Running any business has its own set of challenges, and owning a brewery is no different.
While there are plenty of fun items, like creating new and unique brews, there are also drawbacks. Most of our brewery clients readily admit that thinking about accounting services for breweries is not in their wheelhouse. We get it. Accounting isn’t for everyone. While our services can be applied to every industry, here are the big hurdles we see from our brewing clients, and how we help them achieve great results.
Starting up a brewery has a lot of upfront costs – the building, brewing equipment, durable flooring, and seating areas (if you open a tasting room). Knowing how to manage those costs, and creating a plan for them is vital to your success. With our CFO services, you’ll have the knowledge of a CFO but only pay for the time you need. Your dedicated CFO can create a cash flow model and help you make smart growth decisions.
With many ingredients to keep track of, you need to know what you’ve got. You also need to understand what inventory goes into a single batch to price your product correctly. Our team can help you set up an inventory process. We can also make sense of your inventory reports to maximize your profit margins.
Figuring out how much businesses tax to pay is not a simple process. Taxes for breweries adds an extra layer of difficulty to the mix. Not only are there specific requirements for your business, but there are many credits that you can take advantage of. One of those is the R&D tax credit. Every batch you make is considered R&D. Ingredients and employee’s time is taken into consideration with this credit.
When you first start, you’re probably the only staff member. As you ramp up production and distribution, you’re going to add to your team. We can handle your payroll, new-hire paperwork, and all taxes related to this task. You don’t have to worry about your team getting paid on time, and you can rest assured that it’s done correctly.
The bread and butter of our services is full-service accounting and bookkeeping. We can manage your invoices and payments. Our team makes sure that you’re paying your vendors on time, and also sending out invoices to get you paid. We also provide you with the reports you need each month to see how you’re business is doing.
We know accounting services for breweries. If you’re just starting, or tired of handling all these tasks on your own, contact us. Complete the form below and a member of our team will reach out to you within 24 business hours.