Accounting & Compliance

We understand that 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 inventory2.
  2. Accrual vs. Cash Basis: Many wineries use the accrual basis of accounting, which matches expenses with the revenues they help generate.
  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 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: Compliance with federal and state labeling laws is essential.
  3. Tax Filings: Regular tax filings, including federal, state, and local taxes, are required.
  4. Environmental Regulations: Wineries must comply with environmental regulations related to waste management and water usage.
  5. Health and Safety: Adherence to health and safety standards to ensure a safe working environment.

BaccoOnline provides support for these requirements and adheres to US and Italian General Accepted Accounting Principles (GAAP) for General Ledger G/L), Accounts Payable A/P), Accounts Receivable (A/R) and Human Resources (HR).  These ledgers are linked to the Sales & Marketing and Viniculture portions of the system avoiding duplicate data entry and to provide timely reporting.

The system also includes standard liquor compliance reports for both US and Italy.  Customer developed custom reports are also included.

As an alternative to BaccoOnline accounting links are established to intergrade with popular accounting packages like QuickBooks.