In the News
Growing via M&A in 2024: Strategies for Buyers and Sellers
2024 is the year for Mergers and Acquisitions (M&A). In fact, every group I’ve seen putting together conferences is talking about M&A as a tool for making an exit plan or growing your business. It’s the go-to strategy for companies looking to scale up, diversify, or even make a grand exit.
The Questions Most Cannabis Businesses Don’t Think to Ask During the Licensing Process
Many business owners know me for my work with companies offering professional services. I’m also a cannabis accounting pro and have devoted the last several years to becoming an expert so I can support cannapreneurs as they grow their business.
Because cannabis is still a Schedule I substance, cannabis businesses must operate under strict regulatory oversight and there are unique nuances to operations and accounting. In my work with cannabis businesses around the country (especially in the Northeast), I get lots of great questions that I frequently answer with content.
4 Things Every Small Business Should Know About Their Finances in 2024
Hard to believe it’s already 2024. For the last year, the most important advice I’ve been sharing with clients is to think and plan ahead. By putting in the time to get your plans and financials in order throughout the year, you can save so many headaches when it comes to year-end bookkeeping.With that in mind, I want to share some of our top advice from the past year with our four most popular articles from 2023.
Your company is profitable. But is every job, location, or client?
How well do you know your company’s profitability?
Most business owners use profit & loss statements to evaluate their performance and compare it over specific periods. Still, they might only be focusing on the overall company profitability. While that remains crucial, if you’re in a project-based—or location-based—business, it’s important to know your profit centers.
Entity Tax Reporting —what is the best business model for you?
You’re probably here because tons of people are talking about S-Corps and why it’s a good idea for business owners to move to that tax structure. In truth, they’ve gained traction following the pandemic, especially when everyone was after the PPP loans. However, before you go full-steam ahead on switching to a S-Corp entity, it’s important to understand the implications for your business.
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.
The Number One Question Your Finance Pro and Bookkeeper Should Ask
It’s no secret that many individuals, and indeed, businesses, often wonder when they should rope in a professional to help manage their finances. “Is it time to hire a bookkeeper?” you might ask. “How do I know who would be the best fit for my business?” I encounter such business and bookkeeping questions frequently, and, though it may not be the satisfying answer you crave, the truth is,
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.
CPAPA Article: Cash Recycler Machines Help Reduce Theft and Undercounting for Retailers
CPA Practice Advisor recently featured an article I wrote about cash recycling machines.
Originally developed for banks, cash recyclers simplify cash handling and improve security, making them an excellent choice for various retail businesses.
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.
What is Cash Recycling and Why Do Cannabis Businesses Need It?
Cash recycling is a modern approach to cash management that streamlines the cash handling process. Cash recycling machines not only make cash handling processes much more efficient, but they also add an extra layer of security. Cash recyclers increase security by reducing the amount of superfluous cash on site.
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.
Important Takeaways from 4/20 for Cannabis Businesses
4/20 is, arguably, the biggest holiday in cannabis culture, drawing out everyone from daily smokers and tokers to the most casual of cannabis users.
As a cannabis business owner, you know that it’s not all fun and games, and that it takes work to plan for an event this big. Now that it’s in the rearview mirror, here are some lessons for improving future 4/20 events
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.
Monique Swansen Named Top 100 ProAdvisor for 2022
SALISBURY, MASS. – May 25, 2022 – Monique Swansen, founder and CEO was named a Top 100 ProAdvisor by Insightful Accountant for the fourth year running.
"I'm so honored by this award," said Swansen who helps growth-minded clients in the professional services and cannabis industries improve their business and accounting practices.
More People Are Filing for Extensions Than Ever Before. Here’s What You Need to Know
The past three years have been the most challenging for tax preparers and accounting professionals. From sweeping changes, tax credits, and PPP loans to changing tax codes for individuals, changes to accounting requirements and regulations are the one constant over the pandemic.
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.
Vote for the Top 100 ProAdvisors of 2022
Clients, friends, and family, I would truly appreciate your vote to be an Insightful Accountant Top 100 ProAdvisor again this year.
You can vote for up to 3 candidates, so if you read this and can take a moment to vote for me and two other well-deserving nominees, please do! The deadline to vote is May 6, 2022!