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Accounting:
- Entity Structure
- Accounting Rules and Regulations
- Cost Segregation/ Allocation
- Inventory Rules
- Policy and Procedures
- Internal Controls
- Licenses – Registration, Renewals, Maintenance
- Consumer Management
- Business Operations
- Banking
- Customer Invoicing
- Purchases
- Payments – Federal Taxes, State, Local, Sales, Payroll
- Ethnical Considerations
- Federal and State Income Taxes
- Audits
Problem Solving can be difficult – especially if you lack resources, such as a knowledgeable CPA and Tax Professional. One pain point is the accounting. The cannabis business is new until blessed by the federal government and coordinated with the State and the uniqueness of the domiciled state. The most pressing issues are lack of services from banks, cash on hand and anti-cannabis vendors. Cannabis’ specialized accounting requires, at the minimum, careful evaluation of the effect of Internal Revenue Codes and Sections on permissible entity type, license, taxation of income, inventory method, insurance, payroll, deductions, accuracy, record keeping and the greater likelihood of audit from various taxing authorities. Cash and Inventory on hand are susceptible to theft, fraud and embezzlement and increased concern for safety and security.
4 Pillars of Cannabis General Business Functions
(1) Growers (2) Cultivators or Processors (3) Dispensaries / Pharmacies (4) Retail Products for consumers