The Cannabis Accounting Podcast by DOPE CFO: Recent Episodes
DOPE CFO
The DOPE CFO Cannabis Accounting Podcast discusses the ins and outs of cannabis/cbd/hemp accounting. Topics include 280E, chart of accounts, starting & growing your own firm, overcoming software challenges, and more! Looking to get into cannabis accounting? To learn more visit dopecfo.com.
In order to do proper inventory and cost accounting, accountants must have the proper processes and systems in place to meet compliance rules.
Since Cannabis is considered a Schedule I substance, under 280E companies that sell or “traffic” the plant are not able to take deductions like typical businesses can. However, the DEA is on the verge of rescheduling the drug to Schedule III which eases the tax burden of 280E, and can create more complexities for Cannabis companies and the accountants that serve them.
In our latest episode, we discuss the ins and outs of cost accounting and compliance for the current landscape of the Cannabis industry, and what’s to expect when the plant inevitably gets rescheduled by the DEA.
We cover concepts that include:
- Inventory accounting best practices, tools, workpapers, and procedures
- IRC 471-2 Lower of Cost or Market considerations
- Compliant inventory count procedures
- Cultivation and manufacturing cost accounting considerations (how to find the cost to grow a pound of weed or gram of oil)
- Dispensaries and IRC 471-3
…and more!
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Our guest on today's episode of the DOPE CFO Podcast is Allysa J. Dillon. Alyssa is a former CFO that managed the accounting for non-profits.
After quitting her job in 2018 with $1000 to her name, and after having two children in one year, she had to figure out what to do, and working for someone else wasn't the answer. Within a few short months, Alyssa was bringing in clients and making over $25k/month and hasn't stopped. Fast forward to today, she's helping (non-cannabis) accountants quickly build thriving firms using the systems and practices that she's employed that have helped her become successful.
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Sources within the DEA have confirmed that rescheduling has been green-lit and is moving forward. Speculators have been saying that this wouldn’t happen until after the election, but it looks as though things are moving quicker than critics have been suggesting.
So what does this mean for Cannabis companies and the people who serve the industry?
We go over the details in our latest episode.
With 280E out of the picture, there is a massive opportunity to support Cannabis companies in a major way.
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The Associated Press just announced that DEA has agreed to reschedule Cannabis, which is going to usher in all sorts of change. Unfortunately, a lot will stay the same, and things are inevitably going to become much more complicated from a compliance standpoint. On the one hand, 280E won’t be so punitive, but taxes will still be high, and accounting will be even more challenging. Don’t get blindsided by what’s to come.
In our latest podcast, DOPE CFO CEO and founder, Andrew Hunzicker, CPA discusses "How accounting and taxes will change when Cannabis is Rescheduled."
He shares information on:
- How rescheduling affects raising capital
- The more complex tax returns
- Valuation considerations as rescheduling happens
…and more!
Tune in and take notes so you don't get left behind by the massive changes ahead in this industry.
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Our guests today are Rachel Gillette and Jennifer Benda. They are partners at Holland & Hart LLP and work in the group’s Cannabis Division.
Holland & Hart LLP is a national law firm who serve a wide range of industries. Our guests today are both partners in the Holland & Hart’s Cannabis Division. The emerging cannabis legal sector faces novel legal challenges and complexities. They help cannabis businesses cut through the complexity.
Their team guides clients with ensuring operational compliance and in building creative solutions and productive relationships with state, local, and federal authorities. Their tailored approach helps cannabis and natural medicine businesses, stakeholders, and ancillary service providers analyze risks and chart a strategic course in the dynamic Cannabis industry.
Listen as they discuss upcoming changes in Cannabis law and how they will impact Cannabis accountants.
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New entrepreneurs have a lot to look forward to that they often don’t realize until they are knee deep in their new venture and find that there are certain skills and competencies that may be lacking that can hurt their progress.
Everything about how you approach your work has to shift, yet some people carry their employee mindset and practices into self-employment which can create all sorts of problems that can be blindsiding.
If you are thinking about stepping out on your own for the first time, listen in as we discuss the shifts that new Cannabis Accounting firm owners need to make in order to build successful businesses. In this episode, we discuss:
- The importance for developing systems and processes
- Understanding the value of your time (8 hour days look different and can quickly turn into 15 hour days if you’re not careful)
- Managing expectations of yourself and your clients
There’s so much that gets added to your plate as you set out to build a growing business. Make life easier by knowing what’s ahead.
Listen in so you can learn how to solve for it so that you are prepared.
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On today's episode, we are excited to welcome Lauren Baptiste, the founder and CEO of Acheloa Wellness.
Lauren Baptiste is a corporate burnout turned coach and CEO. She serves ambitious women professionals as their go-to Burnout Expert.
Before launching Acheloa Wellness, Lauren spent 13 years as a top performer at a Big Four Accounting Firm. She was always at the top of her earning bracket and was nominated a “Rising Star'' in the industry. However, her professional drive eventually landed her in the Emergency Room from workplace burnout. Lauren notes that it was the ultimate test of how hard she was willing to work for her career.
Since then, she’s successfully guided hundreds of professional women through similar challenges at work and home. She offers a path to achieve your personal and professional goals without succumbing to burnout.
In this episode, Andrew and Lauren discuss:
- Lauren's story and how burnout landed her in the hospital
- How Lauren founded a new company while applying the lessons she learned from burnout
- Common symptoms of burnout
- Strategies for accountants and business owners to avoid burnout (while being massively successful)
- How to find calm amidst the chaos of our busiest seasons at work
- How women can find balance in their life and still achieve their career aspirations
Lauren shared this guide to setting healthy boundaries for our listeners. If you'd like to learn more about Lauren and her work, you can visit her website and connect with her on social media (Instagram and LinkedIn).
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In this episode of the DOPE CFO Cannabis Accounting Podcast, Andrew Hunzicker, CPA dives deep into the debate of value pricing versus hourly billing for Cannabis accounting services. Andrew argues that in today's competitive landscape, accountants must move beyond basic bookkeeping, payroll, and tax prep services to provide real value to clients.
As AI and offshore labor continue to commoditize traditional accounting tasks, the key to thriving in the Cannabis niche is to become an indispensable, full-service CFO. Andrew shares strategies for specializing deeply in the unique challenges of the Cannabis industry, from navigating complex regulations to managing rapid growth.
You'll learn how to provide CFO-level advisory services that go beyond mere number crunching, how to become your client's trusted right hand, and how to continuously raise your fees to match the value you deliver. Andrew also discusses the importance of having a robust set of Cannabis-specific tools, work papers, and best practices, as well as tapping into a community of industry experts.
If you're an accountant looking to break into the exciting world of Cannabis accounting or take your existing practice to the next level, this episode is a must-listen. Tune in now and discover how to ditch the hourly grind and build a thriving, value-focused cannabis accounting business.
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Massive changes are coming that could rock the Cannabis industry to its core.
With Cannabis potentially being rescheduled in 2024, huge shifts are on the horizon that will transform the landscape:
● Company valuations poised to rise 5-10 times
● Increased access to banking, commercial lending, and bankruptcy protection
● Potential overhaul of interstate commerce, research, and new Cannabis medicines
● Complex effects on taxes, regulations, and local businesses
Whether you are an investor, business owner, accountant, or looking to enter the industry, you'll need the facts on what rescheduling and descheduling Cannabis will actually mean.
Get the exclusive insights from Cannabis accounting expert Andrew Hunzicker, Founder and CPA, during this timely podcast epsiode where you'll discover:
● What rescheduling would actually mean—hint: higher company valuations
● The immediate and long term impacts across the industry landscape
● Exactly how to position your business or investments now for massive growth
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As 2023 drew to a close, monumental shifts across the Cannabis landscape set the stage for an epic 2024. Tune in as we provide an exclusive year in review for 2023, analyzing the developments in policy, business, and finance that will shape the future of the industry in 2024 and beyond.
We’ll discuss insights on:
- New states that legalized and their market potential
- The latest federal reform efforts in Congress post-midterms, including the prospect of of federal legalization and what that means for the industry at large
- Recap of the deals and trends that defined cannabis in 2023
- Our projections for 2024
Whether you are an investor or operator, this podcast will equip you with our expert predictions of the trends ready to catalyze industry growth in 2024 and beyond.
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On today's episode, we are excited to welcome Dr. David Cunic, the CEO of UCS Advisors.
David is a physical therapist turned Investor Relations and Networking Expert, particularly specializing in the Cannabis Industry and Healthcare Sector. With over 18 years in the medical field and an impressive entrepreneurial track record of starting over 10 companies, leading seven Cannabis businesses in the U.S., he has become an inspiration for entrepreneurs and business owners.
His academic foundation in physical therapy and healthcare management, combined with his hands-on experience in business development and capital fundraising, has positioned him as a pivotal figure for Cannabis companies aiming to reach new heights of success.
In today's episode, David and Andrew discuss:
- How he went from physical therapy to working in investor relations
- His experience with entrepreneurship and how he started working in Cannabis
- How to build an effective pitch deck and what to avoid when presenting to investors
- Current trends in investor markets and what has changed in recent years
- How accountants can help their clients achieve greatness in business and how to build confidence while raising capital in Cannabis
Dive right in with our much anticipated conversation with Dr. David Cunic.
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With cannabis sales in a historic slump, companies are struggling with dwindling cash flows and tough decisions. In this episode, founder and CEO of DOPE CFO Andrew Hunzicker, CPA outlines smart strategic moves for staying afloat.
He'll cover:
- How to determine your cash runway and optimal sources of capital in a restricted funding environment.
- What costs must be cut vs. defensive investments to retain core capabilities.
- Perspectives on assessing if it's time to wind down or exit altogether.
- How to plan for the worst, yet operate with the best case scenario in mind.
Whether you're a cannabis entrepreneur or investor, this podcast will equip you with practical tips for managing through the downturn, so you can position your company to thrive once the market recovers.
The future of the industry is bright, but selectivity and savvy strategy are key to endure short-term storms.
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In our latest episode of the DOPE CFO podcast, Andrew Hunzicker, CPA, Founder and CEO of DOPE CFO, talks with Erica Sloan, They spotlight her transformative journey as she’s successfully leveraged the DOPE CFO Certified Advisor Program and its VIP method to become a leading figure in Cannabis accounting and quickly built a 6-figure practice..
They discuss how the VIP method of the DOPE CFO Certified Advisor Program was pivotal in her rapid climb to a 6-figure Cannabis accounting practice. We'll take a deep dive and unpack the VIP system of becoming a valuable professional expert, instructor, and participant—that empowered Erica to move beyond traditional accounting barriers, land long-term, high-paying clients, and carve out a success niche in the Cannabis industry.
Through Erica's success story, we shed light on the proven route for other accounting professionals to build long-term client relationships and achieve sustainable success.
Listen in to get insight on proven methods for building a 6-figure accounting practice.
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Cannabis and hemp/CBD are both nearing $1 billion markets in several states. In a few short years, both Cannabis and hemp/CBD could overtake the $250 billion alcohol market, skyrocketing to possibly $1 trillion by 2027 (estimate from Merida Capital). Interested investors are watching these markets. Preparing startups now to raise capital could help your clients stake a substantial claim in this booming industry.
Accounting professionals can learn how companies raise capital and add immense value to their services by helping startups and growing businesses appeal to investors for funding.
On our latest podcast, we share insights from our CEOs years of working as an accountant in the cannabis space.
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There’s hidden profit in Cannabis cultivation, and you can find it if you’re a trained accounting professional that understands the science.
In our latest podcast episode, Andrew Hunzicker, CPA and special guest Wally Daniel unpack the intricate world of commercial Cannabis cultivation. With decades of combined horticulture, lean manufacturing, and accounting experience, Wally has been an integral asset to many successful Cannabis ventures.
Wally and Andrew cover a lot during the podcast including…
- The grow cycle from propagation to harvest
- Key metrics for operational efficiency and cost management
- Realistic financial modeling
- Improving product quality
- Appropriate software tools and…
- Value proposition of working closely with specialists like himself and properly trained accountants
This episode is essential listening for CPAs aiming to provide maximum value to their Cannabis farm clients through granular cost accounting, benchmarking, and identifying profit optimization opportunities. Roll up your sleeves for an in-depth discussion among the top professionals in the industry!
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Are you navigating the complexities of Cannabis inventory accounting?
Properly handling your clients' inventory is critical in this rapidly growing industry — one error can mean the difference between adding value or harming a business’ bottom line. Tune into our next episode where we'll cover all the critical processes and best practices accountants need to utilize..
We’ll dive deep into the essential elements required for effective inventory accounting and discuss the seed to sale process, Internal Revenue Code 471, and introduce important practices to set yourself apart in this niche.
You’ll learn about cost accounting tools and processes, tackle specifics for delivery and lab subniches, and understand the art of cost determination, including how to discern fixed versus variable costs.
This episode offers accountants a great opportunity to sharpen their skills and gain vital insights, enabling them to provide exceptional value and drive the success of their Cannabis business clients.
Tune in!
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Got questions on valuation in the Cannabis industry? Get answers in our latest podcast!
We cover everything from explaining what valuation is to delving into different valuation methods and the factors that affect valuation. We even discuss how to ask your clients the right questions to ensure you take a suitable approach to helping them meet their business goals and objectives.
When you understand the different kinds of valuations and know what it takes to support your clients’ top-level needs, you can provide the World Class service that sets you apart from the rest.
Here are just a few of the key uses of valuation we’ll be covering:
- Raising capital for startups
- Existing company needing a bank loan
- M&A support for sale of existing company
- Litigation: among partners, co-founders, investors, divorces, and more
- Tax and estate planning
Join DOPE CFO founder and leading Cannabis accounting expert Andrew Hunzicker, CPA, for this podcast: “Valuation of Cannabis Companies - An Accounting Perspective.” Our latest podcast is chock full of valuable information you can’t get anywhere else, so listen in and prepare to take notes.
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The Cannabis industry is ablaze with myths that could leave business owners burned, especially when it comes to the tricky world of accounting and bookkeeping. As an accounting pro, are you ready to fan the flames of truth and help your clients soar without getting singed? Debunking common misconceptions allows you to better serve your clients, keeping their businesses both compliant and profitable.
Slip-ups in tax codes, or getting twisted up in regulations? Time to clear the smoke. ☁️
🟢 Myth #1 - Cannabis companies don’t need complex cost accounting processes, a permanent audit trail, proper support, or tax liability relief via 471-11. — Falling for this one could cost your clients major tax deductions and land them in hot water with the IRS.
🟢 Myth #2 - We can handle all of the regulatory compliance issues in-house. — Believing in this myth negates the complexity of the industry, leaving your clients susceptible to fines, penalties, loss of licenses, and possibly criminal charges.
🟢 Myth #3 - Just because a Cannabis business has high revenue, their net income must be high as well — Reality check! This illusion overlooks the massive operational costs, regulatory compliance expenses, and unique challenges businesses face in the industry.
Listen to our latest podcast episode, 3 Myths Cannabis Business Owners Believe About Cannabis, to hear DOPE CFO Founder Andrew Hunzicker, CPA, smoke out these myths, keeping your knowledge fresh and your clients thriving.
Don’t miss this opportunity to sharpen your industry expertise!
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Until the SAFE Banking Act passes, the number of banks across the country that will service the Cannabis industry remains desperately low. Cannabis is currently classified as a Schedule 1 drug, and most banks won’t do business with Cannabis companies because of this. Not being able to open payroll or checking accounts (or borrow money to scale their business) leads most Cannabis businesses to constantly have massive amounts of cash on-hand.
Cannabis businesses have to watch their cash flow very closely if they want to stay in business. Most companies are flying blind and making purchasing decisions based on what they see in the safe (or in the bank account if they are lucky enough to be able to open one). Relying on the cash you have in-hand, rather than the business’ cash flow, can make it difficult to properly plan and forecast payroll and pay taxes. Paying taxes with big bags of cash is not only a terrible business practice, but it leaves them more vulnerable to theft or burglary.
We invite you to tune in to our latest podcast episode, Cannabis CEO’s Guide To Cash and Cash Flow Forecasting, to learn more about how having cash controls in place will not only make Cannabis companies safer, but also more efficient.
DOPE CFO Founder Andrew Hunzicker, CPA covers:
🟢 What cash flow is, and why it’s important to your success.
🟢 Cash controls, and how to make sure you protect this crucial asset.
🟢 How to properly project cash flow.
🟢 Tools you need to manage cash flow.
🟢 Ways to improve cash flow.
…and more!
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Cannabis businesses who try to get creative to circumvent 280E often find themselves in precarious positions with the IRS. Since companies in the Cannabis industry are not able to legally take tax deductions due to its classification as a Schedule 1 drug, many try to get around 280E by setting up multiple entity structures to attempt to create partitions within their corporations, or use IRC 471 incorrectly, to take deductions like businesses in other industries. Tax courts have ruled against these techniques time and time again.
Minimizing tax liability while being subject to 280E doesn’t need to cause anxiety or fear if done correctly!
On this episode of The Cannabis Accounting Podcast, attorney Nick Richards, partner and co-chair of the Cannabis Law practice group at Greenspoon Marder, LLP, and DOPE CFO Founder Andrew Huzicker, CPA discuss how businesses may benefit from using tax code 471-C when doing their taxes, using Capital Asset Theory to treat costs under 280E as capital assets (under the 16th Amendment of the Constitution), and ways to take expenses at exit (even under 280E).
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Participating in the Cannabis industry by going to conferences and expos is a great way to meet the people who make the businesses in this space tick, as well as get information on where the industry might be headed in the future.
Attempting to break the mold set by other Cannabis conventions, MJ Unpacked is a distinctive event for nationwide license holders and accredited investors to connect, collaborate, and prepare for expansion. Attendance is exclusive to cannabis retail and brand executives, with the title manager and above and investors actively investing in the space. While most expos focus on services or products surrounding the industry, MJ Unpacked saw a need for a space where Cannabis business executives could meet and mingle with investors who are looking to enter the space or expand their portfolios.
