Each cannabis business is unique and so too its needs. A high end CPA firm realizes this fact and that is the reason why they do not choose to follow “one-size-fits all” route. Instead of choosing conventional methods, they use their expertise to design a tailored solution which caters to your specific needs. Cannabis business is still in its infancy and its tax rules and regulations are as complex as it can get. A high-end firm knows that finding an accountant well-versed with marijuana business is a tough task for new small business owners, hence their licensed and well-qualified Marijuana Bookkeepers are always striving hard to make your cannabis business more transparent and compliant with industry norms. Bookkeeping services include performing many tasks that begins with preparation of financial statements. It is a well-known fact that financial statements are critical for any business but they are still ignored by many businesses because they really have no idea what they are all about. And by the time they are able to understand its importance, they have already suffered heavy losses and tax penalties imposed by the state taxation authorities. But a good CPA firm takes it upon itself the all-important responsibility of teaching their clients to read their financial statements like a well-informed investor. CPA firm is your virtual financial assistant and you can spend more time in doing things that you really love to do while they ensure that you have easy access to your finances from any part of the globe at any time with a real-time view of your cash flow.
Marijuana Bookkeepers will ease your burden of tracking and filing of COGS reports as they manage to compile all your accounts linked with cannabis business. Setting up of real-time inventory reporting system relieves the business from the burden of IRC Section 280E with the help of cost of goods tracking system. CPA firms issue form 1099 to all of your contractors with relative ease. It requires a loads of paperwork and burden but in case you fail to issue them, you could be facing heavy fines and penalties by your local tax authorities. They keep your company compliant and your employees are well paid by them.
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