What We Do
Let’s Change How You Do Business
We take a proactive approach to helping our cannabis clients become 280E compliant and audit ready.
IRC 280E Compliance
We stay abreast of the latest cannabis accounting regulations and legal cases that affect our clients and the Cannabis industry. We can immediately adjust our accounting practices, so our clients are always compliant with the most recent laws that affect how they operate their businesses.
Accounting & Bookkeeping
We provide GAAP compliant accounting and bookkeeping services. Our services include:
- Monthly bookkeeping and transactional recordkeeping
- bank/credit card reconciliations
- data entry expenses and revenue
- Financial statement preparation
- Month End close and general ledger account reconciliation
- Monthly Cost Accounting
We can tailor our services for your specific accounting needs if you find that you need more frequent accounting support.
Outsourced CFO
As your CFO or Controller, we are your strategic business partner. We provide you the tools you need to run a successful cannabis business.
We will oversee all of the accounting and financial aspects of your cannabis business. As your virtual CFO, our team will help you manage the day to day financial operations. We will help you manage your cash flow by providing a rolling cash flow forecast, assist with budget preparation, cost accounting, and strategic planning.
Other Accounting Services
In addition to our monthly accounting services, our team of accountants and bookkeepers will clean up your existing accounting system. We will conduct a detail transaction review of the general ledger, clean up your chart of accounts and implement our proprietary chart of accounts.
Our accountants will assist you with your monthly/quarterly inventory management and reporting. We will perform the reconciliation and accounting of your inventory to ensure compliance with your state reporting requirements.
Our accounting team is very knowledgeable in all areas of accounting and will take the proactive approach to addressing your accounting needs.
Cannabis Tax Compliance
We understand the complexities of the tax law and work with our clients to make sure they compliant with the tax regulations IRC 280E and IRC 471 by ensuring they incorporate GAAP accounting and reporting as a standard business practice.
Tax Planning & Compliance
Our team of experts, who are experienced in canna accounting and tax compliance, assist our clients with the tax compliance requirements facing Cannabis growers/cultivators, dispensaries, extractors/processors and manufacturers.
We understand the complexities of the tax law and work with our clients to make sure they are compliant with the tax regulations IRC 280E and IRC 471. We also assist them with state sales and excise tax reporting. Being tax compliant is the key to continued success, growth and relieves the stress associated with running a Cannabis business.
IRC 280E Compliance
Since Cannabis is a Controlled Substance Act (CSA) Schedule 1 narcotic, production and sale of Cannabis is illegal under U.S federal law. However, some states have legalized it for medicinal (and some recreational use).
According to IRC 280E, businesses who engage in the traffic and sale of a CSA Schedule 1 narcotic are not allowed deductions or tax credits for expenses incurred or paid during normal course of business. Our subject matter experts are experienced in canna accounting and are knowledgeable about how to apply IRC 280E to your specific cannabis business. We will help you navigate the intricacies of IRC 280E and reduce the tax effects of this regulation along with the stress of compliance.
IRC 471 Compliance
IRC 471 provides guidance on how to accurately report inventory costs. We help you understand the complexities of inventory accounting and its application to your specific cannabis business.
IRC 471 has many sections and subsections that are confusing to cannabis business owners and accounting professionals not experienced in canna accounting. Our subject matter experts are extremely knowledgeable and highly skilled in the application of this regulation to your specific cannabis operations. We make sure that your accounting and reporting systems are reflective of the requirements outlined in the federal tax law.
Cannabis Advisory Consulting
As your strategic business partner, our subject matter experts will examine your business practices and improve the overall financial health of your cannabis business to foster continuous growth.
Accounting Polices & Procedures
As your strategic partner, we will review your current accounting practices and provide guidance on implementing policies, current internal controls and your fraud risk to improve your overall business and financial operations.
Fraud risk management is a highly requested service from our clients. Unfortunately, the cannabis business owner is sometimes faced with misappropriation of assets to include cash and/or inventory theft by employees. We help our clients take a proactive approach by assessing fraud risk and associated internal controls.
By implementing new accounting policies and cannabis accounting best practices that includes internal controls will ensure your financial operations are compliant with local, state and federal laws and safeguard your assets.
Implement Accounting Systems
The foundation to a compliant cannabis business operation is your core business systems. We will review your current accounting systems and determine the most efficient way to capture all transactions for general ledger accounting, cost accounting, inventory accounting and tax reporting. Our experts will provide recommendations that will simplify the way you do business. Our team will configure the system and assist with the set up of our proprietary chart of accounts for your specific cannabis business. Our monthly or quarterly accounting services will ensure ongoing maintenance of your accounting and business systems.
Other Advisory Services
Our team consists of accountants and management consultants who are very knowledgeable and highly skilled professionals. Our team has experience in the cannabis industry as well as many other fields and disciplines. They bring this expertise to assist you in many areas of your business operations.
We are a full-service accounting and consulting firm and we can tailor our services to meet your specific needs. We are a member firm of a network of cannabis experts who are attorneys, CPAs, MBAs and CFOs. We are your one stop solution to your cannabis business needs.