A unique venture in the world of Cannabis conferences, MJ Unpacked helps put Cannabis business owners and executives in the same room with accredited investors who want to find companies that are looking for capital to fund a startup, or raise money to scale an existing operation. Attendance at MJ Unpacked events is exclusive to Cannabis retail and brand executives, and investors that have been actively operating in the industry, so there is a stronger concentration on building businesses at these conferences, as opposed to products or services.
In our latest podcast episode, MJ Unpacked Founder and CEO George Jage provides insight on what Cannabis investors are looking for in potential business partners, how MJ Unpacked is changing the Cannabis industry, and the ways that expo attendees can make the most out of their networking time at Cannabis events!
The next MJ Unpacked happens in Detroit from October 10th-12th.
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If you are frustrated in your current career position, are sick of working long hours for little pay, or have been considering launching your own remote accounting firm and are wondering what niche to serve, now is the time to dive in! Cannabis has been predicted to produce over $30 Billion in revenue in 2023, and is the fastest growing industry in the US.
DOPE CFO has all of the training and tools you need to successfully start your own remote Cannabis accounting/CFO firm and help you land high-paying clients that will appreciate the work you do and the value you offer.
In this podcast episode, DOPE CFO Founder Andrew Hunzicker, CPA covers:
◾ The Industry, the Verticals, & the Complexity
◾ The Formula for Becoming a “VIP” (Valuable Expert, Instructor, Participant) in the Fastest-Growing Niche in the US
◾ Why Bookkeeping and/or “Fractional CFO” Solutions Don’t Work
◾ How to Build a Fully-Remote 1-Person $6–$7 figure firm with less than 5 clients
◾ Developing a Marketing System to Close 6-Figure Clients: our proven 4-part system shows you how to find and close great clients (even if you can’t stand marketing or advertising yourself)
◾ 5 Keys to Building the Foundation of Your Firm: including tools and workpapers you need, marketing tools, skills and education, community of experts, what a typical “day in the life of CFO” looks like, and every single thing you need to build your successful firm
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Want legal and compliant tax reductions? Listen to podcast episode 124 as the nation’s leader in Cannabis accounting, Andrew Hunzicker, CPA, founder of DOPE CFO, explains exactly what must be in place to properly reduce tax liability.
Takeaways from landmark cases Harborside and Champs are discussed, as well as the following:
✔️ Entity structures - What nearly everyone gets wrong!
✔️ IRC 280E - What it says, how it’s commonly misinterpreted, and what the Harborside ruling shows us.
✔️ IRC 471-11 - How 99% of Cannabis growers, manufacturers, and processors are leaving hard-earned dollars on the table.
Get clear, concise information you can’t get anywhere else. 🎧 Listen to this 10-minute episode “How to Get Tax Reductions Right When Most Cannabis Businesses Get Them Wrong” and get to properly lowering that tax liability now!
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If you’re done with jumping through seemingly endless regulatory hoops and compliance standards and want policies that make sense for Cannabis businesses, participating in groups that shape policy is how you become part of the solution.
Be part of the change by helping to create policies that work for today’s Cannabis industry businesses! In our latest podcast episode, we’re speaking with—co-founder and CEO of the National Cannabis Industry Association Aaron Smith—on 280E, The SAFE Banking Act, and how today’s accounting professionals can get involved in enacting sensible policy reforms at the federal level and state by state.
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We’re talking with veteran founder/entrepreneur Chad Price of Life Grows Green on transforming the negative stigmas associated with Cannabis and serving the wellness space, what the licensed Cannabis industry can learn from the sports industry, how accountants can better serve Cannabis/CBD founders, and more!
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Ever hear the saying, “You don’t know what you don’t know”? When performing bookkeeping for Cannabis clients, what you don’t know can have dire consequences. Even performing seemingly mundane tasks the same way you would for non-Cannabis clients can be a move in the wrong direction. Cannabis bookkeeping is unique. Properly doing it requires knowledge, not guesswork.
Get informed so that you can do things properly and provide your clients with unquestionable value.
It’s all here in our quick episode that’s packed with quality information on Cannabis bookkeeping!
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In this episode of The Cannabis Accounting Podcast we’re talking with Alyssa Smailes, Executive Director of The Utah Cannabis Association. We’ll discuss how UCA is building consensus with medical practitioners and serving as the voice of the Utah Cannabis industry, learn more about on-the-ground regulation and legalization, discuss medical vs. recreational accounting differences, the Utah market, and more, so tune in!
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Accountants who are in over their heads when it comes to Cannabis dispensary accounting can cost the business dearly simply because they don’t know how to do the work properly.
Dispensary CEOs and operators who rely on inexperienced accountants or accounting teams are unknowingly putting themselves at risk of hefty fines or even being shut down for not following IRC 280E.
In Cannabis, the right accounting procedures need to be put in place on a daily, weekly, monthly, and annual basis. Consistent and correct accounting—not strategies to beat 280E—are what make the difference.
In this podcast episode, DOPE CFO founder, Andrew Hunzicker, CPA, covers:
- Important tax codes and how to navigate them
- 471 - what it says, and how to correctly apply both GAAP and Tax, particularly for retailers
- Ideas for how to manage from an accounting viewpoint and “how to make it all work”
- Key court cases and what they mean for Cannabis companies
- Complex legal entity structures and other “games” to avoid
...and more!
There’s lots to learn, so listen in and learn up!
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Lindsey Renner, owner of Native Humboldt Farms, is the first enrolled tribal member to gain licensure in California in 2018. In this podcast episode we discuss Lindsey’s journey into Cannabis (including the devastating loss that preempted changes in the direction of the company), talk compliance complexities, craft Cannabis, the work she’s doing in issues of tribal sovereignty and cultivation, and more!
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Cannabis investors, CEOs, CFOs, accounting professionals, and entrepreneurs need to understand their options when it comes to choosing their entity structure, and yes—certain key concerns are unique to the niche.
In this 24 minute podcast episode, DOPE CFO founder, Andrew Hunzicker, CPA, goes over applicable tax codes and common entity and funding structures, including the following:
◾ The pros and cons of C Corps, LLCs, etc.
◾ Multi-entity structures
◾ Owner and investor goals (asset protection versus tax minimization)
◾ Corporate structure and legal docs
◾ Compliance
◾ Key startup considerations
◾ …and more!
In an industry where trouble seems to loom around every corner, from confusing tax codes to vague advice, being informed is of paramount importance. Get in the know so you won’t be blindsided by personal tax liabilities and financial exposure.
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Banking in the Cannabis industry is a biggie! We get into it with banking expert and DOPE CFO Certified Advisor—Cassidy McFarland, CPA. From his take on the recent bank collapses to risk mitigation, dealing with audits, and what most bankers want to see in startups’ pitch decks and financial models, listen in as we cover the solutions you can apply to keep yourself and your clients out of hot water.
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Top-tier Cannabis accountants want to provide their clients with maximum value and get paid fairly for the hard work and expertise they provide. In this 10-minute podcast episode, DOPE CFO founder, Andrew Hunzicker, CPA, goes over key considerations you need to make to adequately price your accounting services, including whether or not to take equity in lieu of payment.
From setting your rate to meet current needs as well as future growth, to providing clients with undeniable benefit, to the five value drivers of World-Class Cannabis accounting—and why you should never ask those potential clients what they need—Andrew gets into all of it! Prior to sending out one more engagement letter, get the lowdown so that you can set yourself up for success.
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Despite the fact that state-mandated seed-to-sale tracking software is notoriously buggy and local rules and regulations add an enormous amount of complexity to licensed Cannabis cultivation farms and grow rooms, cultivators are still required to follow the rules, accurately report everything on-time, pay their taxes, and more.
Whether you’re a cultivator or an accountant who wants to gain an understanding of how to properly serve clients in this space, in 30 minutes, The Grower’s Guide To Cannabis Cultivation Accounting & Tax shines a light on the various components you need to consider in this vertical.
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Take the time, spend the energy to learn things well and your clients will appreciate the expertise you provide. Depreciation in Cannabis? Few accountants in the Cannabis niche know how to utilize it correctly.
280E says it’s illegal to take deductions, including depreciation. We can, however, depreciate inventoriable goods, which can then be rolled into COGS and used as a reduction… if you understand the rules AND you do “GAAP” level cost accounting!
Learn more in this 10-minute podcast episode!
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Never position yourself as a yes person or bean counter, but as a potential partner in the success of the Cannabis businesses you work with. Asking the right questions is one easy and effective way to demonstrate your knowledge of Cannabis accounting.
So what questions should you ask? In episode 113, DOPE CFO founder, Andrew Hunzicker, CPA, tells you the 5 questions you need to ask to flip the script with potential clients. Get the lowdown in less than 20 minutes, and add one more powerful tool to your toolkit.
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If your client or company delivers products to and from farms, dispensaries, and/or end users, you need to listen to this episode.
Anyone touching or taking possession of the plant is likely subject to 280E… but there are complexities. Learn what those are since those found in violation of 280E could face hefty fines and penalties for improper deductions, and owe thousands in back taxes.
DOPE CFO founder, Andrew Hunzicker, CPA, addresses the complexities involved in Cannabis delivery services and similar operations and IRC 280E. Get an overview of the situation in this 6-minute episode.
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Did you know anxiety is actually really common in the accounting industry? Forget the shame and forget just powering through it. Learning how to manage it is key for landing potential clients as well as improving your quality of life, growing confidence, and working through stressful or anxiety-triggering situations.
In this special episode, DOPE CFO founder, Andrew Hunzicker, CPA, gets actionable tips straight from DOPE CFO member, Sean Yoder, CFO, who deals with anxiety on a day to day basis.
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We’ve got specialized, “hard-to-come-by” information in today’s show. Cannabis business founders, CPAs, and accountants be prepared to take notes as industry expert Ron Seigneur, CPA ABV ASA CVA, founder of Seigneur Gustafson and inductee to The AICPA Business Valuation Hall of Fame, gives us the lowdown on Cannabis business valuations. Learn what valuation is, why it matters A LOT, and the unique considerations Cannabis industry businesses need to have on their radars.
Connect with Ron Seigneur:
www.cpavalue.com
Check out Ron's books here:
www.CannaValuation.com
www.FinExpertDivorce.com
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Real Estate in the Cannabis Industry: What Accountants Need to Know
Whether clients are starting an indoor farm, outdoor farm, dispensary, or processing facility, real estate is a very real concern for Cannabis businesses.
We’ll go over what you need to know including:
- Is it better to rent or own?
- Commercial property owners’ and potential banking issues.
- Landowners’ main concerns when leasing to Cannabis companies.
- Entity considerations
- How 280E affects leasing and buying real property
- What 280E does NOT do
In less than 13 minutes get a solid overview of what you need to know and consider when it comes to renting or buying space for businesses in this niche market. Learn up with DOPE CFO and serve clients in this fast-growing industry that's projected to hit $72 billion by 2030 (Forbes 2022).
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Do you have questions on how Cannabis licensure and social equity are being handled in New York? Tune in! DOPE CFO VIP member, Allison Kirchhofer, CPA, MBA, gives the lowdown on what’s going on in the massive Empire State that’s “legalizing it” in some unique ways.
Cannabis accountants, social equity applicants, and anyone looking to get involved in the licensed Cannabis industries in this massive state needs to get the lowdown on what’s happening on the ground. There’s a lot to learn, so get ready to take notes!
Connect with Allison Kirchhofer, CPA, MBA:
Accounting by Design: http://accountingbydesign.cpa
New York Consortium of Cannabis Accountants: https://www.nycca.org
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Cannabis Businesses & Cannabis Accountants—Knowing & Doing GAAP Accounting properly is how you show your value! It’s a shame so few of today’s CPAs and accountants know how GAAP applies to Cannabis accounting.
Get the lowdown on what 471-11 really means, what you can and cannot put into it, accounting for the different Cannabis verticals (cultivation/growing, processing/manufacturing, retail, delivery), why doing GAAP is essential in the Cannabis industry, and more! Get compliant and don’t leave opportunity on the table.
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Betsy Morem & Mark Waller of Morem & Waller CPAs, PLLC. have advice on bookkeeping for today’s Cannabis businesses and staying sane in the process! Learn how to fix (and prevent) those common bookkeeping blunders, remain 280E compliant month after month, get your clients to participate in their accounting successes, and position yourself as a valuable ally in your clients’ success!
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In just 15 minutes, DOPE CFO founder, Andrew Hunzicker CPA, makes quick work of showing how most do Cannabis business accounting 100% wrong, and explains the approach to getting Cannabis businesses set up correctly and making them audit-ready month after month.
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Has depreciation for Cannabis businesses got you confused? Whether you’re an accountant or CPA serving Cannabis clients, or the CEO/founder of a legal Cannabis company, we've got straightforward information on depreciation and 280E and 471-11. Get informed about the applicable Internal Revenue Codes (IRCs), learn which common mistakes to avoid, and understand the logic behind all of it.
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Cannabis Businesses & Cannabis Accountants— Knowing corporate governance, having internal controls & accounting policies is SUPER important for all companies, but especially Cannabis companies, so tune in to learn how to reduce the possibility of fraud!
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Bridge City’s David Alport talks Cannabis licensing (transportation, cultivation, retail), licensing in various states, where things are headed (interstate, rollups), shares Cannabis startup marketing advice, and more. Unique info you need on your radar is here, so tune in!
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Just last year, CPA Rick LaNeve quickly went from zero Legal Cannabis clients to more than ten! Now, the founder of Accounting Buds and Chairman of the New York State CPA Society Cannabis Committee shares his tried-and-true advice on landing those 1st and 2nd Cannabis clients.
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With even the most anti-Cannabis states coming around to legalization, the industry's future is bright -and profitable.
The Cannabis space has changed dramatically since the first states voted for legalization back in 2012. In the 100th episode, DOPE CFO founder Andrew Hunzicker, CPA and leaders of the DOPE CFO Certified Advisors Franchise David Lewis, Raymond Guns, and Kristi Kem highlight the industry’s progression. Listen in to hear more about navigating future hurdles and how you can take advantage of the upswing by jumping in now.
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Cashless ATMs and Credit Card payment tricks by Cannabis businesses are considered fraudulent.
Cannabis is a Schedule I substance, so any attempts to get creative with payment options will still be classified as money laundering by the Feds. In this episode, DOPE CFO Founder Andrew Hunzicker, CPA and special guest Rick LaNeve, CPA, founder of Accounting Buds, have an in-depth discussion about the many illegal ways that Cannabis businesses are trying to collect payments. Listen in to hear about these Cannabis industry cash traps and how to avoid them.
For more information on Cannabis Accounting and DOPE CFO, please visit our website.
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Can you believe how far the Cannabis industry has come? Last year the AICPA (American Institute of Certified Public Accountants) recognized the industry with a few sessions at one of its conferences. This year the AICPA and CIMA have dedicated an ENTIRE conference to all things Cannabis accounting, and the DOPE CFO team is at the forefront with FOUR sessions during the 3-day event!
The move towards legalization in states over the last few years has brought involvement from many different areas, so this year’s Cannabis conference is bringing together a wider range of Cannabis experts. Attendees can expect to hear from CPAs from firms big and small as well as experienced CPAs turned instructors and Cannabis attorneys who have valuable perspectives on the industry.
The DOPE CFO team has become well known in the industry, and they’ll be offering sessions on some of the most pressing topics such as raising capital, banking, costing, technology, risk mitigation, and more. We’ll be sharing our experiences - maybe even some horror stories - to help those who are interested in or just getting started in Cannabis accounting.
The team will be hosting sessions that…
🌱 Provide basics to help accountants truly get to know their clients so they can build a strong firm
🌱 Guide newcomers on how to adopt a Cannabis accounting mindset
🌱 Discuss ways to legally raise funding
🌱 Detail how to get a position in the private sector
🌱 Offer a chance for closer networking through fireside chats where attendees can ask questions from industry experts
While we’re busy getting ready for this year’s Cannabis conference, head over to the AICPA & CIMA Cannabis Industry Conference page to register to attend. Use the code CAN2022 for discounted admission.
Click here for more information and to register for the conference.
To learn more about our Cannabis accounting program, check us out at DOPECFO.com and be sure to visit bit.ly/2GUnpPr to grab your FREE guide “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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There’s risk and then there’s calculated risk.
The calculated risk we were referring to on this episode of the Cannabis Accounting Podcast is the investments that require deep research into the past, present, and future of a company before deciding to go forward. And though many veteran investors can easily tell the difference, even seasoned investors find themselves with losses investing in the Cannabis industry.
From tales of investors who have invested over $2 million without seeing any kind of return to investors whose shares of a company don’t allow for any input in a business’ controls, we’ve seen plenty of people with solid investment choices who suffered major losses.
There are ways to avoid such negative outcomes, and fortunately for investors, the red flags that spell financial disaster when investing with a Cannabis company can often be spotted early on.
Here are some things to consider before deciding whether to invest with a Cannabis company:
🍃 The glory of the C-corp: This entity structure makes it much easier to raise capital and has better asset protection for the company. Most importantly, this structure purposely separates investors from their business investments, meaning investors cannot be individually audited.
🍃 The LLC risk factor: Unlike a C-corp, this entity structure throws open the door for all investors to be individually audited apart from the Cannabis business. If you’re set on investing with this type of Cannabis company, take extra precautions and make sure you have a voice in determining tax distributions and consult with a verified corporate tax attorney.
🍃 Tax regulations and procedures: Sure, you may not be the one to set up those corporate governance guidelines and internal controls (it’s best to trust a trained Cannabis accountant to put these in place), but it doesn’t mean your voice doesn’t count. As an investor, it’s your right to see that the business you’re investing in is following all tax protocols by the book–trouble for the company spells trouble for you (especially if that company is an LLC).
