Client: A wine company based in United States exports wine wholesale to businesses and retail to individual customers.
Accounting challenge: The wine business has been facing lot of accounting problems which seem to interfere with regular operations and financial performance of the business. Not having an adequate record of profit and loss accounts, balance sheet, scheduled payments, payments adjustments, accounts payables and accounts receivables has been breeding financial ambiguity. This is robbing time away from owners who need to focus on the high-end business goals in this post-pandemic competition.
Context of the accounting challenge: Winemaking and distribution is a unique and challenging business especially from accounting perspective. Increases competition in the business necessitates accurate record of every aspect of business – cost, revenue, profit, liabilities and what not. And this is where most businesses overlook and end up suffering ambiguity followed by losses.
Most wine business do not have adequate accounting support that can cater to dynamic accounting requirements of the wine businesses. Winery operations, cost tracking, cost allocation and analysis, logistics, inventory planning and management, tax duty and regulations – owners naturally have too much work on their hands. Accurate and effective accounting for wine business drastically simplifies the whole process.
Unfortunately most wine business do not have enough accounting support and expertise to tame all the requirements. Our client faced similar problems for a long time which aggravated post-pandemic. Not only the accounting has failed to provide the much needed financial analysis they had to even face late payments, penalties and cash flow problems. Lack of streamlines and effective accounting triggered these problems and this is when Outsourced Bookkeeping stepped-in.
Solution by Outsourced Bookkeeping:
As a remote accounting service provider, Outsourced Bookkeeping has already had a prior experience of working with wine industry. This experience helped us quickly understand the requirements of the client. So we have already put through solid plan that can simply streamline all the accounting operations of the client in short time.
We have chosen QuickBooks as our preferred cloud accounting service to set up the process. We have streamlined complete accounting operations and has taken care of all the accounting requirements which are easily reported to the client at the speed of the click. We have particularly put together a team of AP resources to digitise the bills. Being a remote accounting service provider in a convenient time zone, we were able to digitize all the bills by the time the client resumes their operations in United States at 9:00 AM. This helped us accelerate the entire process while streamlining the accounting operations to provide accurate analysis for the client.
Benefits for the Client: The improved visibility and accuracy quickly helped the client plan and manage inventory better. The accounting analysis we have provided to the client helped take adequate steps in controlling the costs and improving the profitability. The most important aspect of outsourcing is that all the above benefits were made possible without additional in-house staff. This delegation of accounting also improved the productivity of in-house staff and helped them focus better on their core business.
Accounting Services for Wine Industry by Outsourced Bookkeeping: A winemaking and distribution business has a unique accounting needs that are key for profitability. The upside is that right accounting intelligence can significantly help this industry in every aspect of the business. However as unique as this industry is, it need right accounting expertise with a prior experience wine industry. As a remote accounting firm Outsourced Bookkeeping has a remarkable track record in providing all types of outsourced accounting services. You can contact us here: