Kiva hasn't connected nearly 2 million entrepreneurs in the developing world with $785 million in microloans by moving slowly. Yet the nonprofit found itself held back by antiquated technology that caused delays and imprecision in its financing and reporting processes. Cumbersome manual processes and disparate data sets made auditing and IRS compliance complicated, and expense reports were often delayed a week or more.
“NetSuite allows our finance managers to engage more with our products and systems versus simply dealing with manual data entry, processing and reporting.” Kiva
Kiva's NetSuite deployment has paid off in spades. Budget reports are generated in hours instead of days, expense reports are approved quicker, compliance and auditing processes have been automated, and accounting and reporting capabilities have improved.
Having delivered expanded capabilities and streamlined processes, Kiva's NetSuite deployment received a SUITEY award for Best Nonprofit Company Solution at SuiteWorld 2012. NetSuite has enabled Kiva to handle growth while focusing on its core mission of connecting microloan borrowers and lenders.
Kiva got more than technology from NetSuite. It got a trusted partner and benefactor. Through Oracle+NetSuite Social Impact, NetSuite donated a comprehensive cloud solution that has helped Kiva to streamline and optimize everything from expense and payables management to accounting, reporting and multi-currency calculations.