MONTHLY ACCOUNTING & TAX ADVICE FEATURED IN THE HAPPY MUNKEY NEWSLETTER #8 One of the most important financial decisions you can make for your cannabis business is selecting the right accountant to handle your monthly financial preparation and even more important, your year-end taxes. It is for this reason that we are giving you the list of questions below to use as a guide when interviewing and hiring an accountant for your cannabis business
As a cannabis business owner, you have a lot of laws and regulations to follow. It’s easy for accounting to fall by the wayside. If you haven’t been staying on top of your books, now’s the time to start cleaning them up. Here’s why it matters. Ensuring Cannabis Compliance....
While it's especially true in the cannabis industry, it applies to every business that's looking to grow: You just can't do it alone. A one-person operation may have worked for a while, but you will inevitably need to grow your team as your company begins to scale. However, there's always a budgetary limit to how many people you can hire. So creating a strong network is a critical element for success in any cannabis-related business.
For hemp and cannabis businesses, tax time can be incredibly stressful. Filing taxes can be a chore for any business, but it can be exceptionally challenging for those in these industries. Planning now can help save you a massive headache, especially if you have the right help.
Running a dispensary is a lot like trick-or- treating... Ok, I know it is a little far-fetched but hear me out for a second... You never want to run out of candy for your trick or treaters but you want just enough to not have a pile of leftover candy...Similar to running a dispensary, you don’t want to run out of inventory for your customers, or end up with a bunch of extra inventory that may be unsellable at full retail price due to age.
Were you one of the millions of businesses that filed for an extension two weeks ago or back in March that still has not gotten around to starting work on your 2019 taxes? If you were, I would HIGHLY recommend that you contact your accountant or tax preparer sooner than later, because just like everything else in 2020, this is a very strange tax season for accountants.
Are you looking for a way to diversify your IRA? While stocks and bonds are popular investments, you might consider investing in real estate to generate extra income. Many individuals view real estate as an intelligent, long-term investment that protects portfolios against market volatility and inflation.
One comment we hear very often from cannabis business owners after their first year of business is “We did not make much money in our first year of business (or we had a loss), so the taxes are not too complicated. We can either file them ourselves this year or use our regular accountant for one more year and then switch to a cannabis accountant later.” This could not be further from the truth….
The vast majority of Americans save for their future through IRAs and employer-sponsored 401(k) retirement accounts—and for good reason. These professionally administered, tax-advantaged accounts make it easy to grow your nest egg through a variety of traditional investments. But have you ever wondered about investing your retirement funds in something else, like real estate? ...
Dealing with finances is not exactly one of the most fun aspects of running a business. Even so, detailed financials are vital to your success. Just like any other business in the US, your cannabis or hemp business needs to have accurate, up-to-date financial information. Here’s how it can benefit you. Make the Loan Process Easier If you want to apply for a business loan, you need to have your financial information in order. While requirements vary by lender, the information you will need to submit likely includes:
