The Path to Cannabis Accounting Enlightenment
We believe that great accounting is more than just entering numbers, it is about truly understanding the inner-workings of a business and developing deep insights that will guide your vision, which aligns with your values. Our passion is cannabis accounting, and we have evolved how we work since starting the business in 2015. Each evolution have brought changes that has positively impacted the cannabis dispensaries, cultivators, and infused product makers we partner with. We have designed our 3 Phase, 9 Step Path to Cannabis Accounting Enlightenment to not only help you stay compliant with federal, state, and local laws, but to give you back your most precious resource- time. Each step was meticulously crafted to help solve big problems, but though we are very proud of our current offering, know that we are constantly seeking out ways to better serve you.
PHASE 1: ESTABLISH
In this phase we alleviate the stress of having no systems or many disconnected systems by establishing repeatable, compliant, and most importantly thoroughly documented accounting processes that will put your mind at ease, keep the IRS and the local fuzz off your back, and prepare you to take your business to the next level.
STEP 1. MAP PROCESSES
Before we dive into your numbers, we must first fully understand your business to create clear and connected accounting systems and processes. We call Step 1 “the work before the work”, and it is a crucial part of our work. In Step 1, we gather documentation, evaluate your current processes, and start putting the pieces together.
STEP 2. ESTABLISH PLAYBOOK
In Step 2, we analyze your floor plan and payroll costs and create an action plan to be in compliance with IRC280E and IRC471. We also create a simple cash and document management system, and create an easy-to-follow process playbook, so that when it comes time to dig in, we can hit the ground running.
STEP 3. SET EXPECTATIONS
In Step 3, we unveil your new and improved accounting systems and processes and provide (online) group training, so everyone is accountable and ready to work together like a well-oiled machine. Need a refresher? No worries! We provide recordings of all trainings and online access to all written (and searchable) documentation you can refer to at any time.
PHASE 2: ELEVATE
In this phase, we dive deeply into your numbers, using the best accounting software on the market- Xero. We dot every i and cross every t before creating an easy-to-read financial and non-financial dashboard that is sure the illuminate the insights you need to run your business.
STEP 4. PERFECT ACCOUNTING
In Step 4, we use Xero to perfect your financials, utilizing the research and analysis we performed when we first began working together. This means upgrading your Chart of Accounts to be IRC280E ready and making corrections that could have cost you big time. We leave no stone unturned, ensuring that when it’s time to move on to the next step, your financials are on point.
STEP 5. CREATE DASHBOARD
After the books are sparkling clean, we create an online Key Performance Indicator (KPI) dashboard that marries financial and non-financial information to provide at-a-glance insights that tell the story of the business. No more late nights with messy spreadsheets that track way too much information; this online dashboard will quickly and succinctly bring your business into focus.
STEP 6. ILLUMINATE INSIGHTS
After your financials are perfected, and your management dashboard has been created, it is time to do the sexy stuff! In Step 6, your team provides access to your new management dashboard, offers education that will empower you, and prepares you to start running the business like an enlightened, data driven CEO.
PHASE 3: ENLIGHTEN
In Phase 3, your accounting is automated, compliant, and optimized for success. We work behind the scenes to keep the financial engine humming along, so you never have to worry about a surprise tax bill or un-filed form. We work with your CPA at the end of the year to make light work of your tax return. Don’t have a CPA? No worries! We are happy to recommend someone we love and trust- just ask!
STEP 7. AUTOMATED ACCOUNTING
Are you often burning the midnight oil to get your accounting caught up? In Step 7, we make sure that you never have to spend time crunching numbers into the wee hours of the night. Your dedicated accounting team will work to keep your financials up-to-date and will provide a weekly accounting pulse check to keep you informed.
STEP 8. BOOST COMPLIANCE
Step 8 is all about boosting state and local sales tax and banking compliance. We file all sales, use, and excise tax forms and make sure payments are made on time for medical and recreational marijuana cultivators, dispensaries, and infused product makers. If you are banked, we will even manage your cannabis bank audits, so that your ability to keep your cannabis bank account is never at risk.
STEP 9. OPTIMIZE FINANCIALS
When you reach Step 9, you’ve ascended to the stage of total accounting enlightenment. Imagine yourself at peace, managing your business with ease using your Profit and Loss, Balance Sheet, and KPI dashboard that we’ve prepared for you. No longer flying by the seat of your pants, you know that your insights are only a click away, and you have a dedicated team of cannabis accounting gurus by your side.
Ready to Get Started?
NEED MORE THAN CANNABIS ACCOUNTING?
Are you looking for help with obtaining a cannabis cultivator or retailer license? Need help designing your space so that you can have the maximum tax benefit? Do you need a CPA that is well versed in cannabis tax accounting? Have some burning legal questions that you need to get answered right away? Well, you’re in luck! After years of working in the cannabis industry, we have developed strong partnerships with other top-notch cannabis professionals. Let us know what you are looking for, and we will do our very best to get you connected right away.
