Plumb Provides Outsourced Accounting Services for Microbrewery
Case Study: Left Coast Brewing Company
Left Coast Brewing Company, located in San Clemente, CA, began operations in 2004. With the capacity to produce slightly more than 14,000 barrels in their facility, Left Coast distributes beers to bars and restaurants throughout the United States and some internationally. In addition to brewing and distributing six full time beers, they also have a tap room on sight with seasonal beers available. Left Coast produces beers for the Oggi’s Pizza & Brewing Company Franchise.
Brewing company was in need of controller services, but did not want the expense and burden of having a full-time accounting employee on staff. They sought out Plumb as an outsourced accounting option to improve and automate their financial reporting and general accounting needs.
“Initially, we hired Plumb because they offered a cost-effective solution for our accounting needs, but we have received many more benefits from their services. Plumb immediately came on board as another team member to give us financial insights to help us make better business decisions,” said Tommy Hadjis, General Manager, Left Coast Brewing Company.
Plumb’s initial and ongoing engagement includes the following:
- Calculate cost of goods sold and track profit margins
- Providing timely monthly financial statements, including balance sheet and income statement
- Reconciling bank account statements and monitoring cash flow
- Providing accounting system process improvements such as a month-end A/P checklist
- Cost of sales calculation for the preparation of beer tax reports
- Helping to integrate QuickBooks set-up to integrate with Brewery Management System
- Monthly meetings with brewery management to review financial performance and assess projections
- Working with brewery tax advisors to ensure proper tax planning and tax filings
Based on Plumb’s financial expertise and proprietary systems, Left Coast Brewing Company is now making business decisions based on detailed, accurate and timely financial reporting. Plumb provides cost-effective results with on-going accounting system process improvements and better financial insight.
“It was a seamless fit from the beginning of our relationship with Plumb,” said Hadjis. “We quickly built a strong rapport and immediately saw the value in the financial oversight that Plumb consistently provides for our company.”