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Financial reporting analysts collect and analyze financial data, prepare financial statements, and advise finance executives. They typically have degrees in finance or accounting, use software to generate reports, and may perform external reporting for tax purposes. They can act as consultants at the executive level and forecast demand and profit margins in new markets.
Financial reporting analysts are usually responsible for collecting and analyzing an organization’s financial data. In most cases, these professionals consult finance executives on how best to plan for the future. They may also prepare financial statements used in external audit processes. While this type of professional can work as an in-house professional in a finance or accounting department, a financial reporting analyst can also work for a financial consulting firm. In these cases, the analyst is usually hired by an organization that needs assistance in preparing documents for external or internal audits.
Professionals in these roles almost always have degrees in fields such as finance or accounting. In more competitive job markets, they hold master’s degrees in these fields. It is also common to find analysts with professional certification, such as certified public accountant (CPA) in the United States.
A financial reporting analyst typically uses software to gather information and generate reports. He or she can compose spreadsheets or charts that illustrate data on revenue, accounts receivable, and other aspects that reflect an organization’s overall profitability. It is common for a reporting analyst to present this information to managers and executives, who use an analyst’s data understanding to develop growth strategies.
When a financial reporting analyst performs external reporting, it is usually for tax purposes. Government-backed regulatory agencies can request audits; in this case, analysts are responsible for collecting the requested statements. They also prepare financial intelligence for individuals such as shareholders and investors who have an interest in an organization’s performance.
A financial reporting analyst is usually a top-notch professional. He or she is responsible for the big picture, as opposed to department or branch accountants who oversee financial matters specifically related to their areas. It is common for a reporting analyst to meet with department and branch accountants to discuss the needs of their areas. Similarly, an analyst can present budgets and spending instructions.
In some cases, these analysts look at larger issues such as market behaviors and business environments. These analysts can act as consultants at the executive level. They can encourage company decision makers to start manufacturing certain products depending on market trends. It can also be an analyst’s job to forecast demand and profit margins in new markets. Executives often hire analysts from outside their organizations for this type of service so that they can receive objective analysis.
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