Unlike cash methods, which only track money when it changes hands, the accrual method records revenue as it’s earned and costs as they’re incurred. This approach mirrors the natural rhythm of wine production, from grape cultivation to bottle aging, by aligning income with related expenditures. For example, imagine selling a 2023 vintage to a distributor…
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Accounting for Fixed Assets in the Wine Industry: Land, Buildings, and Equipment
At Protea Financial, we understand that the wine industry is a unique blend of artistry and business acumen. While crafting exceptional wines is your passion, managing the financial side of your operation is equally critical. A significant portion of your winery’s financial health lies in your fixed assets – land, buildings, and equipment. Properly accounting…
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The Power of Unreasonable Hospitality: How Putting Employees First Transforms Business Success
When people hear the word hospitality, they think about restaurants & hotels. But what if hospitality wasn’t just about guests what if it became the foundation for how businesses treat their employees?Will Guidara, author of Unreasonable Hospitality, revolutionized the fine dining industry by creating extraordinary guest experiences. But his philosophy isn’t just for restaurants, it’s…
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Uncorking Efficiency: Key Systems and Software Your Winery Should Be Using
At Protea Financial, we understand that running a successful winery involves more than just crafting exceptional wines. It requires efficient management of everything from vineyard operations to sales and financial reporting. That’s why we’re passionate about helping wineries leverage technology to streamline their processes and maximize profitability. Our team of bookkeeping experts are showing key…
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Focus on What You CAN Control – Making Your Customer List Work for You
With so much uncertainty in the world right now – particularly in our industry – it can feel like there is a lot that is beyond your control as a winery owner. And you’re right – you cannot control tariffs, or regional visitation, or rising costs. But one thing you CAN control is your customer…
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Understanding the Relationship Between Your Winery’s Profit & Loss and Balance Sheet
At Protea Financial, we frequently encounter winery owners who excel at the art of winemaking but find the intricacies of financial statements a bit daunting. Yet, understanding the interconnectedness of your Profit & Loss (P&L) statement and Balance Sheet is crucial for informed decision-making and long-term financial stability. These aren’t just separate documents; they’re two…
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