Growing Your Cannabis Business with the Right 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. 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. The cannabis business is a business just like any other that faces many issues that all other businesses 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. 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. 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. 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. They look at every small details of the business.
The cannabis business is still under close monitoring by federal agencies and their business practices are closely examined. Cannabis business owners have to always watch out for the SEC and the IRS. 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.
Many business owners find taxes difficult. However, the IRS has made things really difficult for cannabis businessmen by limiting the tax deductible expense severely. With the help of a good cannabis accounting ,you can receive help in 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.
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. A cannabis accountant can help you survive the ordeal of an audit.
click for more information on cannabis industry accountant services. If you view here for more you will find cannabis accountant services. One of the best companies offering cannabis accounting services is AD Virtual Services. Learn more here about AD Virtual Services.