Accounting & Compliance

Wineries have unique accounting and compliance requirements due to the nature of their business.

Accounting Requirements

  1. Inventory Management: Wineries need to track the cost of grapes, production costs and finished inventory.
  2. Accrual vs. Cash Basis: Many wineries use the accrual basis of accounting which matches expenses with revenues generated.
  3. Cost of Goods Sold (COGS): Properly accounting for COGS is crucial, including costs for grapes, labor and production.
  4. Depreciation: Wineries must account for the depreciation of equipment and facilities.
  5. Federal Excise Tax: Wineries are subject to Federal Excise Taxes on wine production.

Compliance Requirements

  1. Licensing and Permits: Wineries must obtain the necessary licenses and permits to operate legally.
  2. Labeling Regulations: Wineries must comply with federal and state labeling laws.
  3. Tax Filings: Regular tax filings, including federal, state and local taxes must be made in a timely manner.
  4. Environmental Regulations: Wineries must comply with environmental regulations related to waste management and water usage.
  5. Health and Safety: Wineries must adhere to health and safety standards to assure a safe working environment.

BaccoOnline provides support for these requirements and adheres to U.S. and Italian General Accepted Accounting Principles (GAAP) for General Ledger, Accounts Payable, Accounts Receivable and Human Resources.  These ledgers are linked to the Sales & Marketing and Viniculture subsystems, thereby avoiding duplicate data entry along with timely reporting.

The system also includes standard liquor compliance reports for both the U.S. and Italy.  Customer-developed custom reports are also included.

As an alternative to BaccoOnline’s accounting capabilities, links can be established to integrate with popular accounting packages such as QuickBooks.