Finances are a major part of every business, and for that reason, having a qualified budget analyst is very important. Budget analysts advise institutions on how to organize their finances. By preparing reports, proposals and analyzing data, budget analysists determine the costs, benefits and recommended funding. Hand in hand with providing technical analysis, budget analysts must also be able to communicate the data that they compile. The information the budget analyst presents must be clear an actionable to produce the results the institution may desire.
Budget analysts spend most of their time analyzing data, evaluating budget proposals, recommending spending cuts, redistributing extra funds, and preparing annual reports. They often uses cost-benefit analyses to explore alternative funding methods, review financial requests, and assess program tradeoffs. They may also look at past budgets and research any financial developments that could affect income and expenditures. In order to stay within the budget, budget analysts oversee spending throughout the year and figure out whether changes are needed for certain programs. They also examine programs and decide whether they are producing good results.
A Budget Analyst's job tasks include:
- Evaluating budget proposals and funding requests.
- Collaborating with project managers to develop a budget.
- Conducting cost-benefit analyses to determine value.
- Approving or rejecting funding requests.
- Determining whether budget proposals are in compliance with regulations.
Work Activities summarize the kinds of tasks that may be performed across multiple occupations. Work activities are an aggregation of similar job tasks or behaviors for the accomplishment of major work functions.
A Budget Analyst's job work activities include:
- Prepare, maintain, and analyze balance sheets, income statements, and other financial records and reports
- Analyze and interpret accounting records
- Monitor disbursements (such as payments to vendors) and research problems to identify issues and recommend corrections
- Help prepare monthly metrics reports, internal management reports, and external regulatory reports
- Help present financial data, progress, and performance metrics information for briefings and other presentations
- Research complex accounting issues and errors to find solutions