Every company has employees who analyze its financial data and
enhance its decision support process by providing their insights and analyses
to management. In some companies the CFO, controller, or accounting staff
performs this function in addition to their regular responsibilities. In other
companies the process is more formal, with financial analysts, cost
accountants, and even whole departments dedicated to this function. No matter
which way it's done, effective financial analysis is really more a way of
thinking than a series of steps or processes.
Financial professionals who are effective at financial analysis
can add value to their companies and excel in their careers. Good analysts
identify cost-savings ideas, revenue growth opportunities, and strategies for
productivity improvements. Even people who work with financial data but don't
do regular analysis (general ledger, accounts payable, financial systems staff)
can benefit by building an analytic approach into the way they perform their
jobs.
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