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The Basics of Financial Statements

The Basics of Financial Statements

A key aspect and skill in managing a company is the ability to understand financial statements. Because we operate in a competitive business environment, it is important to be able to identify a company’s financial position/health, business trends and risks at an early stage. The ability to analyze your company’s financial statements forms a key part in cultivating overall growth.

 

Let us dig into the basics of financial statements:

 

The Balance Sheet

The foundation of the balance sheet reflects the “book value” of a company at a specific date, also known as the reporting date. The balance sheet provides a clear overview of the company and can be divided into three components namely, assets, liabilities, and owners’ equity.

Assets: Anything that the company owns or is owed, and represents an accurate quantifiable value can be attributed to this asset.

Liabilities: Any legal obligations owed by the company to third parties. In a simplistic term, liability can be seen as the opposite of an asset.

Owners’ Equity: this refers to amounts invested by or owed to shareholders. If you had to subtract all the liabilities from all the assets you should effectively arrive at the owners’ equity value. The amount reflects the net worth of the company that belongs to the shareholders.

The term “balance sheet” is indicative of one important accounting principle which is that it should always balance according to the well-known formula: Assets = Liabilities + Owners’ Equity.

 

The Income Statement

The income statement (also referred to as the profit & loss statement) is an accurate record summary of revenue, expenses and other transactions over a given period. This is a particularly important document that allows you to analyze the progress and performance of your company. You can easily determine if your company is making a profit or loss, analyze expenditure/costing, identify business trends, etc.

The Income statement typically includes the following basic information:

Revenue: The amount that the company earned from sales.

Costs of goods sold (COGS): This figure is the cost of what it took to produce your goods. A simple way to put it, for each product that you sold, how much did it cost to make and get it into the hands of the customer.

Gross profit: This is the total revenue less the cost of goods sold.

Operating expenses: These are costs incurred to keep your company operating but aren’t direct materials or labor related to producing your goods or services. Examples of operating expenses include property insurance and taxes, building repairs and maintenance, utilities, administrative staff wages, etc.

Operating income: This is the income amount that reflects the gross profit less the operating expenses (other than COGS).

Net income: This is the company’s profit after all expenses and taxes.

The income statement provides you with a good indication of how well your company is performing. You will also be able to analyze financial trends on profitability, excess expenditure, cost-saving and if there is any excess cash to invest back into your company.

 

The Cashflow Statement

This cash flow statement provides a detailed overall view of what has happened to the company’s cash and the movement of cash over a given period. It is vital that a company has enough cash on hand to meet its obligations. A cash flow statement is typically broken into three sections namely, operating activities, investing activities, and financing activities. This allows for the reader to determine the following:

  • Operating activities indicate whether a company can generate cash from their normal operating activities (selling their goods or services).
  • Investing activities indicate the cash earned or spent from investments. This can include buying/selling physical property, vehicles, fixed deposits, patent rights, etc.
  • Financing activities indicate the cash raised/spent to settle debt and/or equity financing.

 

A positive cash flow figure reflects more money coming in than going out. A negative cash flow figure reflects more money flowing out (being spent) than flowing in. A negative cash flow figure is not necessarily a bad indication and this can relate to various strategic cash flow expenditure by management. The cash flow statement is vital when it comes to decision-making pertaining to the company’s cash position. It portrays the ability of a company to operate in the long term and short term based on the in and outflow of cash. Knowing this not only allows you to plan and budget in the long term, but also allows for better short-term strategical decision making.

 

Bringing it all together can provide meaningful information

 

Whilst accountants work with financial statements on a daily basis and for them it is second nature, the same cannot be said for all business professionals and it sometimes becomes difficult to understand the financial jargon. You can however learn the basics of understanding financial statements and the benefits it can yield when it comes to analyzing the statements. Financial analysis of the balance sheet, income, and cash flow statements can provide useful information such as:

 

  • The financial health of the company
  • Assist with financial forecasting, budgeting, and cash flow planning
  • Maximizing gains or minimizing losses
  • Identifying trends and new opportunities to grow the company
  • Identifying and avoiding undue risk
  • Improving and visualizing strategic business decisions
  • Allows investors to analyze the profitability and market value of the company and decide whether they would like to invest

 

The possibilities of financial analysis and the usefulness of metrics are endless. It is important to have accurate financial statements prepared by experts that will provide you with invaluable data to analyze. The data itself won’t save your businesses – only you can.

