Description

Accounting for dispensaries is unique for a number of reasons.

If done incorrectly, cannabis CEOs and investors may be putting themselves in a situation where they can be fined, or even lose their licensing.

Here are just a few of the challenges with retail cannabis inventory that we share on this episode:

• Software not syncing and bad POS systems
• Incorrect data in software
• Using the wrong tax codes
• Not doing cost accounting or correct non-Cannabis accounting
• Not doing GAAP specifically for retail operations
• No inventory policies/procedures of controls in place
• No inventory counts and reconciliations
• Not understanding the seed-to-sale process
• Not understanding the different verticals

...and more!

The IRS is cracking down on retail cannabis businesses, so don’t get surprised during your next audit! Make sure that your accounting practices are in compliance.

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Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/2RnJITq

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