CFOs and Accounting Managers representing 22 different client credit unions met at CU*Answers’ offices in Grand Rapids, Michigan, this week to participate in a day of roundtable discussions about the CUSO’s strategies and tools for credit union accounting teams. The morning session focused on the specific strategic concerns of CFOs, including upcoming regulatory compliance changes and what credit unions have been seeing in recent audits and examinations.

During the afternoon session the Accounting Top 10 Focus Group focused on software tools currently in development or being designed. One of the roles of the Accounting Top 10 Focus Group is to assist the CUSO in setting priorities for major development projects related to the general ledger and accounting functionality of the CU*BASE® core processing system. Discussions during both sessions were lively and the group was encouraged to continue sharing and interacting via the Accounting Top 10 comments page on the company’s website.

The group also reviewed new tools recently introduced by CU*Answers for creating an annual budget using CU*BASE, and the future of new tools for modeling income and expenses for credit union budgets.

“With 35 attendees at today’s sessions, it’s clear that interest in the CFO Strategies and Accounting Focus Groups is growing. We will be reaching out to include even more credit union leaders, especially CEOs who also wear a CFO hat, to get involved in these valuable strategic discussions,” said Bob Frizzle, CU*Answers CFO and facilitator for the focus group sessions.