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CU System
Paper Tips for one-person finance departments
MADISON, Wis. (4/8/10)--Leaders in one-person finance departments must balance what must be done with what they wish they could in the time allotted, according to a new CUNA CFO Council white paper. “Finding Time: The One-Person Finance Department Challenge” shares the experiences of six credit union leaders with chief financial officer (CFO) responsibilities, including some who also are CEOs or serve in other roles. The leaders share the technology tools, personal tips and perspectives that help them balance their workloads. The paper notes that depending on the credit union’s size and situation, a CFO’s assignments in an average day may include compiling financial reports, conducting financial analysis, monitoring progress toward strategic goals, updating software and performing building maintenance. Many CFOs want more time to delve into complex financial issues or explore strategic options for their credit unions. Increasing requirements of regulatory compliance and routine daily tasks siphon time, the council said. “Trying to manage time and be as efficient as possible is probably the biggest challenge that you have,” said CFO Donald Windmueller, Affinity First FCU, Minot, N.D. “You have a lot of functions you have to get done in a finite time period.” For more information, use the link.
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