WHAT DOES AN IT FINANCIAL ANALYST DO?

Updated: Dec 08, 2025 - The Information Technology (IT) Financial Analyst supports budgeting and forecasting activities by ensuring accurate cost allocation, variance analysis, and compliance with accounting standards. This role coordinates with project teams and budget owners to manage requisitions, vendor invoices, and financial reporting processes. The analyst also contributes to risk management, change control, and process improvement initiatives to enhance operational efficiency within the Digital organization.

A Review of Professional Skills and Functions for IT Financial Analyst

1. IT Financial Analyst Duties

  • Process Expertise: Serves as subject matter expert in department business processes for the implementation of new enterprise software systems, processes, and related procedures
  • Project Leadership: Provides project leadership, configuration management, testing, and support for assigned financial subsystems
  • Implementation Planning: Develops implementation and maintenance plans
  • System Testing: Develops plans and leads staff on the testing and implementation of systems
  • Issue Resolution: Reports system issues to vendors and works with vendors to resolve the issues
  • Process Documentation: Documents processes and results
  • Workflow Development: Develops and documents workflow processes to create efficiency in the operation of financial systems
  • Stakeholder Coordination: Works with stakeholders to implement complex workflow processes
  • Staff Training: Plans and provides or arranges training classes for staff on the use of financial systems
  • Procedure Development: Develops user procedures, guidelines, and documentation
  • Change Management: Supports best practices for system and process change management, documentation of system processes and business practices, and the development of standards for processes

2. IT Financial Analyst Details

  • Project Coordination: Contribute to project coordination with activities such as status updates, project summary reports, presentations, and closing documentation
  • Plan Development: Assist in the development and maintenance of a technology-related project plan
  • Status Reporting: Provide project closing documentation and regular status updates of customers and projects
  • Financial Administration: Assist with IT financial day-to-day tasks such as IT invoices, requisitions, purchase orders, and invoice approvals
  • Budget Management: Manage IT budget, forecast files, and plug in actuals as they are received
  • Accrual Tracking: Gather monthly accruals and partner with the FP&A team to share budget forecasts and accruals
  • Workbook Management: Work with Project Managers to manage IT project workbooks and budgets
  • Resource Coordination: Coordinate with technical and personnel resources to ensure project results conform to quality, time, and budgetary stipulations
  • Customer Service: Initiate contact with customers, identify their needs, and provide appropriate service throughout the project lifecycle
  • Invoice Review: Review and approve invoices, ensuring correct purchase orders, account coding, and project identification
  • Forecast Adjustment: Work with managers to resolve discrepancies and identify costs or adjustments for inclusion in forecast updates

3. IT Financial Analyst Responsibilities

  • Financial Management: Update code and manage all financial inputs across the Income Statement, Balance Sheet, and Cash Flow schedules within the system
  • Data Reporting: Manage key financial summaries used by FP&A for Management decks and Quarterly Analyst calls
  • Presentation Support: Support financial slide decks for Executive Management and the Board of Directors
  • Cross Collaboration: Partner with FP&A and cross-functional teams to develop roadmaps, identify needs, and understand existing models
  • Model Development: Assist in translating financial models into efficiently built and enhanced Anaplan solutions
  • Procurement Administration: Provide procurement administration services for OIST’s projects and operations
  • Report Generation: Compile, develop, and generate procurement reports and dashboards
  • Data Analysis: Analyze information related to procurements, including services, resources, dependencies, and schedules
  • Decision Support: Assist in sourcing and generating information to support management decision-making on procurement matters
  • Budget Monitoring: Provide analytical and administrative support for the formulation, preparation, and monitoring of project and operational budgets
  • Budget Reporting: Develop, generate, and compile budget reports and dashboards
  • Financial Analysis: Assist in sourcing and generating information to support management decision-making on budget matters

4. IT Financial Analyst Job Summary

  • Cost Analysis: Assist budget owners and provide variance analysis on actual costs
  • Budget Updating: Update PFMT with approved budget and forecast input
  • Accounting Coordination: Coordinate with accounting to ensure capitalized and prepaid items are properly scheduled for depreciation or amortization
  • Entry Review: Review accounting entries to confirm prepaid and fixed asset costs align with the correct project, task, and expenditure type
  • Requisition Support: Support budget owners by creating requisitions in Oracle IProcure
  • Invoice Management: Facilitate vendor invoice review and approval by documenting accounting information and routing for signatures
  • Risk Management: Assist Corporate Initiative project management teams in identifying, tracking, and resolving risks or issues
  • Change Facilitation: Facilitate IT Change Control Board reviews and meetings
  • Process Communication: Advise participants on the change process and produce periodic Service Now reports
  • Project Reporting: Provide written and verbal communications on Digital operations and projects clearly and effectively
  • Process Improvement: Assist with process improvements to enhance efficiency for the Digital organization
  • Data Analysis: Support corporate initiative project managers by running ad-hoc queries and providing data analysis

5. IT Financial Analyst Accountabilities

  • Portfolio Planning: Support the IT Project Portfolio planning process on a monthly, quarterly, and annual basis
  • Budget Forecasting: Deliver IT forecasts, annual budgets, and long-range plans including capital expenditures
  • Variance Analysis: Analyze variances for project and run-rate forecasts, budgets, and actual results
  • Trend Evaluation: Perform capitalization and labor rate analysis, expenditures, and trend assessments
  • Financial Reporting: Provide insightful variance commentary and actionable recommendations
  • Model Management: Maintain and enhance multi-year models for capital, run rate, and capacity planning
  • Financial Liaison: Act as a liaison between Finance and Accounting to support the monthly close process and ensure statement accuracy
  • Capitalization Review: Partner with Accounting for timely and accurate capitalization of labor
  • Impairment Analysis: Support impairment and CIP review analysis
  • Project Accruals: Perform monthly project-related accruals
  • Reconciliation Process: Reconcile Adaptive Project Actuals to the General Ledger
  • Investment Analysis: Support business case creation and calculate NPV, ROI, IRR, and payback for capital investments
  • Data Reporting: Prepare regular and ad hoc financial reports, statements, and metrics for management review
  • Presentation Preparation: Develop and present management materials including graphs, charts, and summaries
  • System Administration: Perform Adaptive Insights administrative tasks including labor rate and formula validation
  • Security Compliance: Support the company’s commitment to protect the integrity and confidentiality of systems and data
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