The volunteer treasurer is a significant position on any nonprofit board. Key responsibilities include the management and administration of the nonprofit's finances, reporting to the board, offering fundraising advice and acting as a liaison with independent auditors.
Treasurers that serve on the boards of small to mid-sized nonprofits, as well as all-volunteer organisations, often have a more hands-on role than those who serve at larger NFPs.
The following are a few tips that can make this daunting job a bit easier and less of a hassle.
Use Automated Software Designed Especially for Treasurers of Nonprofits
To keep up with everything, you must compile, track and report which are all very time-consuming. From recording the day-to-day transactions of your nonprofit and handling routine processes, such as bank reconcilements, to calculating GST, compiling monthly reports and so on - the role can get very busy if not managed well.
As your organisation's treasurer, one way that you can save time, and improve accuracy, is to make the switch to a fully automated bookkeeping software that is stored and accessed in the cloud, such as Admin Bandit's software for volunteer treasurers.
Software like this one tracks all of your organisation's transactions for you. It also walks you through each step of a host of more complicated tasks including preparing budgets, creating monthly and annual reports, calculating GST and other important filings.
Since the data is stored in the cloud, it reduces the risk of losing your organisation's valuable data should there be an incident of theft, fire, flood or another disaster.
Establish Sound, but Simple, Systems and Controls
As the treasurer, financial oversight is one of your most important duties. To protect the organisation's finances, you will need to limit who has access and control of the nonprofit's cash and other funds.
Take the time to establish policies and procedures that will help you to both follow and monitor your nonprofit's assets. Create routines that reduce risk of loss, such as always having two people to count the funds whenever cash handling is involved.
One way to establish routines that will also generate records that can help you track activities is to build forms for your procedures. Forms help you to leave a paper trail for your organisation's activities and expenses, such as having team members submit reimbursement request forms to help you track expenses.
While accounting software and a host of useful apps are generating less physical paper, you should still use a system of binders and other tools to help you organise whatever paper records and other important physical documents are generated.
Use a Calendar
Of course, an old-fashioned paper calendar that is mounted on the wall or desk still works. However, there is an easier and more efficient way to keep up with all of the important dates that you must remember. Software and internet-based calendars make it a lot easier for you to keep track of filing requirements and deadlines. This is because you can program a virtual calendar to send you alerts and reminders, making it less likely that you will forget an important date.
This simply ensures that you are keeping up with financial requirements while also helping to ensure that your organisation avoids the expense of paying late filing fees and other penalties.
Prepare for the Next Treasurer
No matter how fulfilling your find your role and its duties, at some point, your term as a volunteer treasurer with your organisation will come to an end. You can make things easier for yourself, and the next person that follows in your footsteps, by making a point to regularly file your paperwork and keeping your records organised, and up to date.
Before your term is set to expire, it is especially helpful to schedule a meeting with the incoming treasurer. Go over your accounting system and filing system with them, as well as the controls and procedures that you have in place to help minimise the impact of this new transition.
