A good accountant is essential to the survival and success of your cannabis business.
While a wave of cannabis companies has been created, many of them fail to share key financial information with investors and regulators. We can help you organize and manage your financial information so you can stay ahead of your fierce competitors and stay in business.
It’s crucial to have an organized bookkeeping and accounting system as early as possible. Having clean books will save you from spending unnecessary time and money from cleaning up messy data later.
Benefits of Outsourcing Your Bookkeeping and Accounting
You have a lot to focus on when you’re running your cannabis business. Marketing, controlling your inventory, monitoring your cash flow and so on. Take back your valuable time by outsourcing the tedious day-to-day bookkeeping and accounting work.
Compliance with government and tax regulations
There are complex federal and provincial tax regulations to navigate in the cannabis industry. Every transaction counts and we can develop a transparent, efficient and thorough accounting system that complies with evolving tax regulations. By doing this, you can avoid penalties or being shut down altogether.
Provide Accurate Reports to Investors
Your investors have put faith in your company and we will help you report all of the key financial details so they can make informed decisions. Our team will thoroughly review all of your transactions, supplies and every aspect of your business to ensure that no information is missed. We can calculate the fair value of your product, prepare a budget and minimize costs.
How to Survive an Audit
It’s crucial to be prepared for an audit anytime. Your books need to be precise and clear in order to pass. Given that the average cannabis business deals with cash, an auditor will be looking closely at your account records, transactions and inventory. We can develop a standard operating procedure for your cash in-cash out records to prepare for an audit.
Connect with us if you have questions about how we can help your cannabis business meet your financial goals.