 

Protea Financial is Your Outsourced Bookkeeping and Management Accounting Services:

 

The good news is that you can learn how to interpret financial statements even if you do not have a financial background. At Protea Financial we match our solutions to the needs of the customer. Protea Financial can support you with everything from bookkeeping services, preparing financial statements, order processing, inventory tracking, handling management accounts, and tax schedules in order to support your tax accountant. Protea’s goal is to provide timely, accurate, and high-quality financial information on which a business can act. We can work with you to provide an evaluation and find the best solution for your business.

 

 

 

 

 

5 Key Elements Influencing the Accounting and Finance Hiring Environment in 2021

5 Key Elements Influencing the Accounting and Finance Hiring Environment in 2021

 

In my first 19 years of recruiting Accounting and Finance Talent, the number 1 job benefit Professionals wanted was the flexibility to work from home- at least partially.  This was always desired more than it was available.  Employers cited security, teamwork, synergy, oversight, systems limitations, and a whole host of reasons for resisting the coveted work from home arrangement.

Enter the most significant Public Health Crisis of many of our lifetimes: COVID-19. Suddenly, many people were forcefully shoved into remote working due to Shelter in Place orders.  This dramatic shift has given many people the opportunity to fully live the work-from-home life and has offered us many new gifts, including terms like “Suit Mullet” referring to professional attire on top for Zoom meetings and pajama pants and slippers on the bottom.  Some people love it, and some people can’t wait to return to the office.  Most people are somewhere in between. 

Despite a nosedive in employment rates in March, April and May of 2020, Accounting and Finance professionals generally maintained their positions and salaries with the exception of industries tied closely with hospitality, travel, or other government shut down businesses.  With vaccines being more widely available and economic recovery underway, we find ourselves stepping into a changed work force and way of operating as business owners, managers, and employees.  The way we work has changed, the way we hire and onboard has changed. 

The entire job market that is emerging out of 2020 is different from before.  These are the Top 5 Key Elements Influencing the Accounting and Finance Hiring Environment today.

 

 guy with paper fanning

 

Resignations are abundant.

The most recent JOLTS Report (Job Opening and Labor Turn over Summary Report published by the Bureau of Labor Statistics) Shows that there were 3.3 Million Voluntary Resignations compared with 1.8 Million Layoffs and Discharges.

There are 4 main reasons why resignations are outpacing terminations and layoffs at nearly a 2 to 1 ratio.

  1. The first being economic drivers. For many years now Professionals stand to earn a larger pay increase by taking on a new role at another company rather than getting promoted at their current firm. Studies show that a change in Employer offers an average pay increase of 14% versus the average Promotion offering an 11% increase in compensation.
  2. Secondly, remote work makes it much easier to look for and interview for new positions. Gone are the days of making up a fake Doctor’s Appointment in order to meet with a potential employer. Zoom interviews and lack of oversight create a ripe environment for job seeking!
  3. Thirdly, with the demands of working from home and in many cases homeschooling, parenting or caring for other family members, many people are bowing out of the workforce to have more balance and support their families where hired support may be unavailable or unsafe.
  4. Finally, the Baby Boomer Generation has reached retirement age, and with the Stock Market’s strong performance, many people have financially recovered enough to retire.

 

bunny slippers

 

There is a rub between Remote Work expectations and Post Pandemic Plans.

 

Some people can’t wait to get back into the office. Some people never want to go back. There is a rainbow in between. Whatever your position is, does it match that of your Employer or employees? Many people have changed their view on how often they desire to commute to work even when it is totally safe to do so. The trend seems to be that employees wish to continue working from home 3-4 days a week or entirely, where employers remain hopeful that a more regular in office working style will return. This poses challenges in employee retention as well as gaining long-term commitment from potential new hires.

 Pent Up Demand.

According to a recent staffing industry survey, 45% of CFOs plan on bringing back laid-off or furloughed employees. 42% plan on hiring for new roles that they didn’t have on staff before the pandemic hit. This combined with the increased demand for Accounting support and financial analysis to navigate new market conditions, Paycheck Protection applications and forgiveness, and compensating for the resignations; there is Pent Up Demand for hiring. In short, COVID threw us all for a loop! We had to adjust to working from home. For many people this was for the very first time and meant many organizations needed to learn how to onboard staff remotely. It took us awhile to get this down, while emotionally managing fear, uncertainty, and in some cases personal stress and loss as a result of COVID and the resulting life changes. Now we have mostly adjusted, and although “#zoomlife” is not perfectly smooth, hiring managers feel ready to hire and confident enough or short-staffed enough to give it a go.

