Hiring an accountant for a high growth business like a brewery is not as easy as just going to your local CPA and asking for help. Your local CPA probably only does tax returns and won’t provide the ongoing support a growing brewery needs. It’s not going to a big firm, either. A bigger firm is going to be expensive for the value you get given they don’t have expertise in any one particular industry. In order to take advantage of the financial prowess of a CPA for your brewery find one that specializes in breweries so they can best support the complexity of your growth.
One of the biggest reasons a brewery CPA is the best choice for growing your brewery is because a brewery CPA will design everything around what the brewery owner needs. From the chart of accounts to the way tax returns and financial reports are presented, a brewery CPA has the brewery owner in mind.
A brewery CPA speaks the language, not many CPAs know that there are 3,968 ounces in a barrel of beer nor do they know the turnaround time from mash to kegging. This is important because a brewery CPA will be able to use this information to design key performance indicators and key predictive indicators that will explain certain relationships between financial data and brewery growth.
When does a brewery CPA make sense for your business?
Anytime! A brewery CPA is great at supporting a brewery during business planning, buildout, startup, and all the phases of small business growth and maturity (I could link to my Small Business Lifecycle blog post).
During business planning a brewery CPA can help by consulting on business structure and capital structure planning. We can also be sure that initial capital transactions are accounted for. Basically, we can understand the legal aspects as well as the financial aspects of planning your brewery.
A brewery CPA is great to hire right before buildout. This allows the brewery accountant to design the accounting system from the ground up. From the chart of accounts to various processes, this is a great time to have an ally with a brewery CPA.
A niche brewery CPA is also fine to hire anytime after buildout. Brewery CPAs are masters at cleaning up accounting systems and making sure the system is ready for ongoing collaboration no matter your level of growth.
How Niche Accounting for Breweries Will Support Your Growth
A niche brewery accountant will free up the intellectual resources of the owners. They do this by taking on repetitive and time consuming bookkeeping tasks away from the owner, or owner’s spouse, and automates them in order to provide timely information to make decisions about the brewery’s growth.
Brewery CPAs are forward looking. Providing information about possible future outcomes supports the brewery’s decisions about the future. Growing a brewery in today’s world requires this kind of forward looking and thinking, so rely on an brewery CPA to support you in this area.
As your brewery CPA, Lord CPAs will provide a comfortable online environment to experience the above values. We collaborate with you on the financial picture of your brewery and we do it in a language you can understand. We make worrying about accounting and bookkeeping a thing of the past.
Breweries that Have Already Saved Big with a Brewery CPA.
Tecumseh Brewing Company – One of southeast Michigan’s fastest growing breweries was able to expand and grow by working with a brewery CPA. We took over all of their bookkeeping and reporting so Kyle DeWitt and Tim Schmidt could focus on growing the brewery.
Whiskey Point Brewing Company – The only brewery on remote Beaver Island, Michigan. They were able to solicit investors and make appropriate capital funding decisions with the help of brewery CPA. We took over all bookkeeping and reporting so Patrick McGinnity could focus on brewing flagship beer and bringing investors onboard.
How to Get Started With Lord CPAs, Brewery Accountant
Grow your brewery with Lord CPAs by filling out this form. You will then receive a welcome email with a brewery strategy discovery questionnaire from which we will provide you with 3 handcrafted service package at fixed prices so you can plan your budget accordingly. Signing up for any of theses packages comes with onboarding to introduce you to your brewery CPA and go over the tools and reports we’ll use to support your growth.