Cost Accountant - Hospitality

The Cost Accountant is responsible for overseeing and analyzing cost expenditures and purchases within Amaica. This role focuses on cost control, budget management, and profitability analysis, ensuring that the company operates efficiently while minimizing costs. The Cost Accountant also ensures the accurate valuation and capture of all company assets and regularly undertakes inventory procedures. The ideal candidate will monitor the company's spending, develop cost-saving strategies, and prepare financial reports to guide management in decision-making. Company Overview: Amaica The Restaurant Limited is dedicated to providing exceptional dining experiences with a focus on sustainability and community engagement. As a Cost Accountant, you will play a key role in ensuring financial efficiency across all our operations. Essential Duties and Responsibilities: Cost Analysis and Reporting: Analyze production and operational costs, including food, beverages, and other supply costs, and prepare regular reports for management. Track and review actual costs versus budgeted costs, identifying variances and providing actionable recommendations to management. Develop and maintain cost accounting systems and databases for tracking costs associated with various departments, including kitchen, maintenance, and administrative operations. Inventory Management: Oversee and monitor the inventory control process, ensuring accurate recording and valuation of inventory. Ensure the value of all company assets is determined and accurately captured while ensuring regular inventory procedures are undertaken. Conduct regular inventory counts and reconcile discrepancies. Ensure that all inventory costs are properly accounted for in the financial system and that inventory levels are optimized to minimize wastage. Budgeting and Forecasting: Assist the finance team in preparing budgets, forecasts, and cost estimates for projects, events, and daily operations. Provide support in the preparation of financial projections and variance analyses to help the management team make informed decisions. Ensure that budget adherence is maintained across all departments and suggest cost-saving opportunities when appropriate. Cost Control and Procurement: Work closely with the procurement team to control the cost of supplies and materials, ensuring budgetary constraints are adhered to. Collaborate with the procurement team to negotiate favorable terms with suppliers. Monthly and Annual Closing: Assist with month-end and year-end closing processes by preparing and reviewing cost-related journal entries, reconciliations, and financial statements. Prepare reports detailing costs and variances, and submit these to management for review. Key Relationships: Internal: Head of Finance, Procurement Manager, Sous Chef, Operations Team, HR Department External: Auditors, Suppliers, Vendors Knowledge, Skills, and Abilities: Strong understanding of cost accounting principles and procedures. Excellent analytical and problem-solving skills, with the ability to interpret complex financial data. Proficiency in accounting software (e.g., QuickBooks, Sage) and Microsoft Excel. Strong attention to detail and accuracy in financial reporting. Ability to work independently and as part of a cross-functional team. Knowledge of inventory management, food and beverage costing, and procurement processes is an advantage. Excellent communication skills, both written and verbal. Professional Qualifications and Experience: Bachelor's degree in Accounting, Finance, or a related field. CPA or ACCA certification is required. Minimum of 3 years of experience in cost accounting or financial analysis, preferably within the hospitality or food and beverage industry. Knowledge of financial reporting standards and regulatory compliance. Performance Metrics: Accuracy and timeliness of cost reports and financial analysis. Adherence to budget and cost-saving targets. Effective management of inventory costs and minimization of wastage. Improvement in overall financial performance through cost optimization initiatives. May require flexible working hours during month-end or year-end closings