 

 

Compensation Divide.

Never before have I seen such a swing in compensation from company to company. I’ve seen industry Salary insights that quote the Bay Area as offering Salaries at 25%, 28%, and even 40% above the national average. What is true?! The truth is there are absolutely people working in downtown San Francisco using the same skills working for roughly the same size company making salaries that differ by more than $40,000/year.

Why is this? There has always been a variance between what different employers offer to attract and retain employees. However, today the divide is greater for several reasons. One, the Paycheck Protection Program stepped in and protected the compensation of many employees, but not all. Additionally, with some companies embracing remote and hiring workers in less expensive areas and others limiting their hires to their local region, pay rates have SWUNG! Another ingredient in the new comp divide is we are no longer asking candidates what they earned in their previous jobs. It’s been illegal since 2017 according to California Labor Code 432.3! Based on candidates’ pay desires, positions that have changed employee seats may have had to move up in comp faster than those roles that had retained talent since before before that employment law changed.

 

 

Burn Out.

Hiring Managers and Jobseekers alike have all just survived 2020, and it was a trying time for most people. Burnout is rampant! Many Accounting and Finance professionals that I have spoken with have cited that they have worked more consecutive hours thru the pandemic than ever before. With no natural coming and going flow of life, lack of commute, lunch breaks and water cooler conversations, the constant screen and zoom time- people are fried. Who would ever think we would look back on our commute time with nostalgia?? The other huge element contributing to burnout is the lack of novelty in our lives. Vacations to look forward to, parties, concerts, hugs from a loved one, going to the spa or salon, or a sporting event- even coaching your kid’s soccer team are all things that tend to offer a re-charge to many people, and those are all activities that in many areas have not yet returned. This is affecting the hiring environment in the way of diminished optimism and confidence in searching, hiring and overall zest for and zeal in our business lives and certainly for taking on new opportunities.

In summary, employers who can express to potential hires and existing staff how they help their employees conquer burnout, maintain a flexible working arrangement, and receive highly competitive compensation are winning the battle on talent. It truly is a battle out there, and with more Accounting and Finance professionals leaving the job market every day than entering, the companies who win this battle will also win the war.

Thank You From Protea Financial: This Is Just the Beginning

Thank You From Protea Financial: This Is Just the Beginning

This is truly a surreal moment for us here at Protea Financial as we celebrate our seventh year in business. What started out as a mere extension of a business has since morphed and grown into something much bigger – the dream of better accounting for everyone.

The partners and I here at Protea Financial wish to express our sincere appreciation to all of our team members for their loyal support as we celebrate our seventh year. When our company was founded back in 2014 with just myself and one part-time employee, we could hardly foresee the growth and success we would be fortunate to have over the next seven years. Here in 2021, we now support clients in five states with a team of twenty-three accountants spread across two continents. This simply would not be possible without the loyal support, dedication, and hard work of each and every member of the Protea team.

I would also like to take this time to thank all of our clients, past and present, for taking a risk and signing up to work with us. I am sure at the beginning you must have thought, “Am I really going to work with this unknown company?” and I am profoundly grateful that you chose to take the risk. We have made it our goal here at Protea to provide you with the most efficient, high quality service to help move your business forward. Thank you for believing in us! We look forward to partnering with you well into the future. 

And to all of our supporters, thank you! Your belief in me, my team, and the unique offerings Protea provides has been nothing short of amazing.

It is important to take time to reflect on the past, celebrate the present, and dream of the future. In recognition of this anniversary, I will also be sharing seven of the most important Protea moments of the last seven years over on my LinkedIn page.

Thank you again to every client, supporter, and team member. We wouldn’t be here without you!

Seven years down, many more to come. We have just begun.

Businesses Need to Do These Four Things Before 2021

Businesses Need to Do These Four Things Before 2021

Many of us are looking forward to putting 2020 behind us and welcoming in a new year. The idea of a fresh start is refreshing and business owners are looking to prepare their businesses for 2021 and beyond.

Looking back on 2020 and acknowledging what worked and didn’t work for you and your business is vital to mapping your 2021 approach. While there are numerous areas to think about, including operations, human resources, and sales, these four key steps will help point your business in the right direction.

“Flexibility will be the central theme for 2021. Preparing multiple options may help the process of being prepared for the unexpected.”

