Services
We provide the financial leadership that’s usually reserved for larger companies, at a fraction of the cost.
Our services include:
Our services include:
- Cash flow management
- Financial reporting and oversight
- Informed decisions driving growth and profitability
- Planning and analysis
- Forecasting and budgeting
FRACTIONAL CFO SERVICES
Fractional CFO Services
- Our team of experts, specializing in cannabis accounting and tax compliance, supports clients across the cannabis industry, including growers, cultivators, dispensaries, extractors, processors, and manufacturers.
- We have a deep understanding of the complexities of tax laws and work closely with our clients to ensure full compliance with regulations, including IRC 280E and IRC 471. Additionally, we assist with state sales and excise tax reporting, providing comprehensive solutions to meet all compliance requirements.
- Staying tax compliant is essential for sustained success and growth in the cannabis industry, and we help relieve the stress of navigating these challenges, allowing our clients to focus on building their businesses.
TAX PLANNING & COMPLIANCE
tax planning & compliance
We provide GAAP compliant accounting and bookkeeping services. Our services include:
- Financial statement preparation
- Monthly cost accounting
- Data entry of revenue and expenses
- Month-end close process and general ledger reconciliations
- Cash/bank/credit card reconciliations
- Chart of accounts tailored to the cannabis industry
- Monthly bookkeeping and transactional recordkeeping
- We are also flexible in tailoring to your specific business accounting needs
ACCOUNTING & BOOKKEEPING
ACCOUNTING & BOOKKEEPING
- Cannabis is classified as a Schedule 1 narcotic under the Controlled Substances Act (CSA), making its production and sale illegal under U.S. federal law. Even with that many states have legalized cannabis for medicinal and, in some cases, recreational use.
- Under IRC 280E, businesses involved in the production and sale of Schedule 1 narcotics are prohibited from deducting or claiming tax credits for expenses incurred during normal business operations. Our team of cannabis accounting experts understands the complexities of IRC 280E and provides tailored strategies to navigate its intricacies, helping to minimize its tax impact and alleviate compliance stress.
- IRC 471 offers guidance on properly reporting inventory costs, a critical aspect of cannabis accounting. With its numerous sections and subsections, IRC 471 can be particularly confusing for cannabis business owners and accounting professionals unfamiliar with the industry. Our experts specialize in applying this regulation to cannabis operations, ensuring your accounting and reporting systems align with federal tax law requirements.
IRC 280E & 471 COMPLIANCE
IRC 280E & 471 COMPLIANCE
A compliant cannabis business starts with strong core business systems.
Our team will evaluate your current accounting systems to identify the most efficient methods for capturing transactions across general ledger, cost, inventory, and tax reporting. We’ll provide tailored recommendations to streamline your operations and simplify your processes. From configuring your system to implementing a proprietary chart of accounts customized for your cannabis business, we handle it all.
With our monthly or quarterly accounting services, we ensure your accounting and business systems are consistently maintained for long-term success.
ACCOUNTING SYSTEMS
ACCOUNTING SYSTEMS
- Review of all (or none) current accounting practices and provide guidance on current internal controls, fraud risk, and implementing of policies to improve the overall financial position of your business.
- The cannabis business owner is faced with misappropriation of assets to include cash and/or inventory theft by employees as well as malicious malware or spam. We assist our clients in adopting a proactive approach by evaluating fraud risks and the effectiveness of their internal controls.
- Implementing new accounting policies and cannabis-specific best practices, including robust internal controls, ensures your financial operations comply with local, state, and federal laws while protecting your assets.
POLICIES & PROCEDURES
POLICIES & PROCEDURES
- Our team of accountants and bookkeepers will clean up your existing accounting system with an in depth review of your general ledger.
- Assist you in your monthly/quarterly inventory management and reporting. Perform the reconciliation and accounting of your inventory to ensure compliance with your state reporting requirements.
- Our team from top to bottom is knowledgeable in all areas of accounting and will take the proactive approach to your business accounting needs.
OTHER ACCOUNTING SERVICES
OTHER ACCOUNTING SERVICES