Financial Secretary's Duties

A finance secretary ensures all cash transactions are accurate.

A finance secretary ensures all cash transactions are accurate.

An organization’s financial management strategies can make the difference between making profits and incurring losses. A financial secretary is hired to handle and oversee the financial responsibilities of a business. This professional receives money paid to the company, verifies, records and banks it as necessary. In some cases, the financial secretary oversees online transactions and manages overseas accounts. Employers look for business, finance or accounting graduates who are trustworthy and highly efficient with numbers.

Receiving and Making Payments

Managing cash inflows and outflows is one of the most pressing management duties for any business, according to a 2009 article at Reuters.com. The financial secretary is the company's point of contact for clients looking to make payments. She advises them on the payment options the business accepts, receives the money and processes it into company accounts. The finance secretary also is responsible for paying the organization's suppliers and service providers in a timely manner.

Keeping Records

A slight error in the recording a financial transaction can lead to a big problem. Financial sectaries use their remarkable attention to detail to ensure money moving in and out of the company is recorded accurately. Good records will help you track the financial performance of the business, identify source of receipts, prepare financial statements and file tax returns. If the organization's record keeping policies are not effective, the financial secretary will be tasked to assess them and make suitable adjustments.

Banking funds

The job of a finance secretary involves making frequent trips to the bank. He ensures all received funds, whether in cash or check, are banked on a daily basis. In instances where funds are wired into the company's account, he checks with the bank to verify transaction details. If you have been hired into this position, you are required to help the company embrace electronic banking technologies, enabling you to make deposits easily. Electronic banking is a cost and time-saving technological innovation that can enhance business efficiency.

Procuring Assets

Although some organizations hire procurement officers to oversee asset acquisitions, financial secretaries do the same job in others. They use their educational knowledge in finance to evaluate the pricing of various products before authorizing purchase. For instance, if the company wants to buy new workplace computers, the finance secretary allocates the required funds and helps in the procurement process. She develops a procurement plan that helps the company to buy goods and services at the right price, from the right source and in the right quantity.

 

About the Author

Based in New York City, Alison Green has been writing professionally on career topics for more than a decade. Her work has appeared in “U.S. News Weekly” magazine, “The Career” magazine and “Human Resources Journal.” Green holds a master's degree in finance from New York University.

Photo Credits

  • SW Productions/Brand X Pictures/Getty Images