Financial Controller

Colada Shop - Washington, DC

Part-time,Full-time - Mid Level

Washington, DC

About the position

The Restaurant Controller at Colada Shop is responsible for overseeing and streamlining the financial operations of the restaurant, ensuring financial discipline and alignment with the company's growth goals. This role involves managing budgeting, forecasting, cost management, and financial reporting, while also implementing internal controls and supporting the finance team. The ideal candidate will have extensive experience in restaurant finance, particularly in inventory management and profitability analysis.

Responsibilities

• Develop and manage annual budgets and forecasts in collaboration with executive management.
• Analyze monthly financial statements, identifying key performance metrics and variances against budgets.
• Provide actionable insights to improve profitability and align financial strategies with Colada Shop's growth.
• Implement cost control measures for inventory, labor, and overhead.
• Oversee purchasing practices, vendor negotiations, and inventory tracking to optimize cost efficiency.
• Perform regular cost analyses to support pricing strategies and improve menu profitability.
• Establish and maintain strong relationships with key suppliers, ensuring quality products and favorable terms.
• Lead vendor negotiations to secure the best pricing, payment terms, and service levels that align with Colada Shop's financial and operational goals.
• Continuously evaluate vendor performance and seek alternative suppliers if necessary to optimize cost savings, quality, and delivery timelines.
• Collaborate with the culinary and operations teams to assess product needs, ensure product availability, and adjust purchasing practices based on menu changes or seasonal demands.
• Implement a vendor review process that includes performance metrics, regular feedback sessions, and alignment with Colada Shop's brand standards and values.
• Manage the implementation, usage, and maintenance of the MarginEdge system for all financial and inventory tracking.
• Ensure accurate and timely input of data into MarginEdge, facilitating seamless integration with other accounting and financial reporting processes.
• Train and support team members on MarginEdge functionalities, troubleshooting issues as needed to enhance operational efficiency.
• Regularly review MarginEdge data for accuracy and make recommendations for improvements in workflow or process enhancements.
• Track and analyze key financial metrics to support store-level managers in achieving their financial targets, identifying areas for improvement, and providing actionable data to drive performance.
• Supply upper management with detailed financial reports, tracking data, and performance metrics to assist in strategic decision-making.
• Establish financial KPIs for both individual store locations and the broader Colada Shop operation, monitoring and reporting progress regularly to drive accountability.
• Create and distribute performance dashboards, offering real-time insights on revenue, expenses, and margins to support financial goals at all levels of the organization.
• Prepare timely and accurate monthly, quarterly, and annual financial reports.
• Ensure compliance with local, state, and federal tax requirements, including sales and payroll taxes.
• Develop and maintain internal controls to safeguard company assets and monitor adherence to Colada Shop policies.
• Monitor daily cash flows and forecast future cash needs.
• Coordinate with management to ensure adequate funding for operations, payroll, and other expenses.
• Oversee bank reconciliations, credit card settlements, and cash deposits.
• Manage payroll processes, ensuring accuracy and compliance with labor laws.
• Work with HR to oversee employee benefit programs, including health insurance, retirement plans, and other perks.
• Lead and mentor the finance and accounting team, promoting a culture of accuracy and accountability.
• Collaborate with department heads, providing guidance and insights on financial matters to aid in decision-making.
• Partner with operations and sales teams to develop financial strategies that support Colada Shop's growth goals.

Requirements

• Bachelor's degree in Accounting, Finance, or a related field; CPA or CMA certification preferred.
• 4+ years of experience in financial management, ideally within the restaurant or hospitality industry.
• Proficiency in accounting software (e.g., QuickBooks, NetSuite) and advanced skills in Excel.
• Strong analytical, organizational, and problem-solving skills.
• In-depth understanding of financial reporting, budgeting, and forecasting.
• Experience with MarginEdge or similar inventory and financial management software is a plus.
• Excellent communication and leadership abilities.
• Familiarity with Toast POS systems and inventory management tools is a plus.

Nice-to-haves

• Experience with MarginEdge or similar inventory and financial management software is a plus.
• Familiarity with Toast POS systems and inventory management tools is a plus.

Benefits

• Competitive salary and performance-based bonuses
• Health insurance
• PTO
• Opportunities for professional growth and advancement within Colada Shop's dynamic team