The new revenue recognition standards are effective for 2019 reporting and can significantly affect your financial statements. These standards potentially affect all contracts with customers that are 1 year or more (even if the terms state 1 year, if it is expected to be renewed the standards still apply). These new standards require revenue to now be recognized as multi-deliverable elements are recognized. Examples of deliverables can be custom contract obligations, shipping or delivery, and storage or manufacturing phase obligations.
DBM will be providing a 1 hour seminar, in which we will discuss the in-depth steps to take to comply with the new standards and be available to answer specific questions you may have about how these new standards may affect your business specifically. We will also discuss the two optional transition methods and which one is right for you.
An Overview of How Tracking and Allocating Costs Can Help You Better Run Your Wine Business
Wine Costing can be an important and effective management tool and it is important for bookkeepers and management alike to understand what costs are affecting their bottom line. Please join us for a one-hour presentation on Thursday, December 5, 2019 from 12:00 pm to 1:00 pm regarding how to best optimize cost tracking and allocation, how to best utilize wine costing to grow your business and how specific ID costing can help you with lender financing, profit management and growing your business. It is also a great way to socialize with fellow wine industry professionals.
Back by popular demand, DBM partner Penny Millar is hosting an additional discussion group on Monday, February 4, 2019 to go over the most significant tax reform changes that may affect you.
Do your New Year’s resolutions include a strategic plan to address the new tax law changes that will affect your business and individual finances? It’s not too late to start considering such a plan by getting a comprehensive understanding of the new law. DBM partners are hosting two discussion groups on Wednesday, January 16 and Thursday, January 24 to go over the most significant changes that may affect you.
Do you think accounting for winery and vineyard costs is a boring task reserved for your bookkeeper? Think again! You may be missing the opportunity to optimize your winery operation. Wine costing can be a powerful and important management tool to add value to your company in a financing or a buy/sale transaction. Come join us for a two-hour wine-costing workshop. We will be discussing some key issues related to wine costing, such as:
- The best way to maintain and track wine production costs to generate value for management
- How to utilize wine costing analysis to improve and grow your business
- What your bankers and potential buyers are not telling you when they review your wine costing analysis
During this two-hour presentation on July 26, 2017, we will provide you with valuable information on cost aggregation and allocation, as well as helpful benchmarking tools and industry developments. This is also a great opportunity to socialize with other industry professionals.
Members of the Finance Committee of a nonprofit are often charged with the responsibility of making financial decisions that affect the entire organization. The Executive Committee and other Board Members usually turn to the Finance Committee when they have questions such as, “Do we have enough money to build a new facility? Do we have the funds for new programs? How much can we spend?” Are you prepared to answer those questions? Do you have your own questions that you wish you could ask an expert in the field? If you do, please consider joining us at our Finance Committee Workshop in the morning of Wednesday, June 3, 2015.
During the two-hour workshop on June 3, you will hear from two industry experts, Christina Hollingsworth, CPA, Partner with Dillwood Burkel & Millar, and Steve Schilling, CFA, Director of Philanthropy with Bernstein Private Wealth Management. You will also have the opportunity to ask questions of your own during the Q&A session at the end.
Christina will review the “do’s and don’ts” for Finance Committee Members and will share with you the areas that you need to spend some time addressing during every monthly committee meeting. She will discuss the key financial ratios and internal controls that should concern every Board Member, as well as the best way for Finance Committee to help the nonprofit management team.
Steve’s presentation will be focusing on establishing an asset allocation and spending policy that is in sync with a nonprofit’s mission and donor expectations. He will discuss how to update historical policies to deliver the desired outcome based on current capital market conditions. Steve will also address nonprofits with short-term pools of capital, such as operating reserves, and explore the alternatives to the common practice of keeping these funds in low-risk portfolios earning de minimis returns.
This workshop is designed specifically for members of the Finance Committee, Executive Committee, and Senior Management team of nonprofit organizations. It is never too early or too late to start looking at the numbers when it comes to leading a nonprofit organization. We hope you can join us for a thoughtful discussion about best managing a nonprofit’s financial resources and maximizing the potential of the organization.