To learn more about our Cannabis accounting program, check us out at DOPECFO.com and be sure to visit bit.ly/2GUnpPr to grab your FREE guide “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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Making the decision to become specialized as a Cannabis accountant may be the easiest decision you’ll ever make, and the most fruitful. The industry is booming, and it’s nowhere close to finishing its climb. Investing in learning NOW means you’ll be just in time to take your career to new heights along with the industry before it skyrockets to its maximum potential in the next few years.
Why Cannabis? Why now? Join host Andrew Hunzicker, CPA and CEO of DOPE CFO as he walks you through the reasons this niche has the most profitable outlook for CPAs in the next decade. If you’re interested in setting yourself up for a secure, lucrative career that’s in high demand, tune in to podcast Episode 96 to learn how to get started and get information on how you should be pricing yourself and your services within your first year.
To learn more about our Cannabis accounting program, check us out at DOPECFO.com and be sure to visit bit.ly/2GUnpPr to grab your FREE guide “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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What if you could take your business further using what you ALREADY know about accounting? One of the best ways to keep your business growing is to share your knowledge by speaking at conferences and events. Events are prime locations to make valuable network connections, learn, and gain added exposure for your business, so whether you’re a Cannabis accounting expert or relatively new to the field, speaking on stage is something all levels should consider.
We know the thought of public speaking may have some people adamantly shaking their heads, but don’t shy away. The best part of presenting at Cannabis conferences is being surrounded by like-minded people who are all there for the same reason: to learn and grow together.
Tune in to Episode 95 to hear our founder Andrew Hunzicker, CPA along with special guest, expert Cannabis accountant Raymond Guns, CPA at 1st Choice CPA, to walk us through his accounting experience and explain how he began booking events early on in his journey into the niche Cannabis accounting world. We’ll dive into how your business can benefit from becoming a conference speaker and steps you can take to get started yourself.
To learn more about our Cannabis accounting program, check us out at DOPECFO.com and be sure to visit bit.ly/2GUnpPr to grab your FREE guide “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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Setting up multiple corporate entities for the sole purpose of getting around 280E will lead to a ton of trouble with the IRS. Just ask the folks over at Harborside.
The (still) ongoing Harborside case has taught us how the IRS views using multiple entities to take tax deductions for a Cannabis business, whether that entity is attached to or separate from the Cannabis operations. By trying to be clever and get around 280E, Harborside has now put itself in the position of potentially having to pay a cool $11 million in back taxes.
Harborside even tried to fight the constitutionality of 280E… and lost the appeal.
Our latest podcast episode, “Harborside Case Review: Why Multiple Entities Won't Circumvent 280E,” explores exactly where it all went wrong for Harborside and what we can do as accounting professionals to protect our Cannabis clients and their businesses.
Topics include:
🟢 A brief overview of the Harborside case.
🟢 Why using Harborside’s multi-entity corporate structure to take (illegal) tax deductions won’t fly during an audit.
🟢 Minimizing tax liability while still adhering to 280E.
CLICK HERE to grab your FREE “Ultimate Guide to Entities and Funding Structures in Cannabis!”
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Two licensed dispensaries were raided last month by the California Highway Patrol, with the California Department of Tax and Fee Administration on standby, to collect overdue state tax payments. The officers walked out with a couple of six-inch-high stacks of cash, but there is more to this story than a modern-day western holdup.
In our latest episode of the Cannabis Accounting Podcast, Andrew Hunzicker, CPA sits down with Daryl Jendras, CPA and managing director of Green Rush Tax PLLC. Daryl joins us with 30 years of state and local tax experience in corporate and public accounting settings with exposure to various industries throughout the US and Canada. Some have labeled him a ‘sales tax guru’ because of his track record of saving Cannabis businesses millions of dollars by understanding how to effectively work with the Department of Revenue.
In this episode, Andrew and Daryl discuss situations that have led to licensed Cannabis businesses being raided over unpaid taxes and how you can avoid a similar fate. You’ll learn important information regarding the following:
🌿 What a successful relationship looks like between a Cannabis accounting agency and the Department of Revenue.
🌿 Understanding why your agency receives automated notices from the Department of Revenue.
🌿 What happens when your agency and/or dispensaries ignore these notices.
🌿 What the consequences are for agencies and dispensaries that do not remit sales tax.
🌿 How voluntary disclosure agreements can help dispensaries secure payment plans for sales tax not remitted.
🌿 Understanding a dispensary’s sales tax liability when selling in multiple states.
Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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Understanding the myths that business owners believe about Cannabis accounting can give you a leg up on understanding their perspective and may better form how you pitch your value to them when you do reach out. For every myth they believe, you can counter with a well-researched answer, illuminating the consequences of misunderstanding tax codes and regulations in their industry and leading them towards a path of eventual profitability and compliance.
In this episode, Andrew Hunzicker, CPA, gets to the bottom of these myths:
🌿 Myth #1 - Cannabis companies can claim deductions or credits when filing taxes because of the federally illegal status of the substance.
🌿 Myth #2 - All of the regulatory compliance issues can be handled in-house.
🌿 Myth #3 - Cannabis companies don’t need complex cost accounting processes, a Permanent Audit Trail, proper support, or tax liability relief via 471-11.
🌿 Myth #4 - Just because a Cannabis business has high revenue, its net income must be high as well.
CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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As accountants and bookkeepers enter the Cannabis industry, many find themselves unsure of how to quote their fees correctly.
Many businesses need a thorough cleanup, monthly reporting systems set up, and constant compliance monitoring, but how can you possibly come up with a number that will fairly compensate you with so many unknowns? Fortunately, we’re going to share some of the tips and techniques that we’ve come up with to ensure that we are offering maximum value to our clients while being paid what you are worth.
In this episode, “Pricing Your Cannabis Accounting Services,” DOPE CFO’s Andrew Hunzicker, CPA, shares what you need to look out for as you put together your work plan for current and potential clients.
He also covers:
🌿 How your offerings provide exactly what Cannabis CEOs and owners want AND need.
🌿How to prepare and adjust your estimates for unknowns.
🌿 Valuing your services by basing your fees on benefits, not tasks.
CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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As Cannabis business owners and investors grow their companies and expand their operations, some will inevitably be blindsided by personal tax liabilities that aren’t protected by their entity structure.
The corporate entity’s structure determines the tax implications for owners, investors, and other shareholders. It also lays the foundation of how they get paid out in the future (at exit, yearly dividends, etc.). Correctly accounting for and tracking revenues and costs per your entity type will save major headaches when it comes time to file returns.
In this podcast, Andrew Hunzicker, CPA, sits down to discuss ‘Personal Tax and Entity Structure Considerations for Cannabis Investors and Owners’ to teach you about how a company’s structure affects personal tax filing, income distribution, and reporting requirements.
During this episode, he covers:
🌿 Cannabis tax codes and their relationship to entity structures: different entity structures may directly impact the tax rate business revenue is ultimately subjected to, so it helps to start with an understanding of the tax codes that affect the Cannabis industry.
🌿 Different types of entity structures used in Cannabis: from C corps to LLCs: Andrew discusses common Cannabis entity structure types and their pros and cons.
🌿 How to pick the best structure for your client: beyond pros and cons, how to analyze your client’s vertical and business model to determine the best entity structure.
CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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After having helped several of our DOPE CFO members build 6-figure accounting firms over the last few years, we know what works.
In this episode, Andrew Hunzicker, CPA shares what works for our members, and the 5 Keys to Building a Successful Cannabis Accounting Firm.
He goes over:
🌿 The importance of picking the correct niche (must be RECESSION PROOF)
🌿 The exact “Toolbox” you’ll need
🌿 A simple marketing system to find and close 6 figure clients
🌿 The importance of providing “World Class” service to these clients (& How to do this including what workpapers, systems, processes, and templates are needed.)
🌿 How to add a “World Class” team & community to your firm where you can get your questions and client questions answered quickly, share leads, and gain knowledge
Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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Legally reducing tax liabilities for Cannabis companies hinges upon compliance with one vastly misunderstood tax code: IRC 471.
Cannabis companies are not allowed any deductions or credits, and courts penalize them for messy records. According to 280E, any business associated with the "trafficking" of Schedule 1 substances may not deduct ordinary business expenses (like rent, vehicle expenses, mortgage interest, and much more). This means that the only way Cannabis companies can lower taxable income is by correctly allocating costs to inventory and Cost of Goods Sold (COGS) in compliance with 471.
In this podcast, Andrew Hunzicker, CPA, goes over:
🌿The definition of 280e and what it means for your clients.
🌿How you can use tax code 471 to get legal deductions for your clients.
🌿The biggest challenges with Cannabis inventories.
Grab your FREE guide to "Accountant's Guide to Managing Your Client's Cannabis Accounting Needs." Visit: https://bit.ly/3pOebLO
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Let’s face it; Cannabis business owners are incredibly busy keeping up with updates within the industry, making it almost impossible for them to keep up with their finances. This is what makes Cannabis accounting essential to keep their business successful.
But a lot more goes into working for this niche than you might think.
In this episode, Andrew sits down with Tina Begay, who owns Redtail Accounting, a business, consulting, and accounting services company, to go over her journey from professor to Cannabis Accountant. They take a closer look at what it means to be there for your clients and other ways to open your line of communication.
They also go over:
🌿 Pain points that cannabis business owners face in terms of bookkeeping, accounting, and tax codes.
🌿Organization tips and time management best practices.
🌿How to create strong working relationships with clients.
Want more guidance after the episode? Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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🌿Connect With Tina
Linkedin: https://www.linkedin.com/in/tina-begay-mba-328327190/
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It’s no secret that accounting professionals are intimidated by the Cannabis industry. Between finding information about the niche and landing clients, many shy away from the industry which leaves CEOs in need of experienced professionals.
Of course, accounting fundamentals are crucial but one expertise that many Cannabis and CBD/hemp accountants are missing is the ability to market themselves. Whether it’s at in-person conferences or through social media, networking is essential to building your client base.
In this podcast, the organizer of last year’s Orlando Tax Summit, Crysta Tyus, EA, gives us a behind-the-scenes look at Cannabis conferences. From deciding between various conferences to networking at large events, Crysta shares her first-hand knowledge on how to best approach these opportunities, such as determining your ROI on whether it’s worth it to apply to be a speaker, secure a booth, or both.
What You’ll Learn:
🍃 How to build your client base through networking
🍃 The best practices for attending Cannabis conferences
🍃 How to confidently price your services
To learn more about our Cannabis accounting program check us out at DOPECFO.com and be sure to visit bit.ly/2GUnpPr to grab your FREE guide “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”
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🌿Find Crysta Tyus, EA
Website: https://www.crystatyus.com
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Experienced bookkeepers and accountants are essential in keeping cannabis companies penalty-free.
The IRS and state tax agencies are ramping up their audits on Cannabis companies this year, and the industry needs trained bookkeepers and accountants more than ever to accurately clean up Cannabis books, adhere to GAAP guidance, and understand the critical workarounds necessary to navigate the tricky “quirks” of Cannabis bookkeeping.
In this episode, Andrew Hunzicker, CPA, goes over the right education, tools, and systems in place to guide you to become the accounting professional every Cannabis company wants to hire, instead of the one that's causing them grief.
He discusses:
- Internal record keeping vs. Cannabis specialized bookkeeping
- Important court cases and tax codes: IRC 280E and 471, the tax codes that lay out the framework for the only way Cannabis companies can legally take tax deductions.
- Cleanup and onboarding processes for new clients: a framework for the cleanup process during your first 30 days
- Day-to-day and month-end tie out systems: the reporting processes and systems to keep your client’s books up to date and compliant
Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO
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Accounting professionals… it’s time for you to charge what you're worth! There are a million reasons why accounting professionals aren’t charging enough for their services.
One of the most daunting questions that accounting professionals have when they first start their own firm or add a new service is, “how much should I charge?” More often than not, unaware Cannabis accounting professionals will undercharge their clients to get the business, and then once the work starts, they realize how massive the workload is. It can be very difficult to go back to the client and ask for more, making it very important to charge them correctly the first time around, which is why you want to check out this episode of the DOPE CFO podcast.
In this podcast episode, Andrew covers:
🌿 How much you should charge to hit your monthly revenue goal: he provides examples of how to build a 6-figure firm, how many clients it would take, and how much you should be charging each client.
🌿 What all Canna/CBD owners want and value in terms of accounting: stop pitching bookkeeping and low-value services, and start leading with services that are highly valuable, and set you apart from others in the industry.
🌿 Challenges Cannabis accounting professionals often face: banking, cash controls, POS systems, integrations with seed-to-sale software, and many more.
Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO
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It’s a new year and the perfect time to finally take that leap into the exciting world of Cannabis.
Getting into a new industry is scary and you might not know where to start or what to expect. Some of you might have just stumbled on this podcast and the title piqued your curiosity, some of you have been listening along and are figuring out if this is the niche you want to be in, and others are just looking to hear a new perspective. Referred to by some as the “Wild Wild West," the rampant growth and expansion of the Cannabis industry have made it an exciting place to operate.
In today’s episode, the Cowboy Accountant himself, Chip Schweiger, CPA, CGMA from The Green Leaf CPA talks with DOPE CFO Founder, Andrew Hunzicker, CPA about the transition to starting his own Cannabis accounting firm and learning to function in this relatively new (state-legal) industry.
They discuss:
🍃 What makes the Cannabis industry unique
🍃 The growing opportunity Cannabis accountants and bookkeepers have as state legalization continues to sweep the country
🍃 Tools you can utilize when starting your own Cannabis accounting firm
Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO
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🌿 Find Chip Schweiger, CPA, CGMA
Website: https://thegreenleafcpa.com/
LinkedIn:https://www.linkedin.com/in/chipschweiger/
Instagram (Chip): https://www.instagram.com/chipschweiger/
Instagram (The Green Leaf CPA): https://www.instagram.com/thegreenleafcpa/
Twitter:https://twitter.com/ChipSchweiger
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It’s tough starting a business in an industry with so much red tape and unclear guidelines. For Cannabis business owners, there are numerous restrictions and they might start feeling hopeless and lonely. Groups like the Arizona Dispensaries Association (ADA) are a community of leaders providing information, guidance and are the legislative and regulatory voice for Arizona’s Canna-prenuer. They strive to recruit and retain responsible industry members who believe in protecting patients and providing high-quality cannabis in Arizona.
As a Cannabis accountant and bookkeeper, you can network with advocacy groups by demonstrating your expertise. One idea is leading an informative seminar on 280E!
Andrew discusses the following with Samuel Richard, a member of the Arizona Dispensary Association (ADA) on this episode of our podcast:
🌿 What advocacy for Cannabis companies looks like and how to get involved
🌿 The Arizona Cannabis market, and how the Arizona Dispensary Association is helping businesses navigate tough rules and regulations through their work
🌿 IRS audits and the need for accountants in the Cannabis industry
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Arizona Dispensary Association Social:
https://azdispensaries.org/
https://www.facebook.com/AZDispensariesAssociation/
https://twitter.com/ada_arizona
https://www.instagram.com/arizona.dispensaries/
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Social Equity. What does it mean in the Cannabis Industry?
Andrew sits down with Shaleen Title (Cannabis Attorney and Speaker) and Nina Parks (Cannabis Activist) to talk about what social equity truly means in the Cannabis industry.
It’s not new knowledge that the war on drugs, especially marijuana, has greatly impacted Black, Latinx, Native American, and other minority communities. What cannabis social equity can do is to ensure that these communities get the resources they need to thrive in the budding industry that once persecuted them.
Some topics Shaleen, Nina, and Andrew cover:
🌱 Why social equity in Cannabis is important
🌱 How social equity in the Cannabis industry can help marginalized communities
🌱 How to be an ally and an accomplice
🌱 How Cannabis accountants can partner with new business owners, especially social equity applicants
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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As more states legalize Cannabis, the IRS is cracking down on tax audits. Recently, the IRS has announced they are specifically focusing on S-Corp and running a fine-toothed comb through CEOs’ books. Cannabis companies are a bigger target now than ever.
The only way to make sure your clients are prepared for audits during tax season is by understanding the ins and outs of updated Cannabis tax laws. Join us for this podcast as Andrew Hunzicker, CPA covers in-depth details on what the IRS is looking for and how to set your clients up for success.
Andrew discusses:
- Ways to avoid getting your clients flagged for an audit
- Accounting operations efficiencies to make audits a breeze (having the right tools and processes in place for WHEN an audit happens)
- Internal audit processes that add a ton of value to your clients and that can keep you out of trouble with the IRS (cash controls, governance, etc)
- And more!
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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Audits. That’s a word that makes most Cannabis accountants and their clients shake in their shoes. But the audit process doesn’t have to be so anxiety-producing. You just have to know what to expect.
Our recent podcast features Tony Frischknecht, a Cannabis company owner and investor of more than 17 years. Tony got his start in Colorado, the first state to legalize Cannabis. Tune in as he sits down with DOPE CFO founder Andrew Hunzicker, CPA to discuss what experiencing an audit is like from the perspective of a Cannabis CEO and what you can do to up your accounting game to help your clients pass with flying colors.
Key points Tony and Andrew discuss include:
- Why city and state audits are implemented: audits are necessary -- they aren’t just delivered as punishment for Cannabis companies that regulatory bodies suspect are conducting business illegally (discover the real reason why audits are not only necessary but inevitable)
- How Cannabis accountants can help prepare their clients for audits: rock-solid accounting and an impeccable understanding of compliance are key to helping your clients survive audits (we’ll discuss which components need to be in place, as well as common errors to avoid)
- The one factor that will set you apart in a client’s eyes: providing cost accounting and inventory accounting, strategic advisory, and tax burden guidance is all essential but building a relationship with a client will make the biggest difference (and greatly improve your chances of attracting higher-paying clients)
Tony is available at tonyfrischknecht.com if you want to connect about audits or Cannabis investing or to listen to his podcast, Plant Problems.
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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In the Cannabis industry, it’s not a matter of if a Cannabis company will undergo an audit but when. As an accountant, it’s your job to understand the fundamentals of accounting and tax laws and regulations to help your clients have the best possible chance to survive the critical eye of the IRS.
