Accounting/Back Office Services Solution
How can we strengthen a credit union by reducing operational risk, decrease costs, and permit management to focus on the well being of their members?
FedComp’s Back Office Services has served as the “back office staff” for many of our hosted credit union customers for over 10 years.
In the ever evolving and revolving business climate of the credit union outsourcing of accounting-back office services is a cost-effective management choice. It does not matter if a credit union has 100 or 1,000 members, staffing requirements to meet the needs of a credit union is a concern for any CEO. One of those staff members must perform the basic day-to-day back office functions and run the daily processes and reports.
Are you Short Staffed?
Often a credit union is short staffed so the CEO finds themselves performing the daily accounting-back office duties. For all credit unions, regardless of their size, this is very costly for a not-for-profit financial institution in two ways:
- The CEO’s time needs to be spent on managing the growth and well being of the credit union.
- The annual cost of a staff person can be $20,000 to $30,000 when you take into account taxes and benefits.
The FedComp Back Office Service Solution
FedComp’s Back Office Services is the way to redirect the time, cost, and resources currently being spent on daily back office tasks. The cost benefit of our Back Office Services can provide a financial return of 2 to 1 or greater. When the back office duties are no longer consuming valuable staffing resources they can better be focus on more important missions, growing the credit union and the financial well being of its members.
Following are examples of accounting and back offices duties FedComp can provide:
- Maintaining General Ledgers & Subsidiary Ledgers
- Working daily ACH/Draft exceptions
- Posting daily settlement entries
- Reconciling debit card settlements
- Reconciling corporate and other bank accounts
- Dividend calculations and accruals
To obtain additional information on how your credit union can achieve a 2 to 1 financial return please contact FedComp’s sales department either by email at or by telephone at 800-733-3266 ext. 305.