Build Your Budget

The start of the new year is a great time to prepare your budget. And entering 2021 marks a critical time to sit down and analyze your future.

The COVID-19 pandemic of 2020 caused many businesses to realize that the traditional static budget of using fixed inputs and outputs was no longer necessarily useful. Creating a fluid and flexible budget that can adapt to changing business realities is now the new reality.

As many small businesses were stretched to the max in 2020, feeling like you were always reacting was the norm. You were stress-tested and learned some valuable information. Use that knowledge and combine it with a proactive approach.

Creating a “perfect” budget for 2021 is probably unrealistic, as things possibly get more difficult before returning to normal, building a better budgeting process is attainable. Businesses should consider preparing a few different budgets that capture best and worst-case scenarios that roll back spending to factor in contingencies for scarce resources or slowed demand. This rolled back spending can create contingency funds that can be used say when demand for your products in certain parts of the country increases or when customer retention rates drop.

Collaborate with your managers to prioritize tasks and projects to justify when and how much to spend. New or special projects that were important at the start of 2020 may be optional for 2021. If you pivoted and launched new products in 2020, access whether you want to include these revenue sources in your 2021 budget.

Flexibility will be the central theme for 2021. Preparing multiple options may help the process of being prepared for the unexpected.

 

Tax Preparation Enablement

We provide your organization a true end to end solution to all of your tax needs. Tax season is year round to Protea – if you aren’t preparing daily, it’s too easy to get behind. We are always working with your organization to streamline your businesses tax management.

Talk to Banks and Shareholders

If you haven’t already been having an ongoing dialogue with your bank, start one in 2021. With 2020’s unprecedented business environment, banks have been working round the clock to help their customers. They’ve likely encountered every possible scenario a business could face. You should rely on their expertise to guide you, but they can only help you if you are honest and prepared

Whether you need a bridge loan to finance operations, need help completing your PPP loan forgiveness application, or need a line of credit in the event you need short-term cash flow in 2021, start the conversation today.

Similarly, start a conversation with your shareholders and partners. Set a realistic tone and expectation for 2021. This will be easier to do once you’ve completed your budgeting scenarios. Let them know the worst and best-case scenarios and explain how you’re prepared to adapt as the uncertainty of 2021 unfolds.

Although the thought of having these difficult conversations with shareholders may be stressful, they will appreciate your honesty and place further trust in you that you’re making the right decisions for business success in 2021.

 

Move Your Back-office Away from Paper

If you weren’t previously optimizing your use of technology, the pandemic quickly forced you to. When administrative offices closed to keep employees safe, working remotely became the new norm and accessing documents remotely became vital.

While having multiple filing cabinets and heaps of paper was sufficient when employees worked in an office, it quickly showed its ineffectiveness when the pandemic struck.

Continue the trend to move your office away from reliance on paper files and documents. With numerous electronic storage options, it’s now cost-effective to move away from paper filing cabinets.

Cloud storage providers ensure your data is secure and easily accessible. And unlike paper filing cabinets, electronic document storage is easily duplicated to create back-up copies.

Having only paper files is risky. With only one copy of documents stored in a cabinet or a box means that if that paper is misplaced or damaged (fires are a real risk these days), you have no back-up copy.

 

Upgrade Your Accounting and Bookkeeping

With 2021 being the year of flexibility, having an agile accounting team will position your winery for continued success.

If 2020 caused you to reduce your bookkeeping and accounting staff, your business might be at a disadvantage now. If you find your books are not up-to-date or you’re not receiving regular financial reports from your accounting department, you may be operating leaner than you should.

With more uncertainty to come, having timely financial information about your business’s health has never been more critical. When you’re going to need to make decisions quickly in 2021, you’ll need current, accurate financial statements.

But if you’re uncertain about bringing on more employees, outsourced bookkeeping and accounting may be what you need.

With outsourced accounting, you can quickly scale your resources to meet your business needs. You’ll not have to wait to find and hire new staff and train them so they’re up to speed. Your outsourced team can add new members immediately who are already experts in the winery and beverage industry. And if business slows down, you can scale down your outsourced team until business picks back up again.

Outsourcing your accounting can provide immediate expert advisors who can provide guidance and financial direction in uncertain times. While you might think that having industry expert accountants on your team may be a luxury your business can’t afford, the numerous flexible fee options at Protea fit any budget. With professionals with decades of experience in the winery and beverage industry, you’ll receive the specialized knowledge you need with the personalized service you deserve.