Fortunately, the more you know and the better you can provide world-class, niche-specific accounting to these Cannabis CEOs, the better you can help them safeguard against legal consequences.
For this podcast, we’ve gone straight to the source to offer you support in strengthening your understanding of Cannabis tax laws. Rachel K. Gillette, Cannabis attorney and partner at the Cannabis industry group Holland and Hart, sat down with Andrew Hunzicker, CPA to discuss insider information regarding Cannabis tax codes, recent court cases, and how accountants support their clients.
Topics they discuss include:
- The industry’s most misunderstood or misinterpreted tax laws: 280E and Section 471 go hand-in-hand to help Cannabis companies determine which deductions can be claimed, although a great majority of Cannabis companies and accountants don’t understand how to legally lower the tax burden
- How Cannabis accountants can keep their clients compliant: the only way accountants can help their Cannabis clients stay out of hot water with the IRS is through proper niche-specific accounting practices and understanding the fundamentals of each tax code (we delve into what every accountant should know who intends to serve clients in this industry)
- An outlook on current and future tax court cases: learn what the IRS is looking for in audits and why the federal government in winning most 280E-related cases (and strategies accountants should adopt to help clients survive audits)
For more info on Rachel’s law firm and how she can advise you as you learn to serve Cannabis clients, visit https://www.hollandhart.com/rkgillette.
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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Most accountants are so busy they barely have time to live their lives. If you run a remote accounting or bookkeeping practice, one reason you started that endeavor may have been because you wanted to strike a better work-life balance.
Now, you have so much busywork to do, including filing reports, data entry, and filling out tax returns, that you are still working nearly 80 hours a week -- without much to show for it.
Our advice? Let a machine help you.
In the dawning age of artificial intelligence (AI), this innovative technology has its place in accounting, especially in the Cannabis accounting niche where you have enough to worry about while trying to keep your clients compliant amid so many changing rules and regulations.
In episode 77 of The Cannabis Accounting Podcast, DOPE CFO founder Andrew Hunzicker, CPA sits down with Jody Padar, CPA and VP of strategy at Botkeeper, a full-suite AI accounting solutions company. She discusses the growing importance of adopting AI to innovate and transform bookkeeping or accounting operations and how removing this “grunt work” is the key to living your best life.
Key points Andrew and Jody discuss include:
- How artificial intelligence (AI) can transform your Cannabis accounting practice and free up your life: whether you run a solo remote Cannabis accounting practice or a larger firm that serves many industries, AI can streamline your processes and help you focus on strategic advisory services or other high-level offerings (allowing you to strike more of a work-life balance while earning higher rates)
- The benefits of Botkeeper: Botkeeper is an AI and machine learning technology solution for bookkeepers and accountants that fully automates reporting and data entry to innovate your workday (as VP of strategy at Botkeeper, Jody talks about how Botkeeper will make life easier for both you and your clients)
- Why AI and Cannabis are a perfect match: people working in or with Cannabis and AI are early adopters, the pioneers who see greatness in budding markets (we’ll talk about how Cannabis accountants entering the space can 10x their business goals with AI solutions)
For more info on Botkeeper and how it can revolutionize the way you run your accounting firm or remote practice, check outhttps://www.botkeeper.com/.
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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Most accounting professionals squirm away from marketing. However, at the end of the day, the only way accountants and bookkeepers can land great clients is to level up their marketing chops in simple, strategic ways.
In Episode 76 of our podcast, bookkeeper Rosanna St. John talks with DOPE CFO founder Andrew Hunzicker, CPA about social media marketing approach and her client-magnet techniques. By tapping into the Instagram algorithm and upping her audience engagement, she not only quickly booked three client meetings -- but also walked away from each meeting with a signed engagement.
Tune in to hear Rosanna and Andrew discuss:
- How just being yourself is a valuable marketing tool: clients want honesty and authenticity -- they’re not so much buying your services as they are buying what you represent (Rosanna chats about how she is herself first and foremost, which has proven to be a valuable marketing strategy as she sculpts her business to best serve her clients)
- Using Instagram for client outreach and acquisition: landing clients quickly can be easy if you know how to leverage social media (we’ll discuss how Rosanna landed three client meetings within a week of joining DOPE CFO simply because she knows how to promote herself and participate in networks using Instagram)
- Developing a client engagement and communication strategy: even if marketing overwhelms you, developing a simple strategy for engaging with and answering questions on social media can connect you with potential clients (Rosanna breaks down the steps she used for client engagement that any accountant can implement on basic social media platforms)
For more info on Rosanna’s bookkeeping business and how she can help you with your Cannabis accounting path or MJ business, check out https://linktr.ee/cannabookkeeper.
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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Many Cannabis and CBD/hemp accountants don’t know how to market themselves, making it harder for them to get out there and land new clients. At DOPE CFO, one highly effective marketing tip we share with our students is to “participate.”
“Participate” is one part of a critical VIP formula we teach as the “secret sauce” required to really shine as an accountant in Cannabis or hemp/CBD. (The “V” stands for Valuable Expert and the “I” stands for Instructor.)
Although “participate” is usually the most overlooked of this formula, it can be the most fun and effective way for you to prove your expertise and land new clients. You can dive into local groups, help significant Cannabis/CBD causes, and support peers and potential clients interested in growing the industry.
Molly Mayfield, a CPA and owner of the Cannabis accounting firm GreenFlex Financial, sat down with DOPE CFO founder Andrew Hunzicker, CPA to discuss how she has used “participate” to quickly establish herself as an expert and land great clients.
Topics Molly and Andrew discuss include:
- What it means to be a “participant”: being a participant in your niche means diving into networks, events, and groups and sharing your knowledge among peers (and potential clients) to further the growth of your industry
- How to use participation in Cannabis/CBD events/groups to land new clients: once you focus on being a participant, you can leverage your expert knowledge and help others in nonprofit groups and/or community networks to showcase the value you could provide (all it takes is a Google search to find groups or events in your state that you can take part in)
- The importance of speaking engagements and being active in the industry: with dedication as a participant, you may also be able to land speaking engagements to broadcast your knowledge and reputation as an expert in the industry (listen as Molly talks about her upcoming speaker event on the hot topic of social equity)
For more info on Molly’s company and how she can help you with your Cannabis accounting path or MJ business, check out www.greenflexfinancial.com.
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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One of the biggest roadblocks new Cannabis accountants face doesn’t have to do much with accounting.
It’s client acquisition.
Even after you have mastered every tax code, cost accounting process, and niche-specific requirement you still might face the overwhelming prospect of landing your first client.
However, finding and signing on your first client doesn’t have to be anxiety-producing if you know a few tips and tricks to make it an easier process. Listen in to “Ep. 74: Strategies to Take the Stress Out of Landing Your First Cannabis Client” as Andrew Hunzicker, CPA breaks down ways to start building your clientele.
Topics he discusses include:
- Establishing a value-focused mindset: you’re not just another general accountant who won’t be able to help your clients properly reduce their tax burden and comply with seed-to-sale tracking; you’re an invaluable asset to your client and viewing yourself as such is the first step to landing clients (we’ll discuss how to communicate to your prospect how you can offer them real value versus selling services to them)
- Developing a simple marketing system: even if you absolutely loathe marketing, you can still attract the clients you’re looking for using a simple but effective system (this includes using an easy four-part proven system that DOPE students consider their secret weapon for landing clients)
- Getting involved with communities and networks: one of the best ways you can get yourself out there and attract new clients is through participating in Cannabis accounting groups and networking with your peers (through this participation, you’ll build yourself up as an expert in the industry and will have access to connections and collaborative work through these networks
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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As an accountant helping Cannabis companies, you have a big responsibility you may not even be aware of yet: helping set up entity structures.
If you’re not aware of the importance of choosing the right entity structure, let’s pan quickly to the MedMen case. This is a cautionary tale of how a great product and company ended in a dramatic litigious battle due to an accounting and legal team that believed they could beat 280E with multiple-entity structures.
Although you’ll always want a Cannabis attorney on your team, your understanding of how to do accounting for each entity type sets up a path of success from the get-go for your clients and investors. Choosing and helping with operations for the right entity type enables you to properly minimize their tax burden while keeping their company compliant with state and federal regulations.
In this podcast episode, Andrew Hunzicker, CPA breaks down entity structures and considerations to keep in mind as you guide your client through the process.
Topics discussed include:
- Your role as an accountant in assisting your clients with entity structures: you may not be a lawyer (although you should have a Cannabis attorney on your team), but your ability to do proper accounting for each entity type is crucial to your client’s long-term success
- Investor goals and challenges: as more investors are savvy, we’ll see much higher standards of due diligence and tax compliance. Investors are thinking about exits, so tax returns must be immaculate -- or your clients could lose their license (and investors can lose their investment!)
- Tax codes: understanding Cannabis tax codes are critical to setting up entity structures to prevent your clients from trying to "beat" 280E and determining how entity type may affect properly minimizing tax liability and acquiring special tax breaks like 199a
- Common entity types/pros and cons of each: we’ll talk about how to analyze your client’s vertical and business model to determine the best entity structure (and we’ll point you in the right direction for helping your clients set up this crucial part of their business) For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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Do you know how much it costs to produce and sell a pound of pot, from the moment a seed is planted to when the delivery truck ships it to its final destination? If you don’t know this answer, you may not understand inventory cost accounting.
Cost accounting is essential when serving Cannabis clients because it’s required to help companies stay compliant with IRC 471. If you don’t know how to allocate inventory costs to Cost of Goods Sold (which is the ONLY way Cannabis companies can claim deductions), you could be shorting your client’s cash flow or setting them for crippling penalties from the IRS.
In this podcast episode, Andrew Hunzicker, CPA explains how to categorize inventory for Cannabis companies to help you better understand the nuances of this complex process.
Topics discussed include:
- Inventory categorization terminology: the basics begin with understanding basic categories under which to record inventory, including Work in Progress (WIP), Raw Materials (RM), and Finished Goods (FG) (and we'll provide examples of each to give you some context)
- Different grow stages and inventory counts for each vertical: from manufacturing to retailers, we’ll cover a range of inventory counts found in each stage (helping form a foundation for inventory accounting that you can quickly build into a more robust service offering)
- How to reconcile inventory with POS for retailers: if you work for retailers, reconciling each inventory count with your POS system is essential for correctly tracking every item (we’ll discuss the high-level categories you’ll need to cover and the overview of this process)
- Establishing a Bill of Materials (BOM): the BOM is essential for manufacturing as you’ll need to track and count each “ingredient” that goes into a product (we’ll quickly demonstrate this document and discuss the components required to properly do inventory accounting for each product)
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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With the legalization of recreational Cannabis happening quickly for many states, and the influx of new businesses that have followed, it’s no surprise that investors far and wide have wanted to get a piece of these startup companies. Investors will supply much-needed early capital and strategic advice in exchange for a sizable return on their investment later on.
Accountants play a vital role in raising capital for Cannabis companies by keeping the books organized and clean, and communicating with investors to ensure that deadlines are met and the business is profitable.
On this episode of The Cannabis Accounting Podcast, Andrew Hunzicker, CPA sits down with Jordan Tritt, CEO and co-founder of The Panther Group, an investor and Cannabis company network, to provide perspective on what Cannabis investors are looking for and what Cannabis accountants can expect when helping their clients raise funds.
Topics discussed include:
- Current market and projected trends for Cannabis investors: although it’s always a challenge for Cannabis companies to attract committed investors, there’s more capital available than ever for this industry and we’ll discuss the likelihood of a company acquiring capital in today’s market and in the future (as long as the right team, advisors plan, and strategy are in place)
- Major keys investors are looking for in potential Cannabis businesses: gain critical insight from an active investor in the space on what investors are looking for in a potential Canabis company, from airtight financials to execution and projections
- The biggest piece missing from Cannabis capital raise structures and strategies: learn the one mistake most accountants and businesses tend to make when trying to raise capital to ensure you position your client for success in their fundraising ventures (hint: it has to do with an understanding of each complex Cannabis regulation and how much time you spend making sure every detail is accounted for)
Check out The Panther Group here: https://thepanthergroup.co/
LinkedIn: https://www.linkedin.com/company/thepanthergroup/
Instagram: https://www.instagram.com/thepanthergroup/
Twitter: https://twitter.com/panthergroupllc
For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr
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Audits.
There is no word accountants dread more.
Audits can happen to any company in any industry, but with Cannabis companies being so closely watched by the IRS and other government entities, it’s less of wondering IF a company will be audited, but WHEN.
Even though an audit may not happen for years after a mistake is made, knowing you’re armed with the knowledge and skills to successfully navigate your client through them can take a lot of weight off your shoulders right now.
On this episode of The Cannabis Accounting Podcast, Andrew Hunzicker, CPA sits down with fellow CPA Summer Wilkinson, who recently brought one of her Oregon-based clients through an audit. Listen in as Andrew and Summer discuss the process, giving you insight into what to expect and how to best prepare your clients.
Along with tips on how to avoid an audit, Andrew and Summer highlight:
- What to expect during the audit process: from documentation required to filing for appeals, Summer walks us through every step of her experience with a state-level audit
- Tips for surviving any audit: although you can’t predict the outcome of an audit, you can prepare your client as much as possible (we’ll discuss staying on top of documentation, opening communication lines with the auditor, getting highly organized with your information gathering, and more ways to help the audit process be more painless)
- Outlook on new potential tax rules and compliance implications: the recent introduction of 471(c) may affect how some accountants help their clients prepare for tax returns (Summer weighs in on this new code section and shares her hybrid method for keeping her clients compliant)
When your clients know you can guide them successfully through dreaded, inevitable audits, they’ll not only see you as someone they can fully rely on year-round, but your reputation as a trusted industry advisor will continue to blossom as well.
Keep up with this industry expert! Connect with Summer and her accounting biz, Leaf Book CFO.
Website https://www.leafbookcfo.com/
Facebook https://www.facebook.com/summercfo/?ref=pages_you_manage
LinkedIn: https://www.linkedin.com/in/summerwilkinson/
Instagram: @leaf_book_cfo
Check out DOPE CFO's program and offerings at www.dopecfo.com. Stay up to date on Cannabis/CBD/hemp industry trends and tips by connecting with us on Facebook, LinkedIn, Twitter, and Instagram. Never miss an episode! Subscribe to the podcast today!
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Cannabis is still a Schedule 1 drug. That means The IRS is keeping an extra close eye on all Cannabis companies and affiliates. For some clients, their very licenses may be on the line -- because haven’t received proper accounting guidance. If you have the finely sharpened skills required to keep both Cannabis and CBD clients compliant, you could be in high-demand for years to come.
With the right education and critical skills in place, you can become an expert with a flourishing firm that leads budding Cannabis/CBD entrepreneurs towards success. You just need to know which tactics and resources you need to be devoting your attention to.
On this episode of DOPE CFO founder Andrew Hunzicker, CPA guides you through the “Core Skills to Lock Down Before Launching Your Cannabis/CBD Accounting Firm.”
Throughout the episode, Andrew will provide:
- Complete understanding GAAP and cost accounting for Cannabis/CBD: compliance rides fully on being able to correctly do cost accounting in compliance with GAAP and tax code 280E (without these critical skills, you won’t be able to properly help your clients reduce their tax burden, which can lead to a landslide of potential disasters and consequences)
- Industry knowledge and strong grasp of state and federal rules: before you consider helping clients in either industry, you need to dive into reading up on the latest news about your chosen niche, along with strict state and federal rules (we’ll dive into where you can find these resources to become familiar with the ins and outs of ever-changing rules and regulations)
- Development of ‘soft skills to best serve your clients: soft skills are the people skills and business savvy it takes to really push a Cannabis/CBD accounting firm from launch to thriving (learn how anyone can hone these skills, including responsiveness, time management, organization, practice management, marketing, and effective communication)
- And more, including all the “tools” you will need to help these companies get launched!
Locking in these simple skills can make a big difference for you and your client. Not only will it save your clients from fines and penalties, but it will boost their confidence in you, enabling you to more quickly become a trusted business advisor.
Never miss out on ground-breaking tips and insider advice on the rapidly growing Cannabis/CBD/hemp accounting niche. Sign up for Andrew’s DOPE CFO program at www.dopecfo.com.
And don’t forget to click subscribe to catch all the latest podcast episodes!
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While it’s fun to see the rewards that working hard brings us as accountants and bookkeepers, those rewards never seem to come without a bit of struggle. Sometimes, we need a little bit of help. (And that’s okay!) A great way to give yourself the assistance you need is to utilize intuitive software solutions. These streamline processes and maximize efficiencies so you continue to provide higher-level services to each of your clients. Not only does this streamlining make your life easier, but it also increases the value of your services...and your fees.
On the latest episode of The Cannabis Accounting Podcast, DOPE CFO founder Andrew Hunzicker, CPA, and David Cristello, founder and CEO of Jetpack Workflow, talk about all things accounting software, including how the right software solution can help you work smarter, not harder.
You’ll take away great insights like:
- The biggest roadblock affecting today’s accountants and bookkeepers: one major reason why you might not have the client base and high fees you’d hoped for is that you’re not thinking strategically (David goes into how to envision and implement repeatable client experiences where not only are your clients’ needs met but ravings fans of your expertise are created)
- A look at the future of your role (and how to adapt): even though technology is evolving and some accounting and bookkeeping services are becoming solely automated, clients are still willing to pay hourly rates for efficient professionals over software like Freshbooks (we’ll dig into how to navigate these changes in the industry, such transitioning into a cloud-enabled practice and looking for proactive solutions)
- Ways Jetpack Workflow can innovate your practice: learn how Jetpack Workflow can solve many issues you’re currently facing as it helps you standardize the work you do, automate deadlines, and track your scheduling and progress (we’ll dive into each aspect of Jetpack Workflow to help you envision how it could assist your day-to-day operations)
Better efficiency and increased fees for you. Higher-level services for your client. Jetpack Workflow makes everyone’s business run a little smoother. Plus, stick around at the end of the episode to get a sweet bonus offer from David and Jetpack Workflow by visiting https://jetpackworkflow.com/dopecfo.
