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....
Proper cost accounting is essential for all Cannabis and hemp verticals, but it gets particularly tricky when you're dealing with cultivation. From the moment a seed is planted in the ground to the harvest of the crop, high-level accounting procedures are mandatory to keep cultivation companies compliant.
Cannabis growers tend to be uninformed as to the importance of proper accounting. Often focusing more on the science and passion of growing, they have little patience for numbers. Because the growers take such pride in their operations (and need to be educated on the processes and regulations required to keep those operations compliant with the IRS), you may have to work harder to prove the necessity of sound accounting practices.
Cannabis and hemp both require different approaches to monthly accounting and year-end taxes. Cannabis is federally illegal, although more than 30 states have licensed businesses to sell legal medicinal and/or recreational marijuana. Hemp has...