Why Hire a Cannabis Accountant?
Having an accountant with experience in cannabis accounting is the best way to grow your cannabis business and avoid major hindrances. Since there are more states moving towards legalizing medical and recreational cannabis, more and more cannabis businesses are being established. But the cannabis business is still a business and just like any other business, it faces many issues that these other businesses also face. Cannabis businesses have challenges that are unique theirs.
if you are a cannabis owner, one of your problems is how to open a bank account. Because cannabis is a still a very much controlled substance on the federal level, this gives banks a sort of insecurity when it comes to taking cannabis business owners as clients. Many banks dont want to take cannabis business owners as clients despite having federal government guidelines written to banks for these types of businesses. 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 are important for business success. It is also very critical to the survival of a cannabis business. It is like being examined under microscope if you are in this business. Small details are important.
The cannabis businesses are still under close monitoring by the federal agencies and their business practices are closely examined. Cannabis business owners have to always watch out for the SEC and the IRS. They can easily fine businesses and refer criminal charges.
In order for you to have great peace of mind when these agencies examine your books is by using the GAAP.
Taxes are complicated for most businesses. There is a great limit given by the IRS to cannabis business owners in their tax deductible expense. With the help of a good cannabis accounting ,you can receive help in tax planning and tax compliance.
More than other businesses, the cannabis businesses have a much higher chance of being audited. You can have a painful audited from an auditing agency if he does not feel that your industry is legitimate.
A good cannabis accountant can help you fully comply with audit requests and answer the unreasonable claims made by the auditor. You can survive the ordeal of an audit if you hire the services of a cannabis accountant.
You can view here for more 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.