It takes a well planned project management approach to automate the Call Report However, once complete, this is a onetime exercise that only requires maintenance for regulatory and business changes.
The payoff for the time spent is large. Improved accuracy, better processes, regulatory brownie points and efficient use of employees are just some of the benefits.
How does one get started?
1. Review your chart of accounts to assess whether it facilitates the Call Report preparation process. If not, consider spending time to fix it.
2. Start a calendar for the Call report. Share the calendar with all business units that provide information for the Call report. Make sure there are firm dates for submissions.
3. Use dedicated Call Report software, such as Fed Reporter.
4. Map the general ledger and subledgers (revised to facilitate mapping process) to the report.
5. Plan for analysis and review time.
6. Consider rotating staff to prepare the report. And have the prior preparer review it. This way, you build in back-up and develop a good control process. Finally, this approach is likely to make regulators more comfortable with the process.
7. Document. Document. Document!
If you would like to know more about Call Report automation, please ask for our white paper by contacting Eileen Xethalis ateileen.xethalis@cfoconsultingpartners.com, or feel free to call her at 609-309-9307 x704.
