Job Title: Product Cost Analyst
Location: Philadelphia, PA
Department: Financial Operations
Reports To: EVP of Financial Operations
Job Overview: The Product Cost Analyst plays a critical role in analyzing, monitoring, and optimizing the costs associated with the company's product offerings, including food, beverages, and other consumables. This role is essential for maintaining profitability, improving margins, and ensuring that pricing strategies are competitive and sustainable. The Product Cost Analyst will work closely with various departments, including finance, operations, and development, to analyze cost structures, recommend cost-saving initiatives, and support strategic decision-making processes.
Key Responsibilities:
Cost Analysis & Reporting:
- Analyze the cost structure of current and new product offerings
- Prepare detailed reports and presentations on product costs, highlighting areas of concern, opportunities for cost savings, and potential impact on profitability.
- Monitor cost trends and variances, providing timely insights to management for decision-making.
Theoretical Cost of Goods Maintenance:
- Maintain and update the theoretical cost of goods (TCOG) for all product offerings, ensuring accuracy and alignment with actual costs.
- Regularly review and adjust TCOG based on changes in ingredient prices, supplier costs, and other variables affecting product costs.
Inventory Variance Management:
- Develop, generate, and analyze inventory variance reports to identify discrepancies between theoretical and actual inventory levels.
- Investigate and resolve inventory variances by collaborating with relevant departments, identifying root causes, and implementing corrective actions to minimize future discrepancies.
- Report on inventory variances, providing actionable insights to management for continuous improvement.
Recipe Programming & Training:
- Program and update recipes in the company’s inventory management and POS systems, ensuring accurate ingredient quantities, costs, and preparation methods are reflected.
- Train operations teams on how to properly program and manage recipes within the company’s systems, emphasizing the importance of accuracy for cost control and inventory management.
- Collaborate with the culinary and operations teams to ensure that all recipes are standardized and properly documented across all locations.
Pricing Strategy Support:
- Collaborate with the pricing team to develop and refine pricing strategies that reflect the true cost of products while remaining competitive in the market.
- Provide data-driven recommendations for price adjustments based on cost analysis and market conditions.
Budgeting & Forecasting:
- Assist in the development of budgets and forecasts related to product costs, ensuring accuracy and alignment with financial goals.
- Track actual costs against budgeted costs, identifying and explaining variances.
Data Management & Tools:
- Maintain and update the cost database, ensuring that all cost-related data is accurate and up to date.
- Utilize financial modeling tools and software to analyze costs and simulate the impact of potential changes.
Experience:
- Minimum of 3-5 years of experience in cost analysis, financial analysis, or a similar role, preferably within the restaurant, hospitality, or food & beverage industry.
- Experience with product costing, budgeting, and financial reporting.
Skills:
- Strong analytical and quantitative skills, with the ability to analyze complex data and provide actionable insights.
- Proficiency in financial modeling, cost accounting, and use of inventory/costing software.
- Advanced skills in Microsoft Excel and other data analysis tools.
- Strong organizational skills, with the ability to manage multiple tasks and meet deadlines.