Want to see even more ways Jetpack Workflow can boost your biz? Check out www.jetpackworkflow.com.
Don’t miss out on Andrew’s DOPE CFO program at www.dopecfo.com for ground-breaking tips and insider advice on the rapidly growing Cannabis/CBD/hemp accounting niche.
Never miss an episode! Subscribe to the podcast today!
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Despite the Cannabis industry’s massive growth over the last few years, the sector still isn’t universally fair for everyone. Several factors, including criminalization of marijuana-related charges among minority groups, have created inequalities when it comes to accessing and benefiting from this growing market.
To promote the highest standards of social and environmental performance, many Cannabis companies have implemented a business structure called the Certified B Corp. On this episode of our podcast, DOPE CFO founder Andrew Hunzicker, CPA chats with Brad Green, an Australian-based Cannabis accountant. Brad’s vision is to empower clients and support a sustainable industry by utilizing Certified B Corps.
Listen in as Andrew and Brad discuss:
- The purpose of a B Corp in the Cannabis industry: B corp models are based on using a business for good, promoting sustainable companies that benefit the environment, create equality among social classes, and minimize problematic corporate behavior (and we’ll discuss how Cannabis is a perfect industry for B Corps as more people try to establish social equity and fair opportunities for all business owners and consumers)
- How a business can become B Corp certified: if you feel moved, as an accounting professional, to establish fairness and sustainability in the industry you serve, you may want to learn how to help your clients become B Corp certified (listen as Brad details how he introduces to the concept to clients and guides them through the process)
- Specific ways Cannabis businesses can serve communities through B Corps: pursuing a desire to balance profit with purpose, Cannabis businesses can offer one percent of their annual revenue towards causes that align with their mission or can take steps to look at the impact of their actions on the community and not just their ROI (we’ll look at the verification process a client will go through to ensure they reach these benchmarks)
So, you’ll not only learn about how you can help guide clients towards financially sustainable businesses, but you’ll also have the incredible opportunity to help them leverage their power for something pretty spectacular - social equity.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, visit www.dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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New York is one of two states that passed recreational marijuana laws in the last month. With this new legislation comes new opportunities, and new challenges, for accountants who are interested in representing this emerging clientele.
On this episode of DOPE CFO, founder Andrew Hunzicker, CPA chats with Rick LaNeve, New York-based CFO and a member of the New York State CPA Cannabis Committee, about his growth as a Cannabis accountant, New York’s political climate, and Cannabis market expectations. He also shares his experiences and answers questions about what it takes for other accountants who are looking to break into serving this new demographic in New York and beyond.
Tune in as Rick and Andrew discuss:
- Updates on the legalization landscape in New York: in the wake of the freshly legalized recreational market, we talk about how the NY State CPA Cannabis Committee is already analyzing the legislation (and requests they are making to the state on behalf of accounting, tax, and social equity viewpoints)
- Particular challenges innate to new legalization: although NY residents won’t be able to sell or buy marijuana for a year or two, accountants and MJ advocates are already anticipating potential challenges (one of which is high taxation, pressing the question of whether or not the new legalization will strengthen the black market)
- What to expect with serving new clients when you first get into Cannabis accounting: whether you have your sights set on helping future NY clients or Cannabis clients in your own state, learn from Rick’s experiences landing his first clients (and you’ll learn which red flags to look for and which strategy to employ to be successful)
As new Cannabis legislation continues to spread across the nation, having a comprehensive understanding of the industry’s unique needs will give accountants a head start in serving this growing segment of America’s business landscape.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, visit our website at dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Getting started in Cannabis accounting can be overwhelming for accounting professionals who have just started serving Cannabis clients or for those who are still considering the niche. It’s especially difficult when your state has just legalized marijuana and things are still a little bit like the Wild West.
Matt Mann, with experience as an internal auditor and corporate controller, was a part of this new frontier when he started serving Oklahoma Cannabis companies soon after the state passed legalization. He ran into some challenges as the state ironed out its regulations, but also found an advantage to getting started early. For this episode, he sat down and talked with DOPE CFO founder Andrew Hunzicker, CPA about getting started and how to utilize your past skills and quickly build new ones to be successful from the beginning.
Key points Matt and Andrew discuss include:
- How to dive in as soon as your state legalizes Cannabis: accountants may be the most successful if they jump into the niche without much hesitation; confidence is key, as well as having a strong referral process already in place with your current clients (we’ll talk about how to level-up quickly so you can hit the ground running).
- Challenges of doing Cannabis accounting in Oklahoma: although the lessons of Matt getting started in Oklahoma can apply to any state, we specifically dig into the challenges of serving in Oklahoma, given that it’s one of the most flourishing markets (and we’ll talk about ways you can learn from Matt’s early obstacles to optimize your success).
- Ways to serve clients outside of your home state: if you’re interested in serving Cannabis clients but your state hasn’t legalized it yet or if you just want more clients from other states, one thing to watch for is how investors may be trying to get the most out of the market before it becomes more limited (you’ll want to look for residency requirements and state board regulations before sending your offer letter).
It may be a Wild West scenario out there as new legalization markets crop up, but there are rife opportunities for you if you commit to quickly learning how to serve clients in this niche. Listen in today for tips on paving your way.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Proper cash and company credit card management is essential for clean books, but it can be difficult to organize your clients’ many transactions.
The lack of banking services available to Cannabis businesses means the companies’ bills are often paid in cash. Even companies that have access to credit cards do not always have the flexibility and benefits of normal purchasing cards or separate employee accounts.
Because of this, some employees within a company will share one company credit card, or an employee will make purchases with a coworker’s account. Limited transparency regarding who made each cash or credit card purchase is a security risk, wastes valuable time, and could lead to accounting errors -- which can hinder operations and compromise compliance.
On this episode of the DOPE CFO podcast, your host Andrew Hunzicker, CPA will offer “5 Ways to Handle Petty Cash Transactions in the Cannabis Industry,” including:
💳 Build an expense limit and approval system: require purchase orders/approval on charges over a set amount (we’ll help you determine what that figure should be based on the size of your client’s company and the number of transactions).
💳 Select a dependable employee to manage petty cash/company card expenses: designate one person to monitor, track, and record the purchases, who has NO access to the accounting system or bank records (we’ll explain how consistent and detailed monitoring of transactions can ensure the appropriate use of funds).
💳 Count cash daily: physically count cash and review credit card purchases each day, and reconcile all expenses to actual receipts (we’ll cover the importance of separating responsibilities, so there are checks and balances across personnel to guarantee compliance).
💳 Establish petty cash vouchers: if employees are using company cards or spending company cash, set up a receipt system that requires detailed descriptions of each and every purchase (we’ll discuss how to tie out this documentation in your permanent audit trail, so you avoid potential accounting errors).
Listen in today to learn how best to monitor and report cash and credit card transactions, so your clients maintain up-to-date and accurate financials.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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The increasingly widespread legalization of Cannabis has led to thousands of opportunities for CEOs and consumers around the country, but not all opportunities are created equal. For minority communities, the Cannabis industry can be an unfair and unfavorable marketplace.
BIPOC Cannabis business owners and consumers are still privy to the complications that arise from negative drug stigmas and the “war on drugs” dialogue, creating segregation issues in an industry that should be a great equalizer. Allies and minorities working in Cannabis realize this imbalance, and have taken steps to establish social equity in this industry.
On this week’s episode, we discuss the current state of Cannabis and its effects on minorities. Join DOPE CFO founder Andrew Hunzicker, CPA and Carlos Vela, a Cannabis accountant who helps Cannabis owners apply for social equity, as they highlight what we can do to elevate minorities in this growing industry.
Andrew and Carlos will offer insights and suggestions, including:
🌱 What social equity is and why it’s essential to establish in Cannabis: we’ll discuss how the “evil drug” stigma of Cannabis was particularly directed at BIPOC communities over the last few decades, along with disproportionate arrests for Cannabis among minority communities (and why reform and social equity is required now to establish balance in the industry)
🌱 The need to draw business away from big companies and make room for the “little guy”: now that legalization is spreading quickly across the nation, big companies are able to swoop in and take over the industry, leaving small businesses - particularly in minority communities - unable to claim their share of the green rush (making social equity programs even more essential to let everyone have a chance)
🌱 Actions you can take as an accounting professional and ally: from learning how to help your clients apply for social equity to spending the time to listen to every client and address their individual needs, you can take steps to help create social equity in this industry (we’ll give you some tips to get started if you are passionate about doing your part)
Inclusivity and equality begin with us. Listen in today to hear how we can make the Cannabis industry more accessible and profitable for all.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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As a cash-based industry, Cannabis is plagued with issues many businesses aren’t, from security issues to struggles with reconciling POS systems. The proper handling of cash can make or break a Cannabis company’s compliance, licensing, and profitability.
Cannabis CEOs, executives, managers, and investors are all affected when it comes to cash inconsistencies and miscalculations (so you have a huge responsibility as a Cannabis accounting professional). It is imperative that pristine books are maintained at all times. Cash handling systems must be implemented that monitor where cash is kept, where transactions are processed, and where inventory is held.
Join DOPE CFO founder Andrew Hunzicker, CPA on this week’s episode to learn his top tips to navigate the many problems inherent in a cash-only industry.
Tips Andrew will cover include:
✅Essential written internal controls and accounting policies and procedures: while properly writing down internal controls and accounting policies and procedures is necessary for all accounting cycles, it’s especially necessary for handling cash in Cannabis (which can help manage deposits, make payments, and reconcile with the POS system)
✅Importance of regimented cash counts: ensure all cash counts are made by shift with double counts, including supervisor recounts and controls (helping to prevent cash skimming and reconcile bank statements and sales)
✅Implementation of on-site safes: every Cannabis company should have on-site safes that are not accessible to any employees (those who take cash for transactions should not handle cash counts and deposits, keeping cash controls honest and accurate)
✅Breakdown of Form 8300: any time a Cannabis company receives $10,000 or more in cash in a single transaction or across multiple related transactions, it has to file an IRS tax form 8300 (Cannabis businesses who neglect Form 8300 are red flags for the IRS and abandoning due diligence could get your client in hot water)
Help your cash-based clients remain compliant and profitable with these necessary actions! Listen in today.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Few things are more frustrating or stressful for a Cannabis accountant than the prospect of an IRS audit of their clients. Many Cannabis and CBD/hemp companies are being audited for their failure to remain compliant with 280E or because their accounting has not been properly completed in accordance with 471.
However, when you understand what the IRS is looking for and how to do accounting correctly for state and federal taxes, the burden of compliance seems less foreboding.
On this episode, Andrew Hunzicker, CPA is joined by Desarie Anderson, a Cannabis accountant with extensive IRS experience as both an auditor and an enrolled agent. Desarie will share with you the challenges many Cannabis accountants face when trying to get their clients compliant -- and what the IRS is on the watch for.
A few topics she will discuss include:
✅ Importance of prioritizing tax compliance: providing world-class service to your client is all about setting your client up for success so they can make the best financial decisions (but the heart of this service begins with getting their books together so you can meet stringent tax code regulations and avoid damaging penalties)
✅ Everything an accountant needs to know about preparing for state tax and IRS compliance: from knowing your skill and comfort level to setting up a quarterly tax system, we break down five essential tips for staying stay IRS compliant (and keeping the IRS from breathing down your neck)
✅ What not to do when helping clients with taxes: although everything you do is ultimately related to tax compliance, it’s easy to run into pitfalls, such as not outsourcing when you’re in over your head or not understanding depths of tax compliance on a state and local level (we’ll cover the main issues to look out for so you can avoid getting yourself backed into a corner)
✅ Importance of continual learning: the best way you can become highly competent in compliance is through constantly studying and learning (a process that never ends as long as you want to provide immense value to your clients)
Tune in today to learn the ins and outs of tax compliance that will help you offer world-class service to keep your clients profitable and audit-ready.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Properly setting up a Cannabis company for success takes a great deal of skill. As an accounting professional, your ability to successfully navigate the complexities of the Cannabis industry could make or break the fledgling business.
An accountant untrained in the industry can easily lead their client down a path of inadequate audit trails and inaccurate books, risking potentially high penalties, loss of license, or even jail time.
On the other hand, a specialized Cannabis accountant can confidently lead a budding Cannabis company into compliance from the very beginning, assisting with proper cleanup, building a permanent audit trail, and preventing the potential for fraud from the very beginning.
Pat Reed, an accountant in Arizona, has a particular knack for creating solid foundations for Cannabis startups. Her background in preventing fraud and embezzlement adds an extra layer of protection to the startups she serves. She joins Andrew Hunzicker, CPA to share her valuable experiences and insights into helping startups successfully launch their businesses on this week’s DOPE CFO podcast episode, “Accounting for Cannabis Startups 101: From Outreach to Fraud Prevention with Pat Reed.”
Listen in as she discusses:
✅ Fraud in the Cannabis industry: fraud has the potential to permeate every aspect of Cannabis from cash skimming to investment scams (Pat leverages her experience with fraud prevention to lay out the steps you can take to keep your clients safe)
✅ Straightening out and cleaning up: often accountants may find startups amid a tangle of poorly managed month-end reports and a total absence of a permanent audit trail (but you can properly orientate these companies with a few key processes in place)
✅ Finding great startup clients: even if you’re just starting out and feel like you need to dive in and gain experience, it’s beneficial to be intentional about finding great clients to create a win-win situation (and we’ll touch on this process to help you get started, ranging from cold calls to networking with peers)
With the proper guidance, and a clear understanding of the Cannabis industry, you too can help the many emerging green businesses succeed.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Bookkeepers interested in helping Cannabis and CBD/hemp companies sometimes have an uphill battle, as they often must prove they are much more valuable than in-house bookkeepers. However, these niche-trained bookkeepers are so necessary, because they offer more than just daily reporting. A Cannabis bookkeeper is a critical player in maintaining compliance and helping their clients move toward profitability and growth.
Getting started can be tough, but you are not alone. There are bookkeepers who have come before you; some are currently serving clients in this niche and others are still setting up shop in the space.
On this week’s podcast episode, Josie Kuykendall joins Andrew Hunzicker, CPA to talk about what it’s like to build her own Cannabis bookkeeping practice and how she plans on helping potential clients realize their business goals.
Listen in to learn:
🌿 What to expect when getting started in Cannabis: with minimal resources and zero GAAP guidance, most bookkeepers feel lost the moment they start reading about 280E and Cost of Goods Sold (but your fears can be allayed once you’re pointed in the right direction with some solid resources)
🌿 Functions of a bookkeeper in the Cannabis industry: beyond day-to-day transactions and bill logs, a Cannabis bookkeeper builds a foundation upon which a Cannabis company can grow and succeed (we’ll talk about the specific role a bookkeeper has in keeping clients audit-ready and their books transparent)
🌿 The value of transferring your background to the Cannabis space: many more traditional bookkeeping or accounting verticals can prepare you for the unique challenges inherent in Cannabis (Josie will discuss her experience as a controller in the complex oil industry and how that positioned her to help new clients)
🌿 Questions to ask clients to best position them for success: learn the integral questions you can ask any client to become a one-stop shop to help them grow and stay compliant (especially how to lean into their stress points to help them view you as an invaluable asset)
If you are a bookkeeper or an accountant interested in serving Cannabis or CBD/hemp clients, but aren’t entirely sure how to get started, this episode is not to be missed!
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Navigating cleanup can be overwhelming for many Cannabis or CBD/hemp accountants. However, properly taking your client through the cleanup stage will ensure you start out on the right foot, and will set the stage for their future success and compliance.
In the experience of our founder and the DOPE CFO network, 90% of the clients you serve will need some degree of cleanup, whether they’re a new startup or an established business with messy books.
In this episode, Andrew Hunzicker, CPA discusses the cleanup process with Angela Mays, an MBA and CFE who runs a professional services firm that provides outsourced accounting and financial consulting solutions to businesses in the real estate investing & Cannabis industries.
Listen in to learn:
✅ What it’s like to do your first clean-up with a client: you’ll hear first-hand how an accountant new to the Cannabis space managed the cleanup process for the first time (and the steps you can expect and challenges to be aware of, whether you’re helping a startup or an established business)
✅ The importance of instilling a system for cleanup: without a system in place, you’ll likely feel like you’re all over the map with your new client (and we’ll touch base on system’s components you’ll want before you ever onboard)
✅ Struggles of software reconciliations: from Metrc to FlowHub, we talk buggy software issues and tools Angela used to to make cleanup a smoother process (and how you can access these tools to prepare for your next cleanup)
Don’t miss the chance to learn from Angela’s firsthand experience and pick up some expert tips!
Want more great insights and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Cannabis is complex enough with the usual day-to-day questions and issues accounting professionals run into. When you add clients wanting to lease or buy land into the equation and try to apply 280E, it may feel like any misstep could lead to detonating a litigious minefield. Not understanding how 280E relates to leasing or buying real estate in Cannabis could lead to some explosive penalties and consequences.
To get a clearer understanding of how leasing out property relates to 280E, listen into our latest podcast, “Cannabis Real Estate and 280E Tax Liabilities: Is Leasing Property to Cannabis Companies Risk-Free?” Understanding the pros and cons of leasing property to businesses in the space will help you make a better informed decision to add value to your clients.
Key points you’ll learn about in this podcast include:
📍How 280E can apply and in which circumstances: although there’s never one answer, 280E always applies to Cannabis companies and owners, but might not apply to strictly non-Cannabis assets (for example, a landlord or company might be able to keep assets “safe” from a Cannabis company declaring bankruptcy by creating a separate non-Cannabis LLC, but this doesn’t necessarily mean the owner will be able to lower or reduce 280E tax liabilities, especially if there’s common ownership of assets within the Cannabis company).
📍Possible complications with leasing accounting: we’ll discuss some complications accounting professionals may encounter helping landlords and land owners (and why lease accounting issues can require high-level services from specialized accountants that involve analyzing the accounting, tax, and cash flow implications tied to the owner’s assets).
