Cannabis businesses deal with large amounts of cash, strict tax regulations, and much more setting them up for endless financial questions. Let's take the guesswork out of it.
Specialized Accounting for Dispensaries & Growers
The cannabis industry is still in its infancy, and as a result, it faces a number of very specific financial challenges. Cannabis businesses deal with large amounts of cash, strict tax regulations, and much more setting them up for endless financial questions. Keeping clean and accurate financial records is essential for any business, but especially for those in this industry. Having clear records of inventory, expenses, and the regulations that apply to them is crucial to running a successful cannabis business. But due to the newness and constant evolution of the industry, often accountants aren’t able to provide clear answers to these questions. In fact, many CPAs will not work with cannabis businesses at all for this reason.
Chris Haro and his team specialize in accounting and tax preparation for the cannabis industry. Through years of experience and regular training, they’ve developed a clear understanding of the obstacles these businesses face, cutting expenses, and keeping clean financial records. Let’s get started.
Bookkeeping for the Cannabis Industry
Cannabis businesses both new and old benefit from bookkeeping services designed for them. Professional bookkeeping services put you in the financial position you want to be in. Should you choose to sell your company in the next few years, having clear and accurate financial records will be essential. Cannabis businesses have no choice but to be cash-only businesses. In a world where credit cards, checks, and everything except cash dominate, this creates some very unique obstacles. It makes keeping accurate records that much more difficult.
Not to mention, dispensaries and other cannabis businesses are considered high-risk, so they often have higher insurance costs and may need to pay for security measures. The cost of goods sold also needs to be taken into account, which includes the cost of the cannabis itself as well as packaging and lab testing.
We help you ensure nothing slips through the cracks.
Tax Preparation for the Cannabis Industry
Cannabis businesses are very restricted in the deductions they’re legally allowed to make. But even within the industry, the deductions you are allowed to make are not so cut and dry. The rules will apply to you differently depending on whether you’re a dispensary or a grower, and on top of that, depending on what state you’re doing business in. It’s these kinds of factors that make it so difficult for a cannabis business to work with just any CPA.
With a clear understanding of both cannabis business processes and the tax regulations around them, Chris Haro CPA will help you reduce your tax liability in a safe & accurate manner. No loopholes that might cause you trouble down the line, only clean tax strategies to set your business up for financial success.
Payroll for the Cannabis Industry
Despite the fact that marijuana’s reputation has improved quite a lot over the past decade, many businesses & software are still uncomfortable working with such businesses. Finding a payroll professional who is both willing and qualified to manage your finances is crucial. Far too many growers and dispensaries are left handling payroll manually and in cash. We’ll help you avoid this at all costs.
Expert Financial Services for Cannabis Businesses
Growers and dispensaries face financial hurdles from bottom to top, so many are unable to even open a bank account. In a cash-only business, tracking inventory, expenses, payroll, tax liability, and more is near impossible without professional assistance.
Get started with professional accounting services for cannabis businesses. Schedule a call with our team to discuss your financial situation and what we can do to help.
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