A Budget Analyst Job description is a crucial job profile for any finance department. Budget analysts oversee the organization's budget and approve spending requests by conducting merit and authenticity studies based on solid evidence. They choose the appropriate distribution of funds by studying budget proposals and analyzing statistics. Budget analysts' employment is predicted to expand by only 3% between 2021 and 2031, which is slower than the average for all occupations.
Budget Analysts create, examine, and implement budgets while projecting the amount of money they will require to address these issues. This can entail looking at the budget to discover fresh approaches to boost productivity and revenues. This can entail researching the most effective approach to distribute funding and resources among various programs and divisions for non-profit and governmental organizations. To examine budget plans, budget analysts also create reports annually and as needed.
A budget analyst must have a good mathematical mind and the capacity for critical thought. They must also be familiar with any budgeting-related laws and regulations. Some of their tasks require them to appeal to and persuade management to support their proposals, which requires effective communication and interpersonal abilities. A budget 'analyst's job description must reflect these skills as requirements.
The Budget Analyst Job descriptions should list the primary duties, the knowledge, skills, abilities, and other qualities (KSAO) necessary for an individual to perform the job well.
Budget Analyst Job description: Overall Purpose of the job
The budget analyst will guide top management in the development, analysis, execution, and adaption of budgetary policies.
Budget Analyst Job description: Primary duties
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- Approves or rejects proposals and grant requests for funding by examining proposals to ensure they are accurate, thorough, and compliant with legal requirements.
- Collaborates to create a budget with project management by providing statistical insights.
- Establishes value by analyzing costs and benefits
- Defends budget suggestions in the face of management by providing cost and benefit insights
- Ensures expenditures stay within the budget by monitoring them.
- Forecasts future expenditures and trends by calculating, identifying, compiling and sharing the data
- Suggests improvements to increase profits (e.g. spending cuts) by analyzing past budgetary reports.
- Oversees preparation of regular and special budget reports by monitoring and advising management
- Informs the organization, legislators, and the public about funding demands by presenting the budget analysis and suggestions at the start of each budgeting cycle
Budget Analyst Job Description: Educational Qualifications
- Bachelor of Sciences in accounting, finance, business, or a relevant field to read, analyze and interpret budget proposals, budget and expenditure reports.
- A master of sciences in accounting, finance, business or a relevant field is preferred to give insights on the implications of the budget on business operations.
Budget Analyst Job description: Experience Required
- A year of experience is required to ensure the employee can conduct the analytical investigation and reporting of complicated financial data
Budget Analyst Job description: Knowledge, Skills, Abilities, and Other Characteristics (KSAO)
Knowledge
- Knowledge of accounting software and Microsoft Office Suite or related software is required to create reports and run data analytics.
- Knowledge of statistical methods, accounting principles, and auditing standards, as well as accounting and budgeting principles and practices, are required to assess the budget's suitability to support the business.
- Comprehensive knowledge of economic and financial analytical fundamentals is required to take care of the financial resources and ensure that they are allocated properly to maintain budget balance.
- Basic knowledge of and proficiency with cost-benefit analysis is required to ensure that the objectives and results of agency programs are effectively supported.
- Knowledge of and aptitude for efficient methods for deciding a course of action is necessary to create suitable solutions and draw conclusions.
- Foundational accounting knowledge is essential because budget analysts monitor revenue and expenses
Skills
- Good analytical skills are essential to analyze financial data and financial performance;
- Excellent communication skills are essential to communicate effectively with staff, managers, organizations and the public
- Mathematical skills are essential to make accurate calculations and predictions.
- Active listening skills are essential as they help them comprehend the financial objectives and difficulties of firms so they can effectively plan and anticipate
- Critical thinking and problem-solving skills are essential to develop potential answers for challenging financial issues and assess several options to choose the best course for their organizations.
Abilities
- Ability to perform in-depth statistical analysis of budgetary actions.
- The ability to write and present financial and administrative reports clearly and succinctly is needed to share information straightforwardly.
- Ability to analyze information from financial reports and ledgers.
- The ability to manage time is needed to adhere to deadlines;
- Capacity to establish and sustain cooperative working relationships with various stakeholders, vendors, and other interested parties.
Conclusion
A budget Analyst job description is an essential role for the finance department of an organization. Their primary duties are analyzing funding requests and budget plans, determining the need for expenditures, and doing cost-benefit evaluations. The role is also important as they help create, implement and maintain the organization's budget and ensure financial resources are used wisely.
Natasha Chimphondah is an organizational development consultant at Industrial Psychology Consultants (Pvt) Ltd, a business management and human resources consulting firm.
LinkedIn: https://www.linkedin.com/in/natasha-chikondi-chimphondah-9b62a9159/
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Email: natasha@ipcconsultant.com
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