The 4 Habits of Highly Effective Corporate Secretaries
The company secretary is the backbone of any business. They keep track of transactions, such as purchases and sales, and help the business owner keep tabs on the company’s financial health.
In other words, an excellent corporate secretary is not just someone who can take down notes at meetings. They are an essential part of the business. Hence, it is vital for them to have an effective and efficient workplace system.
1. Know the bottom line
The basics of an effective company secretary are simple – know the business’s financial health, be conversant on transactions, and keep track of expenses.
As the corporate secretary of a business, they should be updated on the circumstances of the company’s finances. This includes knowing the number of funds coming into the business and how much is going out.
Hence, it is crucial to have a general understanding of the business’s bottom line. The best corporate secretaries are the ones who not only know the financial health of the company but also know what information is needed to stay in the black.
2. Give periodic updates
On top of knowing the bottom line, an effective company secretary correctly reports financial data, which is the first step to managing the company accurately and efficiently. This involves keeping track of inventory and other key assets, customers, and debts. This means that the business’s books and records should be regularly updated and maintained.
Thus, if there is a change in the company’s financial situation, the books and records need to be adjusted accordingly. This means adjusting inventory and other assets, as well as adjusting liabilities.
3. Be proactive
While running a company, the responsibilities of a company secretary can be very diverse. They may need to attend board meetings and prepare minutes for directors or shareholders on behalf of their superiors.
The position is also responsible for taking care of details to ensure smooth transactions within the company. This includes ensuring all necessary materials have been prepared ahead so that when they come together, there is no waiting around or confusion about what needs to be done next.
Examples include providing information where needed, preparing reports that will later go into greater detail whenever necessary, and making sure records are kept up to date by gathering new ones as old ones get archived away from public view.
4. Have a backup system
Last but not least, it’s crucial to have a backup system. This includes keeping track of documents and having a system in place in an emergency. This could be as simple as having a separate computer or setting up a cloud-based system.
A corporate secretary performs essential tasks for a business’s success. Hence, an effective system is critical to the business’s health. A backup system is vital to ensure that the corporate secretary does not miss a beat, even in an emergency.
A corporate secretary is an essential member of any business. They keep the business running smoothly by managing the day-to-day administrative tasks, which means it is vital for them to have an effective and efficient system tailored to the company’s needs.
Ensure accuracy and compliance of company secretary services with OneStop Professional, an audit firm in Singapore that offers a wide range of essential corporate services. Our aim is aligned with yours – to bolster growth. The secretarial tasks that you entrust us with will be complete, but we will also analyse the internal structure of your business and provide advice on the best way to improve it.