With all of the opportunity that comes with Cannabis, let’s not forget CBD which we expect to be as big or bigger than Cannabis. The FDA, USDA, and other organizations are going to start cracking down even harder on CBD businesses as more rules are adopted, so our program will also help accounting professionals navigate the compliance complexities as well! The cannabis industry is one of the most heavily taxed and regulated industries in the U.S. Staying ahead requires understanding both the restrictions and the legal opportunities available through smart financial planning. Mastering Cannabis Cost Accounting and Tax Strategies not only helps your clients stay compliant—it positions you as an invaluable asset in a fast-growing industry. Every Cannabis CPA tax professional has a strong background in the cannabis industry and considerable knowledge about its tax rules and regulations.
Cannabis and CBD/hemp accounting professionals need to be aware of these challenges and must be able to help their clients navigate and find solutions so that they can properly operate their business. With our personalized approach, extensive industry knowledge, and commitment to excellence, we are here to ensure that your financial operations are in compliance, optimized for growth, and positioned for long-term success. While state laws and reporting requirements fluctuate and impact this booming and relatively new business industry, our professionals maintain acute awareness of regulations put in place and how they affect our clients’ businesses. For more than 70 years, the Firm has been laser-focused on serving high-growth companies in a variety of industry verticals, and we approach the cannabis space in the same way. We are in the business of adding value to our cannabis and CBD clients, not simply performing compliance and advisory services. Accounting and finance professionals must understand changing cannabis accounting practices and compliance with cannabis taxation.
Will your cannabis education programs provide the necessary knowledge to enter this lucrative and exciting industry?
- Our goal is to provide tools and guidance to accounting professionals so that Cannabis and CBD/hemp businesses are being properly serviced and can thrive.
- The replay of this exclusive training is now available inside our Members-Only Vault.
- We believe it’s important to share that we have successfully fulfilled our promise to WOW clients and consistently monitor this metric to ensure we continue to deliver on the highest level.
- While state laws and reporting requirements fluctuate and impact this booming and relatively new business industry, our professionals maintain acute awareness of regulations put in place and how they affect our clients’ businesses.
- Everything from properly on-boarding your Cannabis/CBD/hemp client, setting up a perpetual data room, month-end tie-outs, day-to-day bookkeeping, etc.
Without specialized knowledge in 280E tax law, METRC reporting, and financial tracking, accountants risk costly compliance violations. NACAT Pros offers the best cannabis accounting training to help accountants navigate these challenges and serve their clients effectively. NACAT Pros is the leading professional association for accountants and tax professionals in the cannabis industry. Our cannabis accounting training program provides education, compliance resources, and industry networking to ensure our members become trusted financial experts in cannabis accounting.
So What Does This Mean for Cannabis Businesses?
Accountants serving cannabis clients must also understand vertical integration, as multi-license holders may need to allocate costs across different business units. In fact, many CPAs have chosen to not serve in this industry, meaning most Cannabis companies have bookkeepers doing the day to day books. There is a huge need for qualified (meaning educated in Cannabis and CBD/hemp accounting procedures) accountants and bookkeepers to serve this industry.We only license our program to one-person firms only. If you have more people employed in your firm, please email be@dopecfo.com for information on additional licenses. With most big accounting firms still avoiding the cannabis industry, CPAs who are considering the shift into cannabis are undoubtedly in the right place at the right time. NACAT Pros are considered experts after they have been certified through our training program and modules.
Choose us as your cannabis CPA and Cannabis CFO!
If you’re ready, click below to start the process of joining our elite group of over 500+ professionals that specialize in Cannabis and CBD/Hemp accounting. To apply or get more information, click below to book a call and answer a short list of questions. Because we know the industry, we will make sure you have a set of books and financials that account for costs in accordance with Section 280E and provide you with meaningful and actionable insight into your business.
- Seeking out informed individuals can help you find solutions, enabling you to offer the best guidance to your cannabis clients.
