The Cannabis Accounting Podcast by DOPE CFO

Jul 04, 202218:26

Ep. 95: Get More Exposure For Your Firm As A Conference Speaker

What if you could take your business further using what you ALREADY know about accounting? One of the best ways to keep your business growing is to share your knowledge by speaking at conferences and events. Events are prime locations to make valuable network connections, learn, and gain added exposure for your business, so whether you’re a Cannabis accounting expert or relatively new to the field, speaking on stage is something all levels should consider.

We know the thought of public speaking may have some people adamantly shaking their heads, but don’t shy away. The best part of presenting at Cannabis conferences is being surrounded by like-minded people who are all there for the same reason: to learn and grow together.

Tune in to Episode 95 to hear our founder Andrew Hunzicker, CPA along with special guest, expert Cannabis accountant Raymond Guns, CPA at 1st Choice CPA, to walk us through his accounting experience and explain how he began booking events early on in his journey into the niche Cannabis accounting world. We’ll dive into how your business can benefit from becoming a conference speaker and steps you can take to get started yourself.

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Jun 20, 202223:07

Ep. 94: Harborside Case Review: Why Multiple Entities Won't Circumvent 280E

Setting up multiple corporate entities for the sole purpose of getting around 280E will lead to a ton of trouble with the IRS. Just ask the folks over at Harborside.

The (still) ongoing Harborside case has taught us how the IRS views using multiple entities to take tax deductions for a Cannabis business, whether that entity is attached to or separate from the Cannabis operations. By trying to be clever and get around 280E, Harborside has now put itself in the position of potentially having to pay a cool $11 million in back taxes.

Harborside even tried to fight the constitutionality of 280E… and lost the appeal.

Our latest podcast episode, “Harborside Case Review: Why Multiple Entities Won't Circumvent 280E,” explores exactly where it all went wrong for Harborside and what we can do as accounting professionals to protect our Cannabis clients and their businesses.

Topics include:

🟢 A brief overview of the Harborside case.

🟢 Why using Harborside’s multi-entity corporate structure to take (illegal) tax deductions won’t fly during an audit.

🟢 Minimizing tax liability while still adhering to 280E.

CLICK HERE to grab your FREE “Ultimate Guide to Entities and Funding Structures in Cannabis!”

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Two licensed dispensaries were raided last month by the California Highway Patrol, with the California Department of Tax and Fee Administration on standby, to collect overdue state tax payments. The officers walked out with a couple of six-inch-high stacks of cash, but there is more to this story than a modern-day western holdup.

Jun 06, 202214:10

Ep. 93: How can licensed Cannabis businesses prevent raids over unpaid taxes?

In our latest episode of the Cannabis Accounting Podcast, Andrew Hunzicker, CPA sits down with Daryl Jendras, CPA and managing director of Green Rush Tax PLLC. Daryl joins us with 30 years of state and local tax experience in corporate and public accounting settings with exposure to various industries throughout the US and Canada. Some have labeled him a ‘sales tax guru’ because of his track record of saving Cannabis businesses millions of dollars by understanding how to effectively work with the Department of Revenue.

In this episode, Andrew and Daryl discuss situations that have led to licensed Cannabis businesses being raided over unpaid taxes and how you can avoid a similar fate. You’ll learn important information regarding the following:

🌿 What a successful relationship looks like between a Cannabis accounting agency and the Department of Revenue.

🌿 Understanding why your agency receives automated notices from the Department of Revenue.

🌿 What happens when your agency and/or dispensaries ignore these notices.

🌿 What the consequences are for agencies and dispensaries that do not remit sales tax.

🌿 How voluntary disclosure agreements can help dispensaries secure payment plans for sales tax not remitted.

🌿 Understanding a dispensary’s sales tax liability when selling in multiple states.

Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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May 23, 202226:36

Ep. 92: 4 Myths CEOs Believe About Cannabis Accounting

Understanding the myths that business owners believe about Cannabis accounting can give you a leg up on understanding their perspective and may better form how you pitch your value to them when you do reach out. For every myth they believe, you can counter with a well-researched answer, illuminating the consequences of misunderstanding tax codes and regulations in their industry and leading them towards a path of eventual profitability and compliance.

In this episode, Andrew Hunzicker, CPA, gets to the bottom of these myths:

🌿 Myth #1 - Cannabis companies can claim deductions or credits when filing taxes because of the federally illegal status of the substance.

🌿 Myth #2 - All of the regulatory compliance issues can be handled in-house.

🌿 Myth #3 - Cannabis companies don’t need complex cost accounting processes, a Permanent Audit Trail, proper support, or tax liability relief via 471-11.

🌿 Myth #4 - Just because a Cannabis business has high revenue, its net income must be high as well.

CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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May 09, 202213:34

Ep. 91: Tips for Pricing Your Cannabis Accounting Services

As accountants and bookkeepers enter the Cannabis industry, many find themselves unsure of how to quote their fees correctly.

Many businesses need a thorough cleanup, monthly reporting systems set up, and constant compliance monitoring, but how can you possibly come up with a number that will fairly compensate you with so many unknowns? Fortunately, we’re going to share some of the tips and techniques that we’ve come up with to ensure that we are offering maximum value to our clients while being paid what you are worth.

In this episode, “Pricing Your Cannabis Accounting Services,” DOPE CFO’s Andrew Hunzicker, CPA, shares what you need to look out for as you put together your work plan for current and potential clients.

He also covers:

🌿 How your offerings provide exactly what Cannabis CEOs and owners want AND need.

🌿How to prepare and adjust your estimates for unknowns.

🌿 Valuing your services by basing your fees on benefits, not tasks.

CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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Apr 25, 202216:44

Ep. 90: Entity Structure Considerations for Cannabis Investors and Owners

As Cannabis business owners and investors grow their companies and expand their operations, some will inevitably be blindsided by personal tax liabilities that aren’t protected by their entity structure.

The corporate entity’s structure determines the tax implications for owners, investors, and other shareholders. It also lays the foundation of how they get paid out in the future (at exit, yearly dividends, etc.). Correctly accounting for and tracking revenues and costs per your entity type will save major headaches when it comes time to file returns.

In this podcast, Andrew Hunzicker, CPA, sits down to discuss ‘Personal Tax and Entity Structure Considerations for Cannabis Investors and Owners’ to teach you about how a company’s structure affects personal tax filing, income distribution, and reporting requirements.

During this episode, he covers:

🌿 Cannabis tax codes and their relationship to entity structures: different entity structures may directly impact the tax rate business revenue is ultimately subjected to, so it helps to start with an understanding of the tax codes that affect the Cannabis industry.

🌿 Different types of entity structures used in Cannabis: from C corps to LLCs: Andrew discusses common Cannabis entity structure types and their pros and cons.

🌿 How to pick the best structure for your client: beyond pros and cons, how to analyze your client’s vertical and business model to determine the best entity structure.

CLICK HERE to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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Apr 11, 202211:33

Ep. 89: 5 Keys to Building a Successful Cannabis Firm

After having helped several of our DOPE CFO members build 6-figure accounting firms over the last few years, we know what works.

In this episode, Andrew Hunzicker, CPA shares what works for our members, and the 5 Keys to Building a Successful Cannabis Accounting Firm.

He goes over:

🌿 The importance of picking the correct niche (must be RECESSION PROOF)

🌿 The exact “Toolbox” you’ll need

🌿 A simple marketing system to find and close 6 figure clients

🌿 The importance of providing “World Class” service to these clients (& How to do this including what workpapers, systems, processes, and templates are needed.)

