Cannabis CEO's Are Using This IRC 471 Cheat Sheet to Perform Accurate Cost Accounting

Performing full absorption cost accounting is not easy even for the most seasoned accounting pro but understanding it is even more difficult if you are not an accountant. As a canna CEO and business owner making sure cost accounting is done correctly requires some basic knowledge of the concepts. This IRC 471 Cheat Sheet will provide you with the basic knowledge and understanding of the code to help eliminate the confusion and complexity in its application.

To perform accurate cannabis cost accounting, you will need a cannabis specific chart of accounts for your specific cannabis business. The chart of accounts along with the IRC 471 Cheat Sheet will help you with the following:

How to accurately perform cost allocations of direct and indirect costs.
Which section of the code applies to your business and which costs are applicable.
The important role your flower calendar plays in helping to perform accurate inventory accounting.
When and how often to perform various tasks and who is responsible for those tasks.

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