Cannabis Accounting Services

TX cannabis accounting

The cannabis industry must comply with accounting and tax challenges that most small businesses will never face. Strict sales tracking guidelines, confusing tax laws, and other struggles in this highly-regulated environment make running daily financial operations difficult. When you work with us, we give you more than dry financial data, we’ll show you how to use your numbers to control expenses, stay compliant with state and federal tax regulations, and make smart business decisions.

Our powerful accounting solutions will make managing your finances and maintaining tax compliance easier. We’ll help you implement best practices for handling cash, reconcile your seed-to-sale system, and solve operational problems. We’ll also show you how to properly allocate costs so your business optimizes deductions to lower your taxable income and reduce taxes owed.

Discover the difference of working with a CPA firm that understands your business! Call us now at 346-772-5878 or request your free consultation online to learn more.

Cannabis accounting and tax planning:

  • Accounting and bookkeeping
  • Assistance forming a legal business structure
  • Audit-ready financials
  • Inventory management solutions
  • Supply chain management
  • Monthly reconciliations of POS data
  • Reconciliations of seed-to-sale tracking systems
  • Bank reconciliations
  • Record monthly transactions
  • Review general ledger and reconcile balance sheet accounts
  • Evaluate and refine internal controls
  • GAAP cost accounting
  • Prepare and file sales tax return

Taxes

State laws & regulations

Banking services

Deductible expenses

Effective Tax Rate

Audit chance

GAAP compliance

Normal Business

Normal

Available

Most business - related expenses

< 30%

Low

Optional

Cannabis Business

Most tightly regulated industry

Restricted, mostly cash transactions

None, except for COGS

> 60%

High

MUST to maximize deduction