Advisory Services for Cannabis Businesses
You might find yourself having a question or needing help that goes beyond tax and accounting compliance work for your cannabis business. Accounting professionals like us can help cannabis businesses improve their profitability, pay fewer taxes, increase their cash flow, and become more efficient with technology. This work, which we call advisory work, is where you can get a real return on investment in your services with us.
Advisory services are designed to help you reach your cannabis business’s financial goals faster. Here are some of the ways we can help you.
We can help you be proactive about your tax bill by thinking ahead and planning activities and transactions designed to reduce your taxes. This service includes a review of your situation and goals and includes one or more planning sessions to present options available to you to legally pay fewer taxes. We can advise you on:
- Choosing the most advantageous type of entity for your cannabis business
- Corporate tax planning, including interpretation of the latest court cases involving tax issues related to cannabis companies
- Intercompany transactions and their tax implications
- Individual tax planning
- Providing tax projections throughout the year
- Assisting with the tax requirements of certain situations that may come up in your personal life, such as marriage, divorce, settlements, windfalls, investment transactions, international work, illness, or death of a family member.
- Transferring wealth to children and estate planning
Business consulting services span many areas. We will discuss with you your business goals and current challenges and guide you toward solutions to achieve your goals and solve your issues. Here are some areas where we have experience providing solutions:
- Cash management improvement. This is the most common issue with many businesses and cannabis businesses have unique cash management needs. We start by building controls around cash handling and vault management. We can prepare cash flow forecasts and projections to evaluate your short-term needs. We can also connect you with willing banks and credit unions so you can deposit some of your cash into institutions safely and legally.
- Financial review and performance analysis. On a regular basis, we can hold a review session with you to discuss your financial results and point out opportunities for increased profits or revenue. We can also provide graphical dashboard analysis including forecasting, goal-setting, KPI selection (key performance indicators, kind of like a report card for your business), what-if simulations, benchmarking and more.
- Strategic planning and budgeting. Many businesses are flying blind without a roadmap to help them know where they are going. We can help you build a strategic plan for your business as well as a budget (we prefer to call them profit plans) so you can get clear on your business’s future.
- Capital expenditure and project analysis. There is an unlimited amount of ways to spend money in your business. We can help you anticipate and prioritize the right projects for your business to reach your goals and move it forward. Our deep knowledge of the cannabis industry helps us guide you in this area.
- Fraud detection and internal control review.If you suspect that an employee may be stealing from you, we can perform fraud detection services to help you discover and document the theft. If you’re concerned that you may not have the controls in place to prevent fraud, we can help you identify and put into place stronger internal controls to reduce the risk of future fraud.
- Business valuation.Are you thinking about selling your business or licenses? Or are you considering taking on investors? If so, you first need to find out what your cannabis business is worth. We can help you determine the value of your business with our business valuation services.
- Specialty accounting services.These services, which include items like inventory analysis, can help you find ways to improve your business profitability. We take a deep look at your operations, reviewing items such as profit margins, pricing, revenue growth, and costs to identify issues to fix and successes to repeat.
The right technology can greatly boost your bottom line. We’re tech-savvy accountants that can help you streamline your accounting workflow with the right choice of accounting software and apps for your business. We can help with:
- Accounting system selection
- Transition to the new system
- System implementation
- System customization
- Accounting software training
- Integration of add-ons to enhance your core functionality
Getting the right people on board your business is essential to success. We can help you select and evaluate your accounting department staff. We can provide the technical evaluation of candidates’ and employees’ accounting skills so that you know for sure you have the right people doing an accurate and timely job for you.
No matter what your < ahref=”https://420cpa.com/services-page/tax-preparation-and-planning-for-cannabis-businesses/”>tax, accounting, business, or financial issue is, give us a call so we can get started helping you today with our accounting advisory services for your cannabis business.