A Tale of Two Accountings
How one credit union outsourced its daily processing and received unexpected benefits
The credit union industry is built on trust. Credit unions trust their peers with testimonials and references on vendors and services. Credit unions trust their members to pay back a loan when their credit isn’t the best.
Sooper Credit Union, a $350M institution located just north of Denver, CO, trusts their CUSO partner CU Service Network. They trust CU Service Network so much that they have been outsourcing their daily accounting to the CUSO for over two years. Now, if you haven’t heard of credit unions outsourcing their accounting department, don’t feel badly – It’s a relatively new concept. In fact, CU Service Network is one of the first, if not the first company to offer fully outsourced credit union accounting services.
Lending, call centers, compliance, even HR – yes – but accounting? Read on to learn how CU Service Network and Sooper Credit Union worked together to navigate pitfalls and create a well-oiled and efficient outsourced accounting relationship that is longer than some marriages.
This whitepaper focuses on Sooper Credit Union, and their core system CUProdigy. CU Service Network is fluent in a variety of core systems for accounting, but for this paper’s intent, we will only focus on CUProdigy...