Navigating the world of Cannabis regulations can be like tiptoeing through a minefield; dodging and weaving before anything blows up in your face. You opened your cannabusiness to do what you’re passionate about. You didn’t go into business thinking:

Yes! I get to create a budget and write a growth plan! Or: Yay, I get to study 280e tax deductions, scour cannabis accounting laws, run payroll and manage tax liabilities! W-2 and 1099 processing? Score!

 

 

At HigherLevel CFO, we are passionate about providing stellar accounting and business management services to cannabis-touching businesses across the country. Under IRS Code 280e cannabusinesses are not allowed any deductions or credits for amounts incurred or paid because cannabis (marijuana) is classified as a controlled substance on the federal level. This is where HigherLevel CFO, a firm dedicated to serving the needs of this exciting and emerging industry, comes in! Our nation-wide accounting and CFO services can help you maximize 280e tax deductions and develop strategies not only to save you in taxes, but also help you accelerate your growth potential using financial data and analytics.

 

Cost accounting for the cannabis industry

 

With a strong emphasis on 280e absorption through cost accounting for the cannabis industry, GAAP, and how to properly apply 471-11, 471-2 and 471-3, HigherLevel CFO turns your financial data into useful analytics that propel your growth strategies. Strong cost accounting processes are also applied to payroll functions - we’ll help you delineate the proper job functions and set up a process to document your employees’ daily activity so that wages will be allowed to absorb through 280e.

 

Cannabis business accounting services

 

As your virtual CFO, we offer a wide range of consultative and analytic services, including:

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• Budget creation and management.

• Cash flow management and oversight.

• Rolling forecasting.

• Marketing KPI/ROI analysis.

• Inventory KPI analysis.

• Human Resource management and oversight.

• Internal risk prevention and mitigation.

• Staff education on business operations and accounting processes to maintain compliance.

• Perpetual Data Room

 

HigherLevel CFO works closely with a nationwide network of professionals who can assist you in all things canna:

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• Legal matters

• Insurances

• Investors

• Builders/Designers

• Marketing

• Distributors

 

While it is important to obtain reliable accounting services in any industry, it is essential when running a cannabusiness.

If you are unsure if you are following correct procedures and following proper processes, please reach out to us for a brief phone conversation.Taking 15 minutes today to ensure all procedures and guidelines are properly put in place could save you from creating a massive mess that you may not be able to fix later.