🌿 How to add a “World Class” team & community to your firm where you can get your questions and client questions answered quickly, share leads, and gain knowledge

Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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Mar 28, 202244:05

Ep. 88: A Closer Look at Tax Code 471 and the Challenges with Cannabis Inventories

Legally reducing tax liabilities for Cannabis companies hinges upon compliance with one vastly misunderstood tax code: IRC 471.

Cannabis companies are not allowed any deductions or credits, and courts penalize them for messy records. According to 280E, any business associated with the "trafficking" of Schedule 1 substances may not deduct ordinary business expenses (like rent, vehicle expenses, mortgage interest, and much more). This means that the only way Cannabis companies can lower taxable income is by correctly allocating costs to inventory and Cost of Goods Sold (COGS) in compliance with 471.

In this podcast, Andrew Hunzicker, CPA, goes over:

🌿The definition of 280e and what it means for your clients.

🌿How you can use tax code 471 to get legal deductions for your clients.

🌿The biggest challenges with Cannabis inventories.

Grab your FREE guide to "Accountant's Guide to Managing Your Client's Cannabis Accounting Needs." Visit: https://bit.ly/3pOebLO

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Mar 14, 202247:24

Ep. 87: What Are Cannabis Entrepreneurs Really Looking For In An Accountant?

Let’s face it; Cannabis business owners are incredibly busy keeping up with updates within the industry, making it almost impossible for them to keep up with their finances. This is what makes Cannabis accounting essential to keep their business successful.

But a lot more goes into working for this niche than you might think.

In this episode, Andrew sits down with Tina Begay, who owns Redtail Accounting, a business, consulting, and accounting services company, to go over her journey from professor to Cannabis Accountant. They take a closer look at what it means to be there for your clients and other ways to open your line of communication.

They also go over:

🌿 Pain points that cannabis business owners face in terms of bookkeeping, accounting, and tax codes.

🌿Organization tips and time management best practices.

🌿How to create strong working relationships with clients.

Want more guidance after the episode? Visit https://bit.ly/3pOebLO to grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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🌿Connect With Tina

Linkedin: https://www.linkedin.com/in/tina-begay-mba-328327190/

Facebook: https://www.facebook.com/tbegay/

Twitter: https://twitter.com/TinaBegay9

Website: https://www.tinabegay.com/

Feb 28, 202223:46

Ep. 86: Best Practices for Networking at Cannabis Conferences

It’s no secret that accounting professionals are intimidated by the Cannabis industry. Between finding information about the niche and landing clients, many shy away from the industry which leaves CEOs in need of experienced professionals.

Of course, accounting fundamentals are crucial but one expertise that many Cannabis and CBD/hemp accountants are missing is the ability to market themselves. Whether it’s at in-person conferences or through social media, networking is essential to building your client base.

In this podcast, the organizer of last year’s Orlando Tax Summit, Crysta Tyus, EA, gives us a behind-the-scenes look at Cannabis conferences. From deciding between various conferences to networking at large events, Crysta shares her first-hand knowledge on how to best approach these opportunities, such as determining your ROI on whether it’s worth it to apply to be a speaker, secure a booth, or both.

What You’ll Learn:

🍃 How to build your client base through networking

🍃 The best practices for attending Cannabis conferences

🍃 How to confidently price your services

To learn more about our Cannabis accounting program check us out at DOPECFO.com and be sure to visit bit.ly/2GUnpPr to grab your FREE guide “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.”

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Internal record keeping vs. Cannabis specialized bookkeeping Important court cases and tax codes: IRC 280E and 471, the tax codes that lay out the framework for the only way Cannabis companies can legally take tax deductions. Cleanup and onboarding processes for new clients: a framework for the cleanup process during your first 30 days Day-to-day and month-end tie out systems: the reporting processes and systems to keep your client’s books up to date and compliant

🌿Find Crysta Tyus, EA

Website: https://www.crystatyus.com

LinkedIn: https://www.linkedin.com/in/crystatyus

Instagram: https://www.instagram.com/crystatyus

YouTube: https://www.youtube.com/channel/UCz7uYYBPyfE-Oe1L-iuwuBQ

Feb 14, 202251:01

Ep. 85: The Ultimate Guide to Cannabis/CBD Accounting, Bookkeeping, & Tax

Experienced bookkeepers and accountants are essential in keeping cannabis companies penalty-free.

