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Accounting for Breweries – What you need to know moving forward

The following post is from Forrest Rose, owner of Grey CPAs in Windsor, CO – www.greycpas.com. Forrest helps growing breweries keep their accounting in order so they can concentrate on what they are good at – pumping out delicious beer!

Denver and Colorado microbrewer opening rates have surged in recent years, and for good reason. Talented brewers have taken advantage of the growing thirst of Colorado beer loving patrons who want to taste different varieties of beer concoctions. As an accountant who spends a lot of time in breweries helping owners sift through the accounting changes taking place every single year, I’m very lucky to live in this great state of Colorado, where the breweries are plentiful!

Because we spend a lot of time in breweries, we hear stories about hopeful brewers flaming out before they got a shot to successfully distribute their beer. Some don’t make it to where they want to be because of lack of funding, some because of not properly tracking or preparing for operational costs.

For the breweries that have achieved fiscal sustainability, the tax and financial code is an important thing to understand, or have your accountant understand. The below explains more of this in detail, but if you have questions, of course reach out to a certified public accountant.

New FASB update for revenue recognition (how companies make money) and the 5-step approach a company should utilize to ensure revenue is appropriately recognized:

  • Identify the contract(s)
    • What this means is that companies must identify all contract types (pricing arrangements, terms of payment, shipping terms, etc.) and revenue streams.
  • Identify the separate performance obligations
    • What this means is that an entity must identify what goods or services are being sold in the contract and ensure that those performance obligations are segregated appropriately
  • Determine the transaction price
    • Is the price fixed or determinable? Is there a variable component? An entity must determine this.
  • Allocate the transaction price to the separate performance obligations
    • Each performance obligation above must be linked to a determinable price.
  • Recognize revenue when the entity satisfies a performance obligation.
    • An entity can only recognize revenue when the goods or services have been provided.

A lot of brewery owners may look at the above, and be a bit confused, which is where an accountant can help. Whether breweries have a CPA on staff, or bring one in to help them, it’s important to make sure the financial and tax codes are understood, as they change regularly.

We hope this was helpful to all the Colorado breweries that are already booming or just getting started!


Avoid Black Friday… Taste Beer with us instead

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Have a beer or two with us, and avoid this. Image courtesy of this video

Does the thought of overwhelming masses flocking to malls and big box stores make you cringe? Wouldn’t you rather be tasting beer with your friends and family?

We get it, and we’re here for you. This Black Friday (November 27th, 2015), we’ll be offering an extra Denver Microbrew Tour starting at 12:00 noon, in addition to our normal 3:15 tour. Here’s the details on the extra tour:

  • Friday, November 27th, starting at 12:00 noon – Get your tickets here

    We’ll meet at Breckenridge Colorado Craft at 22nd and Blake Streets (2201 Blake Street, Denver, CO 80205)

If you have any questions, give us a call at 303-578-9548 or email at info@denvermicrobrewtour.com. Looking forward to seeing you!


Walking Beer Tour to Open in RiNo Art District

Denver, Colorado – April 6, 2015 – Today, Denver Microbrew Tour (DMbT) announced the addition of a new tour route in the River North Art District (RiNo), just north of Downtown Denver. The inaugural tour will be on Sunday, April 12, and will start at 12:15pm at Ratio Beerworks (2920 Larimer Street, Denver, CO 80205). Tours will then be offered every Sunday, starting at the same time and same location.

Similar to DMbT’s long-standing LoDo route, the RiNo route will include:

  • visits to four local breweries, cideries, or tap rooms
  • beer samples at each stop
  • an in-depth lesson of how beer is made
  • info about each location’s founders and the inspirations that led them to brew
  • stories behind the street art and murals prevalent in RiNo
  • just enough scandalous Denver history to keep things interesting

The new route will feature some of the newest and most exciting breweries in the Denver area, and will also include a visit to a cidery. “We want to showcase the best brewers Denver has to offer, and there is no better place to do it than in RiNo,” said DMbT founder, Steve Schneiter. “The heavy concentration of breweries here creates a great atmosphere of collaboration and friendly competition. These companies work together to push each other to make the best beer in Colorado, and are succeeding in doing so.”

Schneiter continued, “But the tour won’t be all about the breweries – we’ll also focus on the RiNo neighborhood. In RiNo, there are motorcycle shops next to wineries, junkyards across from breweries, and run-down diners next to upscale restaurants; it is the perfect combination of dive and elegance. The stories behind these businesses, and the inevitable changes that they will face in the coming years, craft a great narrative for Denver locals and tourists alike.”

