A male accounting professional being proactive and learning how contract talent can mitigate the effects of tariffs.

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Preparing Accounting and Finance Teams for the Downstream Effects of Tariffs

As the current administration imposes new U.S. import tariffs, the effects are reverberating through the global trade economy. Supply chain and procurement teams are among the first to feel the tariff implications as the costs of imported goods increase across sectors including manufacturing, retail and technology. Companies preparing for tariffs across industries are recalibrating sourcing strategies, managing rising import costs and bracing for volatility. But for accounting and finance leaders, the true impact of shifting tariff policies is still on the horizon.

While other teams deal with immediate procurement and logistics disruptions, finance functions are increasingly expected to provide fast, strategic insights on cost, forecasting and risk. And downstream from those decisions, accounting teams will be responsible for reporting on the financial consequences and guiding what’s next. Now is the time for accounting and finance hiring managers to look ahead and plan strategically.

Accounting and Finance Leaders Can’t Afford to “Wait and See” on Tariffs

Tariff regulations are evolving quickly, yet many accounting and finance teams remain in a holding pattern. Leaders are hesitant to make staffing shifts or develop tariff mitigation strategies without clarity on how long these policies will last or how severely they’ll affect operations. In fact, CFO sentiment is already reflecting this uncertainty — a recent study reported that CFO confidence in the economy dropped 3.9 points from Q4 2024 to Q1 2025, driven in large part by concerns over evolving tariff policy. However, delays now may limit agility later.

Tariff-related challenges are already shaping financial planning, scenario modeling and pricing strategies across affected industries. And it won’t be long before accounting teams will need to dive into the finances and report on how tariffs affected the organization’s financial health.

As the window to act shrinks, certain accounting and finance functions will start to feel the pressure first.

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Where Tariff Policy Will Hit Finance Teams First

Any business reliant on international sourcing — from manufacturing and construction to retail and consumer goods to automotive and tech — will feel the ripple effects of tariffs. And the most immediate changes will surface in functions tied to financial strategy and performance.

Financial Planning and Analysis

Teams will need to model the financial implications of tariff shifts in real time, often across multiple sourcing or pricing scenarios.

Cost Management

Rising input costs and margin pressures require sophisticated cost accounting, variance analysis, budgeting expertise and evaluating all cost containment options.

Accounting

As companies make strategic moves in response to tariffs, accounting professionals will be tasked with quantifying those outcomes through asset reconciliation, year-end reporting, investor updates and financial statements.

Compliance and Risk

Though not widespread yet, increased compliance and regulatory scrutiny associated with tariff risk and international trade law has the potential to drive new reporting requirements in the near future.

Evaluating Finance Functions Is Essential to Prepare for Tariffs

Understanding where your team is likely to feel the pressure first allows leaders to anticipate and prepare — starting by assessing their organization’s exposure, agility and financial talent readiness.

Consider the following prompts to guide internal evaluation and surface hidden risks:

Has your organization made any significant adjustments to its budget due to tariff pricing changes? What areas have seen the most impact so far?
How are you preparing to track and report the financial outcomes of decisions made in response to tariff pressures?
Do you have the financial forecasting and data visualization tools as well as analytical capabilities to model multiple economic scenarios?
Are your accounting teams equipped to quantify tariff implications in compliance and financial documentation?
Where do you have skill gaps that could limit your responsiveness — in pricing strategy, cost modeling or regulatory expertise?
Do you have budget earmarked to manage added costs associated with new tariff regulations?
If conditions shift further in Q3 or Q4, can you scale your finance team quickly and effectively in response?
How will your organization continue day-to-day finance and accounting functions while also reacting to tariff-related challenges?

Recognizing gaps early can help organizations avoid a tariff mitigation scramble later — especially as pressure mounts for clear reporting on the effectiveness of trade and cost strategies. And if the answers to these questions raise uncertainty, it may be time to consider how contract talent can support your short- and long-term goals.

Emerging Talent Needs: Specialized Skills for a Complex Economic Climate

Once you’ve identified your organization’s blind spots, it’s critical to build your team with the right skill sets to respond to today’s economic environment.

