Cannabis Bookkeeping in 2020

cannabis bookkeeping Feb 17, 2020
How to do it right, add value to your clients, and earn higher fees.

The State of Cannabis Today

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...

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