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Nationally Recognized
Cannabis/CBD/Hemp Accounting & Tax Program

I help CPAs, accountants, and bookkeepers build single-person, 100% remote, 6-7-figure firms in the Cannabis/CBD niche with fewer than 5 clients, and fully launched in under 90 days from your bedroom.  

This program helps members survive the burgeoning competition and be a leader in the niche, and is plug & play.  

Program is a complete "Firm in a Box:”

1) “VIP” education in under 90 days

2) Done for you marketing system to find/price/close GREAT clients

3) Complete toolbox of over 100 workpapers, templates, and tools to serve the niche from A to Z

4) A world class community and coaching network of experts

 

LEARN MORE

Hear how Cam landed 4 clients!

In his first month in our program Cam says "I've had people beating down my door here"... Listen below

 

The Struggle

Every year tens of thousands of Cannabis and CBD/hemp CEOs apply for licenses to start their businesses, and every year a significant number of these businesses are shut down or face crippling penalties and fines due to noncompliance related to accounting and tax rules. The truth is that IRS audits are on the rise in both industries as the government keeps a sharp eye on adherence to IRC tax codes 280E and 471 and complex accounting requirements, like seed-to-sale data reconciliation and use of cost accounting in determining Cost of Good Sold (the only way Cannabis companies can correctly maximize federal deductions).

In fact, Cannabis and CBD/hemp accounting and tax requirements are so complex that “regular” accounting practices often won’t cut it. If you don’t have a grasp of cost accounting or the tools to correctly serve Cannabis and CBD/hemp businesses, you can get these clients in trouble - fast.

The only way to keep these Cannabis and CBD/hemp companies out of hot water is through proper niche-specific accounting practices. With your expertise and our comprehensive program (including our massive toolbox of workpapers, systems, templates and charts of accounts), together we can help Cannabis and CBD/hemp businesses thrive and remain audit-ready… anytime, all the time.

DOPE CFO offers the most comprehensive and top notch Cannabis and CBD/hemp accounting & tax training program. Because there is little to no GAAP guidance yet for Cannabis and CBD/hemp (the Big Four are currently not involved in the industry), you will be hard pressed to find reliable accounting and tax guidelines online or through the AICPA.

Through our program, you will not only learn each aspect that is necessary to provide World Class Service to Cannabis and CBD/hemp businesses, you will also get the "plug and play" tools and workpapers (over 100 of them) to serve them easily on day one, and the unique requirements to keep them compliant.

ABOUT ANDREW

Our Specialized Cannabis and CBD/hemp Program Will Provide:

  • Training, education, & VIP knowledge, including over 100 hours of Complete and proven marketing system for landing high paying Cannabis/CBD clients.
  • Plug & Play, "Firm in a Box" for world class client service with over 100 tools, workpapers, systems, and templates you need in order to easily and efficiently service Cannabis and CBD/hemp clients. We’ll also equip you with every chart of account and tool required to perform proper cost accounting and track Inventory and Cost of Goods Sold.
  • Community of Experts: CPAs, EAs, CFOs, attorneys, bookkeepers, and an expert marketing team, so you and/or your clients can get answers when you need them, share work, and be part of a digital badge program, all to ensure you can build a remote, nationally successful firm.
  • Advise these clients and help them navigate many of their unique challenges.
  • Keep you up-to-date on the ever-evolving regulations and processes needed to serve each vertical.
  • Set you up for success through bi-weekly Q&A webinars and an elite VIP community you can lean on for support and networking.
  • ...and more!

Program Overview

A lack of Big Four support in the industry, and little GAAP guidance, means it’s next to impossible to find guides or tools to help you correctly serve Cannabis and CBD/hemp clients. Based on years of experience building proven systems and tools at multi-million dollar Cannabis and CBD/hemp clients, DOPE CFO offers the most comprehensive Cannabis and CBD/hemp accounting and tax training program and toolbox. Through our program you will learn each aspect that is necessary to provide world class service to Cannabis and CBD/hemp businesses, with the supporting tools already built and ready for you to use immediately. Think of our program as a complete “firm in a box” toolkit, packed with everything you need to build a world class firm, as well as fulfill the unique requirements to keep your clients compliant.

Learn How
to Obtain
Cannabis Clients

Learn How to Properly Service Cannabis Clients

Learn How to Keep Your Cannabis Clients Audit Ready and in Compliance

Proper onboarding & cleanup

The Cannabis/CBD Accounting & Tax 4.0 Program

Through a culmination of many years of actual Cannabis and CBD/hemp client work, industry knowledge, and discussions/review with Cannabis tax attorneys, CPAs, and Enrolled Agents, Andrew has compiled this continuously expanding program. You’ll find proven modules, systems, workpapers, and templates to guide you along every step of the way, allowing you to implement these tools on day one to help desperate Cannabis and CBD/hemp clients.

