In the News
QB Power Hour: Niche Nuances - Cannabis and CBD Industry
Recently Michelle Long, CPA, MBA and Daniel DeLong at QB Power Hour invited me for a guest appearance on their live show!
We covered niche nuances with a specific focus on the cannabis and CBD industry.
USE CASE: Understanding Your Month to Month Tax Liabilities as KPIs
The cannabis industry is unique in comparison to similar personal consumption industries in that cannabis is labeled a Schedule I substance.
Perhaps the most significant constraint relates to how cannabis companies are taxed—on their gross profit. As a result, understanding month-to-month tax liabilities is exceptionally important for determining profitability.
USE CASE: Ensuring Cultivator Profitability from the Very First Sale
Too often cannabis business owners, especially cultivators, wait until they’re within striking distance of opening to start understanding the cost of running their business. By not creating grow cost sheets or developing relationships ahead of time, they are leaving money—and profitability—on the table.
The learning curve of passion-fueled businesses
People who start a business out of passion are often missing key information about running the business, as is the case with a huge number of cannapreneurs. As the number of states legalizing cannabis increases, so does the number of eager business owners who have a big learning curve when it comes to actually running their business.
USE CASE: Growing a Profitable Dispensary Before Opening Your Doors
Aspiring entrepreneurs and cannabis enthusiasts are flocking to the cannabis industry and its highly profitable business opportunities. Of those, dispensaries are among the most lucrative with the potential for hundreds of thousands of dollars in top line revenue in the first month.
CPAPA Article: Help Cannabis Clients Plan for the Next 4/20 and Earn More Revenue
CPA Practice Advisor recently featured an article I wrote about what accountants to help clients earn more for the next 4/20
As an accounting professional, if you’ve served agriculture, research labs, or retail operations, you already know 4/20 is more than just a day in April to cannabis users…it’s a holiday nearly as big as Black Friday to traditional retailers.
CPAPA Article: If Your State is Legalizing Marijuana, Here's What Accountants Need to Know
CPA Practice Advisor recently featured an article I wrote about what accountants need to know now that more and more states are legalizing Marijuana.
As an accounting professional, if you’ve served agriculture, research labs, or retail operations, you already know the basics of serving a cannabis company. The biggest difference lies in the stringent reporting requirements and understanding cannabis taxation.
Firm of the Future Article: Cleanups are big money, but are they worth taking?
While cleanups are a necessary part of any great financial plan, they can also become heavily involved.
That’s why I wrote Cleanups are big money, but are they worth taking?. I am honored to be featured with Firm of the Future.
Touchless Automation: How Cannabis Operations Are Joining The Latest Tech Wave
Is the cannabis industry growing as fast as technology is advancing? In today’s world, that’s hard to say — but this much is clear — cannabis and tech are joining forces like never before.
FYLE Article: Scaling your team: How hiring outside Bookkeeping Services builds profit
Fyle featured an article I wrote about outsourcing your bookkeeping services and how it can build profit in your business.
CPA Practice Advisor Article: The Main Difference Between Cannabis Clients And Regular Businesses
CPA Practice Advisor recently featured an article I wrote about the differences between cannabis clients and regular businesses.
Your cannabis clients are on a unique path. Since marijuana has been largely illegal in recent history, there’s no tried-and-true business blueprint cannapreneurs can follow when it comes to growing and selling marijuana.
Firm of the Future Article: How QuickBooks Time can help you increase billable time by 11% (or more!)
I talk with other accountants and business owners about the best ways to track employees’ time. These can be huge concerns for my clients and it’s why I use QuickBooks® Time, as well as always recommend the app to clients who need timekeeping support.
Accounting Services You Need As A Cannabis Business Owner
Are you a cannabis business owner who still has a lot of questions, especially pertaining to finances and running your business? Don’t worry — you’re not alone. The cannabis industry is still budding, and you are, too.
Whether you’re already in the game or just starting out, questions are normal and even expected with ongoing changes in the law and a widening societal acceptance of cannabis.
CPA Practice Advisor Article: Cannabis Accounting: What Your Clients Need to Know
CPA Practice Advisor recently featured an article I wrote about Cannabis Accounting and What your clients need to know.
How do you navigate accounting questions from cannabis business owners? There’s no blueprint… or is there?
5 Fatal Mistakes You Might Be Making As A Cannabis Business Owner
Is your cannabis business moving towards growth or total failure?
Growth or failure in your new cannabusiness all depends on how you start it, run it, and the attitude with which you do both.
Have you laid the proper groundwork to acquire and keep a license? Do you check the latest cannabis-related news at least monthly, if not weekly?
The Scientific Art of Cannabis Consulting: Cannabusiness Consulting in 2021
So you’ve finally decided to open your cannabusiness — now what?
The chances that you have someone in your network who has the expertise to guide you through best practices, regulations and operations for your cannabis business are practically zero.
While the cannabis industry is growing rapidly, it’s still fairly new.
CPA Practice Advisor Article: Cannabis is Going Mainstream — Is Your Accounting Firm Ready?
CPA Practice Advisor recently featured an article I wrote about Cannabis is Going Mainstream.
After the passing of the Marijuana Opportunity, Reinvestment, and Expungement Act (MORE Act) passed in December 2020. This could lead to massive changes for the cannabis industry in upcoming years.
CPA Practice Advisor Article: 7 Valuable Blog Posts That Break Down The Cannabis Industry
CPA Practice Advisor recently rounded up their top blog posts for managing all things cannabusiness-related. Including areas such as tax codes, accounting, inventory management systems, cash flow management, and more.
Your Guide to an Efficient Cannabis Inventory Management System
Inventory management is a vital part of any cannabis business.
Efficient inventory management systems protect your business from becoming non-compliant, avoid significant fines, and keep money flowing in your business.
What the Pandemic Means for the Future of the Cannabis Industry
Make no bones about it, Covid flipped the world we all knew upside down. Your cannabis business likely saw a huge uptick in demand, which came with a slew of growth-related changes. From new business procedures, protocol, and more, you’re curious what long-lasting repercussions your business will face from the pandemic.