Senior VP, Corporate Communications
NetLedger Launches NetLedger
Advanced Accounting For Mid-Size Enterprises
NetLedger Adds Multi-Currency, Multi-Location Inventory,
and Advanced Customization Tools To Extend Application
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
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
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
Other advanced accounting features also include Automatic
Reversing Journal Entries, and Return Authorization
Pricing and Availability
NetLedger Advanced Accounting
is currently in Beta, and will be available in October.
It starts at $3600 per year.
For more information about NetSuite please visit our
Web site at www.netsuite.com.
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