A lot of accountants don’t know how to do the specialized accounting and taxes for cannabis. When looking for an accountant you need to ask these questions:
Do you know how to maximize deductions under the constraints of 280E?
Are we using GAAP/cost accounting to prepare our monthly/quarterly financials?
Are we utilizing IRS Code Section 471 to maximize our Cost of Goods Sold deduction?
Are my financial statements and permanent documents stored in a perpetual data room and updated monthly/quarterly in the event those records are requested by an auditor, banker, or investor?
Do I have a reliable 90 day rolling cash forecast that is updated at least monthly?
Are my financials ready by the 15th of each month?