drill-down to the subsidiary company transactional data.
Assembly and Package Items - This new inventory feature allows items assembled from other inventory parts to be tracked separately from their components. Once created, Assembly and Package Items can be managed just like a single inventory item with their own quantity counts and costing calculations.
Roles and Permissions Enhancements - This feature allows unparalleled control and flexibility over the features and data users are able to access. Various levels of restriction can be applied to users based on their department, class, location and supervisory relationship with other users.
Accounting Period Management - In addition to choosing standard calendar months, users can choose from several other templates or define the exact number of days or weeks that a business wants to include in each period. Period management gives businesses the flexibility to assign transactions to an accounting period that may not match the actual transaction date. Businesses can close periods at any time, which will block users from recording transactions into periods that have already been reviewed. This feature also gives users the ability to close different accounting modules at different times. For example, businesses can close payroll, but leave accounts receivable open while finishing recording transactions.
Other advanced accounting features also include Automatic Reversing Journal Entries, and Return Authorization Forms/Processing.
Pricing and Availability
NetLedger Advanced Accounting is currently in Beta, and will be available in October. It starts at $3600 per year.
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