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.
Inventory accountant responsibilities
Here are examples of responsibilities from real inventory accountant resumes:
- 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.
- Approve time and attendance documents for temporary employees and deliver the attendance documents to the payroll accountant.
- Complete billing & order creation for store & manager requests using QuickBooks, EAM, and Anita systems.
- Maintain accounting for a start-up corporation using QuickBooks.
- Coordinate financial information to CPA firm annually for tax return preparation.
- Assist in drafting operational and accounting policies and developing management/ monitoring processes relate to SOX auditing.
- Analyze capital accrual information - check capital accruals for accuracy before uploading manual journal entries to corporate headquarters.
- Assist with return goods process using ERP system and streamline process that accurately code physical inventories saving time/money.
- Perform a full spectrum of accounting functions including sub-ledger preparation, general ledger reconciliation, taxation, and auditing.
Inventory accountant skills and personality traits
We calculated that 11% of Inventory Accountants are proficient in Reconciliations, Financial Statements, and External Auditors. They’re also known for soft skills such as Analytical skills, Communication skills, and Detail oriented.
We break down the percentage of Inventory Accountants that have these skills listed on their resume here:
- Reconciliations, 11%
Prepared reconciliations for inventory GL accounts, inventory sub-ledgers, inventory locations accounts and performed research on discrepancies 12.
- Financial Statements, 4%
Generated financial statements for California Dairyman's Association COOP.
- External Auditors, 4%
Assisted with internal and external auditors for any inquiries regarding areas of responsibility.
- Internal Controls, 4%
Planned/implemented business policies and procedures to ensure proper internal controls, including documenting and maintaining written procedures for processes performed.
- Account Reconciliations, 4%
Maintained Access databases ensuring their accuracy and completeness for the purpose of posting automated general ledger entries and prepare account reconciliations.
- GAAP, 4%
Tasked with identifying and developing financial processes within the accounting department ensuring their compliance with GAAP.
Common skills that an inventory accountant uses to do their job include "reconciliations," "financial statements," and "external auditors." You can find details on the most important inventory accountant responsibilities below.
Communication skills. Many inventory accountant duties rely on communication skills. "accountants and auditors must be able to listen to and discuss facts and concerns from clients, managers, and other stakeholders," so an inventory accountant will need this skill often in their role. This resume example is just one of many ways inventory accountant responsibilities rely on communication skills: "direct vendor communication on issues concerning pricing, delivery charges, and ap reconciliations. "
Detail oriented. Another skill that relates to the job responsibilities of inventory accountants is detail oriented. This skill is critical to many everyday inventory accountant duties, as "accountants and auditors must pay attention to detail when compiling and examining documents." This example from a resume shows how this skill is used: "monitor balance sheet accounts and prepare detailed account reconciliations for deferred cogs, capitalized variances, etc. "
Math skills. For certain inventory accountant responsibilities to be completed, the job requires competence in "math skills." The day-to-day duties of an inventory accountant rely on this skill, as "accountants and auditors must be able to analyze, compare, and interpret facts and figures." For example, this snippet was taken directly from a resume about how this skill applies to what inventory accountants do: "performed monthly inventory reconciliations analyzed/reported daily cycle count results reported key inventory statistics coordinated purchasing card program developed monthly graphics on inventory. "
Organizational skills. Another crucial skill for an inventory accountant to carry out their responsibilities is "organizational skills." A big part of what inventory accountants relies on this skill, since "strong organizational skills are important for accountants and auditors, who often work with a range of financial documents for a variety of clients." How this skill relates to inventory accountant duties can be seen in an example from an inventory accountant resume snippet: "performed accounting functions in accordance with not-for-profit generally accepted accounting principles, along with organizational policies and internal controls. "
The three companies that hire the most inventory accountants are:
- RRobert Half11 inventory accountants jobs
- NNorthpoint6 inventory accountants jobs
- AALDI USA4 inventory accountants jobs
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Compare different inventory accountants
Inventory accountant vs. Accountant/consultant
Accountants/consultants perform accounting tasks for organizations or companies. The accountants improve accounting practices and prepare financial statements at the end of every year. They analyze financial data and offer advice on regulatory compliance issues to the finance department. It is their job to make sure that the online system is secure. Most of the day, they organize invoices, prepare statements, and supervising systems. They should be equipped with analytical skills, industry knowledge, critical thinking, and interpersonal communication.
