Tools & Tips For One-Person Finance Departments Focus of New CFO Council White Paper

CUNA Councils
April 8, 2010 | COMMENTS

Leaders who thrive in one-person finance departments must continually balance what must be done with what they wish they could find time to do, 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 who have CFO responsibilities, including some that have the title of CEO or also serve in other roles. They share the technology tools, personal tips and perspectives that help them balance their workloads.

The white 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, performing building maintenance, and much more.

Many CFOs wish for more time to delve into complex financial issues or explore strategic options for their credit unions. Unfortunately, the ever-increasing requirements of regulatory compliance and routine daily tasks seem to siphon off valuable hours. The combination means that CFOs continually balance what must be done with what they wish they could find time to do.

“Trying to manage time and be as efficient as possible is probably the biggest challenge that you have,” says CFO Donald Windmueller of $32 million asset Affinity First Federal Credit Union, Minot, N.D. in the paper. “You have a lot of functions you have to get done in a finite time period.”

CUNA Council members are entitled to complimentary copies of these and more than 200 white papers; non-members may purchase the white papers for a price of $50 per copy.

The paper is available online in the white paper section of each council site – select the “CFO” tab.