The IRS and state tax agencies are ramping up their audits on Cannabis companies this year, and the industry needs trained bookkeepers and accountants more than ever to accurately clean up Cannabis books, adhere to GAAP guidance, and understand the critical workarounds necessary to navigate the tricky “quirks” of Cannabis bookkeeping.

In this episode, Andrew Hunzicker, CPA, goes over the right education, tools, and systems in place to guide you to become the accounting professional every Cannabis company wants to hire, instead of the one that's causing them grief.

He discusses:

Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO

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LinkedIn: https://www.linkedin.com/company/dopecfo

Facebook: https://www.facebook.com/dopecfo

Instagram: https://www.instagram.com/dopecfo

Twitter: https://twitter.com/dopecfo

Jan 31, 202240:47

Ep 84: How to Correctly Price Your Accounting Services from the Start

Accounting professionals… it’s time for you to charge what you're worth! There are a million reasons why accounting professionals aren’t charging enough for their services.

One of the most daunting questions that accounting professionals have when they first start their own firm or add a new service is, “how much should I charge?” More often than not, unaware Cannabis accounting professionals will undercharge their clients to get the business, and then once the work starts, they realize how massive the workload is. It can be very difficult to go back to the client and ask for more, making it very important to charge them correctly the first time around, which is why you want to check out this episode of the DOPE CFO podcast.

In this podcast episode, Andrew covers:

🌿 How much you should charge to hit your monthly revenue goal: he provides examples of how to build a 6-figure firm, how many clients it would take, and how much you should be charging each client.

🌿 What all Canna/CBD owners want and value in terms of accounting: stop pitching bookkeeping and low-value services, and start leading with services that are highly valuable, and set you apart from others in the industry.

🌿 Challenges Cannabis accounting professionals often face: banking, cash controls, POS systems, integrations with seed-to-sale software, and many more.

Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO

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Grab your FREE guide to “Accountant's Guide to Managing Your Client's Cannabis Accounting Needs.” Visit: https://bit.ly/3pOebLO

Jan 17, 202214:10

Ep. 83: How Cannabis Transformed My Practice--with Chip Schweiger, CPA, CGMA

It’s a new year and the perfect time to finally take that leap into the exciting world of Cannabis.

Getting into a new industry is scary and you might not know where to start or what to expect. Some of you might have just stumbled on this podcast and the title piqued your curiosity, some of you have been listening along and are figuring out if this is the niche you want to be in, and others are just looking to hear a new perspective. Referred to by some as the “Wild Wild West," the rampant growth and expansion of the Cannabis industry have made it an exciting place to operate.

In today’s episode, the Cowboy Accountant himself, Chip Schweiger, CPA, CGMA from The Green Leaf CPA talks with DOPE CFO Founder, Andrew Hunzicker, CPA about the transition to starting his own Cannabis accounting firm and learning to function in this relatively new (state-legal) industry.

They discuss:

🍃 What makes the Cannabis industry unique

🍃 The growing opportunity Cannabis accountants and bookkeepers have as state legalization continues to sweep the country

🍃 Tools you can utilize when starting your own Cannabis accounting firm

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🌿 Find Chip Schweiger, CPA, CGMA

Website: https://thegreenleafcpa.com/

LinkedIn: https://www.linkedin.com/in/chipschweiger/

Instagram (Chip): https://www.instagram.com/chipschweiger/

Instagram (The Green Leaf CPA): https://www.instagram.com/thegreenleafcpa/

Twitter: https://twitter.com/ChipSchweiger

Jan 04, 202234:14

Ep. 82: A Deep Dive Into the Challenges of Working in Cannabis in Arizona -- with Samuel Richard

It’s tough starting a business in an industry with so much red tape and unclear guidelines. For Cannabis business owners, there are numerous restrictions and they might start feeling hopeless and lonely. Groups like the Arizona Dispensaries Association (ADA) are a community of leaders providing information, guidance and are the legislative and regulatory voice for Arizona’s Canna-prenuer. They strive to recruit and retain responsible industry members who believe in protecting patients and providing high-quality cannabis in Arizona.

