There have been significant business developments and job opportunities for a lot of people from the time marijuana started to be declared legal in most states. Just like any other business, cannabis business owners have to undergo taxation processes and hence require a cannabis industry accountant. Cannabis businesses have different taxation procedure than other companies. The factors mentioned below are vital in your search for the right cannabis industry accountant.
The first consideration is to establish the services of which accountant you need for your business. For any business there are several types of accountants who specialize in different skills of accounting. For instance, a cannabis industry can be a bookkeeper or an enrolled agent. The bookkeeping cannabis industry accountants deal with the records of sales and purchases and develop a financial statement which you can use to make business decisions. The enrolled agent are the accountants who help the cannabis business prepare and hand over the tax returns of the business and can represent their client in case of any issues with revenue boards.
Secondly, you should choose a cannabis industry accountant with a strong work ethic. Those who operate cannabis store will tell you how closely their business are monitored to avoid instances of money laundering. Making backroom business financial decisions can be a cause for your business to fail when the tax boards suspect that there might be inconsistencies with your business accounting. When choosing a cannabis industry accountant, you should interview them and establish their code of conduct.
The third factor is to ensure that the cannabis industry accountant is readily available when you need them. In most cases people prefer to work with only one accountant who takes care of one aspect of your business at a time. For the purposes of emergency situations and unscheduled consultation with your cannabis business accountant they should have a reliable way of availing themselves to clients. Even if the accountant is working elsewhere, they should establish means which they can be accessed and help their clients even if it is through the phone. However when your cannabis industry account cannot be accessed even through communication channels, this could lead to problems in future, and it’s not a proper work ethic.
The final consideration is to choose a cannabis business accountant who is well versed about the tax and legal laws of cannabis business. There are particular taxation protocols for cannabis businesses which might vary from one state to the other. You should ensure that the cannabis industry accountant you select is well informed of all the tax laws of cannabis in your region.