5 Top Ways that Wine Finance People Use Enolytics for Data Analysis
You know who you are.
CPAs. CFOs. Analysts. Managers. Financial advisors.
In other words, the people who work (mainly behind the scenes) to keep wine businesses stable and afloat.
You have a lot of work to do. Fortunately, there are some patterns to what you do that translate well into processes that are repeatable and possibly automated.
This is where data helps, particularly in a standardized format with up-to-date capabilities for reporting, trends identification and forecasting.
Here are five top ways that we see finance pros using Enolytics.
1. DTC data is transformed from its source system (such as WineDirect, Commerce7 and vinSUITE) into a format that is directly readable by most-used accounting systems like QuickBooks.
2. Automated and "saved" reports that are refreshed every 24 hours, ensuring that the data is never stale. Many of you need to create reports (Avalara, for example, and Tender reports) on a regular cadence. We help you to build those reports once and save them in the system, so that they're ready for you when you need them, refreshed with the latest data. Big time-saver. The Tender reports also enable you to match deposits in the bank accounts to orders in the DTC system.
3. Automated "trends" pages to forecast sales, and track rolling 12-month views.
4. Track COGS by filters such as vintage, margins in percentage and dollars (at Channel level and all the way down to SKU level), within a specified period of time. You are also able to identify possibly underpriced wines more easily.
5. KPI Highlights, such as Discounts, Refunds as a Percentage of Sales, Bottles per Order, Cases Sold, AOV, Margins and Price per Bottle.
Bonus: Communication improvements, since business reports can be shared across the winery, and everyone is looking at the same up-to-date data.
Our goal is to streamline this work and maximize accuracy. Those are top priorities for you, which means they're top priorities for us.
Can we get you started for your business? Please drop me a line.
Thank you, as always, for reading -
Cathy