You have been entrusted with the role of treasurer of an organisation, but what does it really mean? Responsible for managing the organization’s finances and ensuring its financial health, the treasurer is entrusted with a great deal of responsibility. It is a role that requires both financial insight and dedication to the organisation’s objectives. In this article by Kim Vercoulen (Senior Recruitment Consultant at Treasurer Search), we explore what separates the wheat from the chaff.
I like to tell you some of the most important traits to become a successful treasurer:
- Understand your role and responsibilities and adopt
The specific responsibilities of a treasurer will vary depending on the size and type of organization: no company is the same, and every company has different needs. A good treasurer is able to analyse these needs and adapt to these different situations to ensure best practices are being implemented.
- Be organized and precise
A good treasurer is able to keep track of large amounts of information and manage multiple tasks simultaneously. A small mistake can have big consequences for the company’s finances. To be successful in this role, it’s essential to be able to prioritize tasks and meet deadlines, while at the same time being accurate and precise.
- Have a long-term focus
Being organized and precise is important, but maybe even more important is being able to not lose sight of the bigger picture. A good treasurer is able to not get caught up in daily operations, and keep making strategic decisions to ensure a company’s long-term financial health. They are able to take control by being proactive instead of reactive.
- Stay innovative
The treasury landscape is constantly changing. As a treasurer, it’s important to stay innovative and keep up with these changes. A good treasurer never stops developing themselves, the company’s treasury processes, and their staff. As Winston Churchill stated, ‘To improve is to change; to be perfect is to change often’.
- Have excellent communication skills
As a treasurer you are in contact with a lot of internal (e.g. other departments) and external stakeholders (e.g. clients and banks). To be a good treasurer, it’s critical to have excellent communication skills to communicate complex financial information in a clear and concise way, ensuring everyone understands the financial situation. This way a good treasurer prevents misunderstandings and ensures the right decisions are being made.
- Be ethical and trustworthy.
As a treasurer, you are responsible for handling large amounts of money and sensitive financial information. That’s why it’s essential for a treasurer to be ethical and trustworthy in this role. This means being honest and transparent in all financial dealings, and always acting in the best interests of the organization. We all know examples from the past that show what disastrous consequences hiring an untrustworthy treasurer can have.
- Have strong technical knowledge and experience
You might have noticed that the above skills are all soft skills. But soft skills alone are never going to get you far if you don’t combine them with proper technical knowledge and experience. A good treasurer has extensive knowledge and experience and is able to add value, not only to the treasury department itself but to the entire organization.
Conclusion: A good treasurer is someone who is organized, precise, has a long-term focus, is innovative, has excellent communication skills, is ethical and trustworthy, and has strong technical knowledge and experience.
Do you want to know more? I am happy to help.