📍Tools to determine the buy or lease debate: there are tools to ease the headache of determining the risks of leasing assets, such as buy versus lease calculator (and you’ll learn how to locate these tools that can look at cash flow effects and forecast any tax implications to make better decisions for your clients).
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Many accountants new to the Cannabis or CBD/hemp space often feel overwhelmed by the prospect of finding clients, getting them on a sales call (or two), then closing.
You’re an accountant after all, not a salesperson. However, once you establish an actionable and repeatable system that effectively connects you with a CEO and also hooks them with your value-add pitch, you can begin to confidently land more clients.
On this week’s episode, Andrew Hunzicker, CPA is joined by two DOPE CFO students, Elizabeth “Betsy” Morem and Mark Waller, both licensed CPAs. Betsy and Mark outline the exact strategy they used to get a CEO on a call, and how they secured his business for their new Cannabis accounting firm.
Listen in to learn:
✅ Why two brains can be better than one: tag-teaming CEO calls can boost your confidence in landing new clients (and increase your odds for building a client base)
✅ A step-by-step process for landing calls that convert: getting a CEO on the phone is one thing, but getting them to commit is the clincher (you’ll learn the process Betsy and Mark used, and how you can make it your own)
✅ Insights into the challenges of finding CEOs: clients don’t just fall into your lap, but with dedication you can make the process a bit smoother (and take a couple of tips away from other accountants’ experiences to navigate the challenges of client acquisition)
✅ Pricing strategies for new clients: after you attract the interest of a client, the next step is to determine your pricing (and we make that a little easier with input from accountants new to the Cannabis space)
With the right resources and an established sales system, you, too, can be closing Cannabis CEOs!
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Cannabis CEOs must always be ready for an audit. Being in the spotlight in an industry that is still federally illegal means you must conduct all operations with exacting detail, especially accounting.
Rumor has it, the IRS and local tax agencies are currently looking to collect millions in what they believe to be unpaid taxes. Yikes. Many CEOs have lost licenses, been fined large sums, and even spent time in jail after they were audited and the tax courts determined they didn’t properly pay their taxes.
As a Cannabis accounting professional, it is your job to paint a complete picture of how money flows in and out of a business, both in its day-to-day transactions and overall operations. With robust reporting and a rock-solid audit trail, your clients will have an easier time winning over investors, partners, and board members, along with being prepared for that inevitable audit.
Learn how to set your clients up for success through the implementation of an audit trail by tuning into our latest podcast hosted by DOPE CFO founder, Andrew Hunzicker: “Ep. 55: How to Build a Rock Solid Cannabis Audit Trail and Keep the IRS on Your Good Side.”
Key points Andrew will address include:
🌱 Definition of an audit trail: learn what an audit trail is and why it is critical to maintaining compliance of any Cannabis business (and how a correct audit trail provides essential data any auditor can easily track seven years from now).
🌱 Parts of a month tie-out system: discover why a month tie-out system is a huge part of the audit trail (which will allow you to clearly document all adjusting journal entries and help your accounting systems run like clockwork).
🌱 Why audit trails add incredible value to your client: CEOs/clients are able to own and have permanent access to an effective audit trail not stored on your server (this empowers them to utilize their own data at any time necessary to fulfill requests from lenders, banks, investors, and auditors).
Listen in for your overview of how to build an audit trail, and you will never again conduct business without one!
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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America’s “Bible Belt” is experiencing a revolution that few saw coming: the acceptance of legal marijuana.
Historically a region that prides itself on strict religious and moral standards, states like Louisiana and Mississippi have recently welcomed medicinal marijuana into their economy. Georgia has legalized CBD oil. Alabama even looked at legalizing medicinal Cannabis back in February of 2020, but that bill was stopped short due to covid.
Even with the recent wins for medicinal Cannabis, starting a Cannabis accounting firm in a conservative state can be challenging. Depending on whether your state has yet to legalize any type of Cannabis, you may be fighting a lack of client availability or board limitations on serving outside states. You may also still be under the scrutiny of peers or worry that your reputation will be tarnished by the federally illegal status.
Alabama resident Ramsey Sessions, CPA hasn't been hindered by the fact that his state has yet to pass any type of Cannabis or CBD. He hasn't even let his military background keep him from forging into the space. As soon as he started to see the economic and health benefits of Cannabis, he was able to drop his biases and move forward to fill a demand.
Ramsey joined us on our podcast for “Episode 54: Growing a Cannabis Accounting Firm (and Debunking Conservative Taboos) w/ Ramsey Sessions.” He sat down with DOPE CFO founder Andrew Hunzicker, CPA to discuss what it was like to move past his old biases against Cannabis -- and why entering the space has been the best move for his practice.
Highlights of Ramsey’s interview include:
- 🌱 Why Cannabis is pushing past traditional Conservative beliefs: due to proven health benefits and increasingly high sales of Cannabis in numerous states, it’s hard for even the most conservative of states to ignore the value of Cannabis.
- 🌱 Reasons why now is the best time to start a remote Cannabis practice: even if you live in a state where Cannabis is illegal, you can likely still serve Cannabis clients around the country (with all the coronavirus lockdowns of 2020, no time is better for remote work than now as most people in the nation are working virtually).
- 🌱 Forecast of further legalization in conservative states: Tennessee, South Carolina, and Alabama still have not legalized medicinal or recreational marijuana (but these remaining states are paying attention now that Florida and Missippi have legalized medical Cannabis and may follow suit quickly).
If you want to learn more about Ramsey’s background and his dedication to helping Cannabis companies around the country, check out his website here; https://sessionscpa.net/
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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If you’re wondering if you have what it takes to be a top-of-the-line, increasingly successful Cannabis accountant...spoiler alert...YOU PROBABLY ALREADY HAVE WHAT IT TAKES.
Are you responsive? Consistent? Creative? A go-getter?
Are you willing to continue learning and growing?
Yes, there are technical elements you need to succeed as a Cannabis accountant. Yes, workpapers, systems and processes, and software are all necessary, but those are all teachable.
What about the characteristics nobody talks about? The personal attributes that can lead to your greatness…
Your grit, determination, and problem solving skills. Your ability to make the system work FOR you.
These traits set you apart. These strengths will launch you into the ranks of Cannabis accountants with lucrative, thriving businesses and vast potential. There is no need to settle in as another run-of-the-mill professional, going through the motions, and never fully realizing their abilities.
Our latest podcast episode with DOPE CFO founder and CEO, Andrew Hunzicker, CPA, highlights the top five things Cannabis accountants get right.
Listen in for insights on:
📌 Cracking the code to finding clients: generating leads, or potential clients, and closing those clients is harder than it may seem (but dedicating yourself to LinkedIn and email outreach, and trying different techniques like email drip campaigns are just a few of the many ways Cannabis accountants garner top clients).
📌 Unlocking the ‘soft skills’ of success: soft skills include business management, discipline in studying new materials, time organization, and motivation to continually improve and add value to your clients (all of these skills and more could set you apart in the field, from learning a new niche to sticking with continued education to rise as an expert in Cannabis).
📌 Leveraging niche-specific tools and processes to add huge value: the value you add is only as good as the tools, systems, education, and processes you leverage to provide that top-notch service to your clients (and possessing these tools is the best way you can go above and beyond what your competition will be offering potential high-paying clients).
These tools and training, combined with your innate skills, can take your career to the next level in one of the fastest growing marketplaces in the world.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Even if your eyes glaze over when someone mentions legal matters, Cannabis legislation affects your daily life as a Cannabis accounting professional. Cannabis law is constantly changing and legal liabilities are commonplace in this niche, from trademark lawsuits to contesting tax penalties. By understanding the current court rulings and adjusting your accounting systems to reflect up-to-date legislation, you are able to keep your clients informed, compliant, and likely out of tax court.
Paula Collins, EA, MBA, JD, understands the ins-and-outs of the Cannabis industry’s legal and accounting complexities. An accountant, legal professional, educator, and business consultant, she has more than 10 years of experience helping a wide variety of clients with tax preparation, from small nonprofits to sprawling high-net worth entities. Cannabis piqued Paula’s interest when she worked with teenagers afflicted with autism who sought THC and CBD for therapeutic purposes. Now, she combines her nonprofit and education background with her legal and accounting expertise to teach Cannabis CEOs and companies to navigate the relatively uncharted waters of this booming industry.
Paula recently joined Andrew to discuss the role a lawyer plays in the Cannabis industry, what she and every Cannabis lawyer wish Cannabis accountants would consider when serving clients in the space, and how accountants would benefit from applying a holistic approach to their clients.
Key topics covered include:
🌱 Legal liabilities run amok in Cannabis: Cannabis is the Wild West, which means legal issues pop up frequently at state and federal levels, in all aspects from real estate to marketing trademarks to banking issues; with every-changing regulations and rules, Cannabis companies need strong legal support
🌱 What every Cannabis lawyer wants you to know: Cannabis accounting should be approached holistically to address legal questions and entity issues to protect companies and CEOs, along with the bedrock of solid accounting practices (it’s not just about immaculate books and it’s not just about tax preparation; everything needs to work together to inform the business owner and stakeholders about the financial health of the business so they can survive an IRS audit)
🌱 Education is the future for sustaining the Cannabis industry: empowering Cannabis businesses strengthens the industry’s reputation, helping to grow the industry as a sound medicinal alternative and a safe recreational option
🌱 Importance of having a lawyer on your side: if you have a strong lawyer who specializes in tax preparation, you can help your client make sense of and navigate potential tax snafus, including knowing when to take cases to tax court versus district court
Sink your teeth into the legal issues often overlooked or misinterpreted by Cannabis accountants in this heartfelt and informative interview.
If you want to learn more about Paula’s ongoing efforts to champion the success of Cannabis CEOs and companies, check out her LinkedIn here: https://www.linkedin.com/in/paulacollinsnyc/.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Cannabis is a rapidly growing industry, but many accounting professionals put on the brakes when approached by Cannabis companies who are interested in their services. Some accountants avoid Cannabis because of the complexities of tax codes and tight regulations, but most shy away from the industry because they’re worried the federally illegal status will damage their professional reputation.
But here’s the truth… if you understand all the intricacies of working in Cannabis accounting, you could help CEOs who truly need your accounting expertise in an industry that shows no signs of slowing down, all while maintaining your hard-earned reputation.
Our latest podcast with DOPE CFO founder Andrew Hunzicker, CPA delves into debunking the stigmas associated with Cannabis. You’ll learn how to leverage these common concerns to build a competitive edge in the niche once you understand the processes and requirements behind Cannabis accounting.
Key points that Andrew discusses include:
- Dealing with IRC 280E: this tax code is simple by definition but complex by execution (we’ll break down 280E so you can see it’s not so scary once you understand COGS deductions in Cannabis versus the broader deductions you could take in hemp/CBD).
- “Evil Drug” Stigma: many people still think of Cannabis as being some horrible gateway drug that will spawn generations of miscreants and ne'er do wells, but 60% of Americans think Cannabis should be legal and more than 224 million people use medicinal marijuana (facts that point to Cannabis’s increasing ability to help people cope with health issues like epilepsy and chronic pain, possibly decreasing reliance on pharmaceuticals for many medical problems).
- Making It as a Professional: how to put yourself out there professionally as a Cannabis accountant and expert in the field (without you reputation and credibility taking a hit).
- Landing New Clients: discover you can become a VIP in the Cannabis industry (and attract top clients who will pay you what you’re worth).
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Breaking into Cannabis accounting doesn’t come with an age limit. Even if you’ve been in the same CFO position for several decades, it’s never too late to dive into the Cannabis industry if it calls to you. If you’ve been on the fence about getting started in this quickly growing niche but are worried that you’re too old or have been stuck in the same rut for too long, know that you’re not alone. Many people get started in this space late in life, and end up doing really well for themselves..
Just ask Tom.
After working for more than 42 years as a public accountant, CFO, and CPA for various companies, Tom Hawbaker, at 65 years old, decided he needed a change. He was tired of 18-hour days, tired of the same clients and the same demands, and knew he needed to reignite the passion in his accounting career. He got in touch with Andrew Hunzicker of DOPE CFO and, within a matter of months, is now on fire to start helping clients in this underserved space.
Tom sat down with Andrew recently to talk about why he made his career change late in life, why he’s never looking back, and why he’s looking forward to the day Cannabis becomes federally legal,
Highlights of Tom’s story include:
- Transitioning to Cannabis after decades in another industry: Tom describes the journey he took to make a career change after spending more than 35 years as a CFO in the automobile industry (and how you can make a similar transition with confidence, even if you feel you’re ‘late in the game.’)
- Essential skills and strengths to help you switch gears: you can mine your past accounting experiences and personal talents to help you transfer your skills to Cannabis accounting (and Tom shares how you can even learn to love marketing if you have natural people skills).
- Leverage a support system to make the leap: one of the best ways to get started is to become part of a community full of like-minded Cannabis accounting professionals, like DOPE CFO (and Tom shares how this extra peer support from the DOPE CFO VIP community has gone a long way towards helping him quickly learn Cannabis accounting in a short period of time).
Changing your life and choosing a new track knows no expiration date! Be inspired by Tom’s story to find your own path and stake your own claim in the green rush. If you want to learn more about Tom’s individual story, check out his website at www.hawbakercpa.com.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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**Before you can ever set highly valuable services in place for Cannabis clients--even before the cleanup phase--you need a solid onboarding process. And no effective onboarding process is complete without the Prepared By Client (PBC) checklist.
You can think of the PBC list like the blueprint for your future relationship with the client and the services you will provide. If a carpenter tried to build a house without a blueprint, that house would not have correct dimensions, structure, or electrical installation, turning it into a franken-house full of problems that may lean on one side, is not up to code (and therefore not safe to inhabit), and may crumble to the ground within months. Basically, you would just never build a house without a blueprint.**
And you shouldn’t build up a client’s accounting system and processes without the PBC. This document helps you avoid finding leases three months in that you didn’t know existed, or incorrectly prepared tax returns.
**A proper PBC will save you hours of back-tracking and will pack your services with added value from the very beginning.
Listen in to Episode 49 of our podcast as DOPE CFO founder Andrew Hunzicker, CPA, unpacks each part of the PBC to help you get a handle on what should be in this essential onboarding document.**
Key aspects of the PBC he’ll discuss include:
- Why the PBC is so important: from implementing a proper cleanup, to creating a perpetual data room, to leaving a permanent audit trail to keep your client efficiently compliant, you’ll learn why the PBC is elemental to proper accounting (and the frustrating mess you could make for you and your client if you skip this crucial engagement step).
- Parts of the PBC: learn each component in a comprehensive PBC checklist and how to request these documents from your client (along with at which point you need the checklist and why the timing of requesting these documents is so important).
- Unleashing the immediate value of the PBC: discover why a complete PBC adds instant value to the services you offer your client (and why this ‘checkup’ on permanent files will save you many hours of work in the long run).
- And more!
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Federal legalization of Cannabis will likely change your role as an accountant. Will those changes bolster your success -- or make it harder to get a foothold in the industry? Listen in for our predictions.
**With the November election just a couple months away, states like Maine, Arizona, and South Dakota are awaiting results on their medicinal and recreational use initiatives. As more states legalize Cannabis every year, the entire Cannabis industry (including accounting professionals) is waiting in earnest as the nation gets one step closer to federal legalization.
Whether we have to hang on for two more years or several more election cycles to finally see Cannabis assume the same legal status as hemp/CBD, most Cannabis accountants have a heated question on their minds: What will working in the Cannabis industry be like once it’s legalized?**
In a timely podcast, DOPE CFO founder Andrew Hunzicker, CPA, quickly breaks down his predictions of where the industry is headed once it hits federal legalization and how the demand for niche-specific accountants will likely only rise.
Points he covers include:
- Probability of Cannabis growing in complexity: Cannabis accounting and bookkeeping is already complex, and will likely become more complicated as state and federal accounting rules integrate and banking availability increases (meaning you will likely never run out of clients who need your services).
- Bookkeepers and accountants flooding the space: once Cannabis is legal in every state, thousands of other bookkeepers and accountants will want to jump into the niche (which means that those of you already diving into the green rush will have a HUGE head start on industry).
- Increased regulation: just as accounting rules will grow in complexity, so will regulation across USDA, FDA, EPA, and OSHA requirements (signaling higher fees for you to collect while adding valuable compliance services to CEOs in over their heads).
- Huge corporate valuations: everyone, including the big corporations, will want to jump on board with nationwide legalization (freeing up even more MAJOR high revenue clients for you to recruit).
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Do you have cost accounting nailed down for Cannabis accounting? Can you confidently say you know how to track each plant, work in progress statuses, and inventory count to properly allocate costs to COGS?
Are you reducing tax liability properly for your clients… or are you unwittingly costing them extra money by taking too few deductions or being the reason they rack up penalties?
To be the champion of correct accounting and compliance for your clients, you need great tools, and one of the best tools is the flower calendar (the only one of its kind in the industry!).
With this tool, specially designed by DOPE CFO founder Andrew Hunzicker, CPA, you can streamline Cannabis accounting processes and make it way easier to do the following:
- Facilitate seed to sale compliance: because the flower calendar literally tracks the growth of a plant, you can help a Cannabis operator or CEO adhere strictly to seed to sale protocol (from buying seeds to the pruning of the final harvest, the calendar helps you establish a strong seed to sale foundation to fulfill state regulations).
- Offer key support for cost accounting: cost accounting is imperative to properly filing tax codes IRC 280E and 471 (learn how the flower calendar can help you estimate yields, strains, and complete percentages to inform how you assess variable and fixed costs each month).
- Project cash flow: in a cash-based industry, the flower calendar helps with cash forecasting and precise monthly reports (making the cash forecasting system more automatic, helping your client strategically prepare short- and long-term cash flow objectives).
