Accounting for Restaurants and Breweries
From an accounting perspective, opening and running a restaurant or brewery requires a uniquely rigorous commitment to good record keeping. If you’re producing, serving or shipping alcohol, then you will need to be compliant with a whole litany of record keeping standards set forth by the Alcohol and Tobacco Tax and Trade Bureau (TTB). The accounting demands on these types of businesses are so exacting that most new business owners require professional instruction and assistance.
Haney, Vann, Bruton & Crawford, LLP is proud to be partnered with many local restaurants and bars in the Raleigh, Rocky Mount, and Roanoke areas. Our firm’s experience in this area, coupled by our partnering with industry veterans, make us a premiere resource for aspiring and existing restaurant and brewery business owners.
Among the many things we do and consult for:
Seamless Information Flow – If your business is dropped in on by the TTB, they can request to see a full quantified listing of all beer produced, transported, consumed on the premises and used for laboratory samples. And that’s just the beginning. We’ll help you establish a simple, ironclad flow of information throughout and between departments to ensure all required data is always available and up to date.
The Art of Effective Cash Flow – The restaurant and brewing industry, more so than most others, needs ample cash on-hand at all times. We recommend having at least three months’ worth of cash on standby. We’ll help you set up easy-to-use tracking systems that will keep your business forever green and agile.
Strategic Budgeting – We’ll help your business establish a sensible annual budget that can be tracked continuously throughout the year. In addition, we’ll help you formulate an accurate measure of cost for the beer you produce at any given time on the basis of ingredients used and packaging requirements.
Haney, Vann, Bruton & Crawford, LLP has offices both in Rocky Mount and in Roanoke Rapids, North Carolina. We are enthusiastic about working with the restaurant and brewing industries, and we look forward to becoming a trusted advisor to your business. Please contact us today to learn more about our practice. We’ll be happy to answer any questions you may have.