Contact:
Mei Li
Senior VP, Corporate Communications
Phone: 650.627.1063
E-mail: meili@netsuite.com
NetSuite, Inc.
NetLedger™ Offers Comment
on Today's Intuit® QuickBooks® for the Web Announcement
Intuit's offering incompatible, limited compared to
NetLedger's total e-business solution.
San Mateo, CA. - December 4, 2000. - NetLedger, Inc.,
the leader in Web-based solutions that enable small
business to succeed in the new economy has released
five versions of NetLedger™; since its launch over
a year ago. It now goes far beyond accounting in delivering
integrated e-commerce, workflow and other capabilities
to manage all aspects of a growing business. On the
heels of NetLedger's success in delivering a powerful
online business management solution that millions of
small businesses can use to run and grow their companies,
Intuit has acknowledged with their announcements today
that the future of business applications lies in Web-based
services.
However, with the approach they have taken, Intuit
has missed a huge opportunity to deliver on the promise
of Web-based services to their existing QuickBooks customers,
because their Web-based solution is not only limited
to very simple accounting, but also is incompatible
with the shrink-wrap QuickBooks that these customers
are using. You cannot migrate from QuickBooks®;
2000 to QuickBooks for the Web, although you can migrate
from QuickBooks 2000 to NetLedger.
Only the smallest, simplest businesses can benefit
from QuickBooks for the Web, which is missing the most
basic features needed by a typical small business. To
be specific, it has no payroll, invoicing, estimates,
sales orders, inventory, finance charges, sales tax,
check printing or purchase orders. The list continues:
no credit memos, early payment discounts, time &
billing, expense reports, credit card processing, online
bill pay or customer access, and more: no employee access,
import, export, memorized transactions, custom fields
or graphs
NetLedger's 12-month lead on Intuit in delivering Internet-based
technology to run a small business has allowed it to
deliver feature parity with shrink-wrap QuickBooks for
accounting functionality and a huge lead in powerful
e-business capabilities such as an integrated Web store
and online employee expense reporting.
"What small businesses want in the age of the
Internet is a unified system that connects employees,
customers and suppliers to all aspects of their business.
QuickBooks users can get this today by upgrading to
NetLedger. Intuit's very limited Web-based offering
is just scratching the surface of what is possible and
it will be years before they can deliver what small
businesses really need," said Evan Goldberg, president
and CEO of NetLedger. "NetLedger's strategy of
a unified team focused entirely on Internet-based small
business systems is sure to deliver the easiest, most
integrated, most powerful small business solution to
the market long before anybody else. And our extensive
partnerships with companies such as Yahoo!, Oracle,
ADP, and OfficeMax will lend us the clout to reach the
entire small business market."
Customers have raved about the ease of migrating QuickBooks
to NetLedger. Stephen Culp, chief executive officer
of Smart Furniture.com (www.smartfurniture.com), a Mountain
View-based company in California said, "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. We truly believe in the product and the well-funded
status of the company."
As the first mover in Web-based e-business systems
for small businesses, NetLedger is available to comment
on Intuit's announcement. NetLedger's founder, president
and chief executive officer, Evan Goldberg can provide
information on the stark contrast between NetLedger's
offerings and those of Intuit.
NetLedger is a trademark of NetLedger, Inc.
Intuit, QuickBooks, QuickBooks Pro, QuickBooks for
the Web, among others, are registered trademarks and/or
registered service marks of Intuit Inc. Quicken.com
and QuickBooks.com, among others, are trademarks and/or
service marks of Intuit Inc.
For more information about NetSuite please visit our
Web site at www.netsuite.com.
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