You can grow you cannabis business without any major hindrances if you hire an accountant with experience in cannabis accounting. Since there are more states moving towards legalizing medical and recreational cannabis, more and more cannabis businesses are being established. But the cannabis business is still a business and just like any other business, it faces many issues that these other businesses also face. However, the cannabis businesses have their own unique set of challenges.
Getting a bank account is one of the basic problems of cannabis business owners. Because cannabis is a still a very much controlled substance on the federal level, this gives banks a sort of insecurity when it comes to taking cannabis business owners as clients. The federal government has already given guidelines to banks about legal state cannabis businesses but most major banks are not ready to take the risk of having cannabis business owners as account holders and clients. This is where the job of a good cannabis accountant comes in; he will be the one to find good banking service for your needs. He will try to find out with the lowers possible cost.
Generally accepted accounting principles is important for business success. It is also very critical to the survival of a cannabis business. If you are a cannabis business owner, all your operations are under a microscope. Small details are important.
The cannabis businesses are still under close monitoring by the federal agencies and their business practices are closely examined. The SEC and the IRS are the most dangerous agencies for the cannabis business. These agencies have the ability to fine businesses as well as refer criminal charges.
In order for you to have great peace of mind when these agencies examine your books is by using the GAAP.
Taxes are complicated for most businesses. However, the IRS has made things really difficult for cannabis businessmen by limiting the tax deductible expense severely. But cannabis accountants can greatly help you in tax planning and tax compliance.
The chances of a cannabis business to be audited is really high. You can have a painful audited from an auditing agency if he does not feel that your industry is legitimate.
A good cannabis accountant can help you fully comply with audit requests and answer the unreasonable claims made by the auditor. You can survive the ordeal of an audit if you hire the services of a cannabis accountant.
You can view here for more on cannabis industry accountant services. If you view here for more you will find cannabis accountant services. One of the best companies offering cannabis accounting services is AD Virtual Services. Here you can discover more about AD Virtual Services.