Latest Intuit FundWare Offering Delivers ''Right for My Business'' Reporting Tool for Public Sector; Survey Shows Advanced Reporting is Feature Organizations Want Most

Business Wire, Feb 3, 2003

Business Editors/High-Tech Writers

DENVER--(BUSINESS WIRE)--Feb. 3, 2003

Intuit Inc.'s (Nasdaq:INTU) Denver-based Public Sector Solutions division today announced that its latest product release, Intuit FundWare(TM) 7.20, offers the feature not-for-profit and governmental organizations want most from their financial management software -- better reporting tools.

In a recent survey of 550 public sector organizations, both users and non-users of Intuit FundWare software stated the No. 1 reason they would look for a new software package would be to acquire better financial reporting tools. Sixty-two percent of respondents indicated that new reporting tools would motivate them to consider making a software change.

To meet this critical need, Intuit FundWare version 7.20 introduces an optional Advanced Financial Reporting tool designed to eliminate the nightmare of reporting for organizations with a mission to serve.

"Our Intuit FundWare 7.20 release builds on Intuit's strategy to provide 'Right for My Business' solutions for specific market segments by incorporating the features requested most by not-for-profit and governmental organizations," said Michael Potts, vice president of Intuit Public Sector Solutions. "Nearly half of the respondents in our survey told us they want functionality specifically designed for mission-based organizations. Our goal is to continue to offer that functionality and enable our clients to focus more on their mission, and less on their budgets."

Flexible Reporting

The Advanced Financial Reporting tool in Intuit FundWare 7.20 is designed with a Graphical User Interface (GUI) that allows creation and formatting of virtually any report from Intuit FundWare's General Ledger (GL) and Project/Grant modules through control over the definition of report rows, columns and headers. The tool also makes it possible to show multiple levels of detail within the same report and create viewer-friendly reports with formatting features such as different font sizes and bold and italic text.

Other New Features

Intuit Public Sector Solutions, formerly American Fundware before its 2002 acquisition by Intuit, has focused solely on organizations with a mission to serve since its inception in 1976. In addition to Intuit FundWare's existing capabilities that let clients better manage and report on their business, stay in compliance with government regulations, and improve productivity, version 7.20 offers several new features and enhancements, including:

-- GL -- The new Account Utilities menu in this module presents a list of nine tasks to maintain, duplicate, update and change en masse general ledger and project/grant accounts in an easy-to-use format.

-- Accounts Payable/Purchase Orders -- This module's enhancements simplify dealings with vendors through at-a-glance branches of vendor information, a setting to pay specified vendors with multiple or single checks, and the ability for individual users to set their own preferences for viewing information.

-- Budget Preparation -- New features in the Budget Preparation module allow users to save time by re-specifying (rather than re-keying) historical GL information for use in preparing new budgets.

Intuit FundWare is available in two versions. Intuit FundWare Pro serves smaller organizations with five or fewer users, while Intuit FundWare Enterprise is designed for larger organizations with more than five users. Both versions offer more than 15 modules, including General Ledger, Project/Grant, Accounts Payable, Purchasing, Payroll, Budget Preparation, Allocation Management, Fixed Assets and Bank Reconciliation.

Intuit FundWare is one of Intuit's growing roster of software solutions tailored to meet the needs of specific vertical industries. Intuit also provides industry-specific solutions for the construction industry, commercial and residential property managers and durable goods wholesalers.

About Intuit Public Sector Solutions

Founded in 1976, Intuit Public Sector Solutions is a leader in meeting the financial management needs of organizations with a mission to serve. Its Intuit FundWare product is ranked the #1 not-for-profit accounting software package by the Nonprofit Financial Center and holds the highest rating (five stars) from The CPA Software News. More information can be found at http://publicsector.intuit.com.

About Intuit Inc.

Intuit Inc. (Nasdaq:INTU) is a leading provider of business and financial management solutions for small businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks(R), Quicken(R) and TurboTax(R), simplify small business management and payroll processing, personal finance, and tax preparation and filing. Founded in 1983, Intuit has annual revenue of more than $1 billion. The company has nearly 7,000 employees with major offices in 13 states across the U.S. and offices in Canada, Japan and the United Kingdom. More information can be found at www.intuit.com.

Intuit, the Intuit logo, and FundWare, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Intuit FundWare, among others, is a trademark of Intuit Inc., or one of its subsidiaries, in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.