As a Cannabis accountant and bookkeeper, you can network with advocacy groups by demonstrating your expertise. One idea is leading an informative seminar on 280E!

Andrew discusses the following with Samuel Richard, a member of the Arizona Dispensary Association (ADA) on this episode of our podcast:

🌿 What advocacy for Cannabis companies looks like and how to get involved

🌿 The Arizona Cannabis market, and how the Arizona Dispensary Association is helping businesses navigate tough rules and regulations through their work

🌿 IRS audits and the need for accountants in the Cannabis industry

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https://azdispensaries.org/

Arizona Dispensary Association Social:

https://www.facebook.com/AZDispensariesAssociation/

https://twitter.com/ada_arizona

https://www.instagram.com/arizona.dispensaries/

Dec 21, 202128:14

Ep. 81: Why Social Equity Matters in the Cannabis Industry with Nina Parks (Gift of Doja) and Shaleen Title

Social Equity. What does it mean in the Cannabis Industry?

Andrew sits down with Shaleen Title (Cannabis Attorney and Speaker) and Nina Parks (Cannabis Activist) to talk about what social equity truly means in the Cannabis industry.

It’s not new knowledge that the war on drugs, especially marijuana, has greatly impacted Black, Latinx, Native American, and other minority communities. What cannabis social equity can do is to ensure that these communities get the resources they need to thrive in the budding industry that once persecuted them.

Some topics Shaleen, Nina, and Andrew cover:

🌱 Why social equity in Cannabis is important

🌱 How social equity in the Cannabis industry can help marginalized communities

🌱 How to be an ally and an accomplice

🌱 How Cannabis accountants can partner with new business owners, especially social equity applicants

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

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Ways to avoid getting your clients flagged for an audit Accounting operations efficiencies to make audits a breeze (having the right tools and processes in place for WHEN an audit happens) Internal audit processes that add a ton of value to your clients and that can keep you out of trouble with the IRS (cash controls, governance, etc) And more!

Dec 06, 202158:17

Ep. 80: An Outlook on IRS Audits and Tax for the Cannabis Industry in 2021/2022

As more states legalize Cannabis, the IRS is cracking down on tax audits. Recently, the IRS has announced they are specifically focusing on S-Corp and running a fine-toothed comb through CEOs’ books. Cannabis companies are a bigger target now than ever.

The only way to make sure your clients are prepared for audits during tax season is by understanding the ins and outs of updated Cannabis tax laws. Join us for this podcast as Andrew Hunzicker, CPA covers in-depth details on what the IRS is looking for and how to set your clients up for success.

Andrew discusses:

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

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Why city and state audits are implemented: audits are necessary -- they aren’t just delivered as punishment for Cannabis companies that regulatory bodies suspect are conducting business illegally (discover the real reason why audits are not only necessary but inevitable) How Cannabis accountants can help prepare their clients for audits: rock-solid accounting and an impeccable understanding of compliance are key to helping your clients survive audits (we’ll discuss which components need to be in place, as well as common errors to avoid) The one factor that will set you apart in a client’s eyes: providing cost accounting and inventory accounting, strategic advisory, and tax burden guidance is all essential but building a relationship with a client will make the biggest difference (and greatly improve your chances of attracting higher-paying clients)

Nov 22, 202114:15

Ep. 79: Surviving an Audit from a Cannabis Owner’s Perspective -- with Tony Frischknecht

Audits. That’s a word that makes most Cannabis accountants and their clients shake in their shoes. But the audit process doesn’t have to be so anxiety-producing. You just have to know what to expect.

