Staff Accountant

Vibe Restaurants LLC•Farmers Branch, TX

36d•Hybrid

About The Position

The Vibe Restaurants Staff Accountant plays a critical role in the financial health and success of the restaurant group. Reporting to the Controller, this individual is responsible for a wide range of accounting functions, ensuring accuracy, timeliness, and compliance with company policies and accounting principles. The ideal candidate is highly organized, detail-oriented, and possesses a strong understanding of restaurant operations and hospitality accounting. Essential Job Functions: A Vibe Restaurants staff accountant plays a crucial role in maintaining the financial health of the business. Their work goes beyond simple bookkeeping, focusing on the unique challenges and needs of the food service industry. Here are the essential functions of a restaurant staff accountant: 1. Financial Record Keeping and Reporting Daily Sales Reconciliation: They are responsible for auditing and reconciling daily sales, ensuring that the cash, credit card receipts, and other forms of payment match the data from the Point of Sale (POS) system. Managing the General Ledger: They maintain the master financial document, the general ledger, by accurately recording and categorizing all financial transactions, including income and expenses. Accounts Payable and Receivable: This involves processing and paying vendor invoices in a timely manner, as well as managing any outstanding payments owed to the restaurant (accounts receivable), though this is less common in the restaurant industry. Bank and Credit Card Reconciliation: They regularly compare the restaurant's internal records with bank and credit card statements to ensure accuracy and to identify any discrepancies or fraudulent activity. Preparing Financial Statements: A key function is to create and analyze the three primary financial statements: Income Statement (Profit & Loss): Summarizes revenues, expenses, and profits over a specific period. Balance Sheet: Provides a snapshot of the restaurant's assets, liabilities, and owner's equity at a given point in time. Cash Flow Statement: Tracks the movement of cash in and out of the business, which is critical for a cash-intensive industry like restaurants. 2. Cost Control and Profit Optimization Inventory Management: They oversee inventory tracking, which is vital for calculating the Cost of Goods Sold (COGS). This helps in minimizing waste and spoilage, and in optimizing inventory levels. Labor Cost Analysis: They analyze labor costs, a major expense for restaurants. This includes breaking down costs by role, shift, and department to help management with staffing strategies and wage structures. Prime Cost Analysis: They focus on calculating and managing "prime cost," which is the combined total of COGS and labor costs. This is a crucial metric for determining the restaurant's profitability. Budgeting and Forecasting: Using historical financial data, they create budgets and forecasts to help management make informed decisions about resource allocation, pricing, and potential investments. Cost Control and Reduction: They identify spending patterns and look for ways to reduce unnecessary costs, such as negotiating better terms with suppliers or improving efficiency. 3. Payroll and Compliance Payroll Processing: Restaurant payroll is complex due to hourly wages, tips, and a mix of full-time and part-time staff. The accountant ensures accurate and timely payment of wages, proper tip reporting, and correct tax withholdings. Tax Compliance: They are responsible for preparing and filing accurate tax returns, including sales tax, payroll taxes, and income taxes, in compliance with federal, state, and local regulations. Tip Reporting: They ensure that employee tips are properly documented and reported according to IRS guidelines. Regulatory Compliance: They stay updated on financial regulations and accounting standards (like GAAP) to ensure the restaurant's financial records are audit-ready and legally compliant. 4. Strategic Financial Insight Providing Financial Insights: They interpret financial data to provide actionable insights to management. This can include analyzing which menu items are most profitable or identifying opportunities for cost savings. Supporting Decision-Making: By providing clear financial reports and analysis, they empower restaurant owners and managers to make strategic decisions that improve profitability and long-term financial stability.

Requirements

A degree in Accounting or Finance from an accredited university is preferred.
A minimum of 2-3 years of relevant experience is required.
Strong intercompany skills desired.
Must be proficient with Microsoft Office products like Excel and Word.
Ability to work in a team and be self-directed with independent decision-making capabilities.
Must possess strong communication and negotiation skills.
Must be resourceful, results-driven, and able to multitask and prioritize with a sense of urgency.

Responsibilities

Maintain the general ledger, including preparing and posting journal entries, reconciling accounts, and ensuring accuracy of all financial data.
Assist in the preparation of monthly, quarterly, and annual financial statements, including profit and loss statements, balance sheets, and cash flow statements for multiple restaurant locations.
Analyze financial data and identify trends, variances, and opportunities for improvement.
Process and manage accounts payable, including vendor invoice entry, verification, and timely payment processing.
Oversee accounts receivable, including billing, collections, and reconciliation of customer accounts.
Manage and reconcile vendor statements and resolve discrepancies.
Assist with the processing and reconciliation of bi-weekly or weekly payroll, including tips, bonuses, and other employee-related expenses.
Analyze labor costs and provide insights to management to optimize staffing and labor efficiency.
Work with restaurant managers to ensure accurate tracking and valuation of inventory.
Calculate and analyze the cost of goods sold (COGS) and other key food and beverage cost metrics.
Conduct regular inventory reconciliations and assist in physical inventory counts.
Perform daily and monthly bank and credit card reconciliations to ensure all transactions are accurately recorded.
Investigate and resolve any discrepancies in a timely manner.
Assist with the preparation and filing of various taxes, including sales tax, payroll tax, and property tax.
Ensure compliance with all local, state, and federal financial regulations.
Support the Controller with audits, budget preparation, and forecasting.
Maintain organized and accurate financial records and documentation.
Develop and improve accounting processes and procedures.
Handle special projects and ad-hoc financial analysis as needed.