Outsourced Accounting – How it can help you
You may have heard some buzz about credit unions sharing and outsourcing services lately. Have you heard about credit unions outsourcing their accounting?
This particular area can be hugely beneficial for credit unions of all sizes. Accounting is inherently volatile, with new government regulations popping up every day, new platforms to learn, and fraud on the rise. The challenges are many while resources and expertise are often limited.
This is why outsourcing your accounting – whether it be full outsourcing or simply a few projects, can be a rewarding investment. Credit unions who choose to completely outsource their accounting find it easier to utilize a trained, experienced team that can deliver results with little start-up time and costs. On the other hand, credit unions who outsource certain projects, like updating procedures or helping with a conversion, enjoy flexibility and customization.
Let’s take a look at some scenarios:
Have you ever lost an employee (or two, or three) and been scrambling to replace him/her?
Credit unions, especially smaller ones, are susceptible to disruption if an employee leaves. Couple that with those credit unions who reside in rural areas – which Nebraska has many of - and it can be quite a challenge to replace qualified employees.
Do you have a special accounting project coming up that you know will be quite time-consuming?
Most credit unions try to stay as lean as possible. One extra project can send an accounting department into chaos, or delayed information needed for decision making.
Do you know if your procedures have been updated recently?
Many credit unions’ procedures are sitting in a desk drawer, covered in dust and sticky notes. Who knows when the last time these were updated?
CU Service Network’s Accounting Service is the most robust in the industry. We assist with the most basic of tasks, such as daily settlement processing, to the most strategic, under our “CFO in a Box” service. How else can outsourced Accounting Services benefit your credit union?
For more information on Accounting Services, please contact our CU Service Network Business Development team, 720-945-7250 or firstname.lastname@example.org.