The foundation of any successful business – including wineries – comprises the numbers that underly everything. Tracking your performance using these numbers is vital to maintaining and expanding a profitable business. The challenge is in the details and the arduous, often-tedious job of allocating costs, calculating COGS, managing key indicator accounts, and more. Wineries are unique…
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Strategic Financial Management for Wineries: Charting a Course for Long-Term Success
Running a winery is not just about producing exceptional wines; it’s also about managing your finances strategically to ensure long-term success. Strategic financial management involves planning, organizing, controlling, and monitoring your financial resources to achieve your business objectives. Let Protea Financial help you explore the key elements of strategic financial management for wineries and provide…
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Why You Need a Fiduciary
Estate planning is crucial for managing and distributing your assets according to your wishes. However, many Americans procrastinate on setting up an estate plan, often due to discomfort or misconceptions about the process. Without a living trust, your assets may undergo probate—a costly and time-consuming procedure. Including a professional fiduciary in your estate plan can…
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Protea Weekly – Episode 30 – How to choose an accountant?
In this episode, Zane Stevens discusses the importance of selecting a good accountant and provides five key questions to ask when evaluating accounting professionals. He emphasizes the need to understand the services offered, industry specialization, security and confidentiality measures, pricing structure and fees, and communication protocols. Stevens highlights the significance of clear communication and trust…
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The Importance of Budgeting and Financial Planning for Wineries
As a winery owner, you know that creating a delightful bottle of wine requires more than just excellent grapes and expert winemaking skills. Behind every successful vintage is a meticulous planning process that ensures your winery remains financially viable and profitable. Budgeting and financial planning are the backbone of this process, guiding you to make…
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Understanding the Corporate Transparency Act: A Guide for Small and Medium-Sized Businesses
Protea Financial is committed to informing you about significant legislative changes that could impact your business operations. With the assistance of our partners at CMPR, this comprehensive guide explores the Corporate Transparency Act (CTA), enacted as part of the broader Anti-Money Laundering Act of 2020. Aimed at preventing money laundering, terrorist financing, and other illicit…
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