After Easing Currency Revaluations, Reach for Change Delivers Big Impacts for Children

An entrepreneur in Ethiopia had an idea to collect soap from hotels, remake it into brand new soap and hand it out in schools while teaching children about the importance of sanitation. This is an example of the type of social entrepreneurship supported by Reach for Change. The Swedish nonprofit functions as an accelerator for initiatives that have a strong impact on the lives of children, but need support to build their capacity to reach even more children.


COMPANY

Reach for Change

LOCATION

Stockholm, Sweden

INDUSTRY

Nonprofit

EMPLOYEES

30

NUMBER OF COUNTRIES

18

SYSTEM REPLACED

CODA

OTHER SOLUTIONS CONSIDERED

SAP, Microsoft, Visma

NETSUITE PRODUCTS IMPLEMENTED

ERP
NetSuite OneWorld


“We have shifted the focus from entering data to analysing data and more quality control than manual data entry.” Kajsa Korsgren, CFO and Director of Operations, Reach for Change

Automated Accounting Lets Change Run Free

Simple ideas help thousands
Some 10 years after its launch by Swedish investment group Kinnevik and the Stenbeck foundation, Reach for Change has supported 1,000 entrepreneurs with proofing their idea, capacity building and network connections. In 2019, it invested $4.6 million to incubate 120 social enterprises that supported over 500,000 children with their programmes and businesses.
Managing currencies, complex structure
As Reach for Change grew to comprise operations in 18 countries across three continents, its legal structure became complex, as did managing funding from corporate partners and foundations. The organisation struggled while paying supplier invoices in eight separate currencies on its legacy accounting system.
NetSuite eases payments and accounting
NetSuite OneWorld automated those eight individual currency evaluations and eased the process of making payments to suppliers with electronic bank payment integration. At Reach for Change, automated accounting processes cut the time to close the books from two weeks to four days, leaving more time to analyse data for budgeting and scenario planning.
Focus remains on entrepreneurs, children
To better support local entrepreneurs, Reach for Change plans to extend NetSuite to its offices in Ghana and Ethiopia. It will also adopt the advanced electronic payment functionality as it aims to grow its roster of alumni still in business, which currently includes 90% of all Reach for Change beneficiaries.
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