{"id":2275,"date":"2019-05-09T08:50:31","date_gmt":"2019-05-09T12:50:31","guid":{"rendered":"http:\/\/199.250.223.35\/~craftbrewery\/?p=2275"},"modified":"2019-05-07T14:21:21","modified_gmt":"2019-05-07T18:21:21","slug":"craft-brewery-bookkeeping-resources","status":"publish","type":"post","link":"https:\/\/craftbreweryfinance.com\/oldversion\/craft-brewery-bookkeeping-resources\/","title":{"rendered":"Craft Brewery Bookkeeping Resources"},"content":{"rendered":"

Brewery financial statements are the scorecard for your business. Bookkeeping is the process to keep track of all the transactions that make up your brewery numbers. And let’s face it, there’s a lot to keep track of.<\/p>\n

If you’re like many brewery owners, you are also the bookkeeper. And you may be in need of help with the bookkeeping.\u00a0<\/span><\/p>\n

Your choices\u00a0are to hire someone\u00a0or\u00a0outsource the work to\u00a0\u200bspecialists.\u00a0<\/span><\/p>\n

Hiring an\u00a0employee can be a roll of the dice. Will you find the right person? Will they have the skills you want? Will they fit in and play nice with the rest of your team?\u00a0\u00a0<\/span><\/p>\n

Sometimes, the better option is to outsource your brewery bookkeeping to the pro’s.\u00a0<\/span><\/p>\n

In this post, we’ll share <\/span>contact information and bookkeeping tips from two accounting firms that specialize in craft breweries so that you can make the best decision for your brewery.\u00a0<\/span><\/p>\n

Small Batch Standard, www.sbstandard.com<\/a><\/strong><\/p>\n

Small Batch Standard offers three services to the craft brewing industry.<\/em><\/p>\n

    \n
  1. Outsourced Accounting<\/em><\/li>\n
  2. Tax planning and preparation<\/em><\/li>\n
  3. Growth Consulting<\/em><\/li>\n<\/ol>\n

    Outsourced accounting can take on many forms depending on the resources at the brewery. One example would be if the brewery has an on-site bookkeeper. In this case we would assist the bookkeeper throughout the month with any questions. Once the month ends, we close the books. Closing the books includes reconciliation of all balance sheet items, booking of accruals, and review of the P&L for any items that have been mis-categorized. In this example we strive to have the books closed by the 12th of the following month.<\/em><\/p>\n

    The other form of outsourced accounting would be our team handling the day to day accounting. This would include entering all daily sales, bills, receiving payments from distributors, a close handle on the brewery management software, and booking and accruing all labor. With this full outsourced option we strive to have the books closed by the 15th of the following month.<\/em><\/p>\n

    With either option, the goal is consistent, accurate financials so we can then consult on the growth of the brewery. Outsourcing a task such as accounting, to industry experts is great investment for any brewery. Once we get in the grove, which typically takes 30-45 days, we can extract useful information that can be put into action by the brewery.<\/em><\/p>\n

    The Beer CPA, Laurie Mikeworth, www.beercpa.com<\/a><\/strong><\/p>\n

    Tidbits of wisdom:<\/em><\/p>\n

      \n
    1. Look for professional service providers who are brewing industry specialists \u2013 legal, accounting, architect, building contractor.<\/em><\/li>\n
    2. Mine the business experience of your investors\/board of directors \u2013 they can be a free wealth of advice.<\/em><\/li>\n
    3. Learn to read and understand financial statements. Review financials with your accountant prior to submitting to a lender!<\/em><\/li>\n
    4. Establish relationships with local home brew clubs \u2013 invite them to brew small batches.<\/em><\/li>\n
    5. Last but certainly not least\u2026Cash is King! Review cash on hand daily and project your day to day needs. Create separate bank accounts for payroll, sales and excise taxes and rent to accumulate funds to satisfy these obligations.<\/em><\/li>\n<\/ol>\n

      The Beer CPA mission is to help breweries make more money and keep more of the money they earn. We do this by handling the administrative burdens of tax, accounting and payroll, as well as providing proactive planning and consulting at affordable fixed rates. We give brewery business owners peace of mind by managing their back office and helping them keep more green!<\/em><\/p>\n

      Our services include:<\/em><\/p>\n