Growing Your Cannabis Business with the Right Cannabis Accountant
You can grow you cannabis business without any major hindrances if you hire an accountant with experience in cannabis accounting. Today the number of cannabis businesses are increasing and this is because more and more states are legalizing the use of medical and recreational cannabis. But the cannabis business is still a business and just like any other business, it faces many issues that these other businesses also face. But the cannabis businesses have a unique set of challenges.
if you are a cannabis owner, one of your problems is how to open a bank account. The reason for this is because cannabis is still a substance that is controlled on the federal level, many banks are doubtful whether to take cannabis clients or not. Although there are already guideline given by the federal government to banks regarding legal state cannabis businesses, banks are still hesitant to take the risk of having a cannabis owner as an account holder or client. A good cannabis accountant can help you find a good banking service for your needs. He will try to find one with the lowest possible cost.
Generally accepted accounting principles is important for business success. If you wan to survive your cannabis business then these principles should be followed closely. This is because when you are in the cannabis business, it is like operating under a microscope. Small details are important.
The cannabis businesses are still under close monitoring by the federal agencies and their business practices are closely examined. The SEC and the IRS are the most dangerous agencies for the cannabis business. These agencies have the ability to fine businesses as well as refer criminal charges.
Using GAAP is the only way to avoid serious consequences when the agencies examine your books.
Businesses find taxes complicated. Cannabis businessmen have been given a difficult time by the IRS by limiting their tax deductible expense greatly. If you hire a cannabis accountant who has plenty of experiences in the cannabis business, he can help you with tax planning and tax compliance.
The chances of a cannabis business to be audited is really high. Audits are not a pleasant experience, but when the agency auditing you feels that your entire industry is illegitimate, then audits can really be painful.
With a good cannabis accountant you can fully comply wit the document requests from the audit and can challenge their unreasonable claims. A cannabis accountant can help you survive the ordeal of an audit.
You can view here for more on cannabis industry accountant services. You can view here to find cannabis accountant services. If you use the services of AD Virtual Services, then you can find the best accountant for your cannabis business. You can learn more here about the services given by AD Virtual Services for your needs.