Operating a cannabis business is unlike running any other type of company. Because of strict regulations, it is often necessary to have a professional team of consultants to depend on. This would include an experienced cannabis cultivator - grower accountant. Selecting the right cannabis cultivator - grower accounting firm could be the key to a successful business and an asset for planning and management.
To work with a cannabis grower, an accountant must invest time in developing the skills required to serve the industry adequately. Laws governing cultivators in the accounting profession are different, and it is a good idea to work with a firm that currently serves other growers.
Making Sense out of Confusing Regulations
At Fusion CPA, we understand that compliance issues, regulations, and steep penalties are common for many cannabis cultivators. The laws concerning legal growing and financial reporting are plagued with accounting problems specific to this industry. Some companies have even shut down due to poor accounting practices.
Because cannabis is considered a controlled substance on Schedule 1, growers are not allowed the same method of deductions and credits as traditional businesses. Therefore, the approach to cannabis cultivator - grower tax planning could be quite significant. Utilizing accrual GAAP cost accounting throughout the year is ideal to deduct expenses properly and maximize tax savings. Cultivators who have waited until the end of the year to apply these strategies will typically find themselves in a difficult financial situation.
Our bookkeepers take the time to organize and classify transactions correctly to control expenses and maximize income. We make every effort to review all work produced thoroughly, and we do all we can to be sure the second set of eyes has analyzed your financial statements. A vast amount of tax research backs our hemp producer accounting and tax planning services, and we work hard to make sure you are adhering to required financial protocols.
We do all we can to utilize cutting-edge technology to make our accounting and bookkeeping services as streamlined as possible. Our completed financial statements will be accessible when you need them for investment acquisition or audits.
Help for New Startups
New startups face enormous obstacles, and our hemp producer bookkeeping services will work hard to help you get your business off the ground properly. Raising capital is a concern for new ventures, and our cannabis cultivator - grower accountants, have the knowledge to guide you through this process to avoid financial pitfalls. We will also do all we can to take advantage of initial depreciation opportunities to offset the expense of starting a new cannabis cultivator business.
We understand which financial vendors will work with cannabis companies, and we work hard to be knowledgeable about the integration of seed-to-sale tracking with accounting software. We are also familiar with state and federal filing guidelines and will work diligently to keep your company on track.
Understanding Industry Differences
While we have a diverse client list, we love to work with cultivators specifically. We understand the industry differences in cultivation versus manufacturing or retail. Our CBD - cannabis accountants will work hard to make sure your business and accounting structure is flexible enough to keep you compliant while encouraging every opportunity for growth.
Because cultivators have so many financial questions as their business expands and changes, we do all we can to answer those questions. Excellent customer service is essential in any industry, but we believe it is critical in the cannabis business model. We strive to provide a complete cannabis cultivator - grower tax planning solution that could bring clarity and vision to your company.
We have a firm grasp of cannabis cultivator - grower accounting, including IRC 280E. We do everything we can to offer honesty and transparency in our services. We work hard to be timely, responsive, and we do not take shortcuts in your cannabis grower accounting work.
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.