NetSuite Helps Kiva Make Microfinance Loans that Change Lives in Developing Nations

Kiva

"NetSuite allows our finance managers to engage more with our products and systems as opposed to simply dealing with manual data entry, processing and reporting." Kiva

Company at a Glance

Location:
San Francisco, CA
Industry:
Nonprofit, microfinance loans
Applications Replaced:
QuickBooks, Excel

Solutions

Advanced Financials
Expense Reporting
Employee Center

Customer Success:

  • NetSuite supports Kiva's mission to connect people through micro-lending to alleviate poverty, with $377 million in loans to borrowers in 66 countries from 850,000 lenders since 2005.
  • NetSuite enables Kiva to handle rapid growth and streamline accounting, multi-currency management, and expenses and payables, freeing staff to focus on core mission of connecting lenders to borrowers via www.kiva.org website.
  • Detailed accounting across developmental, managerial and programmatic areas supports sound auditing and compliance with IRS reporting requirements.
  • Reduced time for per diem expense report approvals for about 60 employees traveling through more than 60 countries from a week to a day.
  • Budget vs. actuals reporting time reduced to hours vs. two days required with previous processes.
  • NetSuite gives Kiva far richer accounting and reporting capabilities than its previous, one-dimensional applications.
  • NetSuite Advanced Financials speeds and simplifies creation of amortization schedules vs. time-consuming manual processing.

Challenges:

  • Kiva suffered delays and imprecision in using other applications to manage finances and reporting.
  • Auditing and IRS reporting compliance was complicated by manual processes and disparate data sets.
  • Reviews and approvals for expense reports from 60 traveling employees were often delayed a week or more.

Solution:

  • Software donation through the NetSuite.org corporate citizenship program allowed Kiva to get a comprehensive cloud solution for accounting, expense and payables management, reporting and multi-currency calculations.
  • NetSuite deployed in 2010 to meet need for a comprehensive, international ERP solution supporting accounting, expense and payables management, reporting and expense reporting.
  • Kiva's use of NetSuite to optimize financial processes netted the organization a SUITEY Award for Best Non-Profit Company Solution at SuiteWorld 2012.