Why Hire a Cannabis Accountant?
You can grow you cannabis business without any major hindrances if you hire 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. The issues faced by cannabis business is very much the same as the issues face by any other business. But the cannabis businesses have a unique set of challenges.
Cannabis business owners have problems opening their own bank accounts. 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. Your advantage is having an accountant who will try to get the lowest possible cost for you.
Generally accepted accounting principles is important for business success. It is also very critical to the survival of a cannabis business. If you are a cannabis business owner, all your operations are under a microscope. Small details are important.
The cannabis businesses are still under close monitoring by the federal agencies and their business practices are closely examined. The most dangerous agencies for the cannabis businesses are the SEC and the IRS. These agencies have the ability to fine businesses as well as refer criminal charges.
In order for you to have great peace of mind when these agencies examine your books is by using the GAAP.
Businesses find taxes complicated. Cannabis businessmen have been given a difficult time by the IRS by limiting their tax deductible expense greatly. 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. Being audited is not a pleasant experience especially if the auditing agency is biased toward your industry.
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. If you use the services of AD Virtual Services, then you can find the best accountant for your cannabis business. Here you can discover more about AD Virtual Services.
Suggested Article: Recommended Site