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Treasurer


Description

Treasurers are officers who are responsible for the money in a company, government, or other organization. They direct an organization's financial goals, budgets and objectives and oversee funds invested. Also referred to as financial managers, since the term treasurer is more old-fashioned, they also supervise and manage the cash flow activities going through a business, implement capital-raising tactics in support of a firm's expansion and deal with acquisitions and mergers. Sometimes, treasurers sit on a board of directors and oversee the work of junior accountants, auditors and budgeters. Their job is to predict and summarize an organization's financial position analyzing income statements, balance sheets, future earning and expenses.

Treasurers combine their accounting knowledge and professional management skills to provide employers with a variety of leadership and decision-making services. As a senior member of the management team, they monitor, interpret and communicate financial results and evaluate corporate performance. Their training as accountants allows them the freedom and ability to take upon a wide variety of roles and to move around different areas of business including sales and marketing, information technology and human resources.

The role of the treasurer is continually changing due to the rapid technological advances in information technology. Computers have significantly reduced the amount of time and work that used to be required of treasurers, therefore they now perform more data analysis and financial problem solving.
 
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  Interests and Skills  
Treasurers are born leaders who can direct and advise others. They are logical, enjoy working both alone and in a team environment, and like solving challenging financial and mathematical problems in innovative ways. In order to be successful, treasurers must have solid background knowledge about their specific field and be able to communicate ideas clearly and effectively. Treasurers must have high ethical standards and be able to apply their knowledge and skills towards each project they take upon.

Accordingly, treasurers should be interested in computers and programming, constantly working on updating their skills to meet the rapidly changing programs. Most treasurers enjoy having clear, organized methods in their daily work routines and are generally analytical and practical people.
 

  Typical Tasks  
  • Prepare and coordinate financial statements, estimates, summaries and other financial analyses and management reports
  • Evaluate financial reporting systems, accounting procedures and investment activities
  • Make recommendations for changes to company procedures, budgets, spending and submit these findings to senior or regional managers
  • Ensure financial recording accuracy and compliance with established accounting standards, procedures and internal controls
  • Develop and maintain cost finding, reporting and internal control procedures
  • Analyze financial statements and reports and provide strategic analysis and decision-making advice
  • Conduct analyses on future earnings and expenses
  • Recruit staff and supervise training programs
  • Treasurers generally work in comfortable office settings, often close to top managers or departments that produce data needed for their work. They often have direct access to the latest, high quality computer systems and software. Hours of work are constantly changing depending on the organization, level of responsibility and time of the month. Most treasurers work average workweeks however longer hours may be required during company budgeting time, month-end deadlines and the early spring tax season with year-end corporate work. Treasurers are sometimes required to attend financial and economic meetings and may travel to visit auxiliary firms or to deal with customers.

  Workplaces, Employers and Industries  
  • Treasurers are employed in both the public and private sectors. Typical employers include accounting and bookkeeping firms, banks and other financial institutions, governments, insurance companies and educational institutions. Nevertheless, a treasurer works in any type of business or organization that manages money. They are a lucrative part of the management team in an organization focusing on business strategy and strategic decision-making.

  Long Term Career Potential  
Upward movement as a treasurer will only be based upon their present level of management. For example, if a treasurer sits on the board of directors and is the top financial manager within a company, there is little room for promotion. A treasurer will advance within the organization into a more senior managerial position, if they are in a middle management zone and therefore take upon increasing amounts of responsibility. Treasurers must keep themselves up-to-date with all computer programs and new software on the market.
 

  Educational Paths  
Treasurers require a university degree or college diploma in accounting, business administration, economics, commerce or a related field. Many are accountants and therefore have a proper accounting certification, which is certainly helpful. It is necessary to have many years of accounting, auditing, budgeting and financial planning experience in order to move into this more senior management role. A treasurer may also be required to complete a company training program.
 

Sources:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2014-15 Edition, http://www.bls.gov/ooh/
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Employment Statistics, 2002, http://www.bls.gov/oes/2002/oes_nat.htm

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