Our recent podcast features Tony Frischknecht, a Cannabis company owner and investor of more than 17 years. Tony got his start in Colorado, the first state to legalize Cannabis. Tune in as he sits down with DOPE CFO founder Andrew Hunzicker, CPA to discuss what experiencing an audit is like from the perspective of a Cannabis CEO and what you can do to up your accounting game to help your clients pass with flying colors.

Key points Tony and Andrew discuss include:

Tony is available at tonyfrischknecht.com if you want to connect about audits or Cannabis investing or to listen to his podcast, Plant Problems.

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

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The industry’s most misunderstood or misinterpreted tax laws: 280E and Section 471 go hand-in-hand to help Cannabis companies determine which deductions can be claimed, although a great majority of Cannabis companies and accountants don’t understand how to legally lower the tax burden How Cannabis accountants can keep their clients compliant: the only way accountants can help their Cannabis clients stay out of hot water with the IRS is through proper niche-specific accounting practices and understanding the fundamentals of each tax code (we delve into what every accountant should know who intends to serve clients in this industry) An outlook on current and future tax court cases: learn what the IRS is looking for in audits and why the federal government in winning most 280E-related cases (and strategies accountants should adopt to help clients survive audits)

Nov 08, 202133:57

Ep. 78: IRS Audits, 280E, and Tax Laws: Legal Insights from a Cannabis Lawyer -- with Rachel K. Gillette

In the Cannabis industry, it’s not a matter of if a Cannabis company will undergo an audit but when. As an accountant, it’s your job to understand the fundamentals of accounting and tax laws and regulations to help your clients have the best possible chance to survive the critical eye of the IRS.

Fortunately, the more you know and the better you can provide world-class, niche-specific accounting to these Cannabis CEOs, the better you can help them safeguard against legal consequences.

For this podcast, we’ve gone straight to the source to offer you support in strengthening your understanding of Cannabis tax laws. Rachel K. Gillette, Cannabis attorney and partner at the Cannabis industry group Holland and Hart, sat down with Andrew Hunzicker, CPA to discuss insider information regarding Cannabis tax codes, recent court cases, and how accountants support their clients.

Topics they discuss include:

For more info on Rachel’s law firm and how she can advise you as you learn to serve Cannabis clients, visit https://www.hollandhart.com/rkgillette.

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

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How artificial intelligence (AI) can transform your Cannabis accounting practice and free up your life: whether you run a solo remote Cannabis accounting practice or a larger firm that serves many industries, AI can streamline your processes and help you focus on strategic advisory services or other high-level offerings (allowing you to strike more of a work-life balance while earning higher rates) The benefits of Botkeeper: Botkeeper is an AI and machine learning technology solution for bookkeepers and accountants that fully automates reporting and data entry to innovate your workday (as VP of strategy at Botkeeper, Jody talks about how Botkeeper will make life easier for both you and your clients) Why AI and Cannabis are a perfect match: people working in or with Cannabis and AI are early adopters, the pioneers who see greatness in budding markets (we’ll talk about how Cannabis accountants entering the space can 10x their business goals with AI solutions)

Oct 25, 202135:19

Ep. 77: Innovating Your Cannabis Accounting Practice with AI -- with Jody Padar

Most accountants are so busy they barely have time to live their lives. If you run a remote accounting or bookkeeping practice, one reason you started that endeavor may have been because you wanted to strike a better work-life balance.

Now, you have so much busywork to do, including filing reports, data entry, and filling out tax returns, that you are still working nearly 80 hours a week -- without much to show for it.

Our advice? Let a machine help you.

In the dawning age of artificial intelligence (AI), this innovative technology has its place in accounting, especially in the Cannabis accounting niche where you have enough to worry about while trying to keep your clients compliant amid so many changing rules and regulations.

