Financial Reporting

Brewery Financial Reporting

Even Beer Needs Good Financial Reporting Solutions: How to Get a Taproom-focused Brewery Off the Ground

One of the fastest growing industries in recent years has been the craft beer industry, and taproom-focused breweries are cash cows. Business is booming, lending itself to new opportunities, but unfortunately, many small breweries lack formalized financial plans and simply grow too fast for the capabilities of their operation. Brewers don’t often moonlight as accountants, and when the cash flow is positive, it may seem like a strict financial plan isn’t a necessity. If you want to maximize revenue and build a healthy business, a strong financial plan is the foundation to build upon.

The three basic pillars of accounting that a taproom-focused brewery should familiarize themselves with first are: a chart of accounts, a general ledger, and financial reporting.

The chart of accounts is a list of the things you need to track on your financial reports. Such items on the chart of accounts would include revenue, expenses, assets, and liabilities. For taproom-focused breweries, revenue can include draft beer, bottled or canned beer, growler sales, and merch, and the list can be as broad or as narrow as you’d like, depending on the level of detail you want to drill down to. Expenses can include wages (including employee benefits), the cost of beer, insurance, utilities, and other supplies. A best practice is to separate the taproom accounting from the brewery accounting as if the taproom itself is a separate entity. This will help you gauge success and plan accordingly.

The general ledger is where detailed transactions are recorded. Sales and wages, then, are recorded as entries in the general ledger. Every sale, transaction, and payment to a vendor ends up in the general ledger. Then, these details are summarized in the form of financial reports.

Financial reports tell the story of the business: is the taproom profitable? How is cash flow? What’s the company’s net worth? The “big three” financial reports are the income statement, the balance sheet, and the cash-flow statement. An income statement records sales, expenses, and net income. The balance sheet records assets, liabilities, and equity. Lastly, the cash-flow statement records cash activity (like a bank statement).

FYIsoft can help you get off the ground

FYIsoft has the tools to help any business develop a sound financial plan. If your taproom has an existing general ledger, FYIsoft can probably integrate with your existing system.

FYIsoft knows that building a strong foundation is imperative to your business’s success. Schedule a brief demo today to see how cloud-based software by FYIsoft can help your brewery succeed.

Category: Financial Reporting

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FYIsoft Financial Reporting

Cloud Financial Reporting Software by FYIsoft is the Wave of the Future

Over 8,500 users rely on FYIsoft to supercharge their financial reporting power, and it’s easy to see why. FYIsoft reigns supreme in the industry, integrating with several GLs so your business can incorporate the power and ease of the software without tectonic shifts elsewhere in the business plan. Currently, FYIsoft integrates with Acumatica, Apprise, Epicor, Flexi, Infor, Microsoft Dynamics, NetSuite, Sage, and several more.

FYIsoft is a powerful financial reporting solution that is proven to cut financial reporting time by up to 50%, even in complex multi-entity or global currency environments. In addition to integrating with your general ledger to deliver modern reporting capabilities without the high cost of replacing your existing systems, finance teams can purchase, implement, and use FYIsoft financial reporting software without relying on IT assistance or lengthy budget approvals in most environments.

Benefits of FYIsoft include:

  • FASTER PERIOD CLOSE

Built to simplify even the toughest reporting challenges and save ten or more days with every close.

  • EASIER REPORT GENERATION

Cloud software is intuitive and enables users to set up and change reports without IT involvement.

  • TRUE AUTOMATED DISTRIBUTION

Powerful “one-click” automation ensures the right reports get to the right people at just the right time.

  • MULTI-ENTITY REPORTING

FYIsoft makes consolidating data from different sources, locations, and currencies quick and easy.

  • POWERFUL DRILLDOWN

Users are empowered to drill down and view all transaction-level details, including attached invoices.

  • 24/7 ACCESS

Secure, cloud reports provide users with the ability to access financial reports from any device, anywhere.

The Future is FYIsoft

One company faced significant challenges during close that resulted in delayed cash flow reporting. FYIsoft helped Marley Management solve that challenge, and even shortened the reporting process by 30 days.

Brad Jameson, senior director of Finance and IT at Marley Management, found that FYIsoft allowed Marley Management to close quickly, run reports, do reviews and analysis, and archive information digitally, helping them cut a full month off their typical reporting time. FYIsoft provided a surge of speed and power that can’t be matched by the archaic Excel-based report writers that have been ubiquitous in the industry for so long.

To reap the same benefits that Marley Management did, contact FYIsoft to learn how integrating FYIsoft with your existing general ledger can address your business’s most tender pain points. Schedule a brief demo today to see how easy it can be to generate and distribute financial statements that are ready at a moment’s notice for executives, auditors, board meetings, and SEC filings.

Category: Financial Reporting