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. But the cannabis businesses have a unique set of challenges.
if you are a cannabis owner, one of your problems is how to open a bank account. The reason for this is because cannabis is still a substance that is controlled on the federal level, many banks are doubtful whether to take cannabis clients or not. 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. He will try to find one with the lowest possible cost.
Generally accepted accounting principles is important for business success. If you wan to survive your cannabis business then these principles should be followed closely. This is because when you are in the cannabis business, it is like operating under a microscope. They look at every small details of the business.
Federal agencies still closely monitor the cannabis businesses and closely examine their business practices. The most dangerous agencies for the cannabis businesses are the SEC and the IRS. If they find something amiss, they can fine businesses or charge them criminally.
Using GAAP is the only way to avoid serious consequences when the agencies examine your books.
Many business owners find taxes difficult. However, the IRS has made things really difficult for cannabis businessmen by limiting the tax deductible expense severely. But cannabis accountants can greatly help you in tax planning and tax compliance.
If you are a cannabis business owners, you will have a 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. You can learn more here about the services given by AD Virtual Services for your needs.