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The differences between finance reporting accountants and tax accountants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a finance reporting accountant and a tax accountant. Additionally, a finance reporting accountant has an average salary of $67,545, which is higher than the $62,142 average annual salary of a tax accountant.
The top three skills for a finance reporting accountant include GAAP, reconciliations and external auditors. The most important skills for a tax accountant are CPA, tax audits, and income tax returns.
| Finance Reporting Accountant | Tax Accountant | |
| Yearly salary | $67,545 | $62,142 |
| Hourly rate | $32.47 | $29.88 |
| Growth rate | 6% | 6% |
| Number of jobs | 112,234 | 57,919 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 79% | Bachelor's Degree, 72% |
| Average age | 44 | 44 |
| Years of experience | 4 | 4 |
A finance reporting accountant is responsible for monitoring the efficiency and accuracy of the company's financial reporting procedures. Finance reporting accountants analyze the financial statements of the company, including its expenses, balance sheets, revenues, cash flow, and other related financial information and discuss it to the management. They also provide strategic recommendations to minimize loss through cost-reduction operational processes and identifying business opportunities to increase profits. A finance reporting accountant should have excellent knowledge of the accounting principles and disciplines, evaluating financial forecasts and resolving account discrepancies.
A tax accountant is an individual who works with clients to produce tax return documents that follow tax laws and regulations while keeping them updated on their return information. Tax accountants must determine tax strategies for their clients that may minimize or eliminate tax payments while arranging audits with taxation authorities. They prepare tax documents for different clients, including private companies, non-profit organizations, and private individuals. Tax accountants are also required to obtain a bachelor's degree in accounting and should understand business concepts.
Finance reporting accountants and tax accountants have different pay scales, as shown below.
| Finance Reporting Accountant | Tax Accountant | |
| Average salary | $67,545 | $62,142 |
| Salary range | Between $50,000 And $90,000 | Between $45,000 And $83,000 |
| Highest paying City | Washington, DC | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Western Alliance Bank | Pacific Investment Management Company LLC |
| Best paying industry | Retail | Finance |
There are a few differences between a finance reporting accountant and a tax accountant in terms of educational background:
| Finance Reporting Accountant | Tax Accountant | |
| Most common degree | Bachelor's Degree, 79% | Bachelor's Degree, 72% |
| Most common major | Accounting | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance reporting accountants' and tax accountants' demographics:
| Finance Reporting Accountant | Tax Accountant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 45.3% Female, 54.7% | Male, 47.3% Female, 52.7% |
| Race ratio | Black or African American, 8.4% Unknown, 4.0% Hispanic or Latino, 10.8% Asian, 15.6% White, 60.8% American Indian and Alaska Native, 0.5% | Black or African American, 8.2% Unknown, 3.9% Hispanic or Latino, 10.5% Asian, 15.5% White, 61.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 7% |