Best Cannabis Accounting Services – Greenbooks CPA
No doubt operating a cannabis business needs a lot of effort. And sometimes, outsourcing some functions, for example, cannabis accounting makes more sense. It enables you to save time and concentrate your power on other important aspects of your business.
Also, outsourcing cannabis accounting services in OR make sure you that you have access to quality accounting experts. Accounting firms usually choose productive accountants with propers skills and expertise in the industry. They previously know the ins and outs of accounting, and they can do the work for you most effectively as well as efficiently.
Well, choosing a cannabis accounting firm is a difficult decision to make. The profits are important, but if you choose the wrong firm, it might not go and expected and you might end up losing more. If you’re considering outsourcing your cannabis accounting, here are some guidelines that can help in choosing the best firm for you.
Are they experienced enough?
Skills and experience are the most significant factor to think when outsourcing your cannabis accounting. Of course, you don’t want your business to be in the hands of an accountant with limited knowledge of the industry. Hence, you need to conduct a quality review before choosing a cannabis accounting firm.
Past Experience and Success Rate
Initially, you should check history from the number of years they have been in the market down to the list of clients they have worked with. You need to also ask for case studies to recognize what outcomes they have accomplished so far. This would provide you a glimpse of their experience to handle your cannabis accounting.
After that, you should check their awareness and ask them questions related to banking obstacles, entities, IRS 280E, taxes, regulations, and the more important is the marijuana industry. By having this discussion time with your accountants, you’ll not only understand their level of experience but also get more about the accounting side of the industry.
Lastly, look for other credentials. For instance, ask if they have certified as internal auditors, enrolled agents, public accountants, or masters degrees may be appropriate, as well. You can also see them up on their online business profiles or ask your co-workers if they suggest the cannabis accounting firm.
Think Like a Saver – Save Money
Precise accounting isn’t only about saving your receipts in a box in case you might be able to decrease it from your expenses later.
As specialists in tax law and financial management, accountants should know all the ins and outs of what is claimable and what is not, and possible tax deductions. They’ll discover methods to save you money that you couldn’t possibly know about, and they’ll assure you’re going about it the right way.
How Much Compliance They Are?
It is one of the most important in the cannabis space, and of course, you don’t want to deal with firms that are not compliant with laws. Some, before dealing with an accounting firm, checks if they have the required permissions and license to work and carry out the services they give.
What Technology Do They Use?
Upon checking the firm’s experience and compliance, take a look at their services by identifying the types of accounting software and other technologies that they’re applying, or what they suggest for you.
Well, technology is a necessary part of building a more effective process, but there are also several things that you need to think about such as data backup, integrations, and usability.
How Much The Charges Of The Firm?
Well, Cannabis accounting services OR can be expensive. There is no denying this fact
The cannabis accounting firm should be very transparent about how they will be pricing for their services. An accounting firm should outline what will be covered in their expenses and give the scope of the work with deliverables and proposed timelines.
Be aware of firms requiring high prices upfront. There is several “weed greed” in the industry – accounting firms looking to cash in on the new industry’s growth. Be conscious of the scam accounting firms and make an informed decision.
These were some quick tips and tricks that can quickly help you hire the best cannabis accounting firms. Well, various firms provide Cannabis accounting services in OR, but at the end of the day – it’s your call. Good luck!