#3061 BUS 859W Foundation: Best Practices of Wine Industry Accounting

This eight-week course provides an introduction to the area of accounting and related financial concepts and calculations prevalent in the wine industry. Revenue management and cost accounting concepts will also be explored. The major topics will include: accounting processes, financial analysis and planning, and key performance measurements. Specific focus will be on understanding accounting concepts and financial statements; calculating financial ratios for business initiatives; budget planning; creating a price structure; introducing cost accounting principles; and determining appropriate key performance indicators.

This course is aimed at individuals who are new to accounting, new to the industry, or new to both.

Course Learning Outcomes

• Identify the components of financial statements and their interconnected relationships.
• Construct and analyze financial ratios/trends to execute business decisions/strategies needed to manage the business.
• Develop a plan for managing profitability through revenue management and cost analysis.
• Analyze key performance indicators (KPI) for various parts of the business to improve performance in underperforming areas.
• Evaluate accounting processes to determine optimum controls and accountabilities.
• Understand the components of a price structure and its use in the industry.