Reach out to us today to schedule your initial evaluation, and let us help you take some of the uncertainty out of 2021.

 

 

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Outsourcing routine tasks is an easy way to simplify and grow your business. Accounting, customer service, and marketing are easy places to start when it comes to outsourcing. None of these tasks are unique to your business but all are necessary for a successful...

Bookkeeping Basics for Small Business – Why Bookkeeping Matters

Few of us like to think about bookkeeping and accounting. Without it though, you’ll find yourself in the dark about how your winery is performing. Bookkeeping is the backbone of all businesses. To know what’s happening at the most basic financial level, you’ll need to...

How to Grow Your Business Through Accounting Outsourcing

How to Grow Your Business Through Accounting Outsourcing

Outsourcing routine tasks is an easy way to simplify and grow your business. Accounting, customer service, and marketing are easy places to start when it comes to outsourcing. None of these tasks are unique to your business but all are necessary for a successful business. 

Fewer in-house employees and the legal and financial complexities that come with them mean you’ll be able to quickly adapt when the time comes to grow your business. But is outsourcing your accounting right for you? 

Consider these five advantages when looking to hire an outsourced accounting team.

Save Money and Reinvest to Grow Your Company

Employee hiring can be expensive. Recruitment, pre-screening reports, training, and payroll taxes add up quickly when hiring a full-time accountant. The ongoing salary and taxes will eat into your profits even when your business is in a lull. 

By using an outsourced accounting team, you’ll pay a fraction of the money you’d spend on full-time employees. And that money you’ll save can be used to grow your business. 

Perhaps your winery needs to replace its aging cooperage or purchase a new point of sale system for your retail operations. Reducing your payroll costs can help fund these new investments and grow your business.

As an extra bonus, no more searching for an employee with decades of experience in the beverage industry who knows the industry jargon and nuances. You’ll have a team of winery accounting experts on hand.

Promote or Reinforce Good Business Habits

If you’ve been attempting to do your own bookkeeping and find that it’s not a priority and doesn’t get completed until the bank, the tax preparer, or an investor asks, you’re not setting yourself up for victory. Accounting is the language of business and your business needs to be fluent. 

When you work with an outsourced accounting firm, you’re working with a team of financial experts with years of experience in bookkeeping, financial statement preparation, and internal controls.

An outsourced accounting team can help with calculating winery inventory costs and design internal controls to prevent employee theft. Relying on your team of experts allows you to have up-to-date bookkeeping records so you’ll always know where your business stands. 

These solid habits will pay off when the time comes to expand your business. Outside investors will love seeing that you have complete control over your business and its operations.

 Receive Unbiased Advice From Your Accounting Team

If growing your business means soliciting outside investors or competing in a new market, your outsourced accounting team can provide you with the unbiased advice you deserve. 

Your team of experts can offer tips on how to reduce your cost of goods sold to obtain a higher profit margin to make your winery attractive to investors. Or they can help you evaluate various warehouses to find the best fit for you. 

And if you’re in need of improving cash flow, ask your team how you can reduce your accounts receivable and encourage customers to pay quickly. Offering a discount for prompt payment may cut into your profits but if it decreases your need to rely on expensive short-term loans to meet your cash needs, it may well be what your business needs to hear. 

Outsourced accountants can see your business from the outside, something that may be challenging for the business owner. They can see what’s working and what isn’t. And any fair and trustworthy accountant will give you an honest take on the health of your business. 

Reduce Burdens on You and Your Managers

As a winery owner, you’re pulled in dozens of different directions. Harvesting, production, operations, finance, and customer relations all compete for your attention each day.

You can alleviate stress on you and your management team by letting a team of expert accountants handle the day-to-day finances. Let them get into the trenches so you don’t have to. They will keep your bookkeeping records current so that you’re free to focus on areas that need your personal touch.

Relying on your team’s expertise gives you the confidence you need to make sound business decisions. 

Your expert outsourced accounting team can even help with production reporting and TBB compliance –  freeing up your operations team to focus on quality production.

Grow Your Business Together

When the time comes for your business to expand, your outsourced team will be able to grow with you. You won’t be slowed down searching for and hiring additional full-time employees. Start with a team now that has the ability to meet your needs today and tomorrow.

Rely on a team of experts who can help you answer questions like:

  1. Am I pricing my cases correctly?
  2. Which customers are most profitable?
  3. Can I afford to offer seasonal sales incentives?

