Senior VP, Corporate Communications
NetLedger Launches NetLedger
5.0 with Online Commerce, Turning Small Business Accounting
into a Powerful E-Business Tool
Users can Convert QuickBooks® Data into NetLedger
and Run Both Accounting and Online Commerce in Just
San Mateo, CA. - November 29, 2000. NetLedger, Inc.,
the leading application service provider (ASP) that
enables small businesses to succeed in the new economy,
today announced the unveiling of NetLedger 5.0.
NetLedger 5.0 allows small businesses to leap from online
accounting to a full range of e-commerce capabilities,
including operating an online store. Effective immediately,
NetLedger customers can access the new features of this
version. Just a few of these powerful features are more
flexible expense reporting, enhanced inventory options
such as multiple sales prices and custom fields, as
well as new and enhanced accounting capabilities. NetLedger
5.0 also gives users the ability to convert QuickBooks®
data into NetLedger with one click, and run their accounting
and online commerce on the Internet in just minutes.
Highlighting NetLedger 5.0 is Online Commerce. This
extension allows users to create online stores to extend
the reach of their businesses to anyone shopping on
the Internet. Building on their existing product information
in NetLedger, users can load item images, run specials,
publish company and store information, publish e-mail
forms for customer interaction, and integrate shopping
cart and checkout processes. Everything feeds directly
into NetLedger's sales order feature for order processing
and customer billing. Because of the tight integration
between accounting and online commerce, inventory levels
will be automatically adjusted with each sale, and store
transactions will be immediately reflected in users'
"The launch of NetLedger 5.0 fulfills our promise
to turn small business accounting into a powerful e-business
tool. This tool enables businesses to run their companies
much more efficiently and effectively without the need
for different, incompatible applications," said
Evan Goldberg, president and chief executive officer
of NetLedger, Inc. "Using the Internet, NetLedger
lets companies manage activities ranging from accounting,
to online commerce, to expense reporting in an integrated
way, giving them the tools that were once available
only to bigger companies. With NetLedger 5.0 companies
can grow faster, run more efficiently, and improve customer
"We were looking for other alternatives such as
a Web-based platform that can help us run our entire
business while we were using QuickBooks," said
Stephen Culp, chief executive officer of Smart Furniture.com
(www.smartfurniture.com), a Mountain View-based company
in California. "We found NetLedger from the PC
Magazine review and we decided to give it a try. The
uploading of the QuickBooks data to NetLedger was done
within minutes at no cost and it is extremely easy.
More importantly, NetLedger also provides us with what
we need most to run and grow our business. Our customers
can log in remotely to view their invoices and our employees
can do expense reporting anywhere, anytime. Now NetLedger
is offering online commerce to help businesses to extend
their services to anyone shopping online. I look forward
to utilizing this feature to run our store."
Additional features new to NetLedger 5.0 include:
- Improved Inventory: This enhancement
encompasses the ability to store multiple sales prices
for any inventory item. Users will be able to set
up five pricing levels for each item and set a default
price level for each customer. The sales prices will
appear in a dropdown list when users enter invoices,
estimates, credit memos, cash sales and refunds.
- Custom Fields: This powerful
new feature allows users to create custom fields on
employee, customer, vendor and item records as well
as in the body and individual lines of a transaction.
- Reconciliation Enhancements:
The new additions to reconciliation include a statement
date, a print button, a history button, a hold button,
a summary section, and the convenience of adding charges
(like bank service fees) and income (like interest
payments) while reconciling.
- Lock Accounting Periods: This
feature offers the ability to lock transactions before
a date specified by an administrator or accountant.
This will prevent users from entering or modifying
- Job Tracking Enhancements: This
gives users more information about each job. They
can now enter and track a start date, an estimated
end date and an actual end date for each job. They
can also track its status, percentage complete, estimated
costs and estimated revenue.
- Reporting: 29 new reports are
added. Inventory and payroll reports are significant
- A complete list of NetLedger
5.0 features is available at www.netledger.com.
NetLedger is built from the ground up using an open,
scalable Internet architecture. NetLedger users can
run NetLedger on all major browsers and operating systems,
with anytime, anywhere access. Based on the Oracle 8i
database, NetLedger delivers the power, reliability
and security of enterprise-level accounting and business
management solutions, combined with the ease of use
of a small-business accounting and management package.
The monthly fee for NetLedger 5.0 remains the same:
$4.95 per month per user with one free access seat given
to the subscriber's accountant. The new online commerce
feature, which propels small businesses into the world
of e-commerce, costs $49.95 per month for an unlimited
number of users. The introductory fee for this feature
will be $29.95 per month for an unlimited number of
users through the end of the year. There is no additional
cost associated with the other upgrades.
For more information about NetSuite please visit our
Web site at www.netsuite.com.
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