At the end of every month or quarter, credit union finance professionals tackle the close process, or the preparation of the credit union’s financial statements for publication. It requires extensive research and reconciliation on the part of the finance team, and completing these tasks manually can be challenging.

Nancy Wu, head of sales and customer support for SkyStem, says many credit unions experience pain points in their close processes. This is where automation tools can help to streamline the close process, removing inefficiencies and allowing teams to work more effectively together.

For $551 million asset 121 Financial Credit Union in Jacksonville, Florida, implementing automation made the close process easier on the finance team. Chief financial officer Benjamin Munday says this led to smarter ways of working, improved morale, and happier team members.

In this episode of the CUNA News Podcast, sponsored by SkyStem, Wu and Munday share best practices for identifying an automation solution that fits your credit union’s needs, getting employees on board with new tools and processes, and working through potential challenges like the coronavirus pandemic.

You can listen and subscribe to the CUNA News Podcast in Apple’s iTunes Store, Spotify, Google Play, and Stitcher Radio.

In this episode:

2:08: Munday's role at 121 Financial

2:37: Inside the close process

4:06: Identifying pain points

5:24: The decision to make a change

6:08: How to evaluate potential solutions

7:11: Supportive partnership

7:52: The implementation process

9:34: Tips for a smooth transition

10:56: The new month-end process

12:30: Pandemic effects

13:20: Automation gains traction

14:15: Advice for choosing a platform

15:09: Considerations for leaders

17:29: Trends in automation