How 365WineTrade Takes the Stress Out of Regulatory Compliance
The wine & spirits industry is highly regulated with many branches of compliance challenges. Trying to track and manage all the different moving parts with manual calculations and reporting in Excel and third-party software is time-consuming and risky.
Whether you are a wine producer, a wine & spirits distributor, 365WineTrade is already optimized for your unique compliance tracking and reporting needs. This article explains some of those critical features and why our customers choose our integrated cloud-based ERP solution to make compliance stress-free.
Multi-State Governance
It’s difficult for wine producers or distributors to accurately track and enforce the different regulations and reporting requirements across all 50 states. If you leave this to a person or two to do it manually, you are putting your company and your reputation at risk. It’s too easy to sell the wrong product to the wrong state. States have more sophisticated ways to find the producers, distributors, and importers that aren’t following the rules and are dishing out hefty penalties.
365WineTrade makes it easy to manage the regulations, tax calculations, reporting, labeling requirements (COLA’s), state price postings and discount thresholds, etc. for each state within one system and database. We help you centralize and automate traceability and compliance from end to end.
Automatic Tax Calculations
A huge time saver for wine producers and wine & spirits distributors alike is 365WineTrade’s automatic tax calculations and reporting for local, state, and federal taxes. From local beverage taxes to federal excise taxes — we handle it all within the system. 365WineTrade also manages bonded locations and 702 reporting for producers.
Detailed Traceability
When you need to show the details of transactions and exports to regulatory bodies, finding and consolidating that level of detail is extremely difficult when done manually. This is a big value of an integrated ERP solution like 365WineTrade. Every transaction is automatically tracked at a detailed line-item level so backing up your claims of what was shipped, to who, when, how many cases, etc. — you can provide any level of detail quickly and accurately.
Direct-to-Consumer (DTC) Compliance
If you have a DTC platform, it’s likely handling many aspects of your DTC sales process, calculations, and fulfillment. However, when you are selling in an omnichannel model — it’s important to have a consolidated and time-tracked picture of everything sold and shipped out of the system whether it was on your website, in your tasting room, or out of your 3PL warehouse. 365WineTrade integrates with your DTC platform and consumes all this data so revenue is properly recognized, and you can validate the time and volume of all shipments to each state.
If you are already using industry 3rd party software for your compliance we can integrate that as well so once again you will have everything in one location.
Learn how to simplify compliance for the wine & spirits industry.
Our 365WineTrade experts understand that compliance is critical but complicated. It’s our mission to empower producers and distributors with sophisticated, yet simple, solutions to your challenges—no matter what you sell, where you sell, how you sell, or who you sell to. Let’s connect and talk through how we can help.