Cannabis Accounting: Everything You Need to Know about Cannabis Industry Bookkeeping


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Cannabis Industry Bookkeeping and Accounting

Cannabis accounting is more complex than most industries as there are rapidly changing legislation and strict reporting requirements. In addition, there are nuances for an accountant in this space concerning taxation, available banking and payment processing, and software. Not to mention, the cannabis industry typically has many verticals, even in a small set up. This includes cultivation, food manufacturing, retail, chemical processing, and labs. Furthermore, there are certain tax laws that cannabis business owners need to abide by.

Most of these same issues also apply to bookkeeping for the industry. Here are a few of most concern:

  • Seed-to-Sale tracking software has limited integration with accounting software
  • Payroll processing, merchant services, point-of-sale systems and merchant service vendor will not work with the cannabis industry
  • Highly regulated and burdensome reporting requirements
  • High cash volumes and the need to reconcile with inventory dailyNeedless to say, accounting in the cannabis industry is complex and it is important to find an accountant that has expertise in cannabis accounting. Frequent legislative changes and increased auditing, businesses need well-trained and highly knowledgeable accounting experts.

That is why we picked some of the best accounting practitioners and companies in the industry that will help you manage your books and save you money.

Recommended Cannabis Accountant partners:

Bookkeeper 360

About the Company:

Bookkeeper360 is an accounting platform for startups and growth-stage businesses. Our solution manages real-time accounting, back-office, payroll, and tax compliance and provides financial insights for business owners to make data-driven decisions.

Our company and 100% United States-based team are trusted by thousands of small businesses nationwide and Bookkeeper360 has been recognized as a two-time winner of Xero’s Top Partner of the Year award and ranked as one of Inc. 5000’s Fastest-Growing Companies for the past two years. Bookkeeper360 is considered a trailblazer in the industry and has been published in Forbes, Accounting Today, Business Insider, CPA Practice Advisor, and other editorial outlets.

Who are their clients?
Any business in the start-up or growth stage. They currently serve clients in the cannabis space and can service many other industries such as e-commerce, real estate, health and wellness, professional services, hospitality/restaurant, medical, non-profit, and technology.

Services and plans:
In addition to bookkeeping, the company also offers CFO advisory, payroll services, taxation and planning services, and HR solutions. Bookkeeper360 is best for small businesses who want a one-stop solution for all these services. Bookkeeper360 makes use of tools like Xero, Quickbooks, Bill.com, Salesforce, ADP payroll, Gusto, and Shopify to offer different services to their clients.  Their pricing is based on your expenses, head to their pricing page for details: https://bookkeeper360.com/pricing

Check out their plans here:

Pricing Bookkeeper360 cannabis accounting

Why choose them?

  • One-stop accounting solution
  • Technology and business app experts
  • First-class business advisory
  • 100% US-basedFractional CFO services

Try out Bookkeeper 360 today with a special offer for your business!


Bench

About the Company:
Bench is one of the renowned accounting and bookkeeping service providers based in Vancouver, Canada. It was established in 2012 by Ian Crosby, along with the partners Adam Saint, Jordan Menashy, and Pavel Rodionov.

It offers financials and automates bookkeeping for US-based small business owners – from chiropractors to creatives to those in the cannabis sector.

They aim to bring financial mastery to one million people, starting with small business entrepreneurs. The agency brings everything together under one roof for business owners. They even pair intuitive software with real bookkeepers. All essential insights and professional support are just a few clicks away.
This helps cannabis business owners to directly contact a professional bookkeeper and get access to all essential business information quickly.

Who are their clients?
US-based small business owners, including cannabis businesses.

Services and plans:
Every monthly bookkeeping plan comes with a skilled bookkeeping team to handle books and powerful business software to track the finances. The company offers monthly bookkeeping for up to 15 financial accounts. This includes bank accounts, loans, credit cards, merchant processors.

Check out their pricing plans:

Bookkeeping Price Packages Bench Cannabis Accounting

Why choose them?

  • As a friend of Bench, you get 20% off your first 6 months of bookkeeping
  • Bench online accounting app
  • Tax experts respond quickly

Get started with Bench today and you will get 30% off for the first 3 months of bookkeeping!


Xendoo

About the Company:
Xendoo is a top online accounting and bookkeeping company located in Ft. Lauderdale, Florida. Roberts started the online accounting service in 2017 with Steven Gelley.

Xendoo’s mission is to simplify accounting and bookkeeping for small business owners. The targets include brick-and-mortar stores, such as dry cleaners, hospitality, sub shops, and, cannabis business owners.

Xendoo has a team of experts that handles all the tasks of bookkeeping. They offer the creation of balance sheets and profit & loss statements for clients by a dedicated team of experts. It serves small businesses who need affordable accounting and bookkeeping services.

The firm also offers tax services with different packages to suit the requirement of clients. It helps their clients to file personal tax returns and corporate tax returns, depending on the plan and package they choose. It makes use of Xero to manage books of clients and record every bank statement and credit card statement transactions weekly.

Xendoo offers a free Xero account to its clients. Also, it provides weekly bookkeeping services as per the AICPA statement and according to standards for taxation services. It follows the AICPA code of professional conduct for serving clients.

At the end of every month, Xendoo provides its clients with the balance sheet and profit-loss statement by the 5th business day of the next month. Clients can review, download, and share the report from the Xendoo mobile app or desktop app.

Who are their clients?
Small businesses across the US, including the cannabis industry

Services and plans:
Every monthly package comes with bookkeeping services and free cloud-based accounting software (with Xero).

Check out their pricing plans:
cannabis accounting

Why choose them?

  • 1-month free bookkeeping
  • Expert bookkeeping and CPA support
  • Full-service tax preparation and filing
  • A virtual team of Xero professionals

Startup with your first month free bookkeeping with Xendoo today!

Final words:

Bookkeeping for marijuana business has become advanced. Gone are the days when the business owners had to note down all essential accounting data in books and papers.

Today, they need to keep track of everything taking place within the business. The best way to manage cannabis bookkeeping and accounting is to partner with our advised accounting service providers.
All three marijuana accounting partners offer good quality services to businesses. However, pricing and packages differ. Cannabis entrepreneurs can choose a company that suits their budget and bookkeeping needs.

 

Radina Petrishka

Radina is the Marketing Manager of Cannabis Stack. She has been in digital marketing, branding and company growing management since 2011 and has a proven record of wins with different sectors. Her passions in the canna-businesses are the cannabis culture, fast-developing solutions, and the challenges the field is offering.


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