February 23, 2023
5 Reports That Can Help Your Credit Union Thrive
Credit unions are constantly busy, and manually preparing reports is a daunting, time-consuming task for which many credit union employees will need more time. So, your credit union core processing system must provide you with a better understanding of the overall health of your business in a quick, efficient manner. There are many different reports your core process should offer that will help you to pull measurable metrics and data whenever you need it.
Janet Powell from the Oregon Division of Financial Regulation stated “What is important here is that credit unions do projections… What each credit union is able to do will be different. But they need to calculate what will be the impact on their balance sheet. Know how much money they normally take in, how much they make in fees, and what happens if they don’t have any of that income. What does our cash flow normally look like and what happens if loan payments are not coming in for three months.”
Powell’s recommendation can be challenging without proper reporting and a solid understanding of your credit union’s performance. Sharetec’s core processor offers an abundance of reporting that can be generated as quickly as you need, allowing your team to focus on other matters and credit union member needs.
Government Reporting
Sharetec can handle your government reporting, regardless of the number on the form – 1099-div, 5498, 1099-c, or 1098. We send all the necessary forms directly to your members, then electronically file them with the government.
Quick Query
Quick Query, an easy-to-use graphical report writer, provides:
- A search of all your major files
- Data displayed directly on your screen
- Data sent to a report
- Data exported directly into an Excel spreadsheet
Some ways to leverage Quick Query include running month-end reports to supplement your 5300 and creating dormant lists.
5300 Call Report Assistant
The 5300 Call Report Assistant streamlines data gathering and organization for your quarterly report by automatically uploading data each quarter from several sources, including Sharetec shares, loans, and the general ledger. Your credit union can save up to 80% of the time it traditionally has taken to prepare a 5300 Report.
Report Writer
The Sharetec Results Report Writer is designed to help even the most inexperienced users create custom reports, queries, and labels while allowing data export to ODBC-compliant software.
Dashboard 2.0
Dashboard 2.0, powered by Microsoft Power BI Data Analytics and Business Intelligence software, gets you better, faster data for your credit union and your members.
- Analysis: With Dashboard 2.0, you can view trend analyses, ROA, Loan to Share, Deposit, and Loan Breakdowns daily. You aren’t tied to your computer if you need to view these analytics, as they can be viewed on a tablet or mobile device.
- Data: Get Raw Data Insight using Microsoft BI. Quickly pull up your members’ demographic information and product usage. This information can help you make critical business decisions, such as promotions to run on specific products or different audiences on which you should focus your marketing efforts.
- Financial: Break down your loans by loan office, types of loans, branch, and much more. You can analyze your delinquent loan
Daryl Empen from Gas & Electric Credit Union leveraged Dashboard 2.0, particularly its lending dashboard. Read our success story for more information on his experience using this reporting product.
Sharetec removes the hassles of reporting with tools that simplify everything from filing government forms to creating custom reports. While these five functions offer easier access to important reports, Sharetec offers even more. Our advanced searchable database speeds and enhances queries, while a secure, integrated archiving system provides easy access to reports without needing a third-party product. Are you looking to learn more about Sharetec and its reporting capabilities? Click here to contact us now!