We just published a new whitepaper that features 6 tips to avoid accounting mistakes in 2020, written by our outsourced accounting experts. It’s a compact paper that packs a lot of punch – and a must read for individuals working in credit union accounting. Below is a snippet of the paper. If you’d like to download the full resource, simply scroll down and click!
Lackluster accounting can be the downfall of a credit union. It can lead to increased audits from the National Credit Union Administration (NCUA) and can even impact your Capital Adequacy, Asset Quality, Management, Earnings, and Asset/Liability Management (CAMEL) rating.
However, by implementing robust, daily processes, your credit union can avoid the headaches and financial burdens that come with poor accounting practices.
Topics featured in this paper include:
- Reconciling transactions daily
- Providing thorough training
- Creating detailed written procedures
- Developing a contact list for who accountants can reach out to with questions
- Avoiding situations where only a single staff member understands your process
- Putting a stop to your team netting together numbers