Mastering Winery Finances | Webinar On Demand

In this webinar, we explored a crucial yet often overlooked aspect of the wine industry: financial management best practices. Ashley Leonard, CEO of InnoVint, moderated the panel discussion with two winery finance experts, Geni Whitehouse and Erik McLaughlin. Together, they discussed the complex financial challenges that wineries face daily. Key Takeaways:
1. Strong Cash Management is Absolutely Essential: The buck doesn’t stop with sales growth alone. You should be forecasting revenue and expenses three years out to ensure your business doesn’t run out of money.
2. Dial in your COGS: Tracking true costs per product should be a requirement for all wineries. It’s easier to do this today with software tools that streamline the capitalization of overheads and direct applications that make accounting software reconciliation a breeze.
3. Talk Process with Your Finance Resources: Challenge the assumptions behind your financial record-keeping. Ask your accountant how they handle certain practices, from inventory cost accounting to sales forecasting, and ensure it’s being done correctly.
4. Bridge the Communication Gap: It’s your responsibility to be proactive with your internal teams and external partners about what you require to ensure strong, accurate financials. A united front on financial data means streamlined practices and a healthier business.