Focus on the Big Picture
Information is the power to know ‘how and when’ to respond to the ever-changing landscape in your business.
Foresight can be 20/20 also – an accurate and timely representation of your management accounts will allow you to be a decisive leader – lessening the guesswork and margin for error. Many assume that financial reporting doubles as management account reporting – which couldn’t be further from the truth. Financial reporting operates under strict GAAP guidelines and allows your company to remain compliant. Management reporting analyzes department performance and relationship to expenditures and ROI as a whole. Think of the report as diagnostics on the health of the business.
Typically, you’ll review these reports weekly or at the very least monthly. Management accounts include your income statement, cash flow analysis, accounts receivable, accounts payable, overhead costs, sales forecasts, and value of inventory on hand. This reporting allows management to make decisions based on the needs of the business.
Generally accepted accounting principles (GAAP) refer to a common set of accepted accounting principles, standards, and procedures that companies and their accountants must follow when they compile their financial statements. GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. GAAP improves the clarity of the communication of financial information. Investopedia
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Direct-to-consumer sales continually grow in importance for small wineries in the face of distributor consolidation.
Most small wineries fail to properly maximize profit when setting prices. In fact, most wineries evaluate and change their wine pricing too infrequently
R&D is often associated with technology and life science companies from Silicon Valley and San Francisco, but head less than 100 miles north into wine country, or any other appellation across the United States
We have seen wineries set prices incorrectly (and not maximize profit), waste precious working capital on production on their less-profitable wines, and lose money on wines because they set marketing and programming budgets using a simple average cost, rather than a product-specific cost.
Many of our clients ask us why we talk about bookkeepers, management accountants, and tax accountants, and not just accountants.
(To) Leverage is defined, simply, as using something to its maximum potential. In business, we want to leverage our core resources, time, capital and skilled people to create the best service or product possible. Ultimately, unifying the big 3 to create a successful business that can sustain growth.
1 HARBOR DRIVE #300
SAUSALITO, CA 94965
7250 REDWOOD BLVD,
NOVATO, CA 94945
t: (415) 418-0200
Protea’s goal is to provide, at costs below the market average, timely, accurate, and high-quality financial information on which a business can act.