SAN MATEO, Calif. — January 12, 2011 —NetSuite Inc. (NYSE: N), the industry’s leading vendor of cloud-based financials / ERP software suites, today announced that Kiva, the world’s first personal micro-lending website, is realizing significant cost and time savings by using NetSuite to run its global business. Kiva uses NetSuite’s powerful cloud computing solution to support rapidly expanding needs in the fields of accounting, expense and payables management, reporting, and multi-currency management. Since its founding, Kiva has facilitated more than $175 million in loans to entrepreneurs in 55 countries. Kiva received a software donation through NetSuite.org, NetSuite’s unique corporate citizenship program for growing social enterprises.
With a mission of connecting people, through lending, to alleviate poverty, Kiva empowers individuals to lend to entrepreneurs around the world, via the assistance of over 120 local microfinance institutions. Through its innovative Web-based platform at www.kiva.org, and initiatives like the Kiva Fellows Program, Kiva has connected more than 510,000 lenders to over 450,000 entrepreneurs around the world.
NetSuite meets Kiva’s needs for a comprehensive, international ERP solution. Transparent, reliable multicurrency support expedites the entry and validation of expense reports for dozens of globe-trotting employees, and NetSuite’s approval workflows ensure that expense reports automatically flow to supervisors, where they can be easily reviewed and approved. Powered by the NetSuite Employee Center, the system supports clear, informative expense categorization and automatically displays Kiva’s approved per diem rates based on territory, adding clarity to the process.
Further, with NetSuite’s flexible reporting solution, Kiva can manage its internal processes on a departmental basis while also providing a secondary view to meet donor needs. Now, not only does Kiva have access to multiple reporting methods in real-time, but it has the tools to easily obtain operating budget status at the departmental level.
With the strength of the NetSuite cloud business management solution, Kiva is able to run its back office operation in an efficient, low-cost manner, freeing resources to focus on the organization’s core mission of connecting lenders and entrepreneurs in more than 55 countries. “NetSuite.org’s service gift helps Kiva keep administrative overhead low even as our lending portfolio has grown substantially,” said Stefanie Madrid, Accounting Manager at Kiva.
“NetSuite.org is always looking to help rapidly growing, high impact organizations like Kiva,” said David Geilhufe, NetSuite.org Program Manager. “These are the organizations best able to take advantage of our software to support their missions, and to realize Netsuite.org’s goal to help more people do good, better.”
Kiva.org is the world’s first personal micro-lending website, empowering individuals to lend to an entrepreneur across the globe. Founded in 2005, Kiva.org’s mission is to connect people, through lending, to alleviate poverty. Over 519,000 people have loaned more than $180 million to 472,000 entrepreneurs in 57 countries. Kiva.org is headquartered in San Francisco.
Being a good corporate citizen is no longer just about giving away some money. It’s about putting the strengths and assets of a company to work in the world to make a difference. NetSuite.org leverages NetSuite’s complete suite of business software, our people and our know-how into a solution for organizations seeking to expand and extend their social impact. NetSuite.org provides product donations, pro bono service grants and social solutions to support charities and social enterprises worldwide in achieving their missions.