Are you over 21 years old?

Our products are intended for legal use only. You must be 21 years or older to browse this website and purchase our products.

Yes, continue No

Blog

How to Choose the Right Cannabis Accounting Firm

Regardless of the industry or company within an industry, starting a new business requires a lot of work. The same goes for the cannabis sector. Whether you’re a legal grower, distributor, or business owner in some other capacity, it’s essential to do things the right way from the beginning. In particular, you want to start […]

How to Choose the Right Cannabis Accounting Firm

Regardless of the industry or company within an industry, starting a new business requires a lot of work. The same goes for the cannabis sector. Whether you’re a legal grower, distributor, or business owner in some other capacity, it’s essential to do things the right way from the beginning.

In particular, you want to start with two things. Especially if you plan to have investors as part of your start-up marijuana business, you need to develop a business plan. That’s what serves as your guide for everything that has to do with the operations. Along with that, you need to hire the right cannabis accounting firm.

In Canada, as well as 33 states within the US, pot, along with accessories, is now legalized. That alone has increased demand significantly. However, many people believe it won’t take long for the remaining 17 states to get onboard. Even if only a few of them do, the cannabis industry will continue to gain speed.

After all, not only is it legalized for both medicinal and recreational purposes, but also many new ways to enjoy cannabis have emerged. The most obvious involves smoking it. However, people can now vape marijuana using a specially designed vaporizer, use it to make edibles, put it in capsules, dab it, and the list goes on.

So, what’s already a competitive market will only become fiercer. That means you need the right group of professionals in your corner to help your business succeed. Among those is a cannabis accounting firm. As your organization grows, it’ll generate more profit. To keep everything in line, hiring an accountant is critical.

You also need to remember that, along with the increased use of marijuana, which is legal in many places, this industry remains tightly monitored. In addition to people who support the use of pot are others who opposed it. As a result, governments in North America have created legislation that individuals involved with the cannabis business must follow to a T. This is where a reputable cannabis accounting firm can help.

Specific Things to Look for in a Cannabis Accounting Firm

Again, just as other businesses do, those associated with a marijuana business need to hire a firm that’s both trusted and reliable. However, due to unique laws and restrictions, you want to choose a cannabis accounting firm that has experience dealing specifically with things connected to this market.

The following are some of the key factors to look for when hiring the right cannabis accounting firm.

Specific Things to Look for in a Cannabis Accounting Firm

Knowledge and Expertise

As already stated, the most important criterion is to select a firm with in-depth knowledge and years of expertise specific to marijuana. You can take this a step further by focusing on a firm that specializes in the area of the weed market you’re involved with. For example, if you want to start distributing pot or you already do, then look for a cannabis accounting firm with expertise in distribution.

Considering that pot for medicinal purposes started being sold legally in 2003, it’s not hard to find a reputable accountant. Even so, instead of going with the first cannabis accounting firm you run across, you want to do a little bit of research. Always look at its history, check its rating with the Better Business Bureau, ask for case studies so you can see the results they’ve achieved, and so on.

For any cannabis accounting firm of interest, never hesitate to ask hard questions. Most importantly, an accountant needs to have expertise in regulations, taxes, government laws, banking, and more, along with accounting. Also, make sure you choose a firm that’s certified.

Compliance

Again, the marijuana industry is strictly governed. So, the cannabis accounting firm you hire needs to ensure your business stays compliant with all current laws and regulations. One way to do that is to request proof that a firm has the proper licenses and permits to conduct the services they offer.

Expert Advice

A qualified cannabis accounting firm not only understands the market as it is today but also stays on top of new trends and projected advances. Within the next three years, it’s estimated that facilities manufacturing marijuana will see a 23 percent growth. So, you want an accountant that can offer solutions and advice for today as well as for the future.

The right accountant will understand all the particulars of your business. As such, they can provide you with sound advice. Simply put, the right cannabis accounting firm will offer forward-thinking options.

Technology

Even the type of accounting system matters. You want a cannabis accounting firm that uses cutting-edge technology that streamlines processes yet keeps 100 percent accurate records and backups. The firm should have a secure system that’s scalable and capable of integrating with new technologies as they arise.

Professionalism

Professionalism

While this sounds like a given, you might find it surprising to learn that not all cannabis accounting firms provide a high level of professionalism. You want a company that believes in what you do and shares your passion to some degree. In other words, an accountant should invest themselves into the success of your marijuana business.

As part of this, find a cannabis accounting firm with a strong network. With that, your specific accountant or CPA has an established group of experts to turn to if presented with a challenge. Overall, the right firm focuses on helping you grow your weed business while offering you cost-effective solutions.

Bringing Your Dream to Fruition

Although this applies to an established business, hiring the right cannabis accounting firm is a priority if you’re just getting started. Remember, a qualified accountant isn’t going to worry so much about handling your bookkeeping and tax needs, although they can. Instead, they look for ways to bring your dream of success to fruition.

Perhaps the best way to think of a cannabis accounting firm is as a partner. No, they don’t have much to do with daily operations, but they do play a key role in making those operations successful. You need to trust the firm you hire, knowing you can take any related issue to it while feeling confident in the service provided.