The program includes over 100 workpapers, tools, systems, and templates.

QBB & Excel-ready chart of accounts for the various niche business types, including cultivation/farming, extract/processing, food and product manufacture, distribution, labs, retail, and delivery sub-niches.

 

 

Complete onboarding docs ready to go including engagement letter, PBC (“Prepared By Client”) list, internal controls & corporate governance docs, action plan, perpetual data room, cleanup docs, and close checklist
Detailed month-end close and “tie-out” workpapers, permanent audit trail, and robust reporting deliverables, including basic financials, consolidations, rolling cash forecast, cash control workpapers, capital raise models, and much more
Cannabis/CBD/Hemp Tailored Cost Accounting Work Papers

FAQ's

At this point there aren't any service providers in the US who have served a state-legal Cannabis company; including accountants, bookkeepers, attorneys, marketers, plumbers, realtors, electricians, etc, that have faced any legal repercussions for simply providing service to a state legal Cannabis company (and there are likely hundreds of thousands of service providers out there, and that number is growing quickly). That said, find and follow your state laws, your state accountancy board, and also review the sites below:

https://www.aicpa.org/advocacy/state/marijuana.html

Also this link and site provides timely updates around tax and cannabis:

http://norml.org/

IRS site on 230 and tax advice:

https://www.irs.gov/tax-professionals/circular-230-tax-professionals

Finally, the best policy is to always do world class work, follow all laws and regulations and terminate any clients immediately that you suspect are breaking the law.

Several things make good accounting valuable to Cannabis and CBD/hemp CEOs:

  • First, it allows them to correctly maximize tax deductions for Cost of Goods Sold (COGS), and thereby save in tax payments. Tax is a significant expense for Cannabis companies because under IRC 280e, COGS is the only allowable offset to Cannabis income. To correctly maximize this under IRC 471-11, GAAP inventory accounting (including cost/absorption accounting) is required. (Probably 80% or more of Cannabis companies are not following this, thereby losing thousands of dollars)
  • Cannabis and CBD/hemp companies are required by most state laws to have strong accounting/financials, and again many are lacking in this area.
  • Proper accounting allows CEOs’ better access and communications with lenders and investors, which is a big issue in the Cannabis and CBD/hemp space.
  • Good accounting lets CEOs better manage operations and cash flow and gives them a competitive advantage over those who don’t have good accounting procedures. In this industry, it can be the difference between staying in business or losing your license and being shut down.

No, you don’t need to be a CPA to serve in Cannabis. In fact, many CPAs have chosen to not serve in this industry, meaning most Cannabis companies have bookkeepers doing the day to day books. There is a huge need for qualified (meaning educated in Cannabis and CBD/hemp accounting procedures) accountants and bookkeepers to serve this industry.

Our course is designed to be a shortcut into serving the Cannabis and CBD/hemp niches for an accountant or bookkeeper who has a firm (or wants to launch one) without having to figure everything out by trial and error. We’ll outfit you with the proper tools, including:

  • Cannabis and CBD/hemp specific chart of accounts
    More than 100 cost accounting workpapers, templates, and charts of accounts
  • The knowledge to understand the complexity of 280e, 471a, and other state and federal tax rules
  • Ways to tackle the issues of farm, chemical manufacture, food production, labs, distribution, and retail accounting
  • Multi-entity, consolidations, intercompany issues
  • ...and much more.

The stakes are high for cannabis CEOs, and the fate of their business rests in having an accounting team that understands what is necessary in order to keep their business compliant so that they aren't penalized or shut down. Our goal is to provide tools and guidance to accounting professionals so that Cannabis and CBD/hemp businesses are being properly serviced and can thrive.

Really, it comes down to two things.

1) Are you looking to get your first Cannabis or CBD/Hemp accounting or tax client? If so, we have modules that you can jump right into on day one that will guide you through the process of finding and landing your first Cannabis accounting client. No need to finish the education and training module first; dive right into landing your first client on day one, as well!

2) Ready to service your Cannabis and/or CBD/hemp accounting client? Great! We help you understand how to provide world-class service, as well as give you the downloadable tools that you can use immediately on day one to serve these clients. Everything from properly on-boarding your Cannabis/CBD/hemp client, setting up a perpetual data room, month-end tie-outs, day-to-day bookkeeping, etc. This program is meant to be DIY and plug and play, so you can go through the different modules at your own pace. Our hope is that you'll be proficient in providing Cannabis and CBD/hemp accounting services within 90 days, which is totally possible if you invest on average at least an hour a day into learning and implementing the materials.

