Financial reporting analysts are in charge of collecting and analyzing financial data for a company. Most of the time, these experts advise financial executives on how to best plan for the future. They may also be in charge of preparing financial statements for external auditing. A financial reporting analyst can work for a financial consulting firm or as an in-house professional in a finance or accounting department. In these situations, the analyst is frequently hired a company that needs help preparing documents for external or internal audits.
Professionals in these positions almost always have a bachelor’s degree in finance or accounting. They have master’s degrees in these fields in more competitive job markets. Analysts with professional certification, such as Certified Public Accountant (CPA) certification in the United States, are also common.
To gather data and generate reports, a financial reporting analyst frequently employs software. He or she might create spreadsheets or graphs that show data about revenue, accounts receivable, and other aspects that reflect an organization’s overall profitability. A reporting analyst will frequently present this data to managers and executives, who will use the analyst’s knowledge of data to develop growth strategies.
External reporting is usually done a financial reporting analyst for tax purposes. Regulatory agencies with government support may request audits, in which case the analysts are in charge of gathering the requested information. They also prepare financial intelligence for individuals interested in an organization’s performance, such as shareholders and investors.
A financial reporting analyst is frequently a senior executive. In contrast to department or branch accountants, who oversee financial matters specific to their areas, he or she is responsible for seeing the big picture. A reporting analyst will frequently meet with department and branch accountants to discuss their areas’ needs. Similarly, an analyst may present them with budgets and spending instructions.
These analysts may look at bigger issues like market behavior and business environments in some cases. At the executive level, these analysts can serve as consultants. They may persuade company decision-makers to begin producing certain products in response to market trends. An analyst’s job may also include forecasting demand and profit margins in new markets. Executives frequently hire outside analysts for this type of service so that they can receive objective analysis.