In episode 77 of The Cannabis Accounting Podcast, DOPE CFO founder Andrew Hunzicker, CPA sits down with Jody Padar, CPA and VP of strategy at Botkeeper, a full-suite AI accounting solutions company. She discusses the growing importance of adopting AI to innovate and transform bookkeeping or accounting operations and how removing this “grunt work” is the key to living your best life.

Key points Andrew and Jody discuss include:

For more info on Botkeeper and how it can revolutionize the way you run your accounting firm or remote practice, check outhttps://www.botkeeper.com/.

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

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How just being yourself is a valuable marketing tool: clients want honesty and authenticity -- they’re not so much buying your services as they are buying what you represent (Rosanna chats about how she is herself first and foremost, which has proven to be a valuable marketing strategy as she sculpts her business to best serve her clients) Using Instagram for client outreach and acquisition: landing clients quickly can be easy if you know how to leverage social media (we’ll discuss how Rosanna landed three client meetings within a week of joining DOPE CFO simply because she knows how to promote herself and participate in networks using Instagram) Developing a client engagement and communication strategy: even if marketing overwhelms you, developing a simple strategy for engaging with and answering questions on social media can connect you with potential clients (Rosanna breaks down the steps she used for client engagement that any accountant can implement on basic social media platforms)

Oct 11, 202117:52

Ep. 76: How to Use Social Media to Book Cannabis Client Meetings and Land Signed Offers -- with Rosanna St. John

Most accounting professionals squirm away from marketing. However, at the end of the day, the only way accountants and bookkeepers can land great clients is to level up their marketing chops in simple, strategic ways.

In Episode 76 of our podcast, bookkeeper Rosanna St. John talks with DOPE CFO founder Andrew Hunzicker, CPA about social media marketing approach and her client-magnet techniques. By tapping into the Instagram algorithm and upping her audience engagement, she not only quickly booked three client meetings -- but also walked away from each meeting with a signed engagement.

Tune in to hear Rosanna and Andrew discuss:

For more info on Rosanna’s bookkeeping business and how she can help you with your Cannabis accounting path or MJ business, check out https://linktr.ee/cannabookkeeper.

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

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What it means to be a “participant”: being a participant in your niche means diving into networks, events, and groups and sharing your knowledge among peers (and potential clients) to further the growth of your industry
How to use participation in Cannabis/CBD events/groups to land new clients: once you focus on being a participant, you can leverage your expert knowledge and help others in nonprofit groups and/or community networks to showcase the value you could provide (all it takes is a Google search to find groups or events in your state that you can take part in)
The importance of speaking engagements and being active in the industry: with dedication as a participant, you may also be able to land speaking engagements to broadcast your knowledge and reputation as an expert in the industry (listen as Molly talks about her upcoming speaker event on the hot topic of social equity)

Sep 27, 202122:06

Ep. 75: The Power of Participation: A Cannabis Accountant’s Secret Marketing Weapon with Molly Mayfield

Many Cannabis and CBD/hemp accountants don’t know how to market themselves, making it harder for them to get out there and land new clients. At DOPE CFO, one highly effective marketing tip we share with our students is to “participate.”

“Participate” is one part of a critical VIP formula we teach as the “secret sauce” required to really shine as an accountant in Cannabis or hemp/CBD. (The “V” stands for Valuable Expert and the “I” stands for Instructor.)

Although “participate” is usually the most overlooked of this formula, it can be the most fun and effective way for you to prove your expertise and land new clients. You can dive into local groups, help significant Cannabis/CBD causes, and support peers and potential clients interested in growing the industry.

Molly Mayfield, a CPA and owner of the Cannabis accounting firm GreenFlex Financial, sat down with DOPE CFO founder Andrew Hunzicker, CPA to discuss how she has used “participate” to quickly establish herself as an expert and land great clients.

