Lessons Gleaned from a General Ledger Upgrade by Texas Credit Union
Texans Credit Union Streamlines Operations with Prologue Financials
In a recent podcast, Tracy Montez, SVP, Controller at Texans Credit Union, and LaChrisha Dourisseau, Vice President of Solution Consulting at Fiserv, discussed the benefits of migrating to Prologue Financials, an accounting system from Fiserv.
Texans Credit Union, with $2.2 billion in assets and over 130,000 members, upgraded its accounting platform to Prologue Financials to enhance service delivery and streamline operations. The credit union faced challenges with its old system, including inefficiencies and the need for growth.
The migration to Prologue Financials has resulted in significant improvements. For instance, Texans Credit Union added new processes and General Ledgers (GLs) that could be reconciled without adding additional personnel. This efficiency gain saves time for the accounting team, allowing them to focus on more strategic tasks.
One of the most notable benefits is the reduction in the time taken to close the books. After converting to Prologue Financials, Texans Credit Union closed January's books within its usual five days. Now, a four-day close is achievable, and even a three-day close is within reach.
Moreover, the new accounting system has improved the process of getting reports for general ledger balancing in accounts payable and month in review. With Prologue Financials, Texans Credit Union can now view and investigate variances in financials on the spot, improving transparency and decision-making.
The system has also eliminated the need for physically searching through files, as all necessary documents are now available on the computer. This is particularly beneficial in the era of remote work.
James Wester, Co-Head of Payments at Javelin Strategy & Research, also contributed to the discussion, highlighting the challenges faced by back-office staff in financial institutions. He emphasized that modernizing the back-office with systems like Prologue Financials can make accounting fun and add value to the organization.
Montez encourages financial institutions to think of the general ledger system as an investment in their ability to expand and build new products. Dourisseau agrees, emphasizing that the accounting function can be deployed to other projects that add value to the bottom line, providing a competitive edge in the financial services industry.
The conversion experience for Texans CU was considered good, with clean data and experienced personnel. The credit union realized the amount of time spent on manual tasks after automation, making the work easier. Invoices are turned in faster at Texans CU due to the improved AP workflow in the new accounting system.
The new system has boosted morale at Texans Credit Union, as it has made accounting tasks less cumbersome and more efficient. This improvement contributes to better service delivery and supports Texans Credit Union's growth as it expands its charter to serve the entire state of Texas.
- Texans Credit Union's transition to Prologue Financials, a business technology solution, has enabled them to streamline operations, reducing the time taken to close the books from five days to potentially three, thus improving efficiency and financial transparency.
- Financial institutions, like Texans Credit Union, can leverage modern accounting systems such as Prologue Financials to automate manual processes, free up resources for strategic tasks, and create a more enjoyable work environment, thereby adding value to the organization and maintaining a competitive edge in the financial services industry.
