Hey mates, it’s that time of year again in Australia, the End of the Fiscal year is upon us. That means it’s time to bust out the log books and make sure your accounts are in order, regulations are being met, and start your financial planning for next year.
And we know that this sounds about as fun as watching paint dry. BUT while they may not be the most exciting part of running a brewery, the end-of-year financials are an incredibly important part of getting your brewery off to a good start for the year.
Managing finances, tracking inventory, and forecasting future needs are critical tasks that every brewery must handle. These can be tedious, but Beer30’s brewery accounting software makes it easier to stay on top of your books and ensure you’re set up for financial success. Here’s how Beer30 can streamline your EOFY processes and help your brewery thrive.
Ok ok, let’s talk about the elephant in the room real quick. Before delving into the role of brewery software in EOFY / SOFY preparations, it's essential to acknowledge the tumultuous climate the industry has faced for the last couple of years. From microbreweries to large-scale operations, individuals at every level are being affected by challenges including:
These challenges might seem overwhelming, but they’re manageable with the right tools. Beer30’s brewery accounting software offers solutions to help you overcome these obstacles.
There’s no denying that the industry has seen some shit stuff recently, but that doesn’t mean success is out of reach. In fact, we wrote a whole blog post exploring different ways your brewery can thrive in 2024.
So you might be thinking, “With all of these difficulties, now isn’t the time to learn a new brewery software.” Well, Reginald, we disagree. While we understand that implementing a new brewery accounting software may seem daunting, with an experienced support team that actually has your best interest in mind, learning can be a breeze. Plus, once you’re using Beer30, the benefits will speak for themselves.
In fact, Beer30 software makes all of the challenges listed above much easier. It helps you manage and monitor your Cost of Goods Sold, makes regulatory compliance easy, tracks all of your raw materials, and lets you know when you need to order more.
Now that we’re on the same page, let’s talk about how Beer30 can help specifically with EOFY / SOFY planning.
Planning for the future means making sure your finances and inventory are organized in a way that will make things nice and pretty to analyze when you look back at EOFY next year. For many breweries, this means compiling expenses and keeping track of inventory with spreadsheets or Google Sheets. While this works, the process is time-consuming, tedious, and extremely prone to errors. Calculating revenue, expenses, and inventory becomes a messy task when things are scattered across multiple spreadsheets – something that can be dangerous for calculating your bottom line.
With Beer30's brewery accounting software, all of your finances and your inventory are organized for the year to come. The software integrates directly with Quickbooks Online and Xero so that all of your financial data will be transferred directly to your accounting software. It also helps you keep track of brewing ingredients, packaging materials, work-in-process products, and tank inventory in real-time.
Our brewery software eliminates the frustration and mistakes that come with entering data manually and reduces the risk of duplicating data.
With your finances in order for the end of the financial year, and your inventory and stocktake completed, now it’s time to get ready for SOFY. This means calculating the inventory you’ll need and when you will need it. For many brewers, this means looking over their on-hand materials & supplies, and then making an educated guess on how much to order based on the recipes they want to brew.
While some consider guesstimating a foolproof methodology (60% of the time, it works every time), most of us know it's rarely an ideal business practice. Beer30’s brewery software offers real-time inventory management and Material Resource Planning (MRP) features to take the guesswork out of supplies and raw materials.
MRP works by taking a brewery’s current inventory, all planned purchase orders, and all planned production, then based on the recipes for planned production, it automatically calculates future inventory for all raw materials and packaging items. From there, it creates suggested purchase orders based on item lead times.
MRP is crucial because it prevents running out of raw materials or packaging supplies, avoiding income loss and potential damage to brand reputation. Poor planning can lead to increased shipping costs and inconsistencies in batches, affecting product quality and customer trust.
Beer30’s MRP feature seamlessly integrates with your production schedule, accurately tracking inventory, providing suggestive ordering, and tracking recipes. By streamlining material resource planning, Beer30 software helps breweries improve efficiency and avoid costly mistakes without all the guessing.
Demand planning goes hand in hand with MRP and is another crucial feature of Beer30’s brewery software. This module helps breweries forecast sales, align production schedules, and plan packaging requirements to ensure you’re ready for the new financial year.
By using sales data and trends, the demand planning feature helps breweries avoid costly mistakes like underproduction or excess stock, which can lead to wasted materials and lost revenue. With this level of foresight, you’ll have better control over your brewery’s production process and financial health.
Navigating the complex web of brewery regulations can be daunting, but Beer30’s brewery accounting software and integrations with Xero and QBO make it easier. The software helps you track the required information for excise taxes, licensing, and other regulatory requirements, ensuring you stay compliant without extra hassle.
This feature alone can save you countless hours of paperwork and help avoid costly fines or penalties due to non-compliance.
With EOFY fast approaching, now is the time to invest in brewery software that will streamline your accounting, inventory management, and production planning processes. Beer30’s brewery accounting software is designed to make financial management and forecasting easier so you can focus on what really matters: brewing great beer.
Despite the challenges facing the brewing industry today, Beer30 can help your brewery thrive by improving efficiency, reducing errors, and ensuring you have a clear financial roadmap for the future. With features like MRP, demand planning, and real-time inventory tracking, Beer30 is the tool you need to take your brewery to the next level.
If you’re interested in learning more, reach out to book a demo today, and let’s talk about how Beer30 software can help your brewery thrive.
