Budget Spreadsheet Upgrade Helps CUs Excel
When crunching budget numbers, complex credit unions with several branches and departments might feel like they are searching for a needle in a haystack. Error-prone Excel spreadsheets pose challenges with data integration, integrity and report publishing.
To combat those errors and inefficiencies, many credit unions are rethinking spreadsheets by implementing performance management platforms that assist with budgeting and strategic planning.
The $818 million institution in Corvallis, Ore. decided several years ago to switch from a legacy budgeting platform to an enterprise performance management software solution, which has streamlined its monthly reporting and annual budgeting process while strengthening strategic planning, he said.
In order to migrate efficiently without needing to retrain staff, OSU opted for Axiom EPM, which embraces and extends familiar Excel spreadsheets, but manages the data in underlying database and builds security around the entire process, Warner said.