Running an organization always requires a careful management of finances from the largest corporation to the smallest private group. There are many ways to keep track of your finances, including accountants and finance management specialists. One of these is the financial secretary. The financial secretary helps oversee where money comes in and goes out of an organization, and has many duties.
A financial secretary will be in charge of receiving all dues, initiation feeds, re-admission fees, subscription fees and any other type of transaction. He may also receive payments for services, such as for dry cleaning, repair or buying goods. After he receives this money, he will enter it into his records. He will write how much money he received, who paid it, why it was paid, when it was paid and how it was paid. He then enters all of this information into well-organized records that must be easy to read and understand. He must then send these records to the accounts department, which will then use these records to balance accounts and finances.
Once the financial secretary has received payments, including money and checks, and entered them into her records, she must deposit them. This can be done in different ways, depending on the organization. Some organizations will have money deposited at the end of every day, while some may do it weekly or even monthly. Sometimes, the financial secretary must simply give all the money to the treasurer at this point. The treasurer will then take the funds and deposit them into whatever bank the organization uses. However, financial secretaries are often called upon to take the deposits to the bank themselves. They will then take the deposit receipt and enter it into their records.
Every month, the financial secretary will make reports to the board or group of people in charge of the organization. He will essentially let everyone know where the finances are coming from, where they are going, who has been paying, who hasn’t been paying, and any other vital and essential information regarding finances. He will make sure a copy of this report is available for all members to take home, read at their own leisure and ponder. A financial secretary may also be allowed to make suggestions on how to improve the company's finances, but this depends on the authority the individual company gives him. The board or controlling group can then make financial decisions based on the report he has given them.