World Class Cannabis Accounting Practice Operations and Systems

Whether you have cannabis accounting clients or are looking to specialize and service this industry, you’re going to need a special set of tools and processes. If you haven’t had a chance to check it out, we’ve created an infographic that sort of outlines all of the tools that we use to provide services to our clients. You can check out our cannabis accounting tools here.

In terms of running a thriving cannabis accounting practice, there are a number of challenges that we are faced with. Without proper systems for managing clients, it can create more trouble than it is worth, and eat into profitability.

We get a plethora of questions daily as to how to overcome the challenges that both CEOs and accounting professionals are faced with in this nascent industry that is in hyper-growth. Some challenges include:

 

  • Accounting software isn’t friendly to complex cannabis entity structures
    Cannabis business structures are highly complex. Accounting...
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Dope Featured In Green Entrepreneur | 7 Things You Need to Know Before Becoming a Dope Accountant

green entrepreneur press Nov 30, 2018

When Dope CFO first started it was to service actual cannabis clients such as dispensaries, grows, and edible makers, who were trying to understand and navigate the complex financials of the business. Here's our founders advice to those thinking about breaking into the often lucrative profession of cannabis accounting.

Read More HERE.

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Dope CFO featured in 'The Highs and Lows of Marijuana Banking' | Bank News

accounting bank news press Oct 22, 2018

Marijuana is legal in several U.S. states, however, it’s still not legal federally. This case causes obstacles for many banks and marijuana-related businesses (MRBs).

 President Obama’s administration allowed banks and legally established MRBs to do business, as long as banks complied with the extensive guidelines, which monitored the MRBs’ commercial activities and filed quarterly any suspicious activity reports. But on Jan. 4 Attorney General Jeff Sessions rescind these policies, and uncertainty spread among businesses and banks alike.

By canceling these policies, Sessions is simply giving federal attorneys the option to prosecute in their states. According to the Washington Post, several of the 13 U.S. attorneys in the eight states where recreational pot is legal have said they will only prosecute if a cannabis business has ties to crime or violence”.

What does this mean for banks and MRB’s? With banks and MRBs on shaky footing, Andrew...

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Dope CFO featured in TD Ameritrade's Market Watch, 'Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week'.

Dope CFO Andrew Hunzicker and Naomi Granger have been featured in TD Ameritrade's Market Watch, 'Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week'. Check out how we are educating business and equipping them with qualified CPA's to better serve their marijuana business.

Read more HERE.

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Maria + Jane: Women in Cannabis Business Podcast

Naomi Granger, Co-Founder of DOPE CFO, is featured in a recent episode of The Maria + Jane: Women in Cannabis Business podcast to share about the knowledge and practices needed to thrive as an accountant in the cannabis world.

Maria & Jane is dedicated to inspiring and informing women in (or interested in) the cannabis business landscape. Their weekly newsletter and podcast, provides news stories, deep insights, and interviews. Listeners hear perspectives from founders, growers, advocates and more to help them navigate the fast-paced world of cannabis business.

 In the episode, Naomi shares her passion about the rapidly growing cannabis industry and work with CEOs to help them maximize their cash flow, minimize their tax burden and never worry when the auditors come around. She also provides insight to:

  • Avoid falling victim to common financial woes plaguing cannabis business owners today.
  • Understand compliance concerns, banking issues and federal tax limitations for...
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Could California's Pot Industry Hit the Same Wall as Oregon?

Oregon has experienced a price spiral following the legalization of recreational cannabis in 2014. California, despite its population of over 39 million people and many tourists, may face the same problem. Oversupply is the primary market condition that has driven prices in Oregon.  

 

However,  the scenario of a California cannabis price spiral is unlikely. Now there is a push for federal laws to fully legalize cannabis and enable the interstate trade to fulfill demand across state lines. The basic economics of supply and demand – with cities and counties restricting the sale of cannabis – provide an optimistic outlook for entrepreneurs.


There are many other factors that impact cannabis markets that are changing constantly. To read more about these factors, with some additional insight from Dope CFO’s Andrew, Hunzicker,  read “Could California’s Pot Industry Hit The Same Wall As Oregon?” from The Business Journal.

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Cannabis Owner Gets 7-Months in Prison & Pays $263k Restitutions to the IRS | Cannabliss Court Case

As cannabis accounting professionals, we get a number of inquiries from cannabis businesses that insist that they can cut corners and tip-toe around the rules.

Here’s the thing… CANNABIS IS STILL ILLEGAL.

The first federal sentencing of a legal marijuana business owner for tax crimes is set to take place on November 1st. Partial owner of Cannabliss Dispensary in Eugene OR, Matthew Price has been sentenced to federal prison and $263K in restitution by the IRS.

No matter how many people advised him not to, Mr. Price was caught for failing to report nearly $1M dollars in company income when he commingled the money with his personal expenses. Buying sports cars, Rolex watches, vacations, and even homes were just some of his 'business' purchases.

As an accounting professional, YOU are the expert. It's important that you help your clients understand the importance of proper accounting in this industry and the repercussions of negligence. The problem is that most of the time...

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A Bookkeepers Guide to Cannabis Accounting

Cannabis companies are highly regulated highly complex organizations. These businesses need not only a higher level accountant and a tax professional, but they also need a bookkeeper to manage all of the day-to-day financial transactions that come with operating a cash-based business.

This webinar is not just for bookkeepers, as it is important for anyone that is on the financial team for a cannabis company to understand the roles and to be clear on everyone’s responsibilities. It is essential that Cannabis businesses have a team of financial experts including bookkeepers, tax preparers, and high-level accountants all working together to ensure all of their financial transactions are captured, recorded and reported properly. Otherwise, cannabis companies can be subject to fines and penalties, which include inaccurate record keeping. (see: Altermeds Case)

In this informative webinar, we provide a high-level overview of some of the most important tasks that a bookkeeper should be...

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Cannabis Sales Booming In A State That 'Knows How To Regulate Vice'

accounting forbes nevada press Sep 17, 2018

Nevada experienced a tax windfall last fiscal year, exceeding reported expectations by $265 million in state tax revenue for recreational marijuana sales. And with these sales come an increased look at Nevada and how they are regulating this new industry. In the Forbes article "Cannabis Sales Booming In A State That 'Knows How To Regulate Vice'" they ask Dope CFOs Naomi Granger to weigh in:

“Accurate accounting helps cannabis companies minimize their tax burden and reduce the risk of incurring heavy fees and penalties. Mistakes can result in companies losing their licenses and being forced to shut down, so stakes are high,” said Granger.

Our training opportunities and online community are here to teach you and partner with you in navigating the issues brought forward in Forbes article. Contact us to learn more.

Read more HERE

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Everything You Wanted to Know About Cannabis Accounting but were Afraid to Ask

Because Cannabis production involves four verticals: farming, chemical manufacturing, food production, and retails the accounting for business owners can become very complex without an experienced accountant knowledgeable in this unique industry - who is not only up to date on the day-to-day bookkeeping needs but also keeps up with the local, state and federal financial regulations which can often appear to contradict or at least confound each other.

The most recent issue of CPAFocus published by Oklahoma Society of CPAs, featured Dope CFO’s Andrew Hunzicker and asked him some of the most common questions asked by accountants entering the Cannabis Industry.

If you want to learn what it takes to be an expert in cannabis accounting, feel free to reach out! We’re happy to help.

Read More HERE

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