$85,660.
$96,630.
Those were the average annual salaries for financial analysts in 2021, according to the U.S. Bureau of Labor Statistics. Just salaries, by the way…not including payroll taxes, or benefits, or worker’s comp.
As your business grows, so does your need for innovative, forward-thinking financial consulting strategies that will help you make the best decisions for your business. While there’s no way around it: staffing even a small accounting department is an expensive proposition. But accounting is not a nice-to-have for a business; it’s a must-have. Rent, utility bills, suppliers, taxes, and so on — they all have to be paid to keep the lights on and the doors open.
While accountants are a must have for any business, they primarily focus on a business’s day-to-day financial standing. Financial analysts on the other hand, look to past and current financial data created by your accounting department to highlight your business’s strengths, opportunities, and potential threats to achieve your business’s goals and future reality.
Customized financial reports and models created by a financial analyst will provide an accurate reflection of your company’s revenues, expenses, profits, capital and cash flow. These financial “health” reports are critical when trying to make informed decisions about your business. Given the current volatile economy, having a complete and consolidated view of your business’s financial performance is a key to success.
Without completely understanding your business’s financial statements, it’s difficult to tell how much money your company is making after paying all of your expenses and payroll. Cash is the oxygen to your business, and financial reporting analysis can help you determine how many months’ payroll you can cover while remaining financially solvent.
Having accurate and effective financial reporting helps will ensure your business success by anticipating future roadblocks and preparing for them so they don’t bring your business to a screeching halt. If your business is searching for an expert in financial reporting services, contact us today to find out just how affordable an outsourced financial analyst solution could be for your business.
Copyright © 2024 Mallas Financial Services. All rights reserved.