And if the time comes when business is slow, your outsourced team can easily be scaled back. You won’t have to continue incurring overhead payroll costs when revenue has dipped. Your outsourced team can fluidly adjust to your business needs.

If you’re considering outsourcing your accounting, do your due diligence to find the right team of experts to complement your business. With the right outsourced team, you’ll be able to tap into the top talent in the accounting industry setting your business up for continued success.

Let Protea be your team for today and tomorrow. Discover why we’re the premier winery and beverage accounting experts on the West Coast by requesting your complete business evaluation today. 

Bookkeeping Basics for Small Business – Why Bookkeeping Matters

Bookkeeping Basics for Small Business – Why Bookkeeping Matters

Few of us like to think about bookkeeping and accounting. Without it though, you’ll find yourself in the dark about how your winery is performing.

Bookkeeping is the backbone of all businesses. To know what’s happening at the most basic financial level, you’ll need to have a great bookkeeping system. 

Today, learn why bookkeeping is essential for a small business and how it prepares your business for continued success.

Understand the Who, What, and Why

Accurate and timely bookkeeping lets you know who owes you money, who you owe money to, and how much you own. 

Accounts Receivable

Your bookkeeping will allow you to know:

1.    Who owes you money,

2.    What they owe you, and 

3.    Why they owe you.

You’ll have receivables if you’re making sales on account. And without good bookkeeping, you won’t know whether you’ve been paid for all of your sales. 

Keeping on top of your receivables will help you maintain your cash flow and avoid charging late fees and chasing collections.

 

Accounts Payable

Tracking the who, what, and why with bookkeeping helps you with payables too. 

You want to know who you owe money to and how much you owe them. Paying your vendors and suppliers on time avoids paying late fees and helps to maintain a strong working relationship. Plus, these vendors could provide trade references when you’re applying for credit with another supplier or a loan from a lender.

 

Equity

Great bookkeeping lets you know how much equity you have in your business.

Your equity is more than just the cash you invest. It’s also the assets, liabilities, and accumulated profits of the business. Equity calculations are important when applying for loans or taking on new investors. If you don’t know how much equity you have in your business, a lender or an investor won’t be comfortable giving you money.

 

Improve budgeting and planning

Proper bookkeeping is essential for budgeting and cash flow management. 

When you keep track of your receivables, you can manage your cash flow better. You want to ensure that money is flowing in on a consistent basis to offset the money that goes out each month. If you let several customers become past due, you’ll need to use other resources, like delaying payments to suppliers or using your own capital, to make up for the cash shortfall. 

Keeping on top of your bookkeeping and cash flow will let you budget effectively. Budgeting is an essential process for anyone in the beverage industry. It allows you to allocate money to processes critical for your business’s success and prioritize spending. 

Without a solid budget, you will feel like you’re just running in a circle, never knowing if you’re meeting your goals. Investing a little bit of your time now to get your bookkeeping in line to prepare your budget will free up your time and energy. 

Elevate analysis and decision making

Great bookkeeping will produce essential reports you’ll need to make decisions for your business.

Although you may be in the winery industry for your love of wine, you’re also in business to make money. You’ll need an income statement, also called a profit and loss statement, to know whether you’re turning a profit. The income statement will show you profit margins and where you’re spending money on overhead expenses.

With a current income statement, you’ll be able to make decisions on whether it’s necessary to cut costs or if you need to grow your sales revenue. 

The income statement receives most of the attention of business owners, but the balance sheet is just as important. Here you’ll be able to see everything you own and owe in one place.

This is where you’ll see if you’ve kept on top of collecting on your receivables and how much inventory you have on hand. The balance sheet is also where you’ll see your equity amount. 

Streamline Tax Planning and Prep

Do you find yourself scrambling each year to get your company’s financial affairs in order for your tax preparer? Although some last-minute calculations for things like depreciation are common, most of your financial information should be up-to-date at year-end. 

Your bookkeeping is essential to preparing your financials for tax time. It will ensure you receive the maximum deductions and credits.

And when your books are organized, you’ll likely receive fewer questions from your tax professional.

Access to accurate financial data will put you on the path to success. And if you need help with your bookkeeping needs, start by asking us how we can help.At Protea, our dedicated and experienced staff are industry experts in the winery industry. Let us help with the day-to-day finances so you can get back to making great wine. Our team works hard to make sure you’re positioned on the right path. Reach out today for an evaluation to learn what Protea can do for your winery.