Accounting
Accounting Services
Park Street manages all aspects of the accounting and financial reporting to ensure accuracy and full transparency.
- Federal Excise Tax optimization
- Federal excise tax calculation and payment
- State excise tax calculation and payments
- U.S. Customs duty drawbacks
- Month end closing statements
- Distributor and retailer invoicing
- Accounts receivable management
- Accounts payable management
- Dedicated bank account
- 24/7 real-time online reporting platform
- Distributor chargeback management
- Overdraft protection
- Front-office accounting add-on services (e.g., payroll processing, expense reimbursements, consolidated financial statements)
Real-time Reporting
Park Street’s cloud-based Navigator system provides suppliers full transparency into the back-office operation. The permission-based system enables suppliers to set specific access and authorization rights for individual users. Navigator not only offers on-demand summary data but allows suppliers to deep dive into detailed levels of granularity and itemized reporting.
- Sales
- Accounts receivable
- Accounts payable
- Cash receipts
- Inventory
- Expenses
- Cash account balance
- Purchase orders
- Invoices
- Freight shipments
- Distributor chargebacks
- Products
- Solicitors
- COLA/COLA waivers
- Formula approvals
Depletion and Retail Account Data
Park Street’s Navigator system provides distributor depletion data and retail account data, which provide actionable insights into brand performance.
Distributor Chargeback Management
Park Street provides end-to-end distributor chargebacks management, including uploading chargeback invoices and supporting documents (e.g., menu shots, floor placements) to Park Street’s proprietary Chargeback Management System, requesting additional documentation from distributors as needed, processing invoice payments, and more.
- Invoice processing and payments
- Supporting documentation
- Service period tagging
- Market tagging
- Brand tagging
Accounting in Wines and Spirits Industry
Park Street provides various accounting services for thousands of beverage brands within the industry. Whether you’re looking for distributor accounting, chargeback accounting, wine and spirit A/R financing, or other drinks industry accounting services, we can help. Our advanced reporting, technology, and processes allow us to provide first-class services to all our suppliers. Contact us today to get started so you can focus on your beer, wine, or liquor brand while we handle your back office.
Frequently Asked Questions
Below you will find a number of questions and answers related to Park Street services. Please feel free to reach out to us for more information by filling out the form located below.
What role does accounting play in optimizing supply chain costs for beverage brands?
Accounting can help a company determine where its biggest expenses are coming from and figure out how to decrease costs.
How can accounting systems support multi-brand portfolio management?
A proper accounting system is very important in supporting multi-brand portfolios. Suppliers want to be able to see how each brand and specific SKU is performing. One brand may not be related to another brand under the same supplier’s portfolio and it’s important to be able to distinguish the cash flow of each.
What is distributor chargeback (billback) management, and why is it important?
A distributor chargeback/billback is the process whereby the distributor bills a supplier or brand owner back for a range of items, which could include marketing expenses, sample allowances, promotions, free goods, and product returns. Managing chargebacks in an accurate and efficient manner is important in preventing overcharges by the distributor and to see how much funding is being allocated toward various activities.
Can Park Street integrate with my existing accounting or ERP system?
Park Street has certain public APIs, such as sales orders, customer invoices, and certain inventory reports.
What makes Park Street different from a standard CPA firm?
While Park Street isn’t a CPA firm per se; suppliers can take advantage of the company’s Integrated Accounting ancillary service line, whereby the company can act similarly to a CPA firm with the additional benefit of having expertise in the alcohol industry. Additionally, the company provides suppliers with full transparency into the accounting process (e.g., sales orders, AR, AP, expense reports, transaction history, etc.).
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