Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between inventory 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 an inventory accountant and a tax accountant. Additionally, a tax accountant has an average salary of $62,142, 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 tax accountant are CPA, tax audits, and income tax returns.
| Inventory Accountant | Tax Accountant | |
| Yearly salary | $59,285 | $62,142 |
| Hourly rate | $28.50 | $29.88 |
| Growth rate | 6% | 6% |
| Number of jobs | 56,492 | 57,919 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 72% |
| Average age | 44 | 44 |
| Years of experience | 4 | 4 |
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.
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.
Inventory accountants and tax accountants have different pay scales, as shown below.
| Inventory Accountant | Tax Accountant | |
| Average salary | $59,285 | $62,142 |
| Salary range | Between $46,000 And $76,000 | Between $45,000 And $83,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | California | New York |
| Best paying company | RH | Pacific Investment Management Company LLC |
| Best paying industry | Energy | Finance |
There are a few differences between an inventory accountant and a tax accountant in terms of educational background:
| Inventory Accountant | Tax Accountant | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 72% |
| Most common major | Accounting | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between inventory accountants' and tax accountants' demographics:
| Inventory Accountant | Tax Accountant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 50.6% Female, 49.4% | Male, 47.3% Female, 52.7% |
| 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, 8.2% 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% |