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

NETLEDGER ANNOUNCES NETLEDGERâ„¢ 4.0, BRINGING PAYROLL, CUSTOMER ORDERING, CUSTOMIZABLE REPORTS AND MORE TO THE INDUSTRY'S FIRST WEB-BASED ACCOUNTING PLATFORM

NetLedger Users Can Run Their Businesses Totally Online Anywhere, Anytime, With Any Browser, On Any Operating System

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 logs on."

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 and preferences.
  • 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 HTML.
  • A complete list of NetLedger 4.0 features is available at www.netledger.com.

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 package.

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 upgrades.

For more information about NetSuite please visit our Web site at www.netsuite.com.

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