Key Responsibilities
Financial Reporting:
- Prepare and maintain detailed financial statements, including profit and loss accounts, balance sheets, and cash flow statements.
- Track and report on daily sales, expenses, and overall financial performance.
Cost Control and Budgeting:
- Monitor and analyze food and beverage costs to ensure profitability.
- Assist in creating and managing budgets, forecasting future financial performance based on historical data.
- Provide management with recommendations on cost-saving strategies and revenue enhancement.
Accounts Payable and Receivable:
- Oversee vendor payments, ensuring accuracy and timely processing.
- Manage customer invoices and handle payments for catering or other restaurant services.
- Reconcile daily sales reports with bank deposits and resolve discrepancies.
Inventory and Payroll Management:
- Track inventory costs and collaborate with the purchasing team to ensure accurate stock records.
- Monitor waste, spoilage, and portion control to maintain profitability.
- Manage payroll processing for restaurant staff, ensuring compliance with wage regulations and accurate deduction of benefits and taxes.
Tax Compliance and Regulatory Reporting:
- Prepare and file all necessary tax documents, including sales tax and employee-related tax filings.
- Ensure compliance with federal, state, and local tax regulations specific to the restaurant industry.
Audit and Internal Controls:
- Perform internal audits of financial processes, verifying that records are accurate and comply with restaurant industry standards.
- Implement and maintain internal controls to reduce risk of theft, fraud, and financial mismanagement.
Point-of-Sale (POS) System Reconciliation:
- Reconcile POS systems with accounting records to ensure accuracy of sales data.
- Monitor daily transactions and address discrepancies between POS reports and actual cash flow.
Cash Flow Management:
- Oversee the management of cash flow, ensuring sufficient funds for daily operations.
- Manage petty cash and perform cash reconciliations on a regular basis.
Collaboration with Restaurant Management:
- Work closely with restaurant managers to understand operational needs and financial performance.
- Provide financial insights to support business decisions, such as menu pricing and vendor contracts.
- Assist in planning for expansions, new restaurant openings, or major capital investments.
Compliance and Legal Requirements:
- Ensure the restaurant complies with all financial, labor, and health regulations.
- Maintain up-to-date knowledge of restaurant accounting policies, food safety standards, and wage laws.
Required Skills and Qualifications
- Bachelor’s degree in Accounting, Finance, or a related field.
- Experience in restaurant accounting or hospitality industry accounting preferred.
- Proficiency in accounting software (e.g., QuickBooks) and restaurant POS systems.
- Excellent analytical skills, attention to detail, and strong problem-solving abilities.
- Familiarity with inventory management and cost control in a restaurant setting.