Press Releases


Contact:

Mei Li
Senior VP
Corporate Communications
NetSuite Inc.
Phone: 650.627.1063
E-mail: meili@netsuite.com

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 Minutes.

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' NetLedger accounts.

"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 relationships."

"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 prior-period transactions.
  • 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 additions.
  • 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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