In the current day and age, businesses have access to more data than ever before. No matter the size of your company, you can extract crucial information to find strengths and weaknesses and work to build a stronger business altogether.
One of the most important roles in the process is that of the financial analyst.
And, if you’re looking to build a remote team, then you’ll also want a remote financial analyst.
But what is a remote financial analyst? And why should you hire one? Let’s find out.
What Is A Remote Financial Analyst?
In short, a remote financial analyst is someone who analyses, processes and simplifies a company’s finances.
And, because they’re remote, they work from anywhere in the world.
What Does A Remote Financial Analyst Do?
Remote financial analysts are responsible for making companies more aware of exactly what their finances are being used for, and how they can spend their finances better.
Main Responsibilities
Here are some of the main responsibilities:
Gathering Data
The first step in the process for any financial analyst is to gather data to analyse. That data can be anything from historical financial reports, data from general ledgers, statistics, and industry research.
Organising Data
Once the data’s been gathered, it’s got to be filtered, cleaned up, and organised into a format that makes sense.
Analysing Financials
Once the data is organised, the remote financial analyst will start analysing that information, comparing it to past information and trends that other companies in the same industry are experiencing.
Forecasting The Future
With all of that historical data and the current trends analysed, the remote financial analyst’s job now is to forecast how the company will do in the future.
Providing Recommendations
The best remote financial analysts don’t just say “Hey, here are the numbers.” But will also give recommendations and insights on how the business can be streamlined based on those numbers.
Generating Reports
Last (but not least) is the process of generating reports. This is something every remote financial analyst is familiar with. From KPIs to actual vs. budget results, if it’s financial information, they can generate reports on it.
Benefits Of Hiring A Remote Financial Analyst
Hiring a remote financial analyst comes with a bunch of benefits. Let’s take a look at the biggest ones.
Costs Saved
The main reason you’d hire a remote financial analyst is to identify where you’re losing money, and how you can spend smarter. Apart from identifying where money can be saved, the fact that they’re remote means that you’re saving on office costs, too.
Access To International Talent
Hiring a remote financial analyst means you can look anywhere in the world for somebody to fill that role. For example, countries like South Africa have world-class remote finance talent at a fraction of the cost when compared to places like Europe, the UK, and the US.
Enhanced Productivity
There have been a couple of studies that found that remote employees are more productive than their in-office counterparts. That means you’re getting more out of your remote financial analyst than you would from an in-house financial analyst.
Better Work-life Balance
A study by Buffer found that around 45% of remote workers find it easier to maintain a work-life balance, which means higher retention and less burnout.
What To Look For In A Remote Financial Analyst
Hiring a remote financial analyst isn’t difficult. But hiring a good remote financial analyst is a different story. Here are some qualities you should look for in a remote financial analyst.
Analytical Skills
First and foremost, if the remote financial analyst doesn’t have strong analytical skills, you shouldn’t bring them onboard. They’ll be dealing with huge amounts of complex data on a daily basis, so being able to analyse and break that down is crucial.
Knowledge Of The Industry
Because they’re comparing your company to others in your industry, it’s crucial that the remote financial analyst knows where to find information about that industry, and can showcase that they have that information.
Adaptability
Remote financial analysts have to be able to pivot and change on super short notice to match the needs of your changing business. By being adaptable, they can give you advice and insights, no matter the state of the business.
Communication Skills
Working remotely means that your remote financial analyst has to be able to communicate clearly and often. It’s also important for communicating complicated financial data in a way that everybody can understand.
Tech proficiency
Remote financial analysts should be comfortable working with a bunch of different tools and software, including financial software systems, BI tools, cloud platforms, and cybersecurity.
So, Should You Hire A Remote Financial Analyst?
Deciding whether or not you should hire a remote financial analyst depends on 4 factors.
The first thing to look at is whether or not your business actually needs a remote financial analyst at this point in time.
The second thing to look at is the budget. You’re bringing somebody on board, so you have to be able to pay them for their time and effort.
The third is scalability. You’ll have to identify and determine whether or not the remote financial analyst is going to be a long-term team member, or if they’re only being brought on board for a limited period of time.
And lastly, you should look at whether or not hiring a remote financial analyst aligns with your business strategy and your goals.
If you can identify that you do need a remote financial analyst, that you can afford one, where they fit in in terms of scalability, and whether or not it aligns with your business strategy and goals, then you can make the decision to find a remote financial analyst.
And if you need help with that, you can get in touch with us. We’ll help you find a remote financial analyst that can help your business save a ton of money.