Two Things Every Winery Must Complete Prior to 2020
With 2020 just a few weeks away it’s time for most wineries to close the fiscal year. What does this mean? All record-keeping for the winery should be buttoned up and finalized from 2019.
You might be asking yourself, “But I’m a winemaker, not an accountant. I’m not responsible for understanding production costs and compliance.” Well, not to be the bad guy here, but it does very much require your involvement. You’re responsible for getting production information to the people running the numbers and finalizing the TTB reports. This information is critical to understand the overall health of the business.
Therefore, the two things you must do are: finalize your winemaking records for the year, and ensure all your production costs have been applied. This way, the true cost to produce each wine is understood, and it’s easy to generate the TTB 5120.17 (old 702) report.
Don’t worry – we’re not asking you to spend all your time behind your computer trying line item all these out. You know what the best solution is? Implement winery production software that manages activity and tracks costs for you behind the scenes!
Check Out InnoVint. It’s really this easy:
InnoVint has built-in cost tracking embedded in production operations that manages all production costs to provide you a comprehensive costing snapshot at any point in time.
As you take your wines through normal winemaking operations, the winery management software will automatically distribute costs across your blending activities. You can even manage overhead costs like utilities or salaries and apply them across one, many or all of your lots as of a date in the past. You can even backdate an entire year of costing information!
Since it’s already easy to manage all of your wine movements and inventories in InnoVint, tracking costs becomes almost effortless. Even better, grant limited access to your accountant to manage it themselves and complete the TTB report in just a few clicks of the mouse.
Watch our Costing Overview Video for a deeper dive into how it works.
We’d love to have you join us for a customized demo to experience how InnoVint winery management software can help you track your costs, generate your TTB 5120.17, streamline all of your production data, and much more, all in one place.
Get up and running in as little as 1 day.