REDMOND, Wash., Aug. 31, 1998 — Microsoft Corp. today announced Microsoft® Money 99 Personal & Business, an extension of the award-winning Money product line targeted specifically for sole proprietors. Scheduled to be released in January 1999, Money 99 Personal & Business will combine the functionality of Money 99 Financial Suite with business management tools designed for sole proprietors.
There are 16 million sole proprietors in the United States, making it the most common form of business. Money 99 Personal & Business provides sole proprietors with a complete solution for managing their personal finances, including financial planning and investing, and business finances with tools specific for their needs. Sole proprietors can easily categorize income and expenses, create invoices, track accounts receivable and payable, print business reports, and manage customer information.
“Until now, sole proprietors have not had a product designed specifically to help them manage their finances, without taking time away from making their business successful,” said Lewis Levin, vice president of the desktop finance division at Microsoft. “With Money 99 Personal & Business, Microsoft addresses the three most significant requests of sole proprietors – preparing for taxes, correctly categorizing income and expenses, and keeping track of customers – and allows them to easily manage both their business and personal finances using the same product.”
Building a Foundation for Effective Business Management
Money 99 Personal & Business guides sole proprietors through one of their most exacting tasks and biggest challenges: the process of correctly setting up income and expense accounts for the first time so they can better manage their business. Based on the type of business, Money automatically customizes the category list and then walks the user through setting up income and expense accounts to map directly to the Schedule C tax form. This allows sole proprietors to get a better understanding of their business right from the start and to maximize their tax deductions.
According to consumer research firm Brand Doctors, today 60 percent of sole proprietors in the United States have a personal computer, but only 25 percent use their PC to manage their business finances. Money 99 Personal & Business helps to close the gap with software designed specifically for their needs.
“Small company owners, particularly sole proprietors, have to manage their financial assets much like CFOs of large companies. However, they seldom have the appropriate financial skills or time to acquire those skills. As a result, they often fail,” said Rob Enderle, analyst with the Giga Information Group. “A product that combines the ease of use of a personal financial package with business financial tools and the resources of the Internet should be a required resource for every small-business owner or manager in today’s market.”
Easy Tax Preparation Including Support for Schedule C
Sole proprietors must report business income or loss on their personal federal income tax return using the Schedule C tax form. To help sole proprietors accurately complete Schedule C and maximize tax deductions, Money 99 Personal & Business walks them through the process of creating income and expense accounts that tie directly to the lines on the Schedule C form. Money 99 Personal & Business also helps determine eligibility for tax deductions and includes tax tips and tax preparation assistance.
Better Customer Management
Staying on top of customer information is a priority for sole proprietors. To help sole proprietors keep close track of their valuable customer relationships, Money 99 Personal & Business includes a separate contact manager that allows users to get a snapshot of all customer information, including financial data such as outstanding invoices and payment terms. Users can also easily track and invoice customers and create reports showing sales and accounts receivable by customer.
Money 99 Personal & Business is scheduled to be available at retail outlets in January 1999. For more information on Money 99 Basic or Money 99 Financial Suite, please visit the Money home page at http://www.microsoft.com/money/ . This site will also provide new information on Money 99 Personal & Business as it becomes available.
Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software for personal computers. The company offers a wide range of products and services for business and personal use, each designed with the mission of making it easier and more enjoyable for people to take advantage of the full power of personal computing every day.
Microsoft Money 99 exports to any tax preparation software product that can read .txf format and Microsoft Money files, including TurboTax and TaxCut.
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