On August 16, we published a case study on Denver-based Fitzsimons Credit Union and the benefits they have received from outsourcing to us. Overall, outsourcing some of their accounting processes has increased efficiency within the department (in some areas reducing time by 85%)! A huge thank you to the team at Fitzsimons CU, especially David Erickson, VP of Finance, for allowing us to shed light on the benefits this service can provide.
Below is the introduction to the case study. Interested in reading the full study? Click here to receive it.
Fitzsimons Credit Union is a $186M institution based in Aurora, Colorado. They have been using CU Service Network’s outsourced accounting services since October of 2016. Although every credit union client has their own needs, Fitzsimons Credit Union chose to outsource their daily processing and GL reconciliations. Throughout the past two years, they have seen significant efficiency improvement and benefited from the depth of knowledge the accounting team at CU Service Network provides.
Fitzsimons CU has a mantra of “small but mighty,” and incorporates progressive ideologies into their business practices. This is one of the reasons they were an early adopter of our outsourced accounting, which is still a relatively new service in the industry. The credit union saw value in outsourcing their back office functions first, to become more efficient, and second, so that staff could focus on member-facing needs. And it shows: Fitzsimons CU won the CUNA 2017 Excellence in Lending Award CU and is a leader in serving the growing Hispanic (29%) and immigrant population (19%) in Aurora.
In this case study, we will explore how efficiency has increased by outsourcing accounting to CU Service Network. It is important to note that although this paper focuses on Fitzsimons Credit Union, CU Service Network has found many credit unions, both large and small, face efficiency challenges in their accounting department.
Read on to learn the breakdown of the three main accounting concerns Fitzsimons Credit Union had, the accompanying solutions CU Service Network provided, and the specific ways this credit union benefited from the partnership.
David Erickson, VP of Finance at Fitzsimons Credit Union, has been with the credit union for nearly 20 years and has spent his entire career in accounting and finance. It’s safe to say he has seen it all. He recalled how the accounting partnership began: “We found that it would be beneficial if we were to outsource some of our functions to increase expertise and gain efficiencies, as well as reducing costs. At the time, much of our staff were people that were promoted from other departments but were not heavily experienced in accounting.”