What does a treasurer do?

The role of a treasurer is crucial to the financial health and governance of an organization. So what does a treasurer do?

The main duties of a treasurer are to oversee the financial administration of the organisation. The treasurer is responsible for managing the bank accounts, presenting monthly finances, reviewing procedures and financial reporting, advising the board on financial strategy, and advising on fundraising. They likely get involved with budgeting and forecasting too.

While the treasurer is responsible for the financial management of the organisation, they may have help from others in performing these duties, especially in larger organisations.

Overall, the role of a treasurer is both challenging and rewarding, requiring a combination of financial acumen, strategic thinking, and a commitment to the organisation’s mission.

Why do accountants volunteer as treasurers?

Being a qualified accountant means you already possess much of the expert financial and technical knowledge to do what a treasurer needs to do.

But being a treasurer demands more than just technical expertise. You’ll also bring exceptional communication skills developed while supporting your clients, your eye for finding opportunity and risk, and your strong sense of ethics and integrity.

Some accountants say the treasurer role is a great way to engage with, and support, their local community or a cause they care about.

It can feel like you’re really making a difference by being a treasurer. Others report that it’s also great leadership experience that they can draw on in their professional life.

What does a treasurer do? Let's ask…

So what exactly does a treasurer do? Some of our accountants at PKF Francis Clark volunteer as treasurers in their own time. We asked them what they do as treasurers and why they do it…

Ben, treasurer at Dorset Mind

I joined Dorset Mind as treasurer in July 2023. I was welcomed by the board and have made good friends with people who have a broad set of skills and desire to help.

I have also attended fundraising events where I have had the opportunity to meet mayors, MPs, local business owners and his Majesty’s Lord Lieutenant of Dorset.

The role involves presenting the monthly finances at board meetings, where we discuss the risks and make decisions for the charity. Some of these decisions are easier to make than others, and I have learnt a great deal about governance and managing an organisation.

I also prepare and submit their accounts, which are subject to a financial audit, so I can see what it is like being on the other side of the fence, being an auditor myself.

Most of all, I have learnt how important the charity is to so many people across Dorset and seeing how many other people volunteer is really inspiring. I am very proud of the role.

Will, treasurer at YMCA Exeter

Being a charity auditor, joining a board of trustees as the treasurer was a natural progression. It offers me the chance to use my skills to give back while gaining a deeper understanding of my clients’ perspectives.

I joined the board of trustees for YMCA Exeter in 2017, driven by the desire to make a meaningful impact. As treasurer, I provide financial oversight, ensuring compliance with regulations and optimizing the organization’s resources. But it goes beyond just numbers.

The board’s role is to offer strategic guidance, helping the charity plan for a sustainable future and maximize its reach. It’s incredibly rewarding to know that my expertise can help YMCA Exeter to thrive, whether it’s supporting vulnerable individuals, funding community projects, or providing essential services to those in need. As a trustee, I attend regular board meetings.

YMCA Exeter boasts an incredibly capable finance team that handles the day-to-day tasks of maintaining financial records and preparing the financial sections of board packs. My role as treasurer is to be available for any questions from the finance team and to chair the quarterly finance and risk committee. This committee allows us to dedicate more time to reviewing the risks facing the charity and scrutinizing the statutory accounts and future budgets before they are presented to the full board for approval.

Committee meetings are where my skills as an accountant are of greatest use, as they require a keen eye for detail and a deep understanding of financial principles to ensure the charity’s financial health and sustainability. For accountants considering this path, it’s a chance to leverage your skills in a way that makes a significant difference in the community.

James wanted to support a charity close to his heart, but felt that being a treasurer was a bit like his day job, so he became a trustee instead.

Trustees help to lead charities and decide how they are run. It’s another way to contribute to causes you care about and to use your strategic thinking and leadership skills. Treasurers are often trustees too.

James, trustee at Plants and Minds

I’m fortunate to live and work in an amazing place and to give something back is extremely important to me. For over ten years I have been a trustee of Plants and Minds. It’s a registered charity based on therapeutic horticulture which provides meaningful occupation in a supportive environment, aiming to restore wellbeing to people with mental illnesses.

As Chair of the charity I enjoy linking local businesses who have the same values as PKF Francis Clark and support the charity and in turn our community.

“It is not what you know but who you know” is a term often used. Through the business community and our network of clients and contacts we normally know someone who can help.

The best thing is that by buying plants for your garden from Cherry Tree and Chestnut plant nurseries, anyone can support all the work the charity does.