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Hello everyone, I'm trying to determine what could be a reasonable accounting method to compute equipment depreciation and life expectancy when it comes to a distillery. My accountant tells me that general equipment is usually treated using a declining balance method where 20% of the remaining cost is shaved each year from earnings. A linear method could also be used. But then he asked me, what is life expectancy of distillery equipment? Unlike a desktop computer which is worth next to nothing after 5 years, a pot still has a long life. Stainless steel tanks are still worth something after 50 years. Some other equipment has shorter life expectancy. That being said, all this equipment must be treated as a whole from an accounting perspective. This may not sound sexy, but depreciation method and equipment life expectancy can have a significant impact on financial projection, so I'm curious to hear what methods and parameters distillery owners are using. Thanks. Chris
Wasn't sure exactly where to put this one, but as we're founding our business (we're establishing ourselves as an LLC in NC) we're trying to determine if there is any merit in paying a CPA to do our books. I ask because we plan to do a significant amount of paperwork on a daily/weekly/monthly basis, and so I'm curious about the value a professional could add. I'm not all that confident in my own abilities as an accountant for a small business, but would like to know if anyone uses an accountant, what types of qualities or experience did you find valuable in your accountant? Any information on expected rates for this type of work would be helpful as well. I'll also take any referrals, if there are any to be had. Many thanks for the input.
Hello, We are brand new distillery recently licensed by the FED and working on our state license. I expect to have it done by mid-January and will then be off and running. Our operation is starting off very small so I am interested in simple solutions when they can be obtained (but I have not found one yet for this exercise) One of the major hurdles it seems everyone faces is taking the time to track daily activities and then complete the monthly and quarterly reports. We use Quickbooks for our accounting software but I am interested in what others are doing to comply with the regulations on monthly reports as well as daily logs. It seems many are using QB Manufacturing or POS and there are others that use the online distillingsolutions product. Any comments on other solutions and / or how to integrate this into your daily logs. Are you keeping paper logs and then re-entering the information into the computer on a regular basis? What has been your success with these systems? Thanks for the help in advance! Ryan Yellow Rose Distilling