Preparing for and Understanding the Financial Review Process Do you have an understanding of the financial review process? Are your business financial records review ready? Do you have a process in place to ensure compliant accounting and record keeping? Can your business produce an accurate balance sheet and income statement? These are…
How Do Unbanked Businesses Pay Cash Tax Payments to the IRS? The cannabis business largely remains unbanked. While some businesses have limited banking options, for the most part transactions remain in cash. Payments like cash tax payments, can be difficult to make. For some transactions, cash works ok – as long as they…
Ideas for Provisioning Centers to Minimize 280E Impact The amount of taxes they pay is a somewhat rude shock for most provisioning center owners or business managers. Sales tax, excise tax, and income tax are all relatively new to the cannabis industry. (In recent historical terms!) We discuss tips on how provisioning centers can…
How Does 280E Impact Marihuana Businesses? If you are already in the medical cannabis industry, or just beginning to get your toes wet, you have probably heard about the high taxes your business will face. Or the special 280E accounting the business will face. This is mostly true. The reality is some marihuana industry…
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 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…
Working with a CPA from Business Start Up to Maturity When starting a business or recruiting the members of your team, hiring a CPA or specialized accountant is often an afterthought. Or, a reactionary process in response to tax return needs or regulatory requirements. While these are certainly justifiable reasons, this isn’t the “value”…
CPA, or Certified Public Accountant, attestation comes in many forms. Some of the more common are financial statement audits or reviews. On the horizon for Michigan’s commercial medical marihuana facilities are financial statement reviews, required annually for all of Michigan’s soon to be license holders. Most prudent non managing investors may also be expected to…
Accounting, Bookkeeping and Financial Record Keeping Presentation 12.8.17
Medical bottles, mylar bags and glass jars, with a strain label and business logo. Or, depending on the product, maybe silicon containers and food wrapping too. But that’s usually it when it comes to packaging of medical cannabis products – just the necessities. After all, why put in much effort beyond packaging basics, especially when…