Growing Your Cannabis Business with the Right Cannabis Accountant

If you want to grow your cannabis business and avoid major hindrances, then it is beneficial to have an accountant with experience in cannabis accounting. Today the number of cannabis businesses are increasing and this is because more and more states are legalizing the use of medical and recreational cannabis. But the cannabis business is still a business and just like any other business, it faces many issues that these other businesses also face. But the cannabis businesses have a unique set of challenges.

Getting a bank account is one of the basic problems of cannabis business owners. A lot of banks are reluctant to take cannabis business owners as clients since cannabis is still a controlled substance of a federal government. Many banks dont want to take cannabis business owners as clients despite having federal government guidelines written to banks for these types of businesses. 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. Your advantage is having an accountant who will try to get the lowest possible cost for you.

If you want to gain business success, then you need to use generally accepted accounting principles or GAFF. It is also very critical to the survival of a cannabis business. This is because when you are in the cannabis business, it is like operating under a microscope. They look at every small details of the business.

The cannabis businesses are still under close monitoring by the federal agencies and their business practices are closely examined. The most dangerous agencies for the cannabis businesses are the SEC and the IRS. They can easily fine businesses and refer criminal charges.

Using GAAP is the only way to avoid serious consequences when the agencies examine your books.

Businesses find taxes complicated. However, the IRS has made things really difficult for cannabis businessmen by limiting the tax deductible expense severely. If you hire a cannabis accountant who has plenty of experiences in the cannabis business, he can help you with tax planning and tax compliance.

If you are a cannabis business owners, you will have a higher chance of being audited. You can have a painful audited from an auditing agency if he does not feel that your industry is legitimate.

Your cannabis accountant can help ensure that you are fully complying with the document requests from the audit and can push back on the unreasonable claims made by the auditor. You can survive the ordeal of an audit if you hire the services of a cannabis accountant.

click for more information on cannabis industry accountant services. You can view here to 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.