Treasurer – Definition, what it is and concept

A treasurer is a corporate position whose main task is the management of monetary funds (money) of an institution and related economic movements.

In this way, anyone who is responsible for keeping the accounts of a business, association, club members or similar, is a treasurer. It is perhaps one of the positions of greater responsibility, since it is the one in charge to safeguard the money and to administer it. Therefore, it is also responsible for accountability and informing all other members of it.

Origin of the word treasurer

It comes from the Latin thesaurarĭus, which was the denomination received by the official custodian of the Treasury of kings and emperors. It was one of the most important and coveted positions, since it made them the right hand of the leaders. In addition, when handling economic affairs, that gave them high power over others.

They have received many different names throughout history. From the so-called “chaty” in Egypt (senior officials of the Pharaoh), to the Roman “quaestors”, or the “senior accountants” of the Middle Ages. But they all had one point in common, money management and all that that entails.

Public or private employment

The two most common labor aspects for this position are public and private. In the first, it can be an auditor, responsible for the control and control of expenses and income; or a treasurer, who administers and safeguards municipal funds. On the other hand, a treasurer in the private sector usually works for associations or foundations, (most commonly), but also for companies, although in these cases this task is usually the responsibility of the CFO.

Normally, in both types of employment, a bachelor’s degree, degree or similar is usually requested. In the case of the public treasurer, the position must also be accessed through a contest-opposition. This has an extensive economic and legal agenda and the exam is considered one of the most difficult of the public administration.