With an average of $10 billion made in 2018 and an expected increase to $20 billion in the next coming years, the cannabis business is thriving and prospering.
The market for cannabis is growing rapidly and more and more avenues are opening up to streamline its supply. With so much money to be made, it is essential that cannabis businesses hire someone to handle it properly.
A CPA or an accountant well-versed in cannabis laws and regulations can be vital for your business’s growth. But hiring just any CPA will not do; you need to work with an accountant who has experience with cannabis bookkeeping.
Here’s what you need to look for when hiring cannabis accounting services:
Expertise and Experience
Expertise and experience – the two are largely interrelated. When hiring a CPA, you must consider their level of expertise. Are they knowledgeable about the taxation laws and regulations regarding cannabis? Since the regulations are constantly evolving, an expert accountant will keep himself up-to-date with all the current happenings of the world of tax law.
An expert cannabis accounting firm will assist your business with everything; from bookkeeping to dealing with auditing bodies. They will also ensure that the best industry practices are adhered to.
Help You Save Time
A good CPA firm will be able to help save you valuable time. Since tax forms and filing procedures are especially complex for a cannabis business; they’re naturally quite time consuming. Someone who’s not able to make accurate deductions and manage your finances better will be wasting your business’s time. A good CPA should be able to help you with expenses, tracking revenue, deposits and withdrawals efficiently.
Help You Save Money
A financial management expert who is also familiar with tax laws knows the ins and outs of the industry. They should know about potential tax deductions and what’s claimable and what’s not. They should be able to find ways that can help your business save money and make sure you’re doing it in a fully legal manner.
Expertise Regarding IRC 280E
Not all accounting firms will have additional knowledge regarding cannabis laws and regulations, such as the IRC 280E. A cannabis accountant should be an expert in the details and intricacies of IRC 280E and how it applies to the workings of cannabis businesses. They should be able to help your business be in compliance with the regulations.
Knowledge about the Right Software
Expert CPAs have knowledge about how to use high-tech software in order to manage and organize finances. They should be able to keep in touch with upgrades in accounting software and technology that can help them performs their tasks efficiently.
The Service Provider Your Canna-Business Needs
If you’re looking for professional cannabis bookkeeping services, contact us at The Canna CPAs. We have expert marijuana accountants on board to help you with finance management.
Call us now on (833) CPA-CANA -or- (833) 272-2262.
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.
