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Accounting and Bookkeeping

Marijuana plant under a grow light giving it a purple glow in the Cannabis Industry

You need a Cannabis Accounting and Bookkeeping Specialist.
And That’s us!

It’s important to work with accounting and bookkeeping specialists who understand your specific business and industry, the regulations, compliance, laws, opportunities, and challenges. We have the experience and training required to help cannabis business owners on the path to success. Whether you’re new to the industry or a seasoned business owner, we’re the cannabis accountants for you.

You might be wondering why you need an accountant specific to the cannabis industry.

Well, the cannabis industry has to adhere to some specific tax laws and practices like US GAAP, 280e, 263a, and 471. Growers, manufacturers, and retailers need to follow these rules to be compliant. That’s why you need a cannabis accountant who knows the industry.

What is

Cannabis Accounting and Bookkeeping?

Your business needs accurate and up-to-date Accounting and Bookkeeping. Accounting involves reporting, analyzing, and summarizing financial data. Bookkeeping, meanwhile, involves maintaining records of financial transactions. A good bookkeeper also keeps your books accurate for tax purposes.

Andrea MacDonald, CPA, President and Owner of The CannaBiz Books, has extensive Accounting and Bookkeeping experience.

Andrea has also completed the DOPE CFO Cannabis Accounting training program. This means she and her team has the knowledge required to help your cannabis business grow and succeed from the ground up.

A Marijuana plant next to a stack of gold coins and market growth for the Cannabis Industry

Our Cannabis Accounting and Bookkeeping Services

Cannabis Accounting

At The CannaBiz Books, we stay up to date on Cannabis rules and regulations. We understand the Generally Accepted Accounting Principles (GAAP) of the cannabis industry. That means we know how to report financial data in this industry. We’ll make sure your business respects tax laws like Section 280E of the Internal Revenue Code. This applies to businesses that traffic in controlled substances, like marijuana. 280E has long posed challenges to the cannabis industry. But don’t worry, we can make sure you remain compliant.

More recently, in 2018, Section 471 of the IRC went into effect. Does your marijuana business earn less than $25 million in annual revenue? Then Section 471 may allow you to reduce your tax liability. Here at The CannaBiz Books, we can help you out with tax prep to make sure your business is 471 ready.

At The CannaBiz Books, we can interpret, classify, analyze, report, and summarize your business’ financial data. This helps you make financial decisions and set business goals. We will also help you make decisions about investments, loans, and more.

Cannabis Bookkeeping

At The CannaBiz Books, we will be responsible for recording your business’ transactions. We will do so in a diligent manner so that your books are accurate throughout the year and at tax time. Your books need to be up to date at all times, so we will maintain support documents for all major transactions. We will also review all business data as it comes in. Effective bookkeeping is crucial in the Cannabis industry. Without it, it’s difficult to maintain compliance with all federal laws and regulations.

The CannaBiz Books

We do the work for you!

We provide more than Cannabis Bookkeeping & Accounting services. If you’re interested, we can also help your business with the following services:

          • Payroll Services to track payments, pay taxes, etc.
          • Cash Flow Management
          • Business and Individual Tax Planning and Preparation
          • Account Software set up and management: QuickBooks® ProAdvisors, Xero, and others
          • Entity Selection, New Business Advisor, and New Business Formation
          • Business Valuation
          • Strategic Business Planning and Succession Planning

Whether you’re a start-up or an established business, we have the Cannabis Accounting and Bookkeeping services you need. At The CannaBiz Books, we provide services that are customized to meet your individual requirements. And, you will never be charged for services you don’t need!

Spend less time worrying about federal laws and more time running your business!

If you want to learn more about how we can help, give The CannaBiz Books a call today. (757) 420-1539

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