DENVER – CU Service Network is excited to announce the launch of theorist newAccounting Assessment tool, which provides valuable insight on how credit unions’ accounting departments compare to their peer groups.
CU Service Network’s accounting department has found that there is little if any industry data compiled in this area, and many credit unions are unsure of whether they offer more, or less, than their peers,the company said.
Debra Templin, CFO for CU Service Network, commented on the need for the tool. “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. We hope this type of analytical data will help credit unions measure and improve both efficiencies and effectiveness of their accounting function.”
According to CUSN, the assessment tool works like this: The credit union enters their asset size, which places them into the appropriate peer group. From there, the credit union selects all the accounting functions/services they do in-house. Accounting services are broken down into three groups – Traditional, Administrative, and Electronic. Each function is weighted, providing the credit union an overall “score.” When the credit union submits their data, they see their accounting services score and services offering compared other credit unions, via bar graph.
Below is an example of the assessment results a credit union would see.