Once I had my cannabis dispensary up and running, I figured it would be all smooth sailing; I had the products, workers and the building, but what was next? I realized that the financial aspect to running a cannabis dispensary is quite overwhelming, tax season would supply myself and others panic attacks every year.
The federal taxes were just so complicated and I wasn’t particular if I was doing everything above board. I learn online that recreational cannabis dispensaries run a high risk of being audited, since I had trouble opening a company bank account, I knew I wasn’t unquestionably great at handling the finances of my cannabis dispensary. I started searching around on who could help myself and others with this sensitive issue. I needed an outside professional that wouldn’t judge the state of my books. I needed to get my finances legally sound, straight-forward to navigate and to understand, a simple accountant wouldn’t know the cannabis industry. There are cannabis accounting consultants I found. They are a section of a recreational marijauna consulting service. You can hire the accountant to take a look at the books and get everything organized. The guy developed sales tracking, inventory processes, and made our supply chain much more efficient. It was amazing how much he did in a short amount of time, then he got my taxes squared away from me. He left myself and others at a point that I should be good. I still know once a year I will hire a marijuana accounting consultant to help myself and others with tax season, just to be sure.