Why Accounting Systems for Credit Unions are More Important Than Ever in a Post-COVID-19 World

When it comes to companies affected by the Pandemic no one was excluded. Including credit unions. We learned a lot during those times, best practices were redefined, and we continue to incorporate those lessons in ways that make our businesses stronger and more resilient.

When talking about accounting software, credit unions have core systems that run their operations, such as deposits and loans, just like other companies, in addition to basic accounting modules that include general ledger, accounts payable and reporting. While these core systems have basic features to complete accounting tasks, it’s often not enough to keep up with industry standards. Members on credit unions operations teams get just as busy with other duties like generating revenue and working with members and thus don’t have time to keep their systems up to date.

In the post-COVID-19 world, more businesses than ever continue to have at least a partial remote workforce. It is important to ensure that your credit union accounting system is flexible and prepared to help the finance team work productively both now and in the future. Below are three reasons why it might be time for credit union’s to take their accounting systems to the next level.

  1. Cloud Based Platform

Because employees are being forced to work remote, it is critical for everyone to have access to the accounting system from anywhere. All users should be able to have access to the numbers and data at home. Additionally, IT may not be around to help with support, so it’s important to work in a platform that’s user friendly and has the capabilities needed. In fact, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets, which minimizes the risk of dealing with older technology systems. When an employee at a credit union asks for a report, it can take a significant amount of time to gather the data they’re requesting. Wouldn’t it be nice to know the information they’re looking for is ready instantaneously? With our cloud accounting software, Flexicloud, we provide real time visibility into your financial position right in the cloud, making your organization more agile, so that when information is needed, it’s easily accessible, no matter where you’re physically located.

  1. Pricing Flexibility

With the uncertainty that the pandemic is causing for a lot of credit unions, it is important to work with a partner who provides subscription-based pricing that gives you flexibility! The last thing your credit union needs to worry about during this time is dealing with the costs accounting systems bring. Having subscription based pricing, you can prepare for that cost each month, not having surprises or increases in your bill.

  1. Paperless Workflow Automation

The inefficiencies manual processes cause have been exacerbated more than ever due to the increase in remote employees. Paperless workflow automation solves this. Accountants often have stacks of paperwork that show numbers, do calculations in spreadsheets and use various tools to get the numbers they are looking for. Papers and spreadsheets additionally leave room for error, decrease organization and are inefficient. For example, at multi-company or branch accounting outfits, these serve as gaps due to inadequate technology solutions which create an increase in manual work and a heightened risk of mistakes. Flexi has several apps such as eInvoice, eVendor, and eJournal that take paper and spreadsheet processes and convert them to software applications, streamlining the accounting process.

With all the uncertainty in the world currently and not knowing when things might return to normal, it’s important to be certain about one thing, and that is that your accounting system supports your financial needs and your employees. Don’t waste more time working in a system or environment that’s ineffective. Reach out to our team at Flexi, so we can give you the tools and support you need when you upgrade and or migrate to our credit union accounting software.