Accounting

Income Accounts for Your Winery Chart of Accounts

Posted by on Sep 28, 2018 in Accounting, Wine Business | 0 comments

Income Accounts for Your Winery Chart of Accounts

In this article, we discuss income accounts commonly included in a winery chart of accounts. Please see our article concerning the importance of your winery chart of accounts as an introduction to this topic. Income results from transactions that increase the value, or net worth, of your winery. Income can be a confusing term as it is used to represent many different types of accounting measurements. For example, net income is what we commonly refer to as the “bottom line” and is a topic we will look at more closely in a future article. Net income is not an account, but the “net” combined amount of certain accounts and is also sometimes referred to as profit, or...

Read More

Why Your Winery Chart of Accounts Is Important

Posted by on Sep 24, 2018 in Accounting, Wine Business | 0 comments

Why Your Winery Chart of Accounts Is Important

As a winery owner, you wonder why your chart of accounts is important. Wait, you don’t? Well, sometimes you do but you have many other demands on your time and energy, so you may not. When an accountant says “chart of accounts” most people quickly lose interest. That’s understandable. So why, you may ask, should winery owners think about their winery’s chart of accounts? What Is a Chart of Accounts? First, let’s get an understanding of what we mean by “chart of accounts.” Accounting Coach defines a chart of accounts as “a listing of the accounts available in the accounting system in which to record entries.” That seems simple enough. You need to...

Read More

“To Be, or Not To Be” – (The Great Entity Question)

Posted by on Jan 12, 2018 in Accounting, Financial Freedom | 0 comments

“To Be, or Not To Be” – (The Great Entity Question)

Which entity should you choose for your business? Corporation                    Yes             No               Maybe Partnership                     Yes             No               Maybe LLC                                   Yes             No               Maybe All of the above              Yes             No               Maybe If you are a business owner looking for the answer to this entity question, read on. This question often comes up while working with business owners who are...

Read More

Arranging Your Finances to Reduce Your Taxes

Posted by on Feb 16, 2015 in Accounting, Financial Freedom, Tax, Tax Planning | 0 comments

Arranging Your Finances to Reduce Your Taxes

Planning your tax year and arranging your finances may not sound like the most interesting thing you’ll do this year, but we are certain it will be much more interesting if by doing so you discover that you have less tax to pay. In an ideal world, every year you will have managed your financial affairs so that your taxes are minimized as much as possible. We realize that this can be incredibly difficult to do. It’s already February, so before you know it April will be upon us and there will be no more tax planning to do. If you can spare even an hour or two, we would encourage you to talk with us now about arranging your finances so that your taxes are not the great...

Read More

Is your cash flowing IN more than it flows OUT?

Posted by on Jan 12, 2015 in Accounting, Bookkeeping, Financial Freedom | 0 comments

Is your cash flowing IN more than it flows OUT?

The cash within your business is often referred to as the lifeblood – that which enables your business to not only survive, but also prosper. Just as your body will survive for a time without food or water, but without blood it will die, the same applies to your business. It can survive for a short time without sales or profits, but if it doesn’t have cash it will die. As a business owner you have a rough idea in your head at all times about how much cash you have. You can check your bank balance – even on your phone – and either breathe a sigh of relief or groan internally at the numbers reflected there. Cash is your indicator that the business is healthy. Or is...

Read More

You Don’t Know What You Don’t Know About Payroll

Posted by on Dec 3, 2014 in Payroll | 0 comments

There’s a phrase that pops up once in a while in the business world: “Pigs don’t know pigs stink.” While simultaneously funny and a little disgusting, the sentiment behind the phrase is incredibly serious and very real. We don’t know what we don’t know. Each of us has limited knowledge about different subjects, and beyond that, we’re completely unaware of what knowledge is beyond our own. We can’t even ask the right questions, because we don’t know what questions to ask! For most of life, that’s okay. You don’t need to ask questions about traveling in outer space if you aren’t an astronaut-in-training. You don’t need to fully understand what...

Read More