There are many different roles and responsibilities that Board Members can have within an organisation, and these positions require different skills and expertise to help achieve the Board’s goals.
For any Board, the treasurer plays a crucial role in the organisation, and has to have an in-depth understanding of the financial affairs of the company. In this article, we’ll explore what a treasurer is, what the duties of a treasurer are, and why they are important.
What Is The Role Of The Treasurer?
A treasurer is a person within an organisation who is responsible for the management of finances. Their role can vary depending on the size and complexity of the company, but it usually involves overseeing the budgeting, accounting, financial reporting, and investment activities of an organisation.
The treasurer is charged with ensuring that financial records are up-to-date, accurate and in compliance with any applicable regulations and laws. They can also supervise the development of financial policies that aid in achieving the organisation’s future objectives.
A treasurer should have expertise in financial matters and an understanding of the organisation’s financial position, both for the present and for the possible future. It is important that treasurers have a comprehensive knowledge of these financial affairs so decisions can be made by the Board with the full understanding of the financial obligations and implications.
In this way a treasurer needs to be tuned into the purpose and goals of the organisation and be able to comprehend its priorities in order to provide advice that is helpful and tailored for the company.
What Are The Responsibilities Of The Treasurer?
The treasurer has a distinct responsibility within a Board, as they manage the finances of the organisation and thus have a strong influence on the allocation of financial resources.
In a smaller organisation the treasurer may deal with all aspects of financial management, whereas in a larger organisation the day-to-day management of finances might be delegated to another employee within the finance committee, and the treasurer becomes more of an overseer of financial decisions.
The treasurer is often responsible for:
General financial oversight
Banking, book-keeping and record-keeping
Funding, fundraising and sales
Financial planning and budgeting
Controlling fixed assets and stock
With all of these responsibilities the treasurer must make sure that the financial systems and procedures in place are up to par, are enforced, and are compliant with any regulations and laws.
It is also important to note that it is not good practice or good governance to delegate all financial tasks and responsibilities to one person, without a proper system set up of management and supervision. Large and small organisations alike should consider having a finance committee or a subcommittee within their Board to monitor all financial actions.
Why Is The Treasurer Important?
The treasurer acts as an information and reference point for the Board, ensuring that the financial perspective and implications of Board actions are always considered.
The treasurer maintains the financial security and status of an organisation. They are essential in collaborating and communicating with the Board, other committees and executives to make decisions surrounding the financial wellbeing of the company, and to ensure the future financial success of the organisation.
How Convene Can Help
For both Treasurers and other Board Members alike, ensuring that your Board meetings run as seamlessly as possible is crucial.
Here at Convene, we pride ourselves on our Award Winning Board Portal, that helps manage and streamline your meeting process so you can focus on the more important aspects of running your organisation.
Our comprehensive features include:
- A Document Library, with role-based access to ensure your sensitive documents are protected.
- A built-in Audit Trail, so you can be sure you are compliant with all regulations.
- Integrated Video Conferencing, so you can make the switch from remote to hybrid working seamlessly, whilst still viewing your Board Pack all on one screen.
- Surveys, with the option for anonymity, so you can be sure you are aware of your employees' opinions.
- Action Items, so you can follow up on any tasks automatically.
- Accessibility Features, including text-to-voice, which makes us the leading accessible Board Portal.
- Fully GDPR-compliant security, including AES 256-bit encryption and ISO 27001 accreditation.
May 17, 2023