Professional Cannabis Industry Bookkeeper

Benefits of Working with a Professional Bookkeeper

Benefits of Working with a Professional Bookkeeper for your Cannabis Business   Cannabis businesses should work with a professional bookkeeper and CPA who understand their industry niche thoroughly.  Complex tax laws, state legislation, and increased scrutiny require successful companies place a high priority on applying accounting best practices.  A professional bookkeeper specializing in the cannabis…

Section 280E and The Marijuana Industry

Section 280E and The Marijuana Industry   Section 280E & the Marijuana Industry: This presentation was originally presented at the Small Firm Practitioners Conference, hosted by the Michigan Association of CPAs on August 14, 2019.  Learn about the application of Internal Revenue Code §280E for marijuana businesses and how costing for inventories under §471 effects…

Compliant Accounting System

Setting Up & Maintaining a Compliant Accounting System

Setting Up & Maintaining a Compliant Accounting System — A compliant accounting system requires much more than tracking receipts and entering transactions into a box software or spreadsheet.  With good intentions, new businesses generally implement basic accounting processes as their activity develops and the need arises.  Too often however, the accounting processes quickly get pushed…

Responding to MMFL Financial Deficiencies

Five Tips for Responding to MMFL Financial Deficiencies Applicants for a Medical Marihuana Facility License (MMFL)  in Michigan will need to overcome several hurdles in the application process.  After submitting and receiving feedback on the application, the last thing an applicant wants to hear is that they have deficiencies or additional information that is being…

Understanding Accounting for Leases

Understanding Accounting for Leases   Accounting for Leases for Business Owners Lease accounting can be tricky.  New accounting standards require a lease to be recognized on the balance sheet as an asset and a liability.  This can can present many challenges for businesses in determining the right steps in accounting for leases.   At face…