A Complete Mess
“I came into PCU last year to lead a turnaround, as the credit union has been severely troubled for a number of years. Among the many challenges new management encountered was a complete mess in its accounting area—from sloppy, incorrect entries going in all directions, to numerous unreconciled accounts going back a few years, and almost everything in between,” lamented Alan Rowe, Chief Strategy Officer, PCU.
Lighten the Load
Aux, who specializes in expert-level accounting services, finds situations like this are more common than one might expect. “The credit union industry is facing challenges from numerus directions right now. We feel that if we can take the burden of accounting off the plate of a credit union who is struggling, we can allow them to instead focus on managing their CU,” explains Diane Parham, CFO and Head of Accounting Services at Aux.
An increasing number of credit unions are finding that partnering with a collaborative accounting team provides tremendous benefits. For healthy and troubled credit unions alike, mitigating key-person risk, creating effective separation of duties and minimizing staffing concerns are compelling. The first to offer full credit union accounting services in the country, Aux Accounting Services cover daily duties, Call Report and budget preparation, and everything in between.