While there is abundant data in other areas of credit unions’ critical functions, such as loans, strategy, marketing, and regulation, accounting is a grey mist on the horizon.
We have found there is little to no industry data compiled in this area, and many credit unions are left wondering if their accounting team is staffed appropriately as well as whether they should outsource various functions, such as ATM balancing.
Debra Templin, CFO of CU Service Network, manages the company’s Outsourced Accounting Service, which assists many credit unions across the country. “The most frequent question we are asked is ‘are we overstaffed?’ That is a difficult question to answer without knowing the type of positions and activities that are performed within the accounting department.”
The accounting function mystery is so difficult to crack because it is three-fold. Not only do credit unions need data on how many employees are staffed in credit unions’ accounting departments, but secondly, they need more data on what accounting functions are being managed. And thirdly, are their resources appropriately aligned in their asset class. Without these three pieces of information available concurrently, the individual data is basically irrelevant.
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