02 Nov Somerset CPAs Unveils New Way to Tighten Up a Brewery’s Budget
Breweries have to run tight ships. Spending a dollar had better bring in or save two dollars, or else it’s going to be a short time until closing. Costs are best when they are low, but it also helps when they are predictable. A monthly bill that doesn’t vary isn’t as good as no monthly bill at all, but it’s much better than a monthly bill that jumps around, or a lump sum fee whose amount may not be known until just before it is due.
Cash or credit outlays for equipment, consumables, labor, and other fixed or variable spending are one kind of cost, but then there are outlays that are geared toward saving a brewery money or to help them plan their financial future. This is money well spent, whether it be for finding good advice on legal issues, regulatory issues, insurance issues, real estate issues, or tax and financial issues.
Recently I wrote about Somerset CPAs and Advisors and the new ways they can help breweries based on revised tax laws and the roll back of regulations. Upcoming articles will discuss other topics from the list in the last paragraph, but right now it’s time for an update concerning Somerset CPAs.
I ran into Becky Fromm Quintana from Somerset recently and she had a change in their RBB (restaurant/bar/brewery) specialty policies that many breweries are going to be interested in. They still have all those ways to arrange your financials in order to get rid of unneeded costs and save money every aspect of tax law, but now they are revising their fee schedule in order to make their services more affordable for new-ish (less than 4 years in operation) breweries.
They have a set of services (2 personal income tax returns, 1 business return for the brewery, annual tax planning in the 3rd quarter, and a review of Quick books for accuracy and tax planning purposes) for a brewery for a flat yearly amount of money which can be split into even monthly payments. Now you’ll know exactly what you will be paying for your tax services, and this is better than being surprised when tax time comes around.
This is a good deal, but you get more for that same flat fee. Somerset will answer the phone at any time, and provide information and advice on tax and regulatory issues all year long. Plus, you have free access to Somerset’s RBB group of industry specialists in real estate, insurance, water, CO2, etc. – you get their advice at no extra cost, and it’s nice to have people who already know your business at hand when you need to contract them for services.
Additional services are definitely available from Somerset as a brewery needs them, and those services come at fees negotiated between Somerset and the brewery. The fees can be rolled into the monthly fee, so it’s spread out over the year. Brewery owners get the service when they need it, but the cost is spread out so you can still budget for your malts, hops, and taproom payroll with confidence. This makes running that tight financial ship much easier. Talk to Somerset CPAs & Advisors and see if this is a good fit for your new-ish brewery or brewery in planning.