These skill sets are where the common ground ends though. The responsibilities of an inventory accountant are more likely to require skills like "financial statements," "external auditors," "sox," and "inventory transactions." On the other hand, a job as an accountant/consultant requires skills like "account management," "product knowledge," "leveraged," and "customer service." As you can see, what employees do in each career varies considerably.
Accountant/consultants tend to make the most money working in the finance industry, where they earn an average salary of $68,479. In contrast, inventory accountants make the biggest average salary, $62,124, in the energy industry.The education levels that accountant/consultants earn slightly differ from inventory accountants. In particular, accountant/consultants are 1.1% more likely to graduate with a Master's Degree than an inventory accountant. Additionally, they're 0.2% more likely to earn a Doctoral Degree.Inventory accountant vs. Certified public accountant
A certified public accountant (CPA) acts as an advisor to small businesses and chief financial officers to Fortune 500 companies. They typically work for both small and large public accounting firms. They offer advice on many issues, such as accounting and taxation. They aid businesses and individuals to plan and achieve their financial goals. There are several requirements to become a CPA, including having a degree in accounting, passing the CPA examination, and obtaining a CPA license to practice.
Each career also uses different skills, according to real inventory accountant resumes. While inventory accountant responsibilities can utilize skills like "financial statements," "external auditors," "account reconciliations," and "strong analytical," certified public accountants use skills like "cpa," "strong customer service," "customer service," and "irs."
Certified public accountants may earn a higher salary than inventory accountants, but certified public accountants earn the most pay in the finance industry with an average salary of $92,755. On the other hand, inventory accountants receive higher pay in the energy industry, where they earn an average salary of $62,124.certified public accountants earn similar levels of education than inventory accountants in general. They're 2.2% more likely to graduate with a Master's Degree and 0.2% more likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for Inventory Accountants in the next 3-5 years?
Terri Walsh
Professor/Program Manager, Accounting, Seminole State College of Florida
Inventory accountant vs. Finance analyst/accountant
In a company setting, a finance analyst/accountant is in charge of handling and monitoring financial activities, ensuring efficiency and accuracy. Their responsibilities revolve around preparing financial reports, performing audits and risk assessments, and identifying any errors and inconsistencies, resolving them promptly and efficiently. They also conduct research and analysis to identify new business opportunities, evaluate the existing procedures to determine its strengths and weaknesses, and recommend solutions to optimize operations for financial growth. Furthermore, as a finance analyst/accountant, it is essential to uphold the company's policies and regulations, including its vision and mission.
The required skills of the two careers differ considerably. For example, inventory accountants are more likely to have skills like "financial statements," "inventory transactions," "purchase orders," and "reconcile inventory." But a finance analyst/accountant is more likely to have skills like "cpa," "financial data," "process improvement," and "pivot tables."
Finance analyst/accountants earn the best pay in the finance industry, where they command an average salary of $78,897. Inventory accountants earn the highest pay from the energy industry, with an average salary of $62,124.Most finance analyst/accountants achieve a similar degree level compared to inventory accountants. For example, they're 4.7% more likely to graduate with a Master's Degree, and 0.1% more likely to earn a Doctoral Degree.Inventory accountant vs. Fixed asset accountant
A fixed asset accountant is responsible for processing statement reports for the company's assets, organizing account records, and handling bank reconciliations and disputes. Fixed asset accountants must have excellent knowledge of the accounting principles to determine and track the assets dispositions in various accounting systems for reference. They also ensure the accurate balance and calculate the value of all fixed assets for reports. A fixed asset accountant should be highly analytical to measure asset obligations and provide recommendations for asset acquisition.
Types of inventory accountant
Updated January 8, 2025
