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Smart Releases SaaS Accounting Product
 TMCnet Contributing Editor
Smart Online Inc., a vendor of Software-as-a-Service for the small business market, has announced the release of its newly enhanced Web-based Accounting product.
The Accounting application is part of a full suite including group Calendar, Contact Management, Salesforce Automation, Customer Relationship Management and Human Resource Management that can be private labeled for corporations who desire to offer value-added products and services to their small business customers.
Smart Online’s full suite of software, including its comprehensive accounting application, is designed to enable small businesses to have a real-time view of financial activities.
The Smart Online Accounting application now includes a number of new features such as an easy-to-use set up wizard to enable small businesses to create and maintain their accounting information while having their business data backed up regularly.
“Small businesses need the ability to manage their accounting and financial activities without the hassles of having to make an expensive purchase, then install, and finally have to manage traditional accounting applications,” said Michael Nouri, president & CEO, Smart Online Inc.
Last November Smart Online reported results for the third quarter ended September 30, 2006. For the third quarter of 2006, Smart Online's revenue increased 117 percent with total revenue from continuing operations of $749,206 compared to approximately $344,692 for the same period last year.
An additional $462,468 of revenue was generated by Smart CRM which was reclassified as a discontinued operation. Total revenue, including revenue from continuing and discontinued operations, was $1.2 million.
Net income from continuing operations was $429,581 or $0.03 per share. Net loss attributable to common stockholders was (1,899,848) or (0.13) per share.
The company took a non-cash charge of approximately $2.8 million reflecting the goodwill impairment related to the discontinued operations of Smart CRM.
In October Smart Online announced the release of its enhanced Web-based Group Calendar software. The application was included in Smart Online's monthly subscription for its entire suite of software and offers a real-time view of daily, weekly, or monthly events and activities.
"Small businesses are often challenged with managing their daily activities, as they cannot always afford to pay upfront for software and may lack the IT staff required to set up and maintain traditional calendar software," said Michael Nouri, president & CEO.
Earlier in October Smart Online sold the assets of business software maker Computility for $2.6 million to Des Moines-based Alliance Technologies. The move was part of Smart Online's decision to exit the networking business. It had acquired Computility in October of 2005 in a stock deal worth approximately $4 million.
David Sims is a contributing editor for TMCnet. For more articles please visit David Sims' columnist page.
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