Properly quoting accounting fees is complicated in any industry, but establishing a pricing policy for the wily Cannabis and hemp/CBD niches can be especially challenging and overwhelming.
If you find it hard, or even scary, to price your Cannabis and hemp/CBD accounting services without undercutting your value, you are not alone.
Many accountants struggle with raising their fees beyond low hourly rates. Learning how to package your services, create clear offers to reflect your value, and develop a system for charging appropriately for cleanup, onboarding, and ongoing work will enable you to confidently set your price and find clients who will happily pay it.
Here are six easy steps you can take to make sure you're pricing your Cannabis accounting services correctly.
Stop charging for your hours and start charging for the value of your work. This is a complicated numbers game with ever-changing rules and regulations....
The Cannabis industry is booming, and trained and knowledgeable accounting professionals are in extremely high demand. Although federally illegal (for the time being), Cannabis is now legal for medical use in 33 states and 11 states recreationally, and is responsible for some $20 billion of revenue in the legal market. With around $70 billion still lurking in the illegal Cannabis market, business owners in the industry are constantly searching for ways to turn those who still purchase on the illegal market into repeat customers. Constant legislative changes and increased auditing keep accounting professionals (and attorneys, for that matter) in the Cannabis industry on their toes, and business owners need help.
There are major accounting issues surrounding Cannabis businesses related to taxation, software, banking, and merchant services. Accounting for Cannabis is also complicated, as...