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Accounting Expertise Brought
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American Cannabis Company - Cannabis Consulting

When you first started your cannabis business, you most likely handled everything yourself. This makes a lot of sense. As a small, fledgling business, margins are tight and there may not be enough money to hire the professionals you need to manage every aspect of your operations. But as you grow, it often becomes important to outsource certain tasks to professionals who can make sure the job is being performed correctly. This is especially true when it comes to managing the financials of your business.

Accounting and bookkeeping require a specialized skill set. While it may be possible for you to handle these tasks at first, eventually your business will grow to a level where your accounting and bookkeeping needs will surpass your ability to handle them yourself. Not only will working with a professional ensure your financials are managed properly, but it will provide an important safeguard in the event that your business faces an IRS audit down the road.

Benefits of Working with a Third-Party Accounting and Bookkeeping Provider

Benefits of Working with a Third-Party Accounting and Bookkeeping Provider

As your business grows, it’ll be important to have a professional handle your accounting and bookkeeping tasks. This can be done in one of two ways:

  • Hire an in-house bookkeeper
  • Work with third-party professionals

While it’s possible to handle this task well with an in-house bookkeeper, you also open yourself up to certain risks. In the event of a serious illness or employee turnover, there may be a period of time where your books aren’t being managed. It will also take time for a new bookkeeper to get up to speed with your processes once hired. In addition, there is a tremendous amount of training and continuing education you’ll need to provide to ensure your accounting team remains current on the latest laws and fraud prevention regulations.

In addition, Section 280E creates unique tax challenges for the cannabis industry that don’t exist in other industries. Due to Section 280E, most of your costs associated with doing business are not tax deductible. There are certain exceptions, such as deductions that are allowed for costs of goods sold (COGS). If you’re working with an in-house bookkeeper, it’s crucial that your team is familiar with the ways in which Section 280E will impact your tax liabilities.

When you outsource this important job to a third-party accounting provider, you’ll have peace of mind that the task is being performed correctly at all times. Most importantly, it provides the continuity you need. Your third-party provider will always have intimate knowledge of your financials, and there will never be a gap in service in the event of employee turnover.

You’ll also experience several other important benefits from working with a third-party accounting and bookkeeping professional:

  • Allows ownership to focus on doing what is best and growing the business
  • Ensures your tax documents are prepared properly
  • Prevents you from overpaying in taxes
  •  Ensures the accurate financial information necessary to make critical decisions associated with your business
  •  Improves your ability to monitor cash flow and profitability
  • Ensures you remain tax compliant year after year
  •  Improves your ability to track your expenses and COGS

How Do I Know If I Need Bookkeeping Assistance?

 

The following indicators are a sign that your business might be ready for third-party accounting and bookkeeping services:

  • You don’t know your current business financial performance at any given time
  •  You need to save time and money in your business
  • You have more than one employee
  • You’re paying for professional tax preparation, but handling bookkeeping in-house
  • Your annual revenue is approaching six figures

 

Accounting and Bookkeeping Services Specially Tailored to the Needs of Cannabis Businesses

Due to the complex regulations associated with the cannabis industry, it’s crucial that you stay on top of your financials. You need an accounting and bookkeeping professional who understands the unique issues associated with the cannabis industry. As part of our comprehensive services, American Cannabis Company provides highly specialized bookkeeper, tax preparer and CFO services tailored to the needs of cannabis businesses.

We’re the only cannabis consulting firm in the country with an exclusive Green Profits Operations Roadmap™ focused on growing your business and ensuring its ongoing success. As part of this approach, we provide a one-stop financial shop that can handle all of your accounting and bookkeeping needs:

  • Personalized, expert support from a trained professional
  • Accurate monthly statements
  • Assistance with preparing and filing tax returns
  • Tracking of financial KPIs that are critical to the success of your business
  • Highly developed systems to organize your business’ finances
  •  Pristine bookkeeping that allows for greater control over your financials
  • Thorough understanding of Section 280E and how it impacts your tax deductions

How It Works

Our process is streamlined and simple, allowing for seamless integration with your operations:

  •  We Get You Set Up – We’ll connect you with an American Cannabis Accounting onboarding specialist who will get to know your business, introduce you to our process and start gathering the information we need.

  •  We Connect – Upload your monthly receipts, bills and other paper documents to our secure online portal.

  • We Automate Your Accounting – We’ll invoice your clients, pay your vendors, process your payroll and reconcile all of your accounts to deliver clear and accurate monthly financial reports. You can relax knowing that these important functions are being handled by an experienced professional.

When you work with American Cannabis Company for your accounting and bookkeeping needs, you’ll receive:

  • A Dedicated Cloud Accountant – Our Cloud Accounting Specialists are here to make your life easier. We promise to deliver timely monthly financial statements and award-winning customer support.
  • Accurate Financial Reporting – Perfectly reconciled and categorized transactions. Detailed expense tracking. American Cannabis company will tag your transactions with labels such as product, industry, location, client or sales so you can know exactly how your business is performing at all times.

