Warehouse accounting is an important position in the business accounting system, playing a role in ensuring the accuracy and transparency of inventory - a key factor affecting costs and profits.
So What does a warehouse accountant do?, what skills and knowledge are needed to do this job well? The following article will help you understand the role of warehouse accounting, as well as the necessary skills to develop a career in this field.
1. Introduction to Warehouse Accounting
Warehouse accounting is a key position in the accounting system of an enterprise, responsible for controlling all activities related to inventory to ensure transparency, accuracy and efficiency in warehouse management. The work of a warehouse accountant does not stop at recording data, but also plays a strategic role in cost management and supporting business decision making.
Below are the key points to answer the question: What does a warehouse accountant do?:
- Inventory tracking and control: Warehouse accountants are responsible for recording and monitoring all import - export - inventory activities. This helps businesses limit losses, errors and promptly detect damaged goods, thereby controlling risks more effectively.
- Document management and data reconciliation: Each goods transaction is accompanied by documents that need to be carefully processed and stored. Warehouse accountants ensure the validity of invoices, import and export vouchers and compare them with actual data in the warehouse.
- Inventory costing and impact on financial statements: Correctly applying pricing methods such as FIFO, LIFO or average price helps accurately reflect the value of goods and cost of goods sold, thereby directly affecting the business's profits.
- Warehouse cost management support: By tracking data on storage, preservation, transportation costs, etc., warehouse accounting helps businesses identify unreasonable expenses and come up with cost optimization solutions.
- Provide strategic information: Accurate inventory data is the foundation for businesses to build appropriate production, import and sales plans, avoiding excess or shortage of raw materials.
In addition, it is necessary to clearly distinguish between warehouse accountants and warehouse keepers. If warehouse accountants process documents, record books and calculate data, the warehouse keepers are the ones who directly manage physical objects. Depending on the size of the business, these two positions can be separate or concurrent.
So, understand clearly What does a warehouse accountant do? help businesses build more efficient operating systems and better control costs in the context of increasingly fierce competition.
2. Duties and Responsibilities of Warehouse Accountant
Warehouse accountants play a key role in ensuring the accuracy and transparency of the entire process of importing, exporting and storing goods. So What does a warehouse accountant do? each day? Below is a detailed description of the specific tasks and duties for each stage.
The main task of the warehouse accountant is to monitor and fully record transactions related to import - export - inventory. This work includes checking documents (import/export vouchers, invoices), ensuring that the data matches reality, and performing periodic inventory to compare with accounting books. In addition, the warehouse accountant must also monitor the warehouse status, update inventory data on the system, and prepare inventory analysis reports by type of goods and storage time. Storing valid and accurate documents is also an important part of warehouse accounting.
Daily, warehouse accountants need to check input/output documents, update data into the system, handle discrepancies and support goods coordination. Actual inventory, internal reporting and proposing storage plans are also carried out regularly to avoid loss and shortage of goods.
Weekly, They will compare system data with reality, summarize the import and export situation, and check all related documents. Meanwhile, monthly work includes periodic inventory, analysis of inventory turnover efficiency, and preparation of detailed reports for business leaders. Warehouse accountants also need to complete accounting, tax declaration, and handle transactions arising during the month.
Finally, at the end of the year, the warehouse accountant conducts a complete inventory of the warehouse, prepares a summary report, evaluates work performance, and recommends improvements to the management system. Thus, What does a warehouse accountant do? It is not just about bookkeeping but also covers the management, analysis and improvement of the goods storage process.
3. Knowledge and Skills Required of Warehouse Accountants
To understand what a warehouse accountant does, you first need to understand the knowledge and skills required for this position. This is the foundation that helps warehouse accountants effectively perform inventory management tasks, from recording, controlling to pricing and optimizing costs.