Arline Kellog, a self-proclaimed Cider Wench at Stem Ciders (one of the stops on DMbT’s RiNo route), added, “We are excited to have such a great company showcasing our growing artisan brew district; we can’t wait to show people what craft cider is all about!”

DMbT’s RiNo route will visit Ratio Beerworks, Stem Ciders, Our Mutual Friend Tenth Acre and Brewery, and Epic Brewing Company. The tour will be offered weekly, on Sunday afternoons starting at 12:15pm and lasting until roughly 2:30pm. The cost is $29 per person and includes the tour and at least 10 samples of beer (or cider). For more information, visit www.denvermicrobrewtour.com.

About Denver Microbrew Tour

For over five years, Denver Microbrew Tour has been showcasing the best of downtown Denver, offering tourgoers ten beer samples and scandalous history of the city and its development. This highly-reviewed, well-respected walking tour has served over 20,000 clients, offering both public and private tours, as well as appearances at corporate events. For additional information or to book your tour, please call 303-578-9548 or visit www.denvermicrobrewtour.com.
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Contact:
Steve Schneiter
media@denvermicrobrewtour.com


River North Brewery: A Rising Gem in RiNo

River North or RiNo

River North Art District

Situated north of Coors Field is an up and coming artists’ enclave called River North Art District, or RiNo for short. Amongst its Nuevo art sculptures, galleries, studios and eclectic shops is a rave worthy place that’s sure to satisfy one’s thirst for craft beers. It’s called the River North Brewery.

Since it opened in February 2012, the venue has produced so many fantastic brews that it’s already expanded its production area multiple times. The last one took place in November 2013. But you don’t have to take their ongoing expansions as sole proof of the onsite brew master Matt Hess’ brilliance. There are also the reviews on Yelp and The Denver Magazine 5280‘s shout outs to consider. They all add up to one simple truth. River North Brewery is quickly becoming one of the city’s beloved gems.

River North Beers in Distribution

Some of River North’s Beers

So which beers are creating all of the buzz and why? Some of them may be found in the brewery’s series of whiskey barrel aged delights. Belgian-style beers with notes of oak and rye, they are one of the pints down favorites of Denver. Word has it that the River North Brewery’s crew will be adding another brew to the popular series at the end of January 2014. This one is expected to be titled B-Side Avarice. Highly rated, Belgian-style, double IPA brews like the Hoppenberg Uncertainty Principle is another “must try” crowd favorite. It’s a high ABV, orange hued, hoppy brew that sports a beautiful off-white head with every pour.

River North doesn’t serve food, but there is usually a food truck nearby. One that tends to haunt the place from time to time is East Coast Joe’s Grey Ghost. She’s a solar powered truck that’s home to some of the best seafood, deviled eggs and East Coast fare in Denver.

To visit River North Brewery and other top watering holes in Denver, please contact us at (303) 578-9548. We offer the best microbrew tours in the Mile High City, year round, weather permitting. All of our guided brew tours include a pint, beer samples, educational tidbits and stops at four fabulous locations.


What’s the Right Craft Beer to Solve Your #ColoradoProblem?

Beer can solve any #ColoradoProblem

Beer can solve any #ColoradoProblem

Living in Colorado is really, really hard. From the winding roads of the high country to the lazy riverbanks of the eastern plains, the brave, hardy citizens of this state face challlenges you just don’t find anywhere else. Fortunately, for just about every #ColoradoProblem we face, there is a craft beer that can help us handle it.

“It’s a perfect day at my favorite ski area, but it’s also a perfect day at my favorite mountain bike trail!”

Dilemmas like this, which happen year round, make up some of the most serious #ColoradoProblems. Fortunately, Colorado’s breweries have designed several craft beers to help you mull these important decisions. Try a rich, dark beer like the Milk Stout produced by Longmont’s Left Hand Brewery. Designed to be sipped slowly while looking to the mountains, to the foothills, to the mountains, to the foothills again, this beer can help you handle recreational indecisiveness.

“My boss says we can’t move the office to Breckenridge!”

You don’t need to be in Colorado long before you realize that leaving the mountains is much harder than getting to the mountains. The scenery is beautiful, the skiing is wonderful, and in the little mountain towns it seems like there’s a different craft brewery around every corner. You might not be able to take the skiing or the fishing or the hiking back to work with you when you come down, but picking up a craft brew like Breckenridge Brewery’s Avalanche can help ease the transition back into low country life.

