Inventory accountant vs accountant

The differences between inventory accountants and accountants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both an inventory accountant and an accountant. Additionally, an inventory accountant has an average salary of $59,285, which is higher than the $54,890 average annual salary of an accountant.

The top three skills for an inventory accountant include reconciliations, financial statements and external auditors. The most important skills for an accountant are reconciliations, general ledger accounts, and account reconciliations.

Inventory accountant vs accountant overview

	Inventory Accountant	Accountant
Yearly salary	$59,285	$54,890
Hourly rate	$28.50	$26.39
Growth rate	6%	6%
Number of jobs	56,492	60,073
Job satisfaction	-	3
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 71%
Average age	44	44
Years of experience	4	4

What does an inventory accountant do?

An inventory accountant is in charge of overseeing and managing the costs involving a company's inventory operations. It is their duty to monitor transactions, update general ledgers, gather and analyze data, perform audits and assessments, and produce regular inventory reports. They must also observe and be alert for any inconsistencies and discrepancies, dealing with them according to the policies and regulations. Moreover, an inventory accountant must maintain an active communication line with staff for a smooth and efficient workflow.

What does an accountant do?

An accountant is an individual whose primary task is to prepare, keep, examine, and interpret financial records. Most accountants are in charge of a wide scope of finance-related tasks, either for private individuals or for large-scale businesses and organizations they are employed with. They make sure that financial statements and records are accurate and comply with laws and regulations. They also compute for taxes, prepare tax returns, and ensure being paid properly and on time. As they keep track and record the flow of money, they can offer guidance on how to reduce costs, enhance revenue, and help in profit maximization.

Inventory accountant vs accountant salary

Inventory accountants and accountants have different pay scales, as shown below.

	Inventory Accountant	Accountant
Average salary	$59,285	$54,890
Salary range	Between $46,000 And $76,000	Between $41,000 And $72,000
Highest paying City	San Francisco, CA	Washington, DC
Highest paying state	California	New York
Best paying company	RH	Meta
Best paying industry	Energy	Technology

Differences between inventory accountant and accountant education

There are a few differences between an inventory accountant and an accountant in terms of educational background:

	Inventory Accountant	Accountant
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 71%
Most common major	Accounting	Accounting
Most common college	University of Pennsylvania	University of Pennsylvania

Inventory accountant vs accountant demographics

Here are the differences between inventory accountants' and accountants' demographics:

	Inventory Accountant	Accountant
Average age	44	44
Gender ratio	Male, 50.6% Female, 49.4%	Male, 38.2% Female, 61.8%
Race ratio	Black or African American, 8.9% Unknown, 4.0% Hispanic or Latino, 11.2% Asian, 12.1% White, 63.4% American Indian and Alaska Native, 0.5%	Black or African American, 8.6% Unknown, 4.0% Hispanic or Latino, 10.9% Asian, 15.0% White, 61.1% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	7%

Differences between inventory accountant and accountant duties and responsibilities

Inventory accountant example responsibilities.

Prepare internal financial reports for treasury manage accounts include in external compliance reports.
Collaborate with external CPA firm in recording accumulate amortization/depreciation and extend tax returns.
Provide monthly consignment inventory balances to customers, roll-forward reports and reconciliations for goods in transit.
Perform both wire and ACH transfers on a weekly basis.
Prepare checks, including ACH transactions, wire transfers, web payments.
Review and verify paperwork for all vehicle purchases to satisfy SOX and internal audit procedures and standards.

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Accountant example responsibilities.

Manage preparation of the statutory financial statements and financial aggregates in compliance with IFRS and local applicable norms.
Manage personnel financial matters including salaries, taxation procedures and other relate issues.
Manage and monitor accounting procedures for compliance with Sarbanes-Oxley and coordinate and facilitate external audit requirements.
Reconstruct and improve many balance sheet account reconciliations for easier reading and interpretation by senior level management.
Perform complex general accounting functions, including preparation of journal entries, account analysis and balance sheet reconciliations.
Maintain general ledgers and preparation of monthly and other periodic financial reports in accordance with GAAP and international accounting standards.

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Inventory accountant vs accountant skills

Common inventory accountant skills

Reconciliations, 11%
Financial Statements, 4%
External Auditors, 4%
Internal Controls, 4%
Account Reconciliations, 4%
GAAP, 4%

Common accountant skills

Reconciliations, 14%
General Ledger Accounts, 6%
Account Reconciliations, 6%
GAAP, 5%
Payroll Tax Returns, 5%
Customer Service, 5%

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Updated January 8, 2025

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