  •  The Best Technology – We partner with the best cloud-based technology companies and use the most advanced software in order to automate your accounting department.

 

American Cannabis Company Accounting and Bookkeeping Service Options

Every client is assigned a dedicated could accounting team. This way, you know your bookkeeper and we get to know your business inside and out. We offer our services on a month-to-month basis. You can cancel at any time, although we’re confident you won’t want to.

Package #1 – Basic Bookkeeping* 
Cost: $749.00 per month

  • Monthly reconciliations of bank accounts, credit cards, and other accounts 
    • Tired of your bank balance and QuickBooks/Xero balance not matching up? Every month we will obtain your bank statements, credit card statements, etc. and reconcile the accounts for outstanding checks and deposits in transit.

  • Chart of accounts 
    • We will build a fully customizable cannabis-industry-specific chart of accounts included in your package.

  • Posting monthly revenue from sales channels 
    • Need to see more than just one line for revenue on your income statement? We will setup class reporting to breakout your different streams of revenue.

  • ReceiptBank integration 
    • Fully paperless receipt archiving right from your phone

*This package assumes that cash-based accounting practices will be utilized. Accrual-based GAAP accounting is available for an additional fee of $150.00 per month. 

Package #2 – Automated Accounting Department* 
Cost: $1499.00 per month

  • Monthly reconciliations of bank accounts, credit cards, and other accounts 
    • Tired of your bank balance and QuickBooks/Xero balance not matching up? Every month we will obtain your bank statements, credit card statements, etc. and reconcile the accounts for outstanding checks and deposits in transit.

  • Chart of accounts 
    • We will build a fully customizable cannabis industry specific chart of accounts included in your package.

  • Posting monthly revenue from sales channels 
    • Need to see more than just one line for revenue on your income statement? We will setup class reporting to breakout your different streams of revenue.

  • ReceiptBank integration 
    • Fully paperless receipt archiving right from your phone

  • Bill.com integration 
    • Streamline your billing process

  • Accounts payable support 
    • Facilitation of accounts payable process

  • Accounts receivable support 
    • Soft AR collections

  • Payroll processing and payroll tax filings (including Form 941 and 8300 Forms) 
    • We will process your payroll to and take care of all of the quarterly and annual tax filings. Direct deposit included for payroll processing.

  • Sales tax filings (state and federal) 
    • Need help better understanding sales tax? We will handle the filings and help you understand the nuances of different state reporting. 

*This package assumes that cash-based accounting practices will be utilized. Accrual-based GAAP accounting is available for an additional fee of $150.00 per month. 

Package #3 – Virtual CFO & Automated Accounting Department* 
Cost: $3900.00 per month

  • Monthly reconciliations of bank accounts, credit cards, and other accounts 
    • Tired of your bank balance and QuickBooks/Xero balance not matching up? Every month we will obtain your bank statements, credit card statements, etc. and reconcile the accounts for outstanding checks and deposits in transit.

  • Chart of accounts 
    • We will build a fully customizable cannabis industry specific chart of accounts included in your package.

  • Posting monthly revenue from sales channels 
    • Need to see more than just one line for revenue on your income statement? We will setup class reporting to breakout your different streams of revenue.

  • ReceiptBank integration 
    • Fully paperless receipt archiving right from your phone

  • Bill.com integration 
    • Streamline your billing process

  • Accounts payable support 
    • Facilitation of accounts payable process

  • Accounts receivable support 
    • Soft AR collections

  • Payroll processing and payroll tax filings (including Form 941 and 8300 Forms) 
    • We will process your payroll to and take care of all of the quarterly and annual tax filings. Direct deposit included for payroll processing.

  • Sales tax filings (state and federal) 
    • Need help better understanding sales tax? We will handle the filings and help you understand the nuances of different state reporting.

  • Custom financial reporting 
    • Is the standard financial statement template in QuickBooks not enough? We will customize your financials to show what you want to see.

  • CFO advisory support 
    • Need more than just bookkeeping? Our CFO support includes true partnership advisory services including scheduled 40-minute biweekly Zoom meetings to stay on top of all ongoing projects. 
    • Includes 280E worksheet support

  • Entire outsourced accounting department solutions 
    • Accounting system migrations, KPIs, reporting by store, ERP implementation, and more 

*This package assumes that cash-based accounting practices will be utilized. Accrual-based GAAP accounting is available for an additional fee of $150.00 per month. 

Additional Services

  •  Clean-up/Catch-up of retroactive bookkeeping/accounting – (to be scoped out per account, cost typically varies from $400.00-$600.00 per month)
  • Corporate tax return preparation and filing – $300.00 per month for Package subscribers, otherwise $3,600.00 as a one-time fee (per account)
  •  Quarterly strategic tax planning, including 280e consulting – $250.00 per month for Package subscribers (per account)
  •   Roll preparation and filing of personal tax return – $75.00 per month for Package subscribers, otherwise $900.00 as a one-time fee (per account)

 

Contact Information