- Cannabis businesses are regularly being audited by the IRS, and your role in their financial accounts can make all the difference in them being shut down, having to pay legal fees, or being allowed to continue running.
- Choosing the right allocation method can dramatically affect your client’s bottom line, which is why Cannabis Cost Accounting and Tax Strategies are critical for compliance and profitability.
- We provide extensive tax planning and financial forecasting to help you plan for what’s ahead.
- If you’re ready, click below to start the process of joining our elite group of over 500+ professionals that specialize in Cannabis and CBD/Hemp accounting.
- Every cannabis-legal state mandates the use of a predetermined seed-to-sale software designed to verify compliance and track cannabis production from cultivation to purchase.
PROGRAMS
As a leading cannabis accounting firm and cannabis CFO firm, we are committed to providing reliable and efficient financial solutions tailored to meet your specific needs. Whether you’re a cultivator, manufacturer, distributor, or retailer in the cannabis industry, our team is equipped with the knowledge and expertise to address your unique accounting and financial challenges. Trust us to be your dedicated partner, delivering comprehensive services designed to support your success in this dynamic market.
Is Your Lack of Cannabis Accounting Knowledge Damaging Your Business?
In cannabis, you start with a raw material which is a seed or a clone, and the cost of this raw material is often $0 (or very little). From there, many clients have a process that is 4-6 months to get this seed to actual sale including growing, replanting, flowering, watering, light issues, harvesting, drying, curing, lab testing, and finally ready for sale. You’ve been so dedicated to the KMesh CannaFam community this past year as you’ve explored your options for bridging your finance background and the needs of the emerging cannabis industry. Hiring managers at cannabis companies always need skilled finance and accounting professionals who understand the unique nature of the industry, and I’m excited for you to get this training through Dope CFO. NACAT Pros provides educational tools for accountants and financial professionals to enter into the Cannabis industry for untapped professional potential. Our mission is to help accountants fall back in love with accounting again by changing the current state of the accounting industry from being high-stress and highly competitive to a collaborative, value-producing network of services.
Whether you’re just getting started or expanding your firm, our cannabis accounting training program will equip you with the expertise and certification needed to serve cannabis businesses confidently. We help you understand how to provide world-class service, as well as give you the downloadable tools that you can use immediately on day one to serve these clients. Everything from properly on-boarding your Cannabis/CBD/hemp client, setting up a perpetual data room, month-end tie-outs, day-to-day bookkeeping, etc. This program is meant to be DIY and plug and play, so you can go through the different modules at your own pace. Our hope is that you’ll be proficient in providing Cannabis and CBD/hemp accounting services within 90 days, which is totally possible if you invest on average at least an hour a day into learning and implementing the materials.
With many dispensaries looking to expand their operations, the presence of 280E confines businesses and prevents them from scaling upward. Expanded Employee Retention Credit (ERC) & how our professionals can assist you. Rather than seeing technology solely as an opportunity to automate processes, capitalize on the pitfalls of technological advances to offer additional value to your client. Knowing each facet of cannabis production and commerce equips you with the best answers to clients’ tough questions. The Secure and Fair Enforcement Banking Act (SAFE) of 2021 has proven there’s light at the end of the tunnel as banks will soon be able to service cannabis sellers without fear of federal-level repercussions. You’ll need to help them understand that “getting their books done” means more than reconciling every single transaction in their business — though that’s a crucial part of it to ensure the business doesn’t get shut down.
Cannabis businesses aren’t able to take deductions like most businesses can, which means that they are not legally able to take advantage of tax benefits for incurring expenses like… Payroll / Labor Office Expenses Advertising Interest Expense Depreciation Research and Development and Legal Fees. At Green Books our Licensed CPAs take the hassle out of handling thefinances for your cannabis business. Personalized, audit-ready solutions that support growth, ensure 280E compliance, and maximize cannabis accounting education and training bookkeepers cpas tax profitability.
DOPE CFO Founder, Andrew Hunzicker, CPA leads, plans, and speaks at past and future AICPA National Cannabis Conferences alongside other DOPE CFO members and experts.