- Provide management, board, and investment reporting: when you help your client prepare reports for the management team, company board, lenders, or investors, the flower calendar helps you provide key decision makers with precise details on crop yield, harvest percentages, and future cash flows.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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The American economy is still shaking off the effects of coronavirus and the recession. If you struggled to keep your accounting clients or were furloughed during the last few months, you never want to worry about losing work again. Never again do you want to be left wondering if you can pay your mortgage or feed your family.
You’ve heard from the experts that the best way to boost your revenue is by finding a niche. And after the ‘Rona’ madness, you’re looking for a strong niche to carry you through the best and worst of times... even during a recession.
Even in the face of a nationwide pandemic, Cannabis has proven to thrive. You could maintain enough work with good clients to keep yourself busy almost all year round (and not just during the rush of tax season), bringing you enough revenue to ride the inevitable waves of the economy. But how do you even begin to learn the ins and outs of Cannabis accounting, or get clients that will justify the transition from general accounting to learning highly-specialized processes for this booming niche?
Ken Mierzwinski, CPA, had heard about the Cannabis industry’s exponential growth in the last few years. Once DOPE CFO founder Andrew Hunzicker reached out to him about getting started in Cannabis, just around the time COVID-19 first hit, Ken knew jumping into Cannabis was a matter of survival. His well-timed leap into the industry would allow him to keep paying his bills while his other non-Canna clients were on hold.
Ken recently sat down with Andrew for an interview for the DOPE CFO podcast to talk about his transition from one business to the other. He tells the story of how he kept his first non-Cannabis business afloat (even while his clients were on hold) because his ONE Cannabis client (that he landed in just two months) helped him pay the bills. He wasn’t confident at first that he could quickly get his Cannabis client in time to save his income during the pandemic. However, as soon as he dove into the DOPE CFO materials, he was talking to clients within one week.
In this podcast, you’ll hear Ken talk about:
- Why he chose Cannabis as the niche to keep him solvent even during a recession
- How he got started with the DOPE CFO program and what it was like to be able to quickly reach out to and onboard his first monthly retainer client
- His plans for the future now that he is getting more comfortable with accounting practices for different Cannabis verticals
Want to get on the fast track to learning Cannabis accounting? Check out our DOPE CFO program by visiting dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
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Cannabis accounting may be a great niche to dig into, but you may not get too far in your new practice if you don’t know how to land the right clients who can pay you what you’re worth for your services..
When it comes to client acquisition in the Cannabis industry, there are a few tried-and-true methods that make Cannabis CEOs and operators willing to stop trying their hand at DIY accounting internally and hire you to get their books in order, so that they are in compliance with state regulations.
Adam Remis, MSIM, CPA, CISA had more than 25 years of experience in accounting, taxes, and CFO roles. He knew how to land clients, but he didn’t know how to close Cannabis CEOs as clients -- a demographic usually uninformed of the importance of highly-trained accountants amid varied and complicated regulations in their relatively uncharted niche.
He didn’t have a plan at first to reach out to clients, let alone ask for monthly retainers. However, once he learned a handful of acquisition tips and discovered what was most effective, he was pushing out engagement letters, one after another.
Adam sat down with us recently to talk about at least 3 different client acquisition methods he used in the last few months to bring in substantial monthly retainers from clients who fully value the expert services he brings to their companies.
In this podcast, you’ll learn about:
- Top industry methods used to acquire the right kinds of Cannabis clients (and how you can also go “outside the box” a little to come up with your highly effective means of attracting and onboarding CEOs)
- The degree of work required to get ideal clients (and how to optimize the DOPE CFO program to help you get the attention of top CEOs)
- Helpful background experience that may give you a leg up in this industry (and give you the boost you need to dive fully into the Green Rush)
For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast. For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide.
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Capital raise is almost always inevitable for Cannabis or hemp/CBD business startups. At some point your company or your client’s company is going to need to raise capital -- and you’re going to need to know how to confidently guide them through the process.
Capital may still be tight for startups in 2020, but Cannabis and hemp/CBD businesses may soon have access to new capital options from angel investors, hedge funds, private equity, Big Pharma, and other sources. When this outpouring of investment sources begins to rush in, you want to be ready.
Listen in as DOPE CFO founder Andrew Hunzicker, CPA talks about the 5 keys it takes to unlock the interests of investors and increase the likelihood of winning their commitments.
Key points Andrew addresses include:
- The need for rock-solid accounting and financial data: all the sound capital-raising tips in the world can’t be effectively implemented without a Cannabis trained accountant, bookkeeper, COO, and lawyer (which also opens up high demand for accounting professionals helping startups and companies looking to expand).
- Develop a concise and compelling pitch deck: you don’t want to send a lengthy business plan to an investor; you want a concise and dynamic pitch deck that will hook potential investors (and the way to do this is to systematically understand and implement each component before ever sending it out into the world).
- How to access investors with a “road show” plan: even the best accounting team and pitch deck won’t get you very far if you don’t have access to investors (we’ll help outline a strategy and run through your options so you know who to contact and how to get started).
As an accountant, you can add immense value to your clients by knowing how to prepare a business for raising capital. If you’re an owner or operator of Cannabis or hemp/CBD business, knowing the steps involved in raising capital puts you ahead of the curve. For more tips and advice on Cannabis/CBD accounting trends and concepts, make sure you subscribe to our podcast. Fore more information on our program, check out our website at dopecfo.com.
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Clean books are critical to any business staying compliant with the IRS and federal and state regulations. Cannabis business owners struggle to keep their books organized because of the complex rules and regulation involved with that industry. Plus, due to its schedule 1 status, Cannabis is cash-based, making it even more difficult for general accountants and CEOs to maintain clean and compliant books.
As an accountant, you have an incredible opportunity to be the expert for your Cannabis clients to help them clean up their books and maintain accurate cost accounting and GAAP guidance to produce proper books every day, week, quarter, and year.
**So, when you get a new client and you know there is some major cleanup work to do, you want to make sure you do it right the first time around. Join DOPE CFO co-founder Naomi Granger, MBA, CPA for our latest podcast episode.. She unravels the main points accounting professionals and Cannabis CEOs need to consider as they get their books in order to stay legal and successful.
Main points Naomi will discuss include:**
- Why you shouldn’t make assumptions: it’s common for accountants to assume that a multi-million dollar business has their books together and proper industry experts in place to stay compliant (when in reality 9 times out of 10 Cannabiz owners are struggling to find a good accountant and are doing things wrong as they attempt DIY accounting).
- Major problems commonly experienced: many accounting and bookkeeping errors include issues with cash flow, negative cash accounts, improperly categorized assets and liabilities, fixed asset allocations and depreciation (and many other problem areas where GAAP guidance, proper reports, and accurate inventory processes would go a long way towards cleaning up the mess).
- Pricing questions - accounting cleanup is a difficult process and requires setting high fees that reflect the work a highly-trained accountant dedicates to straightening out a Cannabis business (learn how to set fees so you can confidently ask for compensation as you provide this value-added service).
For more information on getting started, make sure you subscribe to our bi-monthly podcast for great tips and updates! Also, make sure you check out our FREE Cannabis Accounting Guide by texting DOPECFO to 345345
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When you first start out in the Cannabis accounting industry, reaching out to potential clients can seem intimidating. Add trying to wow them and land them as paying clients -- and that can seem almost impossible, at first. Valeria Cruz Sandino, CPA, joined us recently for an interview and shared with us the process she used to land big Cannabis clients with a compelling phone call and offer -- and how she presented the value of her services in a way that made the client practically beg for her to onboard them. Within a few short months, she had positioned herself as an expert and was being invited to speak at events.
Valeria touches on hot topics, such as:
- Why choosing a niche is critical to quickly growing your accounting practice (and why Cannabis is a recession-resistant niche that is booming with no signs of stopping)
- How using a specific offer landed her a big client after just a couple months in the industry (and how you can access this offer template through DOPE CFO’s training program to impress your own leads)
- Gaining the confidence to explain the value of your services to potential clients (and how to talk about value-add services to show clients that they can’t continue to conduct business without your expertise)
- How to gain the poise required to speak at events and teach Cannabis owners and industry excerpts about Cannabis accounting (and why this is essential to you growing professionally)
For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast. For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide.
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Cannabis legalization has received plenty of attention these past few elections, taking the plant from being recognized as just another commodity (in just a handful of states) to an economic game-changer nationwide. Even with the coronavirus pandemic, Cannabis companies have been deemed essential in some states, while many others issued stay-at-home orders that required countless businesses to scale back, or even close, operations. Many Canna companies have experienced record-breaking sales the last few months.
The revenue that this industry has generated did not go unnoticed by local governments, and many states are trying to push for legalization this November. Which states will likely legalize, and which will need to wait? Listen in as DOPE CFO co-founder Naomi Granger, MBA, CPA delves into ballot initiatives for November 2020 and discusses which states are most likely to see Cannabis legalized.
Key points she’ll cover include:
- Reasons why states should legalize Cannabis: the industry is stable and not going anywhere (and could likely restore jobs to the more than 30 million Americans who have filed for unemployment, and may remain unemployed long after the country has reopened).
- Approved proposed amendments: learn which states, like New Jersey, are close to legalization (New Jersey is sitting with 61% in support of its 2019 approved proposed amendment to put Cannabis sales on the 2020 ballot).
- Campaigns limited by government: learn how campaigns that are positioned to benefit residents medically in states like Mississippi and South Dakota may be hindered by lawmakers seeking to rewrite the initiatives (and how this can affect the guidelines drafted by citizen-backed campaigns).
- Unrealistic expectations: Minnesota is one state that might be overshooting its hopes and may have to wait a couple more years (with a proposal for eight-plant home grows, social use, and expungement of most Cannabis convictions. )
If you are an accountant and are interested in taking action now, contact Naomi directly at naomi@dopecfo.com, or book a call here, and she can answer any questions you might have about tapping into your potential in the Cannabis industry. For more information on getting started, make sure you subscribe to our podcast for great tips and updates!
Or, check out our FREE Cannabis Accounting Guide by texting DOPECFO to 345345
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Many accountants receive the advice to find a niche and become an expert in that industry. But countless accounting professionals also feel anxious and a lack of confidence starting out in a new market. Leanna Miller started her journey towards developing a Cannabis accounting practice in a similar frame of mind: she felt a little in over her head learning niche-specific regulations and rules and didn’t have the confidence to approach high-revenue clients.
Leanna joined us recently at the DOPE CFO Podcast to talk about her experiences entering the Cannabis industry -- and how she has emerged a confident expert in her field, even landing speaking engagements just months after stepping foot into the niche.
Listen in to hear Leanna’s story as she discusses:
- Steps she took to quickly gain confidence in a brand new niche (and how you can take the same steps to sharpen your Cannabis expertise within months)
- Upping her game through interaction with the DOPE CFO VIP community (including how a nationwide network of experts poised her to impress her prospects)
- Landing a speaking engagement within 30 days of joining the DOPE CFO program (and how she drew on the support within the program to gain the confidence to speak at a large convention)
- Resources and education she leveraged to completely retool her existing Cannabis accounting firm (and position her business for significant growth).
For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast. For more info on the DOPE CFO program, text DOPECFO to 345345 for our free guide.
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What do rock climbing and accounting have in common? Quite a bit, it appears. We recently sat down with motivational speaker,mental coach for the French National Climbing Team, and rock climber, Christophe Bichet, to talk about how it is possible to strap on your crampons and climb towards world-class proficiency and success in everything you do, whether you’re scaling the French Alps, learning a new hobby, or setting up your own remote accounting business.
Listen in for this exciting twist on accounting education. Christophe and DOPE CFO co-founder Andrew Hunzicker, CPA discuss the following inspiring topics:
- Persevering in the face of adversity: Christophe describes his lifelong fight with Fanconi anemia and how battling this illness early on shaped his fearless outlook he still has today (despite people telling him he would die young and should just take it easy in life).
- Discover a new philosophy for living life: learn about Christophe’s approach of living each day as if it were your first day on Earth (and how that sets him up to explore multiple endeavors at a high level -- and how that relates to your journey as an accountant).
- Achieve world-class level proficiency in anything you do: we’ll discuss how rock climbing relates to scaling all challenges in life and putting in world-class effort, whether you’re summiting peaks at 20,000 feet above sea level (or launching your own remote business).
- Fear and how to squash it: learn how fear really is only your head, regardless of the situation (and hear Christophe’s steps for coping with fear and moving on).
- ...and more tips and stories from Christophe!
For more information on Christophe, check his website out at christophebichet.com. If you want to learn more about the DOPE CFO program and for more accounting tips and industry insight, make sure you subscribe to our DOPE CFO Podcast channel for bi-weekly episodes.
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**Tammy L., a Cannabis accountant from North Carolina, joined us recently to talk about her experiences transitioning from a full-time job to a remote practice. She told the story of the hard work she has put into developing this next chapter in her career, and offered advice to others looking to make the same career move.
Key topics she discusses include:**
- What it’s like for an average accounting professional to transfer their skills to a remote accounting practice in the Cannabis/CBD niche
- The process involved to land high-paying clients (and why it’s simplified with the help of DOPE CFO)
- Time-management tips for working remotely and fulfilling client expectations
- How a remote accounting firm in Cannabis/CBD niches can help you stay afloat ( even during hardships like this pandemic)
- Advice for people interesting in making the leap towards a remote accounting job
Ask most remote accountants about their remote working lifestyle and they will tell you about the freedom they have to work anywhere with a wifi, the flexible hours they get to set, and the ability to acquire higher fees from hand-picked clients. Add a super-powered niche like Cannabis (the fastest growing industry in the country) and you have the formula to crack into a rewarding and fulfilling opportunity.
Especially with most of the country in isolation right now due to coronavirus, there’s no time like the present to learn how to start a remote Cannabis accounting business. Tammy, a DOPE CFO student, launched her remote Cannabis accounting practice last year and managed to land a 6-figure client with just one compelling email, using the DOPE CFO email script. Tune in to hear how she did it and be inspired to follow her footsteps.
Make sure to listen to the end for information on getting our free guide to landing your first Cannabis client. Thanks for listening and don’t forget to Be DOPE!
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Insurance is an imperative part of any and every business, especially for Cannabis with its federally illegal status and strict regulations. The caveat is that most average carriers won’t touch the Cannabis industry.
Join us for Episode 37: Insurance: Important Considerations for Picking an Insurance Provider for Cannabis Companies as we interview Brenda Bader, accounting professional and insurance agent of Missouri. She has provided services for more than 20 years to individuals and businesses and is one of the few agent insurance agents we know of that serves the Cannabis market.
Listen in as DOPE co-founder Naomi Granger, MBA, CPA interviews Brenda and asks her about why insurance is essential to Cannabis businesses, what kind of policies apply to different Cannabis verticals, and how to pick a trustworthy carrier who can protect your client or your company.
Key points Brenda discusses include:
- Must-know Cannabis insurance facts such as why Cannabis friendly carriers are 100% required for getting claims paid and serving ancillary Cannabis businesses
- What reports and regulations must be adhered to in order to receive payments on claims
- Why Cannabis companies might need insurance, such as product liability and loss of use
- How the DOPE CFO program prepared Brenda for translating her accounting and insurance skills to the Cannabis industry so she could provide for this underserved market
- ...and more!
Insurance is a crucial part of the Cannabis industry and requires in-depth knowledge to understand your options when looking at carriers. This episode puts you in the know with one of the best in the field.
To claim the free guide we mention at the end of the podcast, remember to text us “DOPECFO” at 345345.
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The Cannabis industry is growing at a blindingly rapid pace -- so much that we refer to it as the “Green Rush.” Medical Cannabis is now legal in 33 states and recreational Cannabis has become legal in 11 states. That is a $20 billion dollar-market -- and it’s likely only going to increase with pending federal legislation taking steps to legitimize the $70 billion “illegal” market.
Imagine...all these Cannabis companies and CEOs jumping into the green rush and realizing just months down the line that bookkeeping is SERIOUSLY complicated. That’s where you come in.
Because Cannabis is so highly regulated and predominantly a cash-only industry, tax codes, deductions, sticky software integrations, and poor vendor-business relations are just a few of the major pitfalls Cannabis business owners find themselves stumbling over.
During this podcast we discuss the main Cannabis bookkeeping issues CEOs face and the opportunities you have to supply expert solutions to keep them compliant with IRS, federal, and state regulations. Main topics covered include:
🌱 Understanding holes and hurdles in vendor-business relations and how to develop solutions to bridge the gap
🌱 Accessing and integrating effective tools to integrate complex software systems
🌱 Devising “manual” accounting systems to compensate for the lack of effective and streamlined Canna software
🌱 Providing GAAP guidance and developing workarounds to navigate the lack of Cannabis industry resources
🌱 Preventing downtime and smoothing buggy software infrastructure
🌱 Following annual, quarterly, monthly, weekly, and daily procedures for Cannabis bookkeeping
🌱 Offering a high-demand service to businesses who need your expertise to stay afloat
Want more tips, tricks, and support as you dive into the Cannabis bookkeeping industry? Make sure you subscribe today to The Dope CFO Cannabis Accounting Podcast at Anchor.FM for biweekly podcast episodes on Cannabis and CBD accounting and bookkeeping -- and everything in between!
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Cannabis is largely a cash-based industry. Banking barriers make it risky and difficult for your clients to stay compliant and safe, despite how badly they try to be legit.
How do you help your clients optimize tax benefits when operating mostly in cash? How do you manage your own banking when you work in a federally ‘illegal” industry so you aren’t accused of money laundering?
This podcast covers pressing banking questions like these asked by our VIP members in our private FB group.
You’ll learn about the risks Cannabis businesses face without a proper banking account:
- Vaults on-site full of cash and paying all taxes, bills, and employees with cash
- 1 out of ever 2 Cannabis dispensaries are robbed or burglarized
- Lack of a paper trail for ease of tax purposes and tracking inventory
You will also learn the landscape of current Cannabis banking availability (or lack thereof) and what your current options are to protect yourself and your clients. We also focus on discussing:
- Stringent segregation of duties and staff to prevent fraud
- Daily and monthly procedures and controls put in place to protect the cash
If you would like to download the free guide I mentioned, just download “Accountant’s Guide to Managing Your Client’s Cannabis Accounting Needs” by clicking here: http://bit.ly/384XNdJ
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Accounting for Cannabis entity structures can be confusing… if not set up properly.
