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The Certified Public Accountant should have attended specific industry training or completed continuing professional education (CPE) courses. The CRB should consider how much CPE and how recently the Certified Public Accountant attended the CPE. The CRB should consider how many other cannabis clients the accountant already serves or will take on.<\/p>\n
Finding participants for the study was difficult as many of those invited declined to participate. The convenience sample drawn could have introduced some level of selection bias into the study. Those who declined participation may have had different views of the industry than those that agreed to participate. In addition, interview responses may be influenced by the interviewer\u2019s presence and some participants may not be \u201cequally articulate and perceptive\u201d (Creswell and Creswell 2018, p. 188). While questions were asked in a neutral tone and data was analyzed without intentional bias, unconscious bias could be present in the study.<\/p>\n
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Because when you grow cannabis, it grows, you know, and you have trim and flower. And in the old days you trim the flower off and dry it out, and you\u2019d sell that. All the dispensaries in Colorado had drive-through lanes with the bud-tenders. Those are the people like a bank teller, the people actually sell you the cannabis and check your ID. They were doing it at car windows, under rules and protocols that were prescribed by the local jurisdictions.<\/p>\n
Since everything including the laws and guidelines are new; technology, best practices, and guidelines haven\u2019t caught up to the needs of the Cannabis industry; making it incredibly difficult for accounting professionals to properly serve these businesses. Quantitative studies could be designed to obtain data from a larger sample size than is possible with a qualitative study. For example, Certified Public Accountants could be surveyed to determine their level of agreement with the theory identified herein that the greatest risk in Certified Public Accountants providing services to CRBs is the risk of federal prosecution. Another quantitative study could be conducted to further explore the motivational or ethical factors as to why Certified Public Accountants choose to serve this industry or not.<\/p>\n
Your client can soon say hello to affordable banking while you smile ahead at the new realm of possibility for their future. An accountant can help with cash handling procedures that protect their bottom line. To begin reaching out to awesome accountants in cannabis, see Ganjapreneur\u2019s verified list of accountants and bookkeepers above!<\/p>\n
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From staying compliant with complex regulations to tracking KPIs and staying alert for signs of embezzlement, running a cannabis operation involves wearing many hats. This index of the financial accounts in your general ledger saves time and stress when tax season rolls around. Next, come up with a monthly fee you would charge this client for all the services they need, including cleanup. For example, if you name your total fee at $2,500 per month and cleanup will take 18 months, you\u2019d charge them $1250 per month or $22,500 total. Also, think about what the client would pay an in-house professional bookkeeper. If you work remotely and can take on other clients, you should make an offer 10 to 20 percent less than what they would pay in-house.<\/p>\n