Knowledge required of warehouse accountants
Kế toán kho cần nắm vững kiến thức cơ bản về kế toán và chuyên sâu về nghiệp vụ kế toán kho như nhập – xuất – tồn, các phương pháp định giá hàng tồn kho (FIFO, LIFO, giá trung bình), phân bổ chi phí và lập báo cáo tài chính. Bên cạnh đó, họ phải hiểu rõ quy trình kiểm kê, quy định pháp luật về quản lý kho, thuế VAT, thuế nhập khẩu (nếu có), và có kiến thức thực tế về đặc điểm hàng hóa để bảo quản, sắp xếp hợp lý. Đây là cơ sở giúp hạn chế thất thoát, hư hỏng, từ đó giảm thiểu chi phí cho doanh nghiệp.
Necessary skills in warehouse accounting work
In addition to professional knowledge, warehouse accountants need to be proficient in office computer skills and use accounting software and warehouse management software well to accurately record and track data. Data analysis and reporting skills help them make decisions based on actual inventory data. In addition, skills in organizing work, arranging goods scientifically, planning and coordinating between departments are also very important to ensure smooth warehouse operations. Carefulness, honesty, problem-solving ability and good pressure tolerance are also necessary factors to ensure data is always accurate and reliable.
Possessing all of these knowledge and skills will help warehouse accountants not only complete their tasks well but also contribute positively to the cost management process and improve the operational efficiency of the business.
4. Warehouse accounting accounts need to be mastered
In the process of inventory management, understanding the related accounting accounts is essential to ensure that businesses record costs and goods accurately, in compliance with current accounting regulations. According to Circular 200/2014/TT-BTC and Circular 133/2014/TT-BTC (or Circular 133/2016/TT-BTC for small and medium enterprises), the warehouse account group is a type of short-term asset, reflecting the total value of goods, raw materials, tools and equipment for production and business. Below are the warehouse accounting accounts that warehouse accountants need to understand:
- Account 151 – Goods in transit: Record the value of goods purchased but not yet arrived at the enterprise's warehouse.
- Account 152 – Raw materials and supplies: Used to reflect raw materials imported and exported from warehouse to serve production.
- Account 153 – Tools and supplies: Track the value of tools and equipment with small value and short usage time.
- Account 154 – Work in progress: Reflects the cost of unfinished production, in the process of processing.
- Account 155 – Finished products: Record the value of finished products in stock.
- Account 156 – Goods: Used for commercial enterprises to reflect the value of purchased and sold goods.
- Account 157 – Goods sent for sale: Record the value of goods sent to agents or customers but not yet confirmed for sale.
- Account 158 – Bonded warehouse goods: Applicable to foreign invested enterprises, reflecting goods in stock for which tax has not been paid.
- Account 611 – Goods (periodic inventory method): Applicable to businesses using the periodic inventory method, only recording the value of goods during inventory.
Understanding and correctly applying these accounts helps warehouse accountants do everything correctly, from importing and exporting to calculating costs, creating transparent and effective financial reports. For businesses, this is an important basis for controlling costs, managing inventory and optimizing business operations.
5. Documents commonly used in warehouse accounting
In business warehouse accounting, documents play an important role in helping businesses control imported - exported - stocked goods accurately and transparently. Some frequently used documents include:
- Warehouse delivery note: Record the release of goods from the warehouse for production, business or sale.
- Internal delivery and delivery note: Used when transporting goods between internal departments or facilities to prove the origin of the goods in circulation.
- Receipt: Confirm goods are brought into the warehouse from sources such as purchasing, manufacturing or receiving.
- Warehouse transfer note: Record the movement of goods between warehouses within the same enterprise system.
- Bill: Is an important legal document related to the import or export of goods, helping to ensure transparency and compliance with accounting regulations.
These are the basic documents that warehouse accounting must be mastered to ensure accurate inventory management and support effective auditing.
6. Common mistakes of Warehouse Accounting
As the person directly in charge of controlling goods and related costs, warehouse accountants hold a key position in the operation of a business. However, many warehouse accountants still make common mistakes, negatively affecting business efficiency and financial management.
- Lack of strict document management: Lack of, incorrect or even falsified documents causes warehouse accountants to lose control of the origin of goods, making it difficult to reconcile and control costs.
- Errors in inventory counting and valuation: Incorrect counting, incorrect pricing methods, or failure to update market prices in a timely manner can distort reports, directly affecting the assessment of business performance.
