Why Hire a Cannabis Accountant?
If you want to grow your cannabis business and avoid major hindrances, then it is beneficial to have an accountant with experience in cannabis accounting. Since there are more states moving towards legalizing medical and recreational cannabis, more and more cannabis businesses are being established. But the cannabis business is still a business and just like any other business, it faces many issues that these other businesses also face. Cannabis businesses have challenges that are unique theirs.
if you are a cannabis owner, one of your problems is how to open a bank account. A lot of banks are reluctant to take cannabis business owners as clients since cannabis is still a controlled substance of a federal government. Many banks dont want to take cannabis business owners as clients despite having federal government guidelines written to banks for these types of businesses. This is where the job of a good cannabis accountant comes in; he will be the one to find good banking service for your needs. Your advantage is having an accountant who will try to get the lowest possible cost for you.
If you want to gain business success, then you need to use generally accepted accounting principles or GAFF. It is also very critical to the survival of a cannabis business. This is because when you are in the cannabis business, it is like operating under a microscope. They look at every small details of the business.
Federal agencies still closely monitor the cannabis businesses and closely examine their business practices. The SEC and the IRS are the most dangerous agencies for the cannabis business. If they find something amiss, they can fine businesses or charge them criminally.
In order for you to have great peace of mind when these agencies examine your books is by using the GAAP.
Taxes are complicated for most businesses. There is a great limit given by the IRS to cannabis business owners in their tax deductible expense. 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.
If you are a cannabis business owners, you will have a higher chance of being audited. You can have a painful audited from an auditing agency if he does not feel that your industry is legitimate.
Your cannabis accountant can help ensure that you are fully complying with the document requests from the audit and can push back on the unreasonable claims made by the auditor. If you have a cannabis accountant, then this is the only way that you can survive the ordeal of an audit.
If you need cannabis accountant services then you can discover more here. You can view here to find cannabis accountant services. AD Virtual Services is one of the best services offering cannabis accounting services. Here you can discover more about AD Virtual Services.