Bookkeeping activities are essential to the overall success of your brewery business. Through these bookkeeping processes, you can obtain the data that you need to make a proper analysis and wise decisions, and create forecasts for the future of your business.
There is no doubt that bookkeeping is a vital activity for all businesses, even though it may be a tedious and time-consuming endeavor. Fortunately, we are about to delve into the world of bookkeeping to share four specific ways that you can optimize your brewery's bookkeeping processes, saving you time, money, and a great deal of hassle.
1. Integrate your accounting software and brewery management software
Ekos is a brewery management software program that can do wonders for helping you manage your brewery. When integrated with QuickBooks Online, these two applications can make your entire bookkeeping process much simpler as well. Not only will syncing these two programs reduce the need for manual data entry, but they will also prevent double entry errors and give you greater financial visibility.
Ekos easily syncs all of your sales data to your QuickBooks Online or Desktop account. It can help with all aspects of your brewery's bookkeeping, from ordering inventory to creating invoices. In addition to syncing with the data that you're already adding to Ekos, you are also given the unique advantage of obtaining real-time inventory costs. This provides a transparent look into what it costs to make each product so you can determine the appropriate pricing strategy and focus on increasing profit.
Another benefit to the QuickBooks Online and Desktop integration with the Ekos software program is the ability to keep your sales and beverage taxes organized throughout the year. This will save you a significant amount of time when filing your taxes.
2. Use Dext Prepare to manage your receipts and invoice
Nothing is more tedious than keeping track of your receipts and invoices, but luckily Dext Prepare can help with this burden. Dext Prepare allows you to take photos of your receipts and invoices with your smartphone, create an appropriate transaction record, and immediately upload it directly to your online accounting program. With such a simple process, your day-to-day expenses become extremely simple to take care of.
Dext Prepare has optical character recognition technology that can extract critical information from all of your receipts, reducing the need for manual data entry. You can then review the data and upload the transaction directly to your cloud accounting software. This streamlines your expense management process while storing your documents in the cloud, where they are easily accessible.
3. Pay your vendors electronically
Timely accurate payments are a key element to maintaining a strong relationship with your vendors. Automatic bill payments are one way to simplify your brewery’s bill payments and you can do so through platforms like Plooto.
Plooto integrates with accounting software like Xero and QuickBooks Online. It can access all invoices that need to be paid, allowing you to quickly pay your vendors electronically by directly depositing the payments into their bank accounts. This can significantly reduce the amount of time required for making manual payments and reduce the need to mail out cheques.
4. Use time tracker tools
On top of having a production facility, some breweries will also have a taproom to serve beer to customers. Having to manage scheduling and payroll for both production staff and the taproom staff can be challenging – especially where tips are involved.
A time tracker tool like QuickBooks Time is a perfect solution to helping you manage your payroll and employee scheduling needs. This software can help track your employee's time through an easy-to-use app, create work schedules, and help you manage your entire team.
Plus, it fully integrates and syncs with QuickBooks payroll software and other payroll software like ADP for a streamlined payroll solution. QuickBooks Time also provides detailed reports that can help you predict scheduling requirements and payroll budgets.
When it comes to ensuring the success of your brewery business, having easily accessible and organized accounting records and financial data is imperative. You need to fully understand where you stand in the current marketplace to create realistic goals and continue to grow your brewery well into the future.
There are many different ways to optimize your brewery bookkeeping processes that will help save you time and money, all while keeping your books organized. This will ensure accurate record-keeping, greater financial visibility and will make remitting your taxes a breeze.
At Enkel, we understand the unique business needs that brewery owners require, especially when it comes to keeping your bookkeeping organized. Our team of experienced bookkeeping professionals can provide you with all the bookkeeping support you require to grow your brewery business to new heights. For more information on how we can assist you, contact Enkel today.