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 the majority of their time analyzing data, evaluating budget proposals, recommending spending cuts, redistributing extra funds, and preparing annual reports. They collaborate with project managers to develop the organization's budget while reviewing proposals for accuracy, completeness, and compliance.
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.
Budget analysts are individuals with distinct personalities. They are typically conventional people, which means they are conscientious and conservative. They are logical, efficient, organized, and orderly. Some are also enterprising, which means they are daring, ambitious, assertive, extroverted, energetic, enthusiastic, confident, and optimistic.
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
Budget analysts communicate their recommendations to company executives. If there is a gap between the budget and spending, budget analysts will write a report outlining the differences and recommending any changes. They provide accurate, up-to-date information by utilizing spreadsheet, database, and financial analysis software.
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