Senior VP, Corporate Communications
NetLedger Announces Netledger
4.0, Bringing Payroll, Customer Ordering, Customizable
Reports and More to the Industry'S First Web-Based Accounting
NetLedger Users Can Run Their Businesses Totally Online
Anywhere, Anytime, With Any Browser, On Any Operating
San Mateo, CA. - August 1, 2000 - NetLedger, Inc.,
the leading application service provider (ASP) that
enables small businesses to run their companies totally
online, today announced the unveiling of NetLedger
4.0. Effective immediately, NetLedger customers can
access new feature offerings including payroll, online
customer ordering, budgeting, universal login, and more
at www.netledger.com. Many of the new features in NetLedger
4.0, payroll and customizable reports in particular,
are direct results of NetLedger's immediate response
to overwhelming customer demand
"The new payroll module in NetLedger 4.0, plus several
other of its new and unique Web-based features, take
online management and accounting far beyond anything
offered by boxed desktop software," said Bill Mirbach,
president and chief executive officer of NetLedger,
Inc. "With NetLedger 4.0 you can run an entire small
business totally online. And all of the new features
are easily usable the moment even a new NetLedger customer
The payroll module acts as a do-it-yourself tool for
companies who want to handle payroll in-house and are
looking for ways to make the process more efficient.
It does everything you need to process your payroll
- from calculating earnings, withholdings and 401K deductions
to generating and printing paychecks. At the end of
the year it will print your W-2s. Payroll activity is
automatically reflected in the general ledger in order
to avoid duplicate data entry.
In addition to payroll capabilities, NetLedger 4.0
adds e-commerce: Small businesses can give their customers
limited access to their NetLedger account in order to
make purchases. Shoppers get drop-down menus showing
the small business' products. This feature also gives
companies the ability to let their customers view and
pay invoices online.
NetLedger, which is typically updated every eight to
ten weeks, gives small businesses the ability to do
everything from managing accounts receivable to writing
checks to accessing financial reports. Each version
has added more and more functionality, ranging from
credit card processing, to collaboration features that
enable businesses to work closely with their customers
and vendors, to the variety of new features available
in NetLedger 4.0.
"I have been a NetLedger customer since NetLedger launched
its first product, NetLedger 1.0," said Tom Coughlan,
president of Open Door Technology Inc. in Connecticut.
"There has been a significant update every couple of
months since I used the product. Unlike other accounting
packages I've used, none of the NetLedger upgrades caused
any disruption to my business - all of a sudden there
were just more features for us to use. Now NetLedger
has taken me from basic accounting offerings to all
capabilities to run my business totally online."
Other features new to NetLedger 4.0 include:
- Customizable Reports: NetLedger 4.0 offers users
more customizable reports. Specifically, this feature
allows users to sort and filter reports. Thus users
can create reports with the information they want
to see, the way they want to see it.
- Sales orders: Sales orders allow users to record
an order once they receive it, while giving them the
flexibility to create an invoice whenever that order
is fulfilled. This feature also lets users track partial
shipments and back orders, generate picking tickets,
and even send a copy of the sales order to their customer
via email. Individual sales orders can be converted
to invoices or cash sales depending on how you run
your business. Last, but not the least, users can
customize invoices according to their individual needs
- Budgeting: Users can now create budgets by account
for each month of the year. They can also set up budgets
by customer, job or class. This feature generates
two reports - Budget Income Statement and Budget vs.
Actual, which will help users measure their companies'
performance. Additionally it gives users the flexibility
to enter budgets for future years.
- Customer Statements: Generates monthly statements
reflecting all invoices in order to help small businesses
manage and collect receivables.
- Early payment discounts: This feature calculates
and tracks early payment discounts for users automatically
(e.g., a bill is net 30 days with a 2 percent discount
for payment within 10 days). There will be a reminder
of any available discounts automatically presented
in the users' pay-bills screen. Similarly, users can
offer early payment discounts to their customers via
this feature in order to improve their cash flow.
- Universal Login: Allows single sign-on for an accountant
to all of his or her NetLedger clients, eliminating
the need to log in and out in order to handle different
sets of books. The feature can also be used by an
umbrella organization that operates separate small
companies and wants one-sign-on access to all of them.
- Customizable PDF format: Users can customize the
design of PDF forms such as invoices, purchase orders
and estimates to meet the needs of their businesses.
NetLedger customers already have the option of customizing
- A complete list of NetLedger 4.0 features is available
NetLedger is built from the ground up using an open,
scalable Internet architecture. This means that customers
can use 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
The monthly fee for NetLedger 4.0 remains the same:
$4.95 per month per user with one free access seat given
to the subscriber's accountant. Customers who sign up
for the payroll module pay an additional $4.95 per month
for each person who has access rights to this particular
feature. The new online customer-ordering feature, which
propels small businesses into the world of e-commerce,
costs $19.95 per month for an unlimited number of users.
There is no additional cost associated with the other
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