Wolf’s Outsourced Accounting Solutions Helps Boston Public Library Fund Focus on Growth
The Boston Public Library Fund (BPLF) works to provide financial support to the Boston Public Library (BPL), ensuring that it remains accessible and free to all. The BPLF called on Wolf’s Outsourced Accounting Solutions (OAS) to assist with their needs. Wolf started as a consultant on best practices for the finance and accounting (F&A) function within the
BPLF – a service that became especially relevant months later during a time of personnel transition for the BPLF. Our OAS team, having consulted with the BPLF months before, was then able to quickly assume the F&A function for the BPLF, and implemented OAS business processes including bookkeeping, bill pay, payroll, financial reporting, budgeting, and forecasting.
Challenge
The BPLF is a small but driven and passionate team. Their budget did not allow for the team to hire an accounting professional, and their operations expert was handling their finance functions. That meant the organization was dealing with a capacity strain – BPLF did not have adequate segregation of duties to ensure internal controls on their F&A function. Plus, BPLF needed their staff to focus on revenue growth and fundraising, not F&A. Without an accounting professional on hand, BPLF was missing out on opportunities for potential growth.
Solution
Wolf’s Outsourced Accounting Solutions team was able to relieve BPLF’s capacity strain by taking on their F&A function for a fraction of the price of a finance and accounting department. Wolf’s emphasis on communication, customization, and cooperation ensured that the BPLF executive director received regular reviews of financial data. This allowed them to make informed decisions based on data in real time. Additionally, our OAS team implemented cross-functional budgeting processes, created a monthly close checklist, and continues to complete an efficient monthly close with reporting on the current budget. The team offers financial planning and analysis incorporating board feedback and has implemented cost-saving strategies for benefit plans at BPLF.
The transition to Wolf & Company has been seamless, they really feel like part of our internal team. Together we immediately implemented accounting and finance solutions to manage healthcare costs for employees and enhance board communications.”
Paula Sakey
Executive Director
Boston Public Library Fund
Result
With the support of Wolf’s OAS team, the BPLF was able to focus on growth:
Consistent communication with the executive director and board, providing peace of mind to executive leadership
Completed budget and approval process prior to start of new fiscal year, allowing BPLF to make informed financial decisions, and to focus on planning their year effectively
An overall reduction in healthcare costs
