Redmond, Wash., August 31, 1998 — Responding to the special needs of America’s 16 million sole proprietor business owners, Microsoft today announced its entry into the business side of financial management with Microsoft Money 99 Personal & Business. This new software offers an integrated view of financial and consumer information, and addresses the most important needs of sole proprietors – setting up accounts and categories correctly for income and expenses, simplifying tax preparation, and providing quick access to customer information.
Sole proprietors are small-business owners whose tax filing status allows them to manage their personal and business finances together, because their net business profit is taxed at personal income tax rates. Although sole proprietorship is the most common form of business in the United States, representing 66 percent of the small-business market, their business management needs are often overlooked.
“I currently use four different programs which makes it a bit cumbersome for me. The four programs include estimating, production and invoicing; accounts receivable; accounts payable; and tax filing,” said Robert H. King, owner of Crown Printing, Bellevue, Wash. “It would be great to condense all these programs into one.”
Kim Fishbaugher, owner of RKF Services, Redmond, Wash., found that Microsoft Money 99 Personal & Business eased the process setting up account statements. “Currently I have to type in each entry twice – once in the accounting program and then on an invoice. With this program, once you enter the information, the data is placed everywhere you need it. It’s a done deal.”
Money 99 Personal & Business saves sole proprietors enormous amounts of time and effort. By combining all of these features into one program, sole proprietors can reduce the time they spend on financial and business management. “I spend 10-15 hours a week on these programs. A program that integrated all of these features would cut my time in half, and it would make my job more enjoyable and efficient,” King said.
The Money 99 Personal & Business contact manager allows sole proprietors to view all customer information from one place. This includes their contacts’ financial data, such as outstanding invoices and payment terms, so it’s convenient to access when they’re on the phone with customers.
“I currently use a Rolodex to keep track of my contacts, but I see the benefits of being able to have all your information in one place,” said Fishbaugher.
When released later this year, Money 99 Personal & Business will combine the functionality of Money 99 Financial Suite with personalized business management designed specifically to meet the business needs of sole proprietors. Money 99 Financial Suite combines personalized financial planning tools with award-winning investment services and seamless Web integration to provide consumers with a complete financial management solution. Money 99 Personal & Business is scheduled to be available at retail outlets in January 1999.
“It’s great to see a software company addressing the special needs of sole proprietors,” Fishbaugher said.