Evaluating BooksIn order for an aspiring cannabis business to make it to the top, a closer eye should be kept on the revenue, expenses, and the inventory. A cannabis business owner won’t have enough time to compete with other businesses as well as dedicate hours to meticulous bookkeeping. If you’re running a retail business; the prices of products can rise and fall according to the availability of that product and marketplace demand. A CPA will keep track of all the numbers, as well as dealing with other day-to-day operational tasks.
Hiring a Chief Financial OfficerKeeping track of the a business’s monthly transactions, analyzing current sales trends that offer a chance for increasing revenues, spotting any mistakes that can be corrected early on; all these tasks and more fall under the domain of a CFO, or a chief financial officer for your cannabis business. A cannabis accounting service that has hands on of general bookkeeping coupled with specialized knowledge of the cannabis industry can be vital in helping your cannabis business stay afloat.
Preparing for an AuditAll marijuana businesses have to stay prepared for the intense scrutiny typical of a financial audit. The auditor will closely inspect your inventory, transactions, account records, and more, so it is crucial that you devise a strategy to have your books in top shape in case an audit happens. Your books should be precise and perfect in order to pass the audit test. A CPA firm can help you develop a standard operation procedure for your records so that your books are ready for an audit at all times.
Using Cannabis-Friendly TechnologyCannabis accounting software and technology is seeing new advancements day by day. Hiring tech-savvy CPAs can help your cannabis business stay ahead of the game and make your operations smoother. You can use the latest updated software to help crunch numbers better.
Need Help with the Numbers?The Canna CPAs is one of the top cannabis bookkeeping services in the industry, dedicated to providing top-of-the-line accounting services to cannabis businesses. Call us now on (833) CPA-CANA -or- (833) 272-2262 for more details.
Sandy Suchoff, CPA is the Founder and principal of Lefstein-Suchoff, CPA & Associates, LLC D/B/A The Canna CPAs. Suchoff has been featured and interviewed on MSNBC, FOX News, and Tune In Business Talk Radio as a tax advisor, as well as ONR Oklahoma PBS TV, Chasing News on FOX & WOR, KRQE 13, Cannabis Radio, Purple Haze Radio, and Cannabis Tech & Today as an advisor on cannabis tax and accounting.