Cannabis: The Most Promising Industry for Small Accounting Practices to Grow Quickly



For accounting professionals with a lack of sales experience of marketing prowess, growing your firm can seem like a near impossible task. Add in the fact that most industries that pay well are either over saturated or they can’t afford to pay enough money for our services, which leaves us with having to take on dozens of clients in order to make a decent living… until now.

The Cannabis industry is incredibly underserved as it pertains to accounting. There are not enough trained Cannabis specialized accountants, which is unfortunate because accounting in this industry is incredibly important due to the fact that they must have it in order to maintain licensing. Period.

Also, most Cannabis companies generate well over $1M in revenue, and even better… most larger firms won’t touch Cannabis. There’s little to no guidance out there, and Cannabis companies are getting audited and shut down due to bad accounting and for breaking compliance rules.

Currently, there is a huge issue with inexperienced accounting professionals providing bad advice to Cannabis companies. A big one is when companies are told to try to get around 280e. While 280e is crippling, there are ways to legally reduce tax liability; however, the positions that a lot of inexperienced accountants are taking are not only risky, but they’ve been challenged in tax court and have lost.

The good news is that with the proper training and the right tools, an experienced accounting professional can get started quickly in terms of serving Cannabis companies. Tools are another important aspect of Cannabis accounting because even something as simple as a bank account isn’t able to be created due to the fact that Cannabis is illegal. Insurance, payroll, loans, and many other things are either incredibly expensive for Cannabis companies or non-existent, so there’s great value in knowing how to navigate these areas for Cannabis companies. Inventory is another challenge for these companies as it not only is important for running the business, but the state mandates proper inventory management and reporting. This is not an option and is a requirement of their licensing. Seed-to-sale software is incredibly important but it’s hard to use because it is really hard to sync data from accounting systems into the statewide tracking portals, leaving a ton of room for inconsistencies and errors. Not to mention, they are really buggy.

If you’re an experienced accountant, now’s the time to jump into the Cannabis industry. With the right tools and World Class accounting systems, you can command high fees and take on less clients, make more money, and have more free time. The sky's the limit in this green rush.

DOPE CFO is the first nationally recognized Cannabis accounting training in the world. DOPE CFO led numerous panels at the most recent AICPA conference which was the first one of its kind that was purely dedicated to servicing Cannabis businesses.

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