Inventory accountant vs cost accountant

The differences between inventory accountants and cost 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 a cost accountant. Additionally, a cost accountant has an average salary of $60,528, which is higher than the $59,285 average annual salary of an inventory accountant.

The top three skills for an inventory accountant include reconciliations, financial statements and external auditors. The most important skills for a cost accountant are reconciliations, variance analysis, and GAAP.

Inventory accountant vs cost accountant overview

	Inventory Accountant	Cost Accountant
Yearly salary	$59,285	$60,528
Hourly rate	$28.50	$29.10
Growth rate	6%	6%
Number of jobs	56,492	39,925
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 77%
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 a cost accountant do?

A cost accountant specializes in determining the total cost incurred by a company from producing goods and services. Through the various financial data they collect, the cost accountant will devise plans and strategies that will be a vital factor in the next budget and marketing preparations of a company. Aside from this, a cost accountant is responsible for various tasks such as conducting research and analysis in different areas, keeping financial records and inventory, producing financial reports involving profitability and expenditures, and proposing a budget and other financial plans.

Inventory accountant vs cost accountant salary

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

	Inventory Accountant	Cost Accountant
Average salary	$59,285	$60,528
Salary range	Between $46,000 And $76,000	Between $45,000 And $81,000
Highest paying City	San Francisco, CA	Edison, NJ
Highest paying state	California	New Jersey
Best paying company	RH	Google
Best paying industry	Energy	Energy

Differences between inventory accountant and cost accountant education

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

	Inventory Accountant	Cost Accountant
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 77%
Most common major	Accounting	Accounting
Most common college	University of Pennsylvania	University of Pennsylvania

Inventory accountant vs cost accountant demographics

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

	Inventory Accountant	Cost Accountant
Average age	44	44
Gender ratio	Male, 50.6% Female, 49.4%	Male, 52.6% Female, 47.4%
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, 8.7% Unknown, 4.0% Hispanic or Latino, 11.0% Asian, 12.2% White, 63.7% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	7%

Differences between inventory accountant and cost 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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Cost accountant example responsibilities.

Manage ledgers and perform month end journal entries.
Manage the payroll with ADP system and account receivable.
Manage costing control as well as accounts payable (A/P) and accounts receivable (A/R).
Prepare internal financial reports for treasury manage accounts include in external compliance reports.
Prepare raw material and WIP inventory reconciliations.
Develop tracking of GAAP inventory valuation for all inventory inherit from the bankrupt former company.

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Inventory accountant vs cost accountant skills

Common inventory accountant skills

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

Common cost accountant skills

Reconciliations, 9%
Variance Analysis, 6%
GAAP, 4%
Account Reconciliations, 3%
Cost Analysis, 3%
Financial Analysis, 3%

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Updated January 8, 2025

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