- Loose warehouse management: Unscientific arrangement of goods, lack of quality control, and lack of explanation for loss cause difficulties in inventory, import and export of goods, and generate unnecessary costs.
- No technology applied in warehouse management: What can warehouse accountants do to ensure efficiency as their businesses expand? Without technology, manual data processing will cause errors, loss, and waste time, especially when workload increases. Automation solutions like Bizzi help overcome this.
- Not tracking inventory levels regularly: Failure to control inventory levels can result in shortages that disrupt operations, or excess inventory that wastes resources and takes up capital.
- No periodic inspection of materials and goods: Lack of regular inspection leads to missing expired or damaged goods, causing property damage and difficulty in reconciling actual quantities.
- Not improving warehouse accounting skills when workload increases: Warehouse accountants need to proactively learn and update new processes to minimize errors and adapt to changes in the business environment.
Identifying and correcting these mistakes not only helps warehouse accountants become clearer about what they do, but also contributes to improving the overall cost management and operational efficiency of the business.
7. Opportunities and Challenges of Warehouse Accounting
So What does a warehouse accountant do? in practice? Here are some highlights of the opportunities and challenges of this profession.
Opportunity:
- Working in various industries: Warehouse accountants can work in manufacturing, retail, logistics, trade and services… thanks to the wide application of this position in goods management.
- Stable recruitment needs: Warehouse accountant is one of the positions with sustainable recruitment demand because every business needs accurate inventory control.
- Opportunities for advanced skill development: Through daily work, warehouse accountants will improve their ability to manage, control and analyze data related to goods.
- Clear career path: With experience and good skills, warehouse accountants can advance to positions such as accounting team leader, warehouse manager or move into general accounting roles.
- Stable and attractive salary: With experience and proficiency in warehouse management software, people in this profession can receive a higher income than the average.
Challenge:
- Complex management: Warehouses are often diverse in types, units of measurement and processing procedures, requiring warehouse accountants to clearly understand each item and operate accurately in each step to avoid errors that cause losses to the business.
- Time pressure and accuracy: Warehouse data directly affects finance and production and business activities, so warehouse accountants must always update data promptly and accurately. Using automation software such as Bizzi Helps reduce processing time, minimize manual errors, and ensure data consistency.
- Continuous technology updates: The transition from traditional management methods to digital solutions such as Bizzi helps warehouse accountants track and compare documents and goods more easily. However, this also requires accountants to be ready to learn and adapt quickly to new tools.
- Working in high pressure environment: Inventory counts and financial reporting are particularly stressful times. Inventory accounting requires a high level of concentration, good number-crunching skills, and reliable support tools – such as Bizzi’s automated data checking and reconciliation system, which takes the burden of manual work off your plate.
- Career Competition: In addition to solid accounting knowledge, warehouse accountants also need to understand legal regulations related to goods management, invoices, documents and taxes. Proficiency in management software like Bizzi is also a big advantage in the eyes of today's employers.
Understanding the characteristics of the job and the pressures that warehouse accountants face will help businesses build appropriate recruitment and training strategies. At the same time, applying automation solutions from Bizzi not only helps warehouse accountants work more effectively but also contributes to optimizing the entire warehouse management process and business operating costs.
8. Notes for effective warehouse accounting
To work warehouse accounting To achieve high efficiency, it is not only necessary to record data but also to ensure accuracy and science in managing goods and related documents. This helps businesses control inventory well, limit losses and reduce unnecessary costs. Below are important notes to help warehouse accountants perform their work professionally and effectively:
- Carefully check documents and invoices each time you import or export goods to ensure absolute accuracy and quickly transfer them to relevant departments to avoid errors that affect financial reports.
- Monitor daily import and export inventory data to understand the warehouse situation, promptly detect discrepancies, and limit unexplained loss of goods.
- Closely manage minimum inventory levels and proactively propose adjustments to suit the actual situation to ensure that goods are always available without being left behind and causing waste.
- Arrange and place goods in the warehouse scientifically, convenient for searching, checking, importing and exporting and maintaining reasonable storage space, thereby supporting optimal warehouse costs.
