Digitize finance to accelerate your mission

Katie St. Michel
Digitize finance to accelerate your mission

Educational Alliance was at a crossroads.

The non-profit has been helping New Yorkers since 1889, and now offers 38+ multi-generational programs across Manhattan. Their services and impact have grown exponentially over the years. So has the financial complexity and resulting paperwork for their 15 sites and 1,000+ employees. The paper-based invoice and expense process that helped them get to this point was limiting growth.

"Intacct is a powerful accounting platform, but it didn't do what we needed for expenses or payables," explained Anthony Herrera, Senior Manager of Business Systems at Educational Alliance.

As a 12-year veteran of the finance team, Herrera knew how much time the manual processes were eating away at productivity. This was time better spent focusing on other strategic initiatives that could help the organization serve even more New Yorkers.

"Before Nexonia, we were consistently over 30 days behind closing our books," said Herrera. "Sometimes, invoices or expense receipts would get lost or were illegible. And there was no easy way to check until it was too late."

The organization's non-profit status meant that keeping meticulous records was imperative and challenging. Program spending tied to specific grants needed appropriate documentation and timely reconciliation, or risk future funding and a costly audit.

Educational Alliance had to make a choice: continue hiring budget analysts—a costly challenge in Manhattan—or find a sustainable solution.

"We knew we needed a tool that everyone could use. And we didn't want our staff to get stuck entering data twice. We wanted a seamless, bi-directional sync between the two. Which is why Nexonia and its integration with Intacct were so appealing."

After implementing Nexonia Expenses and Nexonia Payables, 90% of errors are caught before syncing with Intacct. This extra level of accountability required by program staff eases tensions and provides a sustainable path forward. Budget analysts and program administrators are more aware of their coding mistakes and allocations because they are the first step in the approval process.

The AP team at Educational Alliance also gained more time to focus on analyzing and improving their spending. Their work helps the CFO intelligently adjust cashflow to meet program demands and keep costs down.

"I cannot remember how we functioned without this. I'm not joking," Herrera stated. "It makes the process so much easier. Just being transparent, tracking any order at any time, and having an archive of it has been so impactful."

Download our latest customer success story to read the full story of how Educational Alliance was able to improve their month-end close while removing paper from their accounts payable and expense process.

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