Specialized accounting and finance roles expected to rise in importance for tariff mitigation strategies over the coming months include:

Financial analysts who can perform real-time tariff impact analysis and advise on mitigation strategies

Cost accountants and pricing analysts who can support budget optimization under new cost structures

Data analysts with fluency in financial modeling and scenario planning

Accounting managers to ensure proper documentation and reporting of tariff-related financial outcomes

Compliance specialists with the skills to address any new reporting requirements

M&A specialists who can navigate the benefits and risks of acquiring other companies that are also affected by tariff policies

Infographic showing in-demand roles to help navigate tariffs. Roles include: financial analysts, accounting managers, compliance specialists, data analysts, data analysts, M&A specialists, cost accountants and pricing analysts.

Why Contract Talent Is the Right Fit — Right Now

In uncertain times, agility is essential. Many organizations are holding off on permanent hires while testing new strategies or waiting for regulatory clarity. But timidity now can stunt agility later. Strategically placed contract talent can be a smart compromise in preparing for the downstream consequences of U.S. tariff policy.

Aston Carter is ready to help your team move fast and strategically without overcommitting during this time of uncertainty. We provide quick-turn access to high-caliber finance professionals who have the niche expertise needed to navigate tariff-driven volatility, as well as the fundamentals to keep everyday tasks moving forward. Whether you need interim support for a pricing strategy overhaul or additional bandwidth for year-end accounting and reporting, our contract talent solutions are built for agility, giving you the flexibility to scale your team without delay.

How Aston Carter Can Help Prepare Your Teams for What’s Next in the Tariff Economy

With a strong background in the accounting and finance landscape, our team is actively tracking how trade policy is reshaping workforce demands. We offer flexible, cost-effective talent solutions to help you add capacity or fill talent gaps for short- and long-term assignments We also offer proactive recruitment of high-demand skill sets, including tariff impact analysis, forecasting and compliance. In addition, our deep industry expertise ensures that talent delivery aligns with your business goals amid the current economic disruptions.

Uncertainty around tariff regulations may continue, but what’s clear is that accounting and finance teams will play a pivotal role in how businesses respond. Now is the time to assess your readiness, close skill gaps and ensure your accounting and finance functions are equipped to lead through change.

Contact Aston Carter today to begin the conversation on how contract talent can support your accounting and finance team as the volatile tariff economy continues to evolve.

Frequently Asked Questions About the Effects of Tariffs on Accounting and Finance Teams

How are tariff regulations impacting accounting and finance teams?

Tariff policies are creating urgent demand for better cost visibility, agile forecasting and financial reporting. Finance leaders are increasingly being asked to model potential outcomes, while accounting teams will soon be expected to quantify and report tariff-related effects on financial health.

How does accounting for tariffs in financial statements work?

Tariffs are recognized as part of inventory cost or cost of goods sold (COGS), depending on how the goods are used. Accurate classification is critical for compliance, and finance and accounting teams are accountable for aligning tariff costs with reporting standards.

How is GAAP accounting for tariffs addressed?

Under U.S. Generally Accepted Accounting Principles (GAAP), tariffs are typically part of the inventory cost as related to goods for resale. They are then expensed through cost of goods sold (COGS) as inventory is sold. Their impact extends beyond simple cost recognition and can affect financial reporting, disclosures, revenue recognition and tax treatment. Even as policies shift, accounting teams must consistently apply these principles and disclose tariff impacts where relevant in financial statements.

How do I calculate landed cost with tariffs?

Landed cost reflects the total expense of importing goods at every stage of the supply chain — from supplier to warehouse to customer — and is critical for understanding tariff-driven cost pressures. To calculate landed costs, add product cost, shipping, insurance, handling, overhead, duties, taxes and the tariff rate applied to each item. With tariffs in a state of flux, accurate landed cost analysis is essential for finance teams to reassess sourcing options, adjust pricing strategies and protect margins.

What accounting and finance roles or skills are most in demand due to U.S. tariff policy disruptions?

Key accounting and finance roles in demand during the tariff economy include financial analysts, cost accountants, pricing analysts, data analysts, accounting managers, compliance specialists and M&A specialists. These professionals bring value to accounting and finance teams during times of economic disruption by supporting strategic decision-making and accurate financial tracking.

Why is contract talent a smart solution as companies prepare for tariff-related challenges?

During the tariff economy, contracting accounting and finance professionals through Aston Carter allows the flexibility to scale your team without long-term risk. Specialized contract talent brings targeted expertise in areas like cost modeling, forecasting and compliance to help organizations stay agile as trade conditions evolve.