- Ensure that information on purchase and order documents is accurate and clear to avoid disputes or incorrect goods.
- Strictly follow the product preservation standards according to the manufacturer's instructions to maintain quality, minimize the risk of damage, and help save repair or replacement costs.
- Fully comply with fire prevention and fighting regulations to protect the safety of assets in the warehouse and avoid major damage that may arise from fire and explosion incidents.
- Thoroughly understand the characteristics of materials and goods in charge, especially those with diverse specifications and designs or those that are easily damaged or flammable, in order to have appropriate preservation methods, limit losses and costs.
Following the above notes will help warehouse accountants not only complete their work accurately but also contribute to improving warehouse management efficiency, thereby promoting sustainable business development.
9. Salary of Warehouse Accountant
The salary of warehouse accountants is currently quite diverse, ranging from 7 million to over 15 million VND/month, depending on many factors such as experience, skills, business size and level of specialization in work. This is an important position in the accounting system, helping businesses accurately control inventory, thereby optimizing costs and operating effectively.
Specifically:
- Newbie (less than 1 year experience) usually receive a starting salary of 7 - 9 million VND/month, doing basic tasks such as recording import - export vouchers, comparing documents and periodic inventory.
- Warehouse accountant with 2-3 years of experience can earn a salary of 10 - 13 million VND/month, especially if proficient in warehouse management software such as MISA, Fast or SAP. They often take on additional general warehouse accounting tasks and prepare output - inventory reports.
- Position of specialized warehouse accountant in large enterprise Or with additional supervisory roles, warehouse managers can receive a salary of 14 - 18 million VND/month, with lunch allowance, phone allowance and performance bonus.
In addition to basic salary, many businesses also pay Holiday bonus, Tet bonus, KPI bonus, or training cost support to retain capable personnel. Some large companies in the manufacturing and import-export sectors are willing to pay higher salaries if candidates have practical experience and the ability to manage large-scale goods.
10. Applying Technology and Accounting Software in Warehouse Accounting
In the context of businesses increasingly expanding their scale and volume of goods, the application of technology to warehouse accounting becomes indispensable. For the question "What does a warehouse accountant do?”, in addition to the usual warehouse accounting operations, warehouse accountants today also need to be proficient in using accounting software to monitor, analyze and optimize work efficiency. This is not only a soft skill that needs to be developed but also a clear competitive advantage in the profession.
Modern accounting software helps automate many tasks such as calculating warehouse prices, managing goods by multiple units, tracking inventory by lot/expiry date and creating detailed reports. The application of technology not only improves data accuracy and integrity, but also helps businesses better control inventory costs, minimizing financial risks due to errors in the warehouse management process. From there, warehouse accountants can play a more active role in cost management and financial decision making.
A common mistake of many businesses is not taking full advantage of technology tools in warehouse management, leading to loss of goods, inaccurate reporting and unnecessary costs. To overcome this, the solution of Bizzi Support automation of accounting document flow, integrate data from warehouse software with accounting software, ensure accuracy and information synchronization, help warehouse accounting operate more efficiently and transparently.
Businesses register for trial at: https://bizzi.vn/dang-ky-dung-thu/
Proactively updating and applying software in warehouse accounting is the key to helping businesses optimize work performance, strictly control costs and be ready to adapt to market changes.
Conclude
The work of a warehouse accountant is not simply recording data but is also closely related to inventory management and optimizing business costs. Mastering professional knowledge, practicing analytical skills and proficiently using management software are prerequisites for a warehouse accountant to complete the task well.
To support warehouse accountants to optimize work efficiency and limit errors in document processing, Bizzi Vietnam provides accounting automation solutions with flexible integration capabilities with warehouse management software systems. Bizzi helps automate the process of collecting, processing and storing input and output documents, synchronizing data quickly and accurately, thereby increasing transparency, reducing manual work pressure and supporting businesses to control costs more effectively.
Business owners need to clearly understand the role of warehouse accounting to properly invest in human resources and technology - fundamental factors that help improve operational efficiency and increase sustainable competitiveness in the market.
Businesses register for trial at: https://bizzi.vn/dang-ky-dung-thu/