The craft beverage industry on Long Island is booming—from family-run vineyards on the North Fork to small-batch breweries with taprooms on the South Fork. But behind every great bottle of wine or glass of IPA is a business that needs to be financially sound to stay competitive.
Breweries and vineyards have unique accounting needs, and navigating them correctly can mean the difference between sustainable growth and unexpected setbacks. At Basso & Guida, we work closely with clients in Long Island’s craft beverage scene to help them stay compliant, profitable, and ready for expansion.
Here’s what every Long Island brewery or vineyard owner should know about managing their finances effectively.
1. Inventory Management Is Everything
Whether it’s hops, barrels, bottles, or corks—inventory is a major asset for both breweries and wineries. Tracking it properly is essential for accurate financial reporting and smart business decisions.
Key considerations:
- Use an inventory management system that integrates with your accounting software.
- Track raw materials separately from finished goods.
- Understand your cost of goods sold (COGS) to determine accurate product pricing.
- Monitor spoilage, shrinkage, and seasonal trends.
2. Know Your Tax Credits and Industry-Specific Deductions
The alcohol production industry in New York offers a variety of tax incentives—but only if you know where to look.
Examples include:
- Alcoholic Beverage Production Credit – A refundable NYS credit based on gallons produced in-state.
- Excise tax deductions – Depending on the volume you produce.
- Section 179 deductions – For qualifying equipment purchases.
- Energy-efficient improvements – May qualify for federal or state credits.
Many of these benefits are underutilized by small producers. Working with an accountant who understands the industry ensures you’re not leaving money on the table.
3. Sales Tax Compliance Isn’t Optional
Wineries and breweries often have multiple sales channels: on-site tasting rooms, retail, wholesale distribution, and even online ordering. Each of these channels may have different sales tax obligations—especially if you’re shipping across county or state lines.
You need to:
- Register correctly for NYS Sales Tax collection and remittance.
- Track taxable vs. non-taxable sales (e.g., alcohol vs. merchandise).
- File on time—usually quarterly or monthly, depending on your volume.
- Stay up to date on local tax rates and changes to regulations.
4. Payroll and Contractor Payments Need to Be Precise
Whether you’re paying tasting room staff, brewers, seasonal help, or contract vendors—labor costs are a huge line item for most vineyards and breweries.
Make sure you:
- Classify employees and independent contractors correctly.
- Track tipped wages if applicable.
- Stay compliant with NYS payroll tax laws.
- Offer proper documentation for commissions, bonuses, or bartering arrangements.
Failure to manage payroll properly can lead to penalties, audits, or missed deductions.
5. Financial Reporting Supports Smarter Growth
Long-term success doesn’t happen by accident. Your financial statements should tell the story of your business and guide your decisions.
Monthly or quarterly reporting can help you:
- Forecast seasonal trends in production and sales.
- Prepare for expansion, loan applications, or equipment upgrades.
- Compare year-over-year growth and profitability.
- Identify which products or locations are most profitable.
Work With an Accountant Who Knows the Industry
At Basso & Guida, we don’t just “do the numbers.” We work closely with Long Island’s breweries and vineyards to provide industry-specific accounting, tax planning, and strategic financial advice. Our goal is to help you:
- Maximize profitability
- Stay compliant with state and federal regulations
- Understand your financial position
- Plan for sustainable growth
We bring Precision in Numbers and Passion in Service—and we understand what makes your business unique.
Final Thoughts: Make Your Finances as Refined as Your Product
Running a brewery or vineyard is a labor of love. But when the financial side is neglected, even the best product can struggle to thrive. Let us help you build a strong financial foundation that supports your creativity and vision.
📞 Schedule a free consultation with Basso & Guida and let’s raise a glass to your financial success.