Yes, you are able to provide services to Cannabis and CBD/Hemp companies remotely. The most important part is following the regulations in the links above, as well as the state laws where the Cannabis company resides as well as your own state laws. Also if you are a CPA or Enrolled Agent or other certification, make sure to check with your State Accountancy board and/or whatever agency regulates any license you have.

There are many varied sub-niches, which can be very complicated to serve effectively. These sub-niches include farming, processing, manufacture, labs, distribution and retail, and many times all of those will fall under the same company. On top of that, there is a lack of Big 4 industry guides or training, no GAAP guidance, and almost no tools or workpapers outside of our program, making it extremely difficult to serve these clients well and maximizing your time! From banking to transportation of goods; from seed to sale; from payroll to paying bills, there are challenges that most businesses do not have to deal with that hinder day-to-day operations. Cannabis and CBD/hemp accounting professionals need to be aware of these challenges and must be able to help their clients navigate and find solutions so that they can properly operate their business.

Larger accounting firms at this point in time are not heavily involved in Cannabis and CBD/hemp, meaning these multi-million dollar operations must find smaller firms that are willing to help them with their accounting.

Accounting in and of itself is a challenge because software is truly lacking and doesn't cater to the specific needs of Cannabis businesses. Quickbooks and other accounting software don’t have a chart of accounts tailored to Cannabis entities for example. Additionally, most set up complex multi-entity structures, use cost and consolidated accounting, and have complex inter-company transactions.

To serve them well, a bookkeeper or accountant needs to understand these industries, Cannabis, CBD/hemp, the state/federal issues, and have good work papers, systems, and tools. In addition, there are even more industry issues such as lack of banking, complex software, state seed to sale tracking, cash management issues, investor reporting, GAAP accounting and inventory management that will affect Cannabis and CBD/hemp business operations.

It turns out this is a very difficult question to answer, most cultivation CEOs have no idea the answer to this, and knowing the answer to this provides better tax deductions, as well as competitive advantage, over most CEOs who don’t know this cost.

Cost of inventory includes raw materials, Work in Process (WIP), and Finished Goods (FG). In cannabis, you start with a raw material which is a seed or a clone, and the cost of this raw material is often $0 (or very little). From there, many clients have a process that is 4-6 months to get this seed to actual sale including growing, replanting, flowering, watering, light issues, harvesting, drying, curing, lab testing, and finally ready for sale.

Over this 180-day period, significant costs get added to this plant including direct and indirect labor, nutrients, soil, water, electricity, security, and much more. And each strain produces a different yield per plant, so each reporting period, you need to know for every plant: % complete, estimated yield, costs to allocate, and how much is in finished goods. Getting this “cost per pound” is a complex issue, and most have no idea how to do it correctly. Our program has a Cannabis and CBD tailored chart of accounts, as well as simple cost accounting work papers that can do this correctly and provide big value to the CEO.

There are several ways to get more information:

  • Click Here to read our course outline and summary of value
  • Click Here to apply to our program, and speak with Andrew. We screen all applicants to ensure that you're a good fit.
  • Click Here to see news and press about our training.
  • Click Here to join our DOPE CFO Facebook group that has more useful information, articles, and links.

 

Testimonials

“I wanted to share a HUGE victory! A new client signed on today for a full Accounting and Finance solution. I am so thankful for this program. My mindset and confidence has improved tremendously since I joined! Thank you, Andrew..!”

Lola W.
Colorado’s Cannabis Accountants

“I am 3/4 done with the program and feel like the investment was one of the BEST I have ever made. The materials, calls and group are phenomenal!”

Erin R., MBA
Alice and Fran LLC

 

Thank you for referring us to Crystal!  After working with her for just a few weeks, it became clear to me that all of our other bookkeepers (we had 4 in 2 years!) had done the bare minimum amount of work and never had our books up-to-date. Crystal identified some errors and I feel much better knowing someone QUALIFIED is looking out for us.

Nick C.
Precision Alchemy

Hear how Carlos quickly landed new clients

Using the "P" in our "VIP" system Carlos V., was quickly able to land a few clients... listen below

 

Industry Updates

Check out the latest information and resources on Cannabis accounting.

Join Our Community Of Accounting Professionals, And Stay Up To Date On The Latest News In Cannabis Accounting.

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Ready to Learn the Ins and Outs of Cannabis Accounting?

Get the full scoop on Cannabis accounting from this comprehensive on-demand webinar. Sign up below, and get access to key information that encompasses all that is needed in order to do Cannabis accounting properly. Whether you're an accounting professional or a Cannabis business owner, you'll learn the ins and outs of Cannabis accounting so that you can better understand how to be complaint in this industry.