Global nonprofitNonprofit uses NetSuite to improve quality of life for millions
Streamline accounting &
80% reduction in
expense approval time
A groundbreaking global nonprofit channels microfinance loans to entrepreneurs worldwide. It has provided over $350 million in loans to borrowers in over countries since it was founded. As it grew, however, it struggled to keep up using its existing tools of Quickbooks and Excel.
- Accounting delays
The nonprofit suffered delays and imprecision in using other applications to manage finances and reporting.
- IRS compliance
Auditing and IRS reporting compliance was complicated by manual processes and disparate data sets.
- Expense reporting delays
Reviews and approvals for expense reports from 60 traveling employees were often delayed a week or more.
A NetSuite software donation through the NetSuite.org corporate citizenship program allowed the nonprofit to get a comprehensive cloud solution for accounting, expense and payables management, reporting, and multi-currency calculations.
NetSuite deployed in 2010 to meet the need for a comprehensive, international ERP solution supporting accounting, expense and payables management, reporting and expense reporting. The nonprofit’s use of NetSuite to optimize financial processes even netted the organization a SUITEY Award for Best Non-Profit Company Solution at SuiteWorld.
NetSuite enables the nonprofit 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. Detailed accounting across developmental, managerial, and programmatic areas supports sound auditing and compliance with IRS reporting requirements.
They also reduced time for per diem expense report approvals for about 60 employees traveling through more than 60 countries from a week to a day. In addition, budget vs. actuals reporting time was reduced to hours vs. two days required with previous processes.
NetSuite provides far richer accounting and reporting capabilities than its previous, one-dimensional applications.
"NetSuite allows our finance managers to engage more with our products and systems instead of dealing with manual data entry, processing and reporting."