“The stock show’s in town, and it’s making me want to visit Greeley!”

Every winter, the National Western Stock Show brings the romance of the Old West to Denver–the rest of the year, the romance of the Old West hangs out in Greeley, with its friends the comedy of corn production and the documentary of the 20th century cattle industry. Greeley is used to being the butt of friendly jokes around here, and the craft beers produced there reflect its easygoing attitude. Choose a mellow brew like Crabtree Brewery’s Boxcar Brown, and experience that easygoing rural vibe without opening a single feedlot gate.

“I can’t tie a six pack of glass bottles to my inner tube in this stream!”

Summer is serious business in a state that gets 350 days of sunshine a year. When the going gets tough, the tough get an inner tube and head up into the foothills for a day of splashy fun (okay, so the tough go run 10k races and bike up mountains, but then I promise we all go inner tubing). For days like these, Colorado breweries like Upslope rise to the occasion with crisp, hoppy IPAs that capture everything wonderful about cooling off in a high mountain river. And yes, if you tie those cans to your inner tube, they can ride the St. Vrain with you all day long.

These are only a few of the many, many #ColoradoProblems that plague our state’s noble, long-suffering residents. One that we haven’t mentioned–having too many craft brews to select from–is especially serious. The Denver Microbrew Tour is here to help. If you or a loved one is suffering from excessive craft beer variety, join us on a tour and we’ll show you the way.


Red, White, and Brews 2013

Red, White and Brews:
Extra tours added for 4th of July weekend

We’ve added some extra tours for this holiday weekend. In addition to our normal tours, we will also be offering:

  • Thursday, July 4th, starting at 12:00 noon – Buy Tickets Now

    We’ll meet at Rock Bottom at 16th and Curtis (1001 16th Street Mall, Denver, CO 80205), under the chalkboard.

  • Friday, July 5th, starting at 12:00 noon – Buy Tickets Now

    We’ll meet at Breckenridge Colorado Craft at 22nd and Blake Streets (2201 Blake Street, Denver, CO 80205)

If you have any questions about these extra tours, don’t hesitate to email us at info@denvermicrobrewtour.com. Hope to see you this weekend!


Tours for March 9 and 10, 2013: Snowy, but still on

Do you think a little snow (or even a lot) will stop the Denver Microbrew Tour? No way! We will still be offering tours this weekend. All tours will be on the same schedule as normal.

If you have any questions, feel free to send us an email through at info@denvermicrobrewtour.com or give us a call at 303-578-9548.


Great American Beer Fest Tours

GABF Week Tours

We have a modified tour schedule for the Great American Beer Festival Week of October 8-14, 2012, so that you can get to the beer fest ON TIME!
Here is the modified schedule:

Thursday, October 11, 12:00pm – 2:15pm: Tour starts at Rock Bottom Restaurant and Brewery at 1001 16th Street Mall, Denver, CO, 80202.
Friday, October 12, 12:00pm – 2:15pm: Tour starts at Rock Bottom Restaurant and Brewery at 1001 16th Street Mall, Denver, CO, 80202.
Saturday, October 13, 12:00pm – 2:15 pm: Tour starts at Rock Bottom Restaurant and Brewery at 1001 16th Street Mall, Denver, CO, 80202.
NO 3:00 tour on Saturday, Oct. 13
Sunday, October 14, 3:00pm – 5:15pm: Normal Tour, starts at River North Brewery.

Tickets for each tour are available here


Extra Tours Added for Labor Day Weekend

We’re adding a few extra tours this Labor Day weekend! We’ll add a tour starting at 12:00 noon on Sunday the 2nd of September, and another on Monday the 3rd at 3:00pm. Here are the start locations of each extra tour:

Sunday 12:00 noon tour will start at Rock Bottom at 16th and Curtis

Monday 3:00 tour will start at River North Brewery at 2401 Blake Street, Denver, CO 80205

You can buy tickets here for these extra tours through Brown Paper Tickets. Tickets are available now!


Living in Colorado

In case you haven’t heard, living in Colorado is awesome. So much so, our friends over at Love Living in Colorado have created an entire blog on all the great things to do in Colorado.

Check out what they have to say about the Denver Microbrew Tour at http://lovelivingincolorado.wordpress.com/2012/04/11/784/, then see what other great things are going on!


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