Treasurer vs. Bookkeeper: What Are the Differences?

A treasurer and a bookkeeper are both responsible for managing finances, but there are key differences between the two positions. A treasurer typically works for a larger organization and is responsible for all aspects of financial management, while a bookkeeper typically works for a smaller organization and focuses on recording and maintaining financial records. If you’re interested in a career in finance, understanding the differences between these two positions can help you decide which is right for you.

What is a Treasurer?

Treasurers are responsible for the financial health of their organization. They oversee all aspects of the organization’s finances, including budgeting, forecasting, cash management, and investment planning. Treasurers work closely with the CEO, CFO, and other members of the senior management team to ensure that the organization’s financial goals are aligned with its strategic objectives. Treasurers are also responsible for managing the organization’s risk exposure and ensuring that it has adequate insurance coverage. In addition, treasurers often serve as the organization’s primary contact with its bankers, investors, and other financial institutions.

What is a Bookkeeper?

Bookkeepers are responsible for maintaining financial records for businesses, organizations or individuals. They keep track of all transactions and ensure that all records are up to date and accurate. Bookkeepers typically use accounting software to input and organize data. They prepare financial statements, reconcile bank accounts, process invoices and track expenses. Bookkeepers may also be responsible for preparing and filing taxes. Some Bookkeepers also provide payroll services.

Treasurer vs. Bookkeeper

Here are the main differences between a treasurer and a bookkeeper.

Job Duties

A treasurer’s job duties can vary based on the size and needs of their organization. For example, a treasurer for a school district may be responsible for managing the district’s budget, forecasting future financial needs and developing long-term investment strategies. In contrast, a treasurer for a small business may be responsible for maintaining the company’s daily cash receipts and deposits, processing payments and making timely financial transactions.

Bookkeepers perform technical accounting functions, which means they are responsible for keeping records accurate and complete. They often work closely with staff members to guide them through proper recordkeeping practices and procedures. Bookkeepers may also perform some clerical tasks, such as filing documents and typing correspondence.

Job Requirements

Treasurers and bookkeepers typically need at least a bachelor’s degree in accounting, finance or another related field. Some employers prefer candidates to have a master’s degree as well, but it is not required for entry-level positions. Additionally, many treasurers and bookkeepers pursue certifications through the American Institute of Certified Public Accountants (AICPA) or the National Association of Certified Public Bookkeepers (NACPB). These organizations offer training programs that teach professionals how to use accounting software and other tools they might need on the job.

Work Environment

The work environment for a bookkeeper can vary depending on the industry they’re working in. For example, if you’re working as a bookkeeper for a construction company, your work environment may involve being outdoors and using heavy machinery to complete tasks. If you’re working as a bookkeeper for an accounting firm, however, your work environment is likely to be more traditional with cubicles or offices.

A treasurer’s work environment also varies based on their industry. For example, if you’re working as a treasurer for a manufacturing company, your work environment may involve being outdoors and interacting with employees who are operating machinery. If you’re working as a treasurer for a bank, however, your work environment is likely to be more traditional with cubicles or offices.

Skills

Both treasurers and bookkeepers need to have excellent math skills. They use math when they are calculating interest rates, preparing financial reports and analyzing data. Treasurers and bookkeepers also both need to be detail oriented so that they can accurately record transactions and maintain financial records.

Treasurers typically need to have strong analytical skills so that they can identify trends in the market and make sound investment decisions. They also need to have good communication skills so that they can explain their investment decisions to other members of the organization. Bookkeepers need to have good organizational skills so that they can keep track of all the financial records for the organization. They also need to have good customer service skills so that they can assist customers with questions about their accounts.

Salary

The average salary for a treasurer is $111,162 per year, while the average salary for a bookkeeper is $49,431 per year. The salary for both positions may vary depending on the size of the company, the location of the job and the level of experience the employee has.