Boston Research Institute Implements New Financial Solution

Case Study Release from Stella Financial Solutions

About the Boston Research Institute (BVARI)

The Boston Research Institute (BVARI) is a VA-affiliated Non-Profit Research Corporation (NPC) that supports the VA Healthcare System in Boston, Massachusetts. Specializing in securing and boston-research-institute-implements-new-financial-solutionmanaging projects to enhance VA research and educational programs, BVARI was established in 1990 to expand opportunities for medical innovations that support VA researchers and patients.

BVARI provides supportive services in administration for research projects, including budgeting, forecasting, and reporting for individual research projects. As a result, the need to coordinate with various external parties, such as federal stakeholders, higher education contributors and private foundations, is required in order to coordinate payment processing and various financial progress and status reporting.

The Challenge Faced By BVARI

As part of their services, BVARI provides detailed historical financial reporting as well as forward looking forecasts for each of the researchers’ various projects. To do so, BVARI’s administration team would manually enter data from their accounting system into individual project spreadsheets. As the number of projects BVARI administered grew, this became increasingly time consuming, and more challenging to view from an aggregate perspective. BVARI wanted to streamline their processes to enable faster reporting to their researchers, and better visibility into their aggregate financial performance as a firm.

After reviewing a variety of solutions, including manual spreadsheets and an in-house custom database, BVARI realized an external solution would be required. They knew most out-of-the-box solutions wouldn’t fit the NPC business model, and needed to find a solution that could be easily adapted to their business at a reasonable price and timeframe.

Stella Financial's Solution

When meeting with the team at Stella Financial Solutions, BVARI found that exact solution. Stella’s financial experts spent time with BVARI’s team to learn about the NPC business model and how to navigate its unique elements. After studying their existing processes, and learning their current forecasting and reporting requirements, Stella built a comprehensive solution to address all of BVARI’s requirements.

After the initial build, which took place over approximately three months, Stella’s team held a series of group and one-on-one sessions with all key stakeholders of the new system. These meetings were critical to see how the users engaged with the system, and create additional functionality to make the user experience as easy and seamless as possible. The BVARI team was eager and engaged, resulting in a successful launch.

As a result of this successful onboarding and financial solution implementation, BVARI was able to use a streamlined method for forecasting that did not involve manual data aggregation and increased data integrity across all projects. This allowed them to save time, money and effort by identifying projects that were running behind/ahead budget, as well as other key areas for business improvement. With the complexities surrounding their niche and industry, BVARI was relieved to find a financial solution provider that could navigate their business and create a customized, unified data solution that worked and supported growth.

“This has saved us so much time. Before, we would spend hours every month manually creating reports from our accounting system. Stella allowed us to focus on what’s really important and built a tool that fit our needs.” - Director of Finance

In Summary

  • BVARI required a financial planning solution that fit their unique business model and accommodated multi-project complexities that out-of-the-box software was not designed for.

  • BVARI worked with Stella Financial Solutions to eliminate manual, spreadsheet-centric processes and develop an all-in-one system for financial data management and forecasting.

  • Stella Financial Solutions worked directly with BVARI’s stakeholders to make sure that their solution fit BVARI’s existing systems; complimenting their infrastructure, not complicating it.

  • BVARI saved time, money and effort working with Stella by understanding how to best utilize their existing data in order to make accurate and timely financial decisions for their organization.

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