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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Know a Good Accountant? Cannabis Companies Are Looking | Green Entrepreneur

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 | Accounting Today.

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

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

cpa trendlines press 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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E048 CFO Advice for Cannabis Industry | Periodic Effect: Cannabis Business Podcast

Make sure you tune in to DOPE CFO's Andrew Hunzicker feature on the Periodic Effects: Cannabis Business Podcast!  Visit http://www.periodiceffects.com/episodes/e048 to listen.

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Dope CFO Founders Andrew Hunzicker and Naomi Granger Speak About How They’re Training Accountants To Work In The Cannabis Industry | CASHCOLORCANNABIS PODCAST

Uncategorized Jul 02, 2018

Naomi Granger and Andrew Hunzicker with DOPE CFO are here to assist cannabusinesses with all the help the need to manage your books and business. Through DOPE CFO, the two offer services to the accountants looking to service the cannabis industry as well as do-it-yourself tutorials that can help someone get up to speed with the vast differences between tax codes for cannabis and codes for other industries.

 

Listen to the Podcast HERE

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