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...
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.
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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.
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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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.
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
IRS found that due to poor record-keeping, lack of check registers, no physical inventory counts, incorrect Cost of good sold allocations and much more caused $78k in penalties
The Tax Court in Alterman upheld the imposition of a 20% tax penalty on the taxpayer for the underpayment of the tax liability resulting from the deductions taken. Various medical and recreational marijuana practices have been legalized in the majority of the states but the last major hurdle, the Section 280E prohibition, still keeps marijuana ultimately classified as a Schedule I controlled substance under federal law.
Attorney Henry Wykowski explains, “Nevertheless, it’s a disappointing case and illustrative of the difficulties the industry faces with many – but not all – of the judges in tax court.”
What does this mean?
Watch our Altermeds Case Review HERE to learn how you can avoid running into these issues!
If a business is operating without keeping good...