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Ep. 130: 3 Myths Cannabis Business Owners Believe About Accounting
Manage episode 380587094 series 3139795
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!
161 episoder
Manage episode 380587094 series 3139795
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!
161 episoder
Alla avsnitt
×1 Ep. 160: Cleanup & 280E Refund Preparation 28:02
1 Ep. 159: Maximizing Opportunities at Cannabis Events 12:38
1 Ep. 158: How Hemp Beverages Are Revolutionizing the Cannabis Market 30:01
1 Ep. 157: From Failure to Finance - How Credit Scores Are Revolutionizing Cannabis Business Lending 24:12
1 Ep. 156: Mastering the Remote Cannabis Accounting Practice: Beyond the CPA Skillset 18:30
1 Ep. 155: Cannabis Tax Insights on Reform and Refunds from 2024 AICPA with Andrew Livingston 1:04:02
1 Ep. 154: How to Charge for Capital-Raising Services 18:48
1 Ep. 153: Navigating Accounting Discrepancies in Cannabis - Compliance, Prevention, and Resolution 16:00
1 Ep. 152: Providing Capital Raising Services to Cannabis Companies 18:22
1 Ep. 151: Compliant Rock Solid Live Inventory Counts 16:01
1 Ep. 150: Building a Powerhouse Accounting Team for Vertically Integrated Cannabis Companies 16:56
1 Ep. 149: Real Estate Strategies for Cannabis Businesses: Navigating Leases, Ownership, and Taxes 15:52
1 Ep. 148: Understanding Financial Modeling for Cannabis Business Success 22:10
1 Ep. 147: Schedule I & III Compliant Inventory Accounting for Cannabis Companies Webinar 39:42
1 Ep. 146: How to Earn More and Work Less an Accountant 35:38
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