Inventory accountant vs senior cost accountant

The differences between inventory accountants and senior 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 senior cost accountant. Additionally, a senior cost accountant has an average salary of $65,824, 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 senior cost accountant are reconciliations, variance analysis, and GAAP.

Inventory accountant vs senior cost accountant overview

	Inventory Accountant	Senior Cost Accountant
Yearly salary	$59,285	$65,824
Hourly rate	$28.50	$31.65
Growth rate	6%	6%
Number of jobs	56,492	45,010
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 79%
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 senior cost accountant do?

A senior cost accountant is an individual who maintains detailed costs in a company's system and provides cost analysis that supports operations and sales. Senior cost accountants are required to review inventory and deal with manufacturing personnel to control and analyze standard costs. They must record cost information to be used in controlling expenditures as well as recommend cost efficiencies in new product layouts. Senior cost accountants must also provide reports that specify and compare factors affecting prices and profitability of products or services to the management.

Inventory accountant vs senior cost accountant salary

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

	Inventory Accountant	Senior Cost Accountant
Average salary	$59,285	$65,824
Salary range	Between $46,000 And $76,000	Between $48,000 And $89,000
Highest paying City	San Francisco, CA	San Francisco, CA
Highest paying state	California	New Jersey
Best paying company	RH	OraSure Technologies
Best paying industry	Energy	Health Care

Differences between inventory accountant and senior cost accountant education

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

	Inventory Accountant	Senior Cost Accountant
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 79%
Most common major	Accounting	Accounting
Most common college	University of Pennsylvania	University of Pennsylvania

Inventory accountant vs senior cost accountant demographics

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

	Inventory Accountant	Senior Cost Accountant
Average age	44	44
Gender ratio	Male, 50.6% Female, 49.4%	Male, 59.7% Female, 40.3%
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, 8.4% Unknown, 4.0% Hispanic or Latino, 10.8% Asian, 12.3% White, 64.1% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	7%

Differences between inventory accountant and senior 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.

Senior cost accountant example responsibilities.

Manage quarterly inventory reserves in accordance with company policy which follows GAAP guidance.
Prepare internal financial reports for treasury manage accounts include in external compliance reports.
Process month end close including journal entries, account reconciliations, variance analysis, financial statement preparation and corporate reporting.
Provide user training and technical support for ERP and payroll systems.
Implement process improvements for monthly close process and SOX documentation retention.
Complete account reconciliations in accordance with maintaining the integrity of assets and liabilities for balance sheet inventory accounts.

Inventory accountant vs senior cost accountant skills

Common inventory accountant skills

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

Common senior cost accountant skills

Reconciliations, 9%
Variance Analysis, 6%
GAAP, 5%
Account Reconciliations, 4%
SR, 4%
SOX, 3%

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Inventory Accountant vs Senior Cost Accountant

Updated January 8, 2025

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