An inventory accountant is also known as a cost accountant and an individual appointed at this job position works for the accounting department of a company. The major role of an inventory accountant is related to handling the cost of inventory and looking after paperwork related to the inventory held by the company.
- An inventory accountant develops and determines the inventory accounting methods and also analyses the inventory related reports so as to find the possible flaws in inventory storage, transportation, costing etc.
- It is the job responsibility of an inventory accountant to monitor all the transactions related to inventory and keep himself updated about the inventory which has been used or the items that have to be stocked up for future use.
- An inventory accountant is majorly responsible for maintaining an inventory ledger and looking into the fact that physical inventory counts are organized.
- Another job responsibility of an inventory accountant is to ensure that the entire inventory is stacked properly and arranged in an organized manner so that minimum wastage occurs and none of the items is spoilt, destructed or damaged in any way.
- An inventory or cost accountant is also responsible for analyzing the overhead costs and variable costs of the company so as to ensure smooth accountancy.
- One of the most important job responsibility of an inventory accountant is to check whether or not the reports made related to the inventory count is correct or not so that any kind of fraud can be avoided and timely action can be taken against the one who has deliberately made a fraud report
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