Everything You Need to Know About Cannabis Software but were Afraid to Ask

Currently, the cannabis  industry lacks a comprehensive software solution

In today’s cannabis world, there are monthly, quarterly, and yearly reporting requirements at the State and Federal level which include required bank reporting, and investor & lender reporting.   This reporting is complex and requires specific software tailored to the industry, which means general business solutions will not work. Popular accounting systems like Quickbooks and Xero don’t have cannabis industry chart of accounts or integrate with other cannabis software.  To make it even more complex, most states have separate “Seed to Sale” tracking software that is required, is often difficult to use, and doesn’t interact well with cannabis or accounting software.

There are some operational packages (mostly for Point of Sale, “POS”) available, but most (including popular ones like Greenbits, MJ Freeway, Biotrack) have only been around a few...

Continue Reading...

5 Biggest Mistakes Cannabis CEOS Make | CPATrendlines.com

cpatrendlines media May 04, 2018

One of the single biggest mistakes made by cannabis CEOs is not paying enough attention to compliance. DOPECFO.com's Andrew Hunzicker breaks down the 5 biggest mistakes... and how to use them to land a client. 

To read more at cpatrendlines.com, click HERE

Continue Reading...

Top 5 Reasons Superior Financial Reporting is Crucial to Cannabis Businesses

Uncategorized Apr 23, 2018
      1. Tracking Sales of Marijuana: It’s the Law

        Under most States cannabis licensing requirements, thorough financial accounting and record keeping is part of State Law. A number of states have very high penalties for not keeping accurate books and financials. Under IRS codes sections 280E and 471, accrual accounting (as opposed to cash accounting) is required to maximize allowable allocations of certain costs into Cost of Goods Sold (“COGS”) and Inventory. See more information on 280e here: http://thecannabisindustry.org/federal-policy/

        Below is an example of state accounting requirements (Oregon guidelines):

        845-025-1200Financial and Business RecordsIn addition to any other recordkeeping requirements in these rules, a marijuana licensee must have and maintain records that clearly reflect all financial transactions and the financial condition of the business. The following records must be kept and maintained for a three-year period and must be made available for...

Continue Reading...

5 Biggest Mistake Cannabis CEOS Make that Can Put Them Out of Business… Quick!

cannabis business press Apr 23, 2018

With an influx of new businesses in the cannabis space, it is easy to get caught up in the opportunity that this burgeoning market brings. As marijuana makes it’s transition from a street drug to a medicinal substance used in various treatments, to a state-legal - yet Federally classified Schedule I drug, some investors and CEOs are making the crucial mistake of not treating their investments as businesses.

Here are some common missteps that canna-business startups can avoid, and protect their investments.

  1. Not paying enough attention to compliance.  
    Many companies (especially those that have evolved out of the black market) are going from a completely unregulated black market to one of the most regulated industries in the US.  Additionally, many cannabis companies include every vertical: farming, chemical processing, food manufacture, and retail. This adds complexity, as well as many layers of regulation: city, county, State licensing, federal, IRS, FDA, OSHA, EPA...
Continue Reading...

Five Secrets to Launching Your Own Cannabis Accounting Firm | CPATrendlines.com

In a recent article by DOPE CFO's Andrew Hunzicker, he shares five secrets to launching a cannabis accounting firm.

"To succeed in an accounting business in the booming cannabis niche, firms must be able to deliver real value to clients."

To learn more at cpatrendlines.com, click HERE

Continue Reading...

CPA Andrew Hunzicker Creates Course in Cannabis Accounting | CPATrendlines.com

cpatrendlines Dec 08, 2017

Andrew Hunzicker has created a course to teach other CPAs, accountants and bookkeepers what they need to know to break into the cannabis industry. 

 

To read more at cpatrendlines.com, click HERE

Continue Reading...
1 2 3 4
Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.