Fairly recently, the US government legalized marijuana for medical use in all 50 states. Some states have legalized it for recreational use as well. This has created a boom in the economy as well as rapid and exponential growth in the industry. Many marijuana business owners are new to owning a business. They launched their business because they were passionate about the movement and wanted to be a contributor to the growth of the industry. Since legalization, regulations have been put into place to keep things in check. However, those regulations keep changing and evolving that it can be difficult to keep up. It is imperative that your company maintains its compliancy in order to keep your doors open and prevent being shut down as so many others have experienced.
With owning a business also comes everything else with it. The payroll, the accounting, the marketing, and the list goes on. Instead of trying to manage everything yourself, consider hiring a professional to help you navigate your financials. A cannabis business consulting firm, like 420 Financial Strategies, offers more than just consulting services. They also offer services to handle your cannabis business accounting, bookkeeping, payroll and taxes. They can also analyze your expenses in order to help maximize your spending.
With their bookkeeping services, 420 Financial Strategies will reconcile your bank accounts and POS system, record your business transactions, prepare financial statements and handle your taxes. If you need a little more support, you can opt for their analysis and budget reporting upgrade. You can add include monthly consultations to help keep you on track with your financials and your goals.
420 Financial Strategies also offers payroll services, so that you can focus of other areas of your business. Depending on what level of support you need, they offer a few different options in terms of price point. With their cannabis payroll services, you can expect them to enter time sheets, calculate payroll taxes, cut checks, make payroll tax deposits or cash deposits, file quarterly and annual payroll tax returns for both federal and state, as well as prepare and file annual W-2s. Think of all of the other things you could be doing with all of the extra time you will save from not having to manage your payroll. Plus, if something should go wrong, your employees will not be looking to you for answers.
If you are a startup business who is just starting out, 420 Financial Strategies can help you get your financials set up. They can help you find a reputable banking institution. They will assist you in setting up your POS system as well as your accounting books and chart of accounts. If this sounds daunting to you, then it may be time to consider hire a professional to manage your cannabis business payroll and accounting. Be sure that you stay compliant with both marijuana regulations as well as federal and state tax requirements. For more information on how they can support your business, visit 420 Financial Strategies online or give them a call.