What to Ask When Hiring an Accountant for your Cannabis Business
By Jody Yarbrough, May 18, 2019
Cannabis accounting is complex and selecting a professional to handle your Cannabis company’s accounting may be a daunting task. The best person to hire is an expert in the industry that will give you peace of mind with correct, accurate books that are lender, audit, investor and exit ready all the time.
The proper answers to these questions will save the Cannabis CEO from major headache in a critical area of running the business.
- Are you a Cannabis expert?
- Describe your training in Cannabis accounting.
- Explain IRC §471 and the section of 471 that applies to my business.
- Explain IRC §280e and how it applies to my business.
- What do you recommend to reduce my tax liability?
- Is COGS a reduction or a deduction on the tax return?
- How do I safeguard the cash in my business?
- Am I able to file bankruptcy, if necessary, for my LLC entity?
- What value-added services do you include with your cannabis accounting service?
Contact Jody now to learn the correct answers and make the most of your cannabis accountant interview!