Higher Level Accounting: Driving Growth In Cannabis And Web3 Sectors

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When it comes to your cannabis business, accounting can be challenging but we are here to help through it all. Since our inception, Higher Level Accounting has focused on providing accounting and consultation support to many startup and small businesses.

Disorganized Financial Documents: Essential financial documents were scattered and unorganized. Inadequate Financial Processes: There was no formal process for month-end close, cash management, or inventory counts. Compliance Risks: The client was not compliant with critical financial reporting requirements, including IRS Form 8300 for cash transactions and proper 1099 processing. Taxation Issues: Incorrect calculation of various cannabis-specific taxes, such as cultivation and excise taxes, due to a lack of proper cost accounting methods. Solutions Implemented: Perpetual Data Room Setup: Organized all crucial documents in a perpetual data room, ensuring easy access and audit-readiness. Chart of Accounts and Accounting Procedures: Developed and implemented a comprehensive chart of accounts tailored to both the cultivation and distribution sectors of the business. Internal Controls: Established stringent internal controls, including quarterly physical inventory counts and daily cash logs to track and reconcile cash transactions accurately. Automated Documentation: Introduced a receipt capturing app to automate and streamline the documentation process. Loan and Financial Obligations: Standardized the recording of all loans and related-party transactions using promissory notes, where previously there was no formal documentation. Tax Compliance and Strategy: Calculated and filed necessary tax returns specific to the cannabis industry, addressing taxes like excise and canopy taxes, and rectified the client's approach to 280E compliance by introducing them to a specialized cannabis tax accountant. Outcomes: Enhanced Financial Clarity and Compliance: The client achieved a complete turnaround in financial management, with a clear, compliant, and efficient financial system in place. Improved Operational Efficiency: By automating several processes and implementing strict internal controls, the client saved significant time and reduced errors. Tax Burden Minimized: Accurate tax calculations and timely filings significantly reduced penalties and ensured compliance with state regulations. Conclusion: The engagement with this dual-entity cannabis business showcases Higher Level Accounting's ability to handle complex financial challenges and implement robust accounting solutions tailored to the specific needs of the cannabis industry. Our strategic approach not only restored compliance and order but also positioned our client for sustainable growth and success.

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Webflow is web design tool as well as a hosting platform and CMS all in one. While you are probably familiar with all of these, they are usually entirely separate tools.

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

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