This podcast episode features our guest Reece B. Morrel, JD, MBA, CPA, from https://www.morrellawpllc.com to provide you with some basic information on selecting the best entity type (C Corp vs Flow-Thru entities) for your client and some advice on setting up a multi-entity structure for Cannabis businesses.
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If you would like to download the guide I mentioned in this episode, "Accountant's Guide to Managing Your Clients CBD/Hemp Accounting Needs" follow this link: http://bit.ly/2RmR3mg
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CBD/hemp is one of the fastest-growing industries in the world right now.
This podcast episode will provide you with some basic information so that you can consider CBD/hemp as your accounting niche. If you were hesitating on entering the Cannabis niche (crazy idea btw) then the CBD industry may be the perfect gateway client for you… And since CBD/hemp is technically legal here in the US, the accounting risks are much lower than in the Cannabis industry.
Listen in to learn more about what is involved in accounting for CBD/hemp businesses. Here are a few of the CBD/hemp specifics (and differences to Cannabis) that I share on this episode:
- The differences between IRC 471 and 263
- Farm accounting (and cash vs accrual choice)
- Any IRC 199A issues related to each individual owner in the business.
...and more!
If you would like to download the guide I mentioned in this episode, "Accountant's Guide to Managing Your Clients CBD/Hemp Accounting Needs" follow this link: http://bit.ly/2RmR3mg
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Accounting for dispensaries is unique for a number of reasons.
If done incorrectly, cannabis CEOs and investors may be putting themselves in a situation where they can be fined, or even lose their licensing.
Here are just a few of the challenges with retail cannabis inventory that we share on this episode:
- Software not syncing and bad POS systems
- Incorrect data in software
- Using the wrong tax codes
- Not doing cost accounting or correct non-Cannabis accounting
- Not doing GAAP specifically for retail operations
- No inventory policies/procedures of controls in place
- No inventory counts and reconciliations
- Not understanding the seed-to-sale process
- Not understanding the different verticals
...and more!
The IRS is cracking down on retail cannabis businesses, so don’t get surprised during your next audit! Make sure that your accounting practices are in compliance.
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Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/2RnJITq
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In this episode of The DOPE CFO Cannabis Accounting Podcast, Naomi Granger, MBA, CPA and Andrew Hunzicker, CPA interview Damon Mayer, ChFC, LTC, EA and Oregon Licensed Tax Consultant who specializes in the Cannabis industry.
Damon brings a wealth of knowledge from his experience of transitioning into the Cannabis industry in the State of Oregon. His clientele consists of growers, dispensaries, labs, extractors, wholesalers, and a myriad of other auxiliary cannabis professionals.
Through his connections and the DOPE CFO program, Damon has been able to establish himself as a leader in the Oregon Cannabis Accounting communities.
Be sure to listen to this 15-minute interview as Damon shares his tips for establishing himself as a cannabis accounting expert in Oregon.
Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/33cZYJR
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Cannabis is a complex industry that is riddled with accounting issues:
✅ banking,
✅ cash,
✅ accounting,
✅ software,
✅ merchant service,
✅ compliance/legal issues,
✅ insurance...
...just to name a few.
Join us as we share our thoughts on viable Cannabis accounting software solutions.
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Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/33cZYJR
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On this episode of The DOPE CFO Cannabis Accounting Podcast, Naomi Granger discusses the cannabis industry in Oklahoma with Rose Taylor of Redbud Advisors. Rose loves working with Cannabis business owners; getting a glimpse into their companies, sharing business strategies, and learning what makes them passionate about what they do.
Her background includes a BBA in Business Management as well as being an EA, or someone who has expertise in the field of taxation and tax reporting. Rose is a forward thinker who could see the opportunities when Oklahoma legalized the medical use of Cannabis. As a result, she is now one of the state’s leading cannabis accountants.
With tax season on the horizon, Rose advises Cannabis business owners to stay organized. She recommends keeping all copies of receipts in electronic format and working with an accountant that understands Cannabis. Because this is an industry that continually changes, Rose warns if they don’t stay up to date on the ever-changing rules and regulations your accountant could be working against you!
Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/35cGrKJ
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Are you tired of going on endless coffee meetings, doing free work just to convince the prospect that you are great at what you do and then hope that you get them as a client?
Do you visit the client’s location or keep answering never-ending questions and allow them to treat you like an employee?
By doing free work, you portray that your time isn’t valuable and that you’re not the expert.
Do attorneys do work for free?
NO!
Join Andrew Hunzicker, CPA as he discusses: Finding Clients: Old vs New Methods. He touches base on how to take the alpha role with your clients, how to not give away all your expertise before you land the account and how to demand to be paid what you’re worth.
It’s time to ditch the old school methods of continuously following up with prospect clients, visiting their location, defending what you can do for them and adopt the new school methods, especially when it comes to Cannabis accounting.
For more information visit DOPECFO.com
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Tiffani Higgins is a CPA and a mom of 5 kids…That’s right, five children. After passing her CPA exam, Tiffani worked for a small public accounting firm near her home in Kansas City, where she would regularly work 30 hours a week during the non-tax season and as much as 60 hours a week during tax season.
Seeking a better work-life balance, Tiffani chose to leave her job to start her own virtual bookkeeping business where she quickly discovered she could work a lot fewer hours for the same pay or better. Not long into this journey, one of Tiffani’s part-time assistants asked for her advice about starting her own virtual bookkeeping business. Tammi soon realized she could help many people just starting their practices, and it turned out to be the inspiration she needed to create her successful coaching business!
Tiffani credits the DOPE CFO program for helping her get started as an entrepreneur. She now uses the knowledge she gained through DOPE CFO to help her students offer world-class services and get paid accordingly.
You can learn more about the DOPE CFO Program at http://bit.ly/2NTdUmr
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Most accountants are not familiar with the growing and production process of cannabis. This means, they are not doing proper cost accounting and may not have the right tools that they need to help their clients maximize their legally allowable deductions.
In this episode, DOPE CFO Co-Founder, Andrew Hunzicker, CPA discusses the costs associated with growing a pound of cannabis and how important it is for accountants to understand the complexities of production.
For More Information About The DOPE CFO Program, visit: http://bit.ly/2VFXx0b
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Robert Eyler is a Certified Personal Trainer, Fitness Nutrition Specialist, Behavioral Change Specialist, Corrective Exercise Specialist, Registered Yoga Teacher, and a CPA. We offer lifestyle consulting, customized training programs, nutrition plans, and Corporate Health and Wellness topics. He also works for the 5th largest accounting and finance firm in the world lead the Firm in their Mindfulness, Health and Wellness efforts which are all focused around employee engagement.
After leaving corporate America to heal from a pharmaceutical addition, Robert found his passion in the Cannabis industry both on the medicinal side but also on the accounting side.
Now he spends his time working as a liaison between the Cannabis accounting industry and his current employer, all the while pursuing his other passions in fitness and health.
And he wouldn’t have got there without the DOPE CFO program.
Listen to this week’s episode as we interview Robert and how the program has positively impacted his life.
To learn more about the DOPE CFO Program, visit: http://bit.ly/2pbS3y8
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Understanding the difference between CBD & THC, Hemp & Cannabis is vital if you’re entering into the realm of cannabis accounting.
In our recent podcast, we talked with Summer Wilkinson, co-founder of Leap Books, about the differences and how she got into the industry.
For Full Episode Notes, Visit: http://bit.ly/2oAHzYH
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We’re accountants not marketers, right? So, how do we get ourselves out there and get more cannabis accounting clients? In this podcast we outline the 5 Do’s and 5 Don’ts to marketing your cannabis accounting services. For more information, visit DOPECFO.com
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Accounting for dispensaries is unique for a number of reasons. If done incorrectly, cannabis CEOs and investors may be putting themselves in a situation where they can be fined, or even lose their licensing.
Some of the key issues we will discuss:
- How to do proper GAAP/Cost Absorption accounting specifically for dispensaries
- 280E and 471, and what this means for dispensaries
- How to legally maximize deductions for dispensary owners
- Do’s and Don’ts of using non-canna divisions for tax purposes
- Annual, monthly, weekly, and daily procedures for dispensary accounting
- Internal controls to prevent theft and fraud
- Optimal accounting team structure for dispensaries
- Chart of accounts breakdown for dispensaries
- ...and more!
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If you are an accountant or a bookkeeper, we highly recommend you to take a look at the opportunities opening every day for this profession in the Cannabis Industry. You indeed need specific training to serve this niche, but we assure you that getting Cannabis accounting expertise will allow you to have a successful career.
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These are some of the major missteps that cannabis CEOs and accounting professionals make in their business design and operations:
1. Treating investors and employees badly.
Everyone must follow the rules in order for a cannabis business to be compliant. From safety to how cash is handled, if everyone isn’t on the same page, it creates a recipe for disaster.
And while it’s a newly legalized industry and it is growing astronomically, a cannabis business is still a business. Poor accounting practices, lack of executive direction and leadership, an ineffective HR system, and a team that is improperly- or under-trained are all still going to sink the ship, just as with any other business. This can result in potential disputes, legal action, or even the demise of the company.
2. Lack of Compliance function within their business unit(s).
The lack of a Compliance Plan, Chief Compliance Officer, or regular compliance audits can lead to compliance issues, amongst all sorts of other problems. Seemingly countless Federal, state, and local government agencies all have regulations affecting legal cannabis operations. Compliance with these regulations is what is going to keep you out of hot water, so make sure systems are in place to keep up with legislation that applies to your geographical region. Not adhering to these laws and regulations can lead to potential fines, penalties, or even the loss of your license.
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Proper cannabis accounting tools make all of this much easier, as well. Cannabis-specific charts of accounts for various cannabis entities, a flower calendar for growers to properly calculate COGS at the various parts of the grow cycle and to maximize the deductions on those costs, and cost accounting workpapers and templates all will help keep the company organized and will save money and reduce tax liability in the long run.
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If you’ve paid attention to what’s going on in the cannabis industry, you’ll have noticed a number of decisions that have been handed down from the US Tax Court regarding how cannabis companies are improperly managing their tax strategies. Due to 280E, cannabis companies are extremely limited in terms of what they can deduct from their taxes. Because of these limitations, taxes are a much heavier burden on cannabis companies than most typical businesses and start to eat away at profit margins. There are legal ways to properly minimize tax liabilities for cannabis companies, but most unspecialized or untrained accounting professionals aren’t aware of them and can potentially get their clients into tax trouble. Every entity is different and must apply the rules in different ways, using different strategies. Here are a few strategies that we use to support our clients and share with our community of cannabis accounting professionals.
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We have all these systems, we have all these complications and things but there are actual tools to make Cannabis Accounting Software work!
In this episode, we show you step by step the depth of the work that needs to be done and how to get it done with these tools.
Enjoy and share if it's valuable for you.
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In this "Making It Work" piece, we keep going further into the Cannabis Accounting Software Solutions based on a Sample Transaction of a typical retailer recently made by Andrew to explain what we're trying to do weekly and monthly to make sure we are following the rules for IRS, the investor and the bank. Also, to highlight the system needed to get things done efficiently.
We hope this example quickly shows you how complex it is and adds a better understanding of the system.
Enjoy and share if it's valuable for you!
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So, following what we’ve been talking about on the Cannabis Accounting Software Issues this week’s episode “Software Accounting Solutions” we tell you all the different software, why some work, why some don’t work and the ones you just have to deal with.
Be up to date with us because next week we are going to bring you deep insights on how to make it all work for you and your clients.
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Here we discuss where we are as an industry in the Cannabis Software Environment, we explain the existing tools and the challenges around them.
Don't forget to like & subscribe so you never miss another valuable upload.
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In todays episode we break down the 3 key principles for success in developing your own remote cannabis accounting practice.
The key principles are:
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Finding Motivated Clients: We discuss the exact strategies involved in having a steady stream of high paying motivated clients
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Becoming a V.I.P: Exactly what you can be doing to make sure you're visible in the industry and regarded as an expert
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Provide a World Class System: How to provide a world class system to your client which they are happy to pay top dollar for.
We also cover some of our students success stories in this episode and we hope you will find their achievements inspiring.
For more information on becoming a Dope CFO please visit our website: www.dopecfo.com
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In this weeks episode we give you the full run down on how to get the fast track to your own successful cannabis accounting practice.
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How to escape being overworked and buried in paperwork
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How to finally start getting paid what you're worth
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How to fast track your route in the cannabis industry
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The exact systems and work papers you need to become an expert in this niche
-
Exactly what type of people will excel in this industry
If you'd like to learn more and get started with the Dope CFO training program, please visit www.dopecfo.com
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In this weeks episode of the Dope CFO podcast we take a close look at one of the best known cannabis retailers in the U.S today.
During the last 6 months of 2018 they lost more than $131 million, more than $2 lost for $1 sold. They are facing lawsuits from employees, CFO and investors as well senior execs and board members quitting, including their COO and chief legal counsel.
We take a look at all the mistakes they have made that have led to the current situation and also everything that could have been done differently if they had employed a Dope CFO from the beginning.
This case can be used as a great reference point for any CEO's you might be offering your expert cannabis accounting services to.
If you would like more information on the Dope CFO training program, please visit our website, www.dopecfo.com
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Todays podcast is the third part of our talk at the Cannabis Collaborative Conference back in January, where we spoke about achieving financial success for cannabis businesses.
Today in Part 3 we introduce the "Dope Zone" to cannabis business owners, what it is and the elements required to make sure they stay in the "Dope Zone". We also answer questions from some of the business owners in the audience.
We hope you enjoy this weeks episode.
Please visit: www.dopecfo.com for more information.
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Todays podcast is the second part of our talk at the Cannabis Collaborative Conference back in January, where we spoke about achieving financial success for cannabis businesses.
The talk is quite long and in depth, so we've broken it up into 3 parts for you to consume. Part 1 focuses on some of the cannabis businesses that have been destroyed by keeping poor books and records.
Today in Part 2 we show Cannabis business owners the 4 keys required to maintain safety and financial success in their business. We also answer questions from some of the business owners in the audience.
The questions from some of the business owners will give you a great example of the bad advice they are currently being given and how having the expertise in cannabis accounting makes you extremely valuable to them.
We hope you enjoy this weeks episode.
Please visit: www.dopecfo.com for more information.
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Todays podcast is the first part of our talk at the Cannabis Collaborative Conference back in January, where we spoke about achieving financial success for cannabis businesses.
The talk is quite long and in depth, so we've broken it up into 3 parts for you to consume. Part 1 focuses on some of the cannabis businesses that have been destroyed by keeping poor books and records.
Some of these case date back a while, but the majority are from 2018 when things have started to get worse and worse for cannabis businesses and the importance of good accounts and bookkeeping has risen even further.
We hope you enjoy this weeks episode.
Please visit www.dopecfo.com for more information.
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All the gurus tell you to pick 1 niche.........but how do you know which one is right for you? How do you make sure you can become an expert in that niche, enjoy working in it and provide a world class service to your clients?
Are you really going to find working in the dentistry niche exciting? Are you going to enjoy attending dentistry conferences? Are you going to be able to compete with other established accountants in that niche with years and years of experience?
The cannabis niche is fun! It's exciting! It's the fastest growing industry in the world and these businesses NEED accounting experts in the cannabis industry. It's underserved! You have the opportunity today to enter an uncompetitive environment and become the authority cannabis businesses will actively search you out.
For more info on how to become a Dope CFO please visit our website: https://www.dopecfo.com/
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In this weeks episode we break down exactly how you can start working less and earning more in your cannabis accounting practice.
It's a simple, yet challenging shift in mindset and pricing that you need to make in order to start making serious money and having more time to enjoy it.
If you like to learn more about how you can fast track your way to a successful Cannabis accounting practice, please visit www.dopecfo.com
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In this weeks episode we reveal the 7 steps to retaining high paying clients in the cannabis accounting niche.
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You must have a process
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You need to be responsive
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You must have the tools in place
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You must have a team
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You must have insights & Knowledge
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You must have Value Based pricing
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You must have a shortcut
Please leave us a review if you're enjoying our content and please visit www.dopecfo.com to start your journey as a Dope CFO!
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In todays episode we discuss how you can start to attract your ideal clients for your cannabis accounting firm. We've already discussed how best to find the perfect client........but this is about how you can become a VIP in your niche and have client knocking down your door to work with you.
If you would like more in depth training please visit our free training webinar on our website and start your journey to becoming a Dope CFO today!
https://www.dopecfo.com/
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In todays episode Andrew and Naomi reveal the exact process they follow for automating the acquisition of ideal clients for their cannabis accounting firm.
This is done by following the step by step formula F.E.T.C.H
Find
Talk To Them
Call To Action
Harvest
Following this process you can now automate and predict with certainty the acquisition of ideal clients for your accounting firm.
For more information check out our on demand training webinar!
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In this weeks episode Andrew is interviewed by Orleatha Smith from inclusivepay.com.
In the interview they cover :
What are the advantages of hiring an accountant instead of relying on software / DIY.
How Dope CFO began and how accountants can join the training program.
What are three questions that someone should ask an accountant before hiring them?
What are some red flags to look for?
Check out our free training webinar for more information
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In today's episode Naomi & Andrew break down 5 compelling reason why you should start your own Cannabis accounting firm.
For more information please visit our free online training webinar
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In this 1st ever episode of the Dope CFO Podcast, Andrew Hunzicker & Naomi Granger dispel the myth that having a remote accounting firm is an impossible dream.
They discuss how they have made that dream a reality and the benefits they experience in their lives from not being stuck behind a desk, being able to travel, spend time with family and still having a wildly profitable business.
Accounting professionals, are you looking to serve the fastest growing industry in America? Our on-demand webinar is the ticket you need to get started.
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