At Protea Financial, we know that for many business owners, the phrase “year-end close” can evoke feelings of stress and urgency. As the calendar year winds down, a financial whirlwind often spins up, involving a scramble to find documents, reconcile accounts, and prepare everything for the tax professional. This process is especially complex for wineries,…
Read More
At Protea Financial, we understand that managing personal wealth often extends beyond individual bank accounts and investments. For many of our clients, trusts are a fundamental tool for estate planning, asset protection, and managing family legacies. While trusts offer significant benefits, they introduce a layer of specialized accounting and administrative complexity that can be time-consuming…
Read More
At Protea Financial, we often speak with successful individuals and families whose personal financial worlds have become as complex as the businesses they run. Success breeds complexity, leading to multiple properties, intricate investments, philanthropic endeavors, and specialized staffing needs. While you may excel at managing your assets, the day-to-day administrative burden of tracking expenses, paying…
Read More
I often get asked, “When should I hire an accountant?” The honest answer, and spoiler alert, is earlier than you think. Accounting mistakes are expensive to rectify, and catching up on months or years of disorganization can be a costly and time-consuming nightmare. So, my advice is simple: hire early. However, if you’re still unsure or have…
Read More
At Protea Financial, we understand that for wineries with multiple vineyard sites, the Profit and Loss (P&L) statement can quickly become a complex web of revenues and expenses. While each vineyard contributes to your overall production, understanding the individual financial performance of each site is crucial for informed decision-making, resource allocation, and ultimately, maximizing profitability. …
Read More
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…
Read More
