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Cannabis Industry Bookkeeping Accountant: Find Out What The Buzz Is About

Over the years, the cannabis sector has gained traction in several states. As such, many individuals are looking into opening a cannabis dispensary so they can sell to the public and gain the benefits of what is becoming a profitable business. Of course, managing the cash flow and other financial aspects of your business requires a knowledgeable hand. The industry is often a busy one, so it is better to hire a third party to assist you, such as a bookkeeping accountant.

Keeping Record

A cannabis industry bookkeeping accountant can help your business in several different ways. Aside from managing cash flow, he or she can also provide you with detailed record-keeping. When it comes to tax filing, you will realize how important it is to have an expert handling your bank statements, financial reports, account maintenance charts, and transaction records. Additionally, a bookkeeping accountant can also file tax returns on behalf of your business, making your life much easier.

Financial Planning and Guidance

Aside from helping you keep financial records up to date; a bookkeeping accountant can also provide you with financial planning and guidance. If you are new to the cannabis industry, you will appreciate someone providing you with financial advice, planning, and guidance. As cannabis becomes legal in more and more states, the importance of a qualified bookkeeping account will become visible.

Currently, cannabis is legal for both medicinal and recreational use in the following states:

  • Alaska
  • Washington
  • Oregon
  • California
  • Nevada
  • Arizona
  • Montana
  • Colorado
  • New Mexico
  • Illinois
  • Missouri
  • Michigan
  • Virginia
  • New York
  • New Jersey
  • Maryland
  • Vermont
  • Massachusetts
  • Connecticut
  • Maine
  • Rhode Island
  • District of Columbia

It is only illegal in Idaho, Wyoming, Nebraska, Kansas, South Carolina, and North Carolina. In the remaining states, legalization is mixed, meaning it is legal for medicinal use, though some of the mixed states only allow the use of CBD oils for medicinal use.

Less Stress, Less Mess

With so many states looking to open avenues for cannabis use either medicinally or both recreationally and medicinally, it is important to have a bookkeeping account at your side. You can avoid the stress and not have to deal with as much mess should you need to provide proper accounting paperwork for taxes or other legal purposes. To decrease your stress even further, a bookkeeping accountant can also often provide you with payroll management and help you file for business loans.

Contact a professional bookkeeping accountant near you to ask about services for your new cannabis business. Speak to a company like Accountabis Advisors to learn more.