Accounting for Distilleries
**Going Off Course**
After only a few years in operation, Wayward Distillery was beginning to thrive. Recognizing the early success, owner Dave began to consider the long-term prospects for the business. Where would it be in 5 or 10 years? Could he expand internationally? Would he be able to enjoy weekends off? What steps would he need to take to accomplish these goals? However, as is often the case when pursuing growth, they hit a stumbling block. Dave and his team were so engaged in their daily tasks that they lacked the bandwidth to implement their ideas. As a result, essential administrative responsibilities like accounting, tax, and payroll fell lower on their priority list.
**Introducing Avalon**
This is when they sought our assistance. They recognized the need to outsource these tasks and partner with an accountant who comprehended their business objectives. Additionally, they sought guidance on securing the necessary funding for expansion.
**Strategy Session**
We met with Dave to kick off our discussions about their ambitious vision. What were their growth objectives? What was their desired future? One crucial question addressed was, "What is your current profit, and what do you aim to earn?" It soon became evident that Wayward had a solid understanding of their operations—they were aware of their profit margins, identified their most lucrative avenues, and recognized that increasing production capacity was essential to meet their growth goals. With this valuable insight, we developed a detailed 5-year growth strategy.
**Supporting Business Success**
Avalon's innovative approach to accounting revealed new possibilities. "Thanks to Avalon, we grew by 800% in eight months, and we are now aligned with our 5-year plan to achieve sustainability and distribute our products globally." Looking ahead, Dave aims to enjoy time off on weekends and gradually step back, all while continuing to expand the business without overburdening their team.