One of the most common calls we take at Plansmith is from a bank or credit union looking to improve their entire budgeting, forecasting, and board reporting process. While the organizations vary greatly in size, and the person calling is sometimes the president and other times a financial analyst – most often they all have one thing in common: “I’m currently using Excel.”
For most banks and credit unions the annual budgeting process is just that, a “process” that is far from looked forward to.
The CFO gathers data and input from market managers and department heads. The President and CEO then hand down more information as well as targets and objectives that rarely align with the other information. It's then the CFO's and finance team's job to cobble it all together, make it balance, and deliver results to the Board for approval.
As anyone who has been through it knows, the process itself is not cut and dry. To be honest, it can be downright exhausting.
It’s halfway through the year and a great time to prepare for what’s to come. I've picked the top 3 Lunch 'n Learns you should review before heading into the 2020 planning season.
The purchase of an asset liability management (ALM) system presents a problem to many bankers. Often the process begins with the creation of a checklist of features and functions then progresses to comparing vendors. The vendor with the highest "score" wins. While this may be a good start, there are dimensions to the problem that this ignores, specifically the quality and significance of the features identified.
As Plansmith’s Director of Client Education, I’m often asked which continuing education programs should I attend and why?
One of my favorite courses that I always recommend is our Compass Advanced Coaching event. Don’t let the title scare you, it’s a great fit for a wide variety of experience levels.
I spent the 4th of July Holiday as many Americans do. That’s right, cleaning out the garage. As I engaged in this long overdue spring cleaning, I couldn’t help but notice the abundance of pine needles in the corner. It brought back a bad memory from last December, that I could at least laugh about now. Sort of…
The New Year is a great time to prep and review. That's why I've picked the top 3 Lunch 'n Learns you should review before diving into 2018.
Our budgeting process gives us an idea of where we think we are headed in the next year. Many times, what we think will happen, is not what happens in reality. After all, if we all had a crystal ball at our disposal, you would not be reading this blog right now (I know I would not be writing it!).
Most of us hate planning, so why would I want to start now, when I could wait until the usual time next year?