7 Helpful Accounting Service Tips for Breweries and Non Profits
If you are trying to get the most out of your brewery or non-profit, you can never lose sight of your accounting practices.
By doing your due diligence, you’ll have access to
the practices that will help you come up with a budget, grow your revenue, and make sure that your company can stand the test of time. To this time, there are some specifics that you need to know.
Follow the points below and reach out to a company that can help you with accounting service when you need it.
1. Know the Metrics That Matter
When it comes to your brewery or non-profit, you’ll need to get to know the metrics that make the biggest differences. For instance, you’ll need to understand everything from the efficiency of your workweek and hours, to your operating expenses per barrel.
It’s one thing to handle your accounting, but it’s vital that you key in on the metrics that will help your brewery stay efficient.
Keep tabs on things like revenue per barrel, margin per barrel, and earnings before interest, taxes, depreciation and amortization (EBITDA) per barrel.
Knowing and tracking these sorts of metrics will let you know whether you need to change strategies, and can help you secure your bottom line for the long haul.
2. Keep Tabs on Your Operating Costs
Running a brewery is a lot like running a restaurant in a lot of regards.
There’s a lot of competition, it’s a labor of love, and you need to match fiscal performance with tastemaking and artistry.
For example, cheaping out and buying lesser quality hops can have tremendous returns on your profit margins, but it can turn people off to your brand and product, which will hurt you for the long haul.
Likewise, breweries use a lot of utilities, so you’ll always need to be looking for ways to conserve energy, while still making the most of your operation and output.
Marketing is essential for any brewery or non-profit budget. This is important because you will need to garner attention and equity with the locals. When you want to make this happen, you may need to set aside money for things like attending beer festivals to grow your brand, or blogging to ramp up your local search engine optimization (SEO).
By having the help of an accounting that understands breweries and non-profits, you will be able to keep these sorts of matters in mind for the long haul.
3. Manage Your Taproom Revenue
The way you manage your taproom revenue is the difference between whether you remain a small organization, or if you are able to expand to bigger and better locations.
This breaks down how much money you are making per beer, per pour and per hour each day that you are in operation. This sort of accounting involves a lot of different ebbs and flows, and so much of the success of your company deals with the attention to detail that comes with the process.
4. Utilize Apps and Services to Keep Cleaner Records and Accounting Practices
Upgrading the technology for your brewery is about more than just evolving — it also helps you with your accounting practices.
For instance, when you have access to an app that lets you process payments in different ways, and handle customer’s tabs, you are getting up to the moment information that you can use for your accounting practices.
By making sure that you integrate this technology, you will be in a great position to keep cleaner and more meaningful accounting that matters. Be sure that you also stay aware of the fees that come with using these apps and services, and weigh the costs so that you can incorporate it without giving you issues.
5. Do Your Due Diligence to Handle Your Cash Flow
When you want your brewery or non-profit to do well, you need to make sure that you have a quality handle on things like your cash flow.
In terms of a non-profit, there are specific accounting practices that come into play that you need to be aware of. This is a strategic plan for your company, and not just a matter of tax designation.
When you ramp up the cash flow in your brewery, not only will it be a healthier company as a whole, but you will also be able to improve your ability to receive lending when necessary, since you are strengthening your accounts through numerous deposits.
6. Plan For the Future Accordingly
You can never be too careful when it comes to planning for your financial future.
In this regard, you should have the help of an accounting professional that understands prime areas of growth, while keeping your company as liquid and sustainable as possible. You’ll need to continuously study the market and make sure that you are prepared for changes and able to compete.
7. Keep Tabs on Your Supplies
Breweries live and die by supplies, so the better you keep tabs on them, the more successful your company will be.
Little things like choosing different glasses can help you improve your profit margins, and creating a better experience for your customers. You will also need quality relationships with suppliers so that you are buying nothing but the best malts, hops, and barley at a great price.
Use These Tips for Your Brewery and Non-Profit Business
These tips will steer you straight when you’re trying to figure out the brewery and non-profit accounting practices. The best thing you can do is reach out to an accounting service firm that can help you out.
Touch base with us for all of your brewery accounting needs.