How to Hire and Train an Accountant for your Cannabis Company | Marijuana Business Magazine

accounting business press Sep 01, 2018

Finding a financial expert with the experience and expertise of the Cannabis Industry is one of the most important decisions you will make for your business.  Marijuana Business Magazine, asks Dope CFO's Naomi Granger, with over 12 years in the accounting field, her advice for finding the right financial expert.

“Cost accounting is the biggest piece. You’ll be paying a lot in taxes if that’s not done right.” Dope CFO's Naomi Granger

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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There’s Too Much Marijuana in Oregon

business oregon politics Aug 31, 2018

Marijuana prices are reaching historic-lows in Oregon.

The average price of a gram of marijuana has dropped 50%  in Oregon, going from $14 in 2015 to only $7 in 2017-2018.  Oregon’s U.S. Attorney Billy Williams voiced his frustration over the matter in a recent statement he released.

“In my view, and frankly in the view of those in the industry that I’ve heard from, it’s a failing of the state for not stepping back and taking a look at where this industry is at following legalization,” said Williams in an interview with the AP.

“What is often lost in this discussion is the link between marijuana and serious, interstate criminal activity,” Williams added. “Overproduction is rampant and the illegal transport of product out of state — a violation of both state and federal law — continues unchecked. My ask continues to be for transparency, responsible regulation, adequate funding, and a willingness to work together....

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COGS and Navigating 280E for Cannabis and Their Various Entities

accounting webinars Aug 24, 2018

We get a number of inquiries from accountants and cannabis CEOs alike who are unsure and unaware of how to navigate their accounting challenges.

 280E dictates what cannabis companies (or any company that sells… what are classified as drugs), can and cannot deduct as expenses. While many are aware of 280E few are familiar with cannabis COGS and the various rules for different entities.

In this webinar we touch on 280E and 471 and how these different tax codes affect  dispensaries, grows, and extracts.

In terms of COGS, we preview some of the tools that we use to determine the cost of growing different strands over time for our clients.

 ...and more!

 Catch the replay HERE

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Is It Legal to Provide Accounting Services for Cannabis Businesses?

There is a thriving need for complex and accurate accounting in the cannabis industry.

While it is already legal to sell in 30 states, cannabis is still considered a Schedule I Controlled Substance under federal law. Despite how someone may personally feel on the subject, legal cannabis is a booming business segment that has a sizable need for proper accounting practices.

But is it legal? Would the risk that comes with the territory be worth putting your business at risk?

Let’s look at some interesting statistics first:

  • Cannabis sales are growing at an incredibly fast rate, expecting to generate over $10.8 billion in sales in 2019, an incredible increase from the $2.7 billion from 2014. (Source: ArcView Market Research)
  • If Cannabis is Federally legalized by 2020, revenues are expected to reach $35 billion - three times more than the National Football League (Source: Greenwave Advisors)
  • The largest group of cannabis buyers in the world will be in North America, estimated to go...
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3 Financial Mistakes Your Cannabis Business Can't Afford to Make

The industry is largely void of qualified financial professionals such as CPAs and bookkeepers, who can help Cannabis companies adhere to stringent regulations while mitigating the high risk of fines and penalties. In this article from Green Entrepreneur, Andrew Hunzicker mentions a few of the common financial mistakes cannabis businesses really can’t afford to make.

If your business or your clients are making these mistakes in their business and need help, feel free to reach out! We’re happy to help.

Read More HERE

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Know a Good Accountant? Cannabis Companies Are Looking

As the cannabis space matures, it's becoming increasingly populated with service providers from a diverse range of ancillary industries. Among them, accountants and bookkeepers have become some of the most sought-after specialists in the field. Running a cannabis business are entirely distinct from any other sector, and most cannabis CEOs lack the skill set to circumvent the countless risks involved. For this reason, a majority of cannabis companies require guidance from experienced and knowledgeable professionals to implement standard operating procedures and bring their books up to par.

For the most part, larger accounting firms are avoiding the space altogether -- ultimately leading to a growing demand for those willing to become involved with cannabis businesses. With a striking gap in the space for qualified professionals equipped to support business owners in maneuvering the risky regulatory landscape, accountants and bookkeepers are finding major opportunities to open up shop...

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The CPA's Guide to Getting Started in Cannabis Accounting | AccountingToday.com

With most big accounting firms still avoiding the cannabis industry, small accounting firms are undoubtedly in the right place at the right time.

Equipped with a specialized skill set and sophisticated financial knowledge, CPA’s and other accounting professionals have the opportunity to enter a burgeoning market—projected to reach an economic impact of $70 billion in the U.S. by 2021.

In this article, Andrew shares a few key steps that you can take right away to get your foot in the door.

Read More HERE

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Grow Your Accounting Business by Choosing the Right Niche

niche webinars Jul 28, 2018

 

After spending 10's of thousands of dollars on coaching and eduction to grow my business, the one nugget that actually helped me grow most, was finding my niche.

By doing so, I was able to:
- Double down on more focused marketing efforts
- Position myself as an expert
- Charge more for my services
- Streamline, and provide more specialized services to my clients

…and so much more.

It may seem like you will miss out on business if you only work within a niche; however, the benefits outweigh the struggle.

If you’re ready to pick a niche, check out our webinar on where we discuss the impact that our niche has had on our business, and how you too can find a profitable and sustainable niche where you can excel.

 

Check out the replay by CLICKING HERE.

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Dope CFO Levels Up Its Offerings | CPATrendlines.com

Uncategorized Jul 27, 2018

Naomi Granger, CPA, MBA, took a leap of faith and it paid off. And it’s still paying off.

With more than 12 years of public accounting experience, working her way up the ranks to senior management at PwC, Granger wanted more. She wanted flexibility and ownership of her time and schedule. So, she started researching how to start a remote accounting practice.

The key? Honing in on one niche. And not just any niche. An industry she could really sink her teeth into.

She considered working with professional athletes or in real estate, but eventually settled on cannabis. Then she found Andrew Hunzicker late last summer.

 

Read More HERE

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The Tools Accounting and Tax Professionals Need to Properly Service Cannabis Businesses [Infographic]

 
If you're an accountant, cannabis business owner, or operations manager, the following guide should help you understand how DOPE CFO can provide you with proper accounting practices.     

 

Click HERE to join the Facebook Group!

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