Cannabis Management and Accounting
Medical & Recreational Cannabis Industry Accounting
420 Accounting Services can help cannabis entrepreneurs all around the United States with their accounting needs. our advisors and CPAs are well-versed in the cannabis industry’s complexities. We assist clients in navigating change and preparing for the future, from legislation to risk.
What Can an Accountant Do for Your Cannabis Business?
We can assist you with your cannabis business’s complex accounting, tax, and compliance challenges. Here are some of the issues we’ve helped our cannabis clients with.
Preparing for Investors:
Whether you are willing to take on new investors or considering a potential future exit, we can assist you in getting your accounting records in order so that you may submit the appropriate financial information.
Cash Management:
One of the most challenging issues facing cannabis entrepreneurs is that much of the business is still conducted in cash. We can assist you in connecting with a few banks and credit unions that are now accepting cannabis businesses and help you in various other ways.
Tax Computations:
It’s easy to become overwhelmed by the number of tax computations required for the federal, state, city, cultivation, and excise taxes. We can assist you in streamlining your books so that tax calculations and report preparation are more accessible and faster.
Accounting System Selection, Setup, Customization, and Training:
Having the correct accounting system in place may make a huge difference. We are familiar with a variety of accounting software solutions and can assist you in selecting the ideal one for your company. If you’ve exhausted your present solutions, we can refer you to experts who can help you make the transition smoothly.
Ensuring your accounting software is set up and adjusted correctly is one trick to increasing accounting productivity. We can suggest professionals who can study your needs and customize accounting software to your business and reporting requirements. We may also refer you to professionals who can train your employees about the new system to get up and running quickly.
Bookkeeping
A team of dedicated Accounting & Bookkeeping professionals in the cannabis industry will maintain a proper record of daily and monthly transactions to keep your cannabis business perfectly balanced.
Payroll Processing
We provide cannabis-friendly payroll solutions for your canna business. Our team will perform the necessary steps to ensure payroll is processed on time and implement a seamless process to ease your Company’s payroll burden and limit its responsibilities.
Inventory Management
Apply proper accounting policies and procedures for marijuana and hemp businesses using advanced cannabis inventory management techniques that are tailored to your needs. Implementing an effective inventory management system increases your chances of profitability and survival.
Financial Reporting
Provide key financial statements and management reports to anticipate unpredicted disruptions in the cannabis market and help you make informed business decisions based on the company’s financial health.
Planning and Budgeting
Creating a financial plan for medical and recreational cannabis needs a unique understanding of the industry. Our experienced professionals create and implement a sound planning and budgeting process to establish more accurate financial reports and analytics for your cannabis business — potentially leading to more accurate forecasting and ultimately revenue growth.
How to Get Started
Excellent coordination between a cannabis business owner and the accounting staff occurs when two situations arise:
1) the accountant acquires a deeper understanding of your specific business.
2) the business owner expands their financial knowledge of their firm.
When a business’s magic begins to work, it improves with time. Our goal is to become a trusted partner in your cannabis business by delivering the proper combination of accounting services for you and your company. Give us a call or email to discover how we can best collaborate for mutual gain.