Cost Accounting for Wineries
Rohnert Park, CA
Registration Deadline: Nov 8, 2013
Event Type: Seminars and Classes
Description: The reason most small businesses, especially wineries, fail is because they do not know their true Cost of Goods. This class is a must for winery owners and their accounting staff and will demystify the most complex aspect of winery accounting. Knowing the COGs will enable the management team to build a sustainable and profitable business. After attending this class you will be able to calculate the true costs of both bulk wine and bottled wine.
Just as important, you will be able to forecast the actual cost of a finished bottle of wine, even when the release date is years away. With that knowledge you can build a pricing structure and marketing program that will ensure profit at the end of the day. We will show you how to setup your chart of accounts so that you identify the administrative costs and the winemaking and production costs. We will detail what information you need from your winemaker. Then we will show how to merge the financial information with the cellar information on a spreadsheet to run the calculation. In essence you will learn about Capitalized Costs, Overhead Cost Allocation, Cost Pools and Standard Costing, but we will do it using plain, unintimidating language to demonstrate how to calculate both the bulk wine cost and the final bottling cost.
Jeanette Tan is the accountant at Kokomo Winery and Sbragia Family Vineyards. She is also a Certified QuickBooks ProAdvisor® and has a consulting practice, QB Winery Solutions, which provides training, setup, and support for micro and boutique wineries using QuickBooks®. Before moving to Sonoma County, Jeanette provided a similar service to owners of small businesses on the Island of Maui. As a SCORE counselor, she taught an introductory QuickBooks® class to several hundred people for the Maui County Business Resource Center and the SBA. She admits to being an accidental accountant because she started out as a Pastry Chef, became detoured managing a small French Restaurant for 10 years, then joined the management team that opened the Four Seasons Resort on Maui. This was all many, many years ago, but it gave her a unique in-the-trenches perspective and it gave her the ability to explain accounting terms in plain English. She also speaks very quickly so you will not be bored.