E. P.'s Blog

Posted: Thu December 17 11:08 AM PST  
Member: Elizabeth Pearce
Tags: bookkeeper, 280e, accounting

For weeks I have been interviewing people, looking for a bookkeeper.  I now have recommendations for bookkeepers who work with legal marijuana business. These cannabis-aware bookkeepers work under the supervision of an experienced tax accountant, and will be generating reports that help the business owner manage the business AND manage the tax challenges associated with 280E.  Their team has over 30 years of financial and accounting experience. 

You need someone who:

Can set up the accounting records correctly in the first place.  Whether you are a dispensary, a cultivator or a manufacturer of marijuana infused products, there are specific ways information should be captured.  Some of these accounting issues are specific to the industry, but others are specific to legal medical marijuana company bookkeeping.

Has Competence, Experience and Integrity.  Unlike other types of businesses where bookkeepers may be generic, a legal marijuana business needs someone with experience and awareness of the issues and challenges surrounding medical marijuana taxes and regulations. You want a reliable partner who you can trust, who is overseen by someone tracking MMRSA and other regulations as they evolve.  Competence and integrity are the keys to trust and reliability. 

HasCommunication Skills. Finally, you need the financial information for your legal medical marijuana business recorded and available.  But you also want information without MEGO (My Eyes Glaze Over).  This may mean customized reports showing you, graphically, in text or with ratios, the key drivers for your business. 

Find a team with experience broader than medical marijuana.  Setting up the books for a dispensary, for example, requires knowledge of best practices for retailers.  Similarly, MIPs (manufacturers of marijuana infused products) have many of the same record keeping needs as food manufacturers.

Accurate accounting is the lifeblood of your firm – and there are competent bookkeepers who specialize in legal medical marijuana businesses.  While bookkeepers for cannabis businesses may be hard to find, I have been doing due diligence and have found several.  My financial consulting with business owners, relies on having good data, so I have a stake in accurate records and high quality information.

Contact me if you would like a recommendation of a bookkeeper for your medical marijuana business.

Related articles:

When to Hire a Bookkeeper or Accountant

Robert Half: 5 Things to Consider When Hiring a Bookkeeper

 

 

Elizabeth Pearce

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