Now that most of the nation is holed up under shelter-in-place guidelines, Cannabis and CBD are considered essential (in most states) and sales have been increasing, While other companies are on lock down and laying off their employees, there is truly no time like the present to build your own 100% remote Cannabis or CBD accounting firm.
But how do you even get started? What is the actual process to transfer from a full-time job at a corporate accounting firm to running your own...
With Halloween just around the corner, we decided to speak to a certain kind of horror… specific to the accounting industry. The mention of the word “cleanup” is enough to scare any seasoned accountant. We’ve all heard horror stories from our peers about leftover financials that were too tough to tame. Although most of those stories end with the accounting professional saving the day, the path to a successful cleanup can be a bumpy one, to say the least.
Cleanup is...
So you’ve decided that you want to take the plunge and dive into cannabis accounting. Great!
While these are new and exciting times, it is completely understandable if you have concerns about promoting your business within your personal and professional networks.
People have their opinions about the cannabis industry; some good, some bad. But don’t let that get in the way of promoting your business and becoming an expert.
The truth of the matter is that in order to be seen as an...
Understanding the difference between CBD & THC, hemp and cannabis is vital if you’re entering into the realm of cannabis accounting.
In our recent podcast, we talked with Summer Wilkinson, co-founder of Leap Books, about the differences between them all, and how she got into the industry.
CBD can be extracted from the hemp or marijuana. Hemp plants are cannabis plants that contain less than 0.3 percent THC, while marijuana...
With the rise in popularity of legal cannabis products comes plenty of regulatory issues to keep up with, analyze, and implement as an accounting professional. Laws and regulations are changing almost daily, so staying in the know is of the utmost importance in keeping you and your clients out of trouble. Keeping up with THC and CBD regulations in the cannabis accounting space can be a daunting and seemingly hopeless task, but we’re here to help. Let’s take a look at some of the...
We here at DOPE CFO have been speaking at national conferences and to the press, CEOs, and accountants for quite sometime about how to do things correctly in cannabis accounting. But, we’ve been getting questions from investors, as well: from the billionaires (yes plural) who call us asking how to “fix” a bad investment with poor or no corporate governance, to the local millionaire wondering why he’s getting hit with a big cannabis tax bill, but no distribution from...
The idea of value can be a tricky and very misunderstood topic for accounting professionals and CEOs alike. Determining the services that you want to offer and what to charge for those services is the key to building a successful, competitive practice that will create the most ideal scenario for accounting professionals: to work remotely and under less stress, command higher fees, and have more freedom to work as you see fit. The key to understanding your value is to first understand the...
What does a pound of weed cost to grow? What are the production factors involved, and how does that affect recordkeeping procedures for growers and their accounting professionals?
In order for cannabis growers to take advantage of maximum allowable deductions under 280E, accounting professionals must understand how to properly determine the true cost of growing/producing their client’s product. The actual operations of a grower is important for accounting professionals looking to...
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...
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...
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