Topics Molly and Andrew discuss include:

For more info on Molly’s company and how she can help you with your Cannabis accounting path or MJ business, check out www.greenflexfinancial.com.

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

Say HEY On Social:

Establishing a value-focused mindset: you’re not just another general accountant who won’t be able to help your clients properly reduce their tax burden and comply with seed-to-sale tracking; you’re an invaluable asset to your client and viewing yourself as such is the first step to landing clients (we’ll discuss how to communicate to your prospect how you can offer them real value versus selling services to them) Developing a simple marketing system: even if you absolutely loathe marketing, you can still attract the clients you’re looking for using a simple but effective system (this includes using an easy four-part proven system that DOPE students consider their secret weapon for landing clients) Getting involved with communities and networks: one of the best ways you can get yourself out there and attract new clients is through participating in Cannabis accounting groups and networking with your peers (through this participation, you’ll build yourself up as an expert in the industry and will have access to connections and collaborative work through these networks

Sep 13, 202139:04

Ep. 74: Strategies to Take the Stress Out of Landing Your First Cannabis Client

One of the biggest roadblocks new Cannabis accountants face doesn’t have to do much with accounting.

It’s client acquisition.

Even after you have mastered every tax code, cost accounting process, and niche-specific requirement you still might face the overwhelming prospect of landing your first client.

However, finding and signing on your first client doesn’t have to be anxiety-producing if you know a few tips and tricks to make it an easier process. Listen in to “Ep. 74: Strategies to Take the Stress Out of Landing Your First Cannabis Client” as Andrew Hunzicker, CPA breaks down ways to start building your clientele.

Topics he discusses include:

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

Say HEY On Social:

Sep 01, 202117:01

Ep. 73: Cannabis Investors: Considerations When Determining Entity Structure

As an accountant helping Cannabis companies, you have a big responsibility you may not even be aware of yet: helping set up entity structures.

If you’re not aware of the importance of choosing the right entity structure, let’s pan quickly to the MedMen case. This is a cautionary tale of how a great product and company ended in a dramatic litigious battle due to an accounting and legal team that believed they could beat 280E with multiple-entity structures.

Although you’ll always want a Cannabis attorney on your team, your understanding of how to do accounting for each entity type sets up a path of success from the get-go for your clients and investors. Choosing and helping with operations for the right entity type enables you to properly minimize their tax burden while keeping their company compliant with state and federal regulations.

In this podcast episode, Andrew Hunzicker, CPA breaks down entity structures and considerations to keep in mind as you guide your client through the process.

Topics discussed include:

Your role as an accountant in assisting your clients with entity structures: you may not be a lawyer (although you should have a Cannabis attorney on your team), but your ability to do proper accounting for each entity type is crucial to your client’s long-term success

Investor goals and challenges: as more investors are savvy, we’ll see much higher standards of due diligence and tax compliance. Investors are thinking about exits, so tax returns must be immaculate -- or your clients could lose their license (and investors can lose their investment!)

Tax codes: understanding Cannabis tax codes are critical to setting up entity structures to prevent your clients from trying to "beat" 280E and determining how entity type may affect properly minimizing tax liability and acquiring special tax breaks like 199a

Common entity types/pros and cons of each: we’ll talk about how to analyze your client’s vertical and business model to determine the best entity structure (and we’ll point you in the right direction for helping your clients set up this crucial part of their business)

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

Say HEY On Social:

Inventory categorization terminology: the basics begin with understanding basic categories under which to record inventory, including Work in Progress (WIP), Raw Materials (RM), and Finished Goods (FG) (and we'll provide examples of each to give you some context)
Different grow stages and inventory counts for each vertical: from manufacturing to retailers, we’ll cover a range of inventory counts found in each stage (helping form a foundation for inventory accounting that you can quickly build into a more robust service offering)
How to reconcile inventory with POS for retailers: if you work for retailers, reconciling each inventory count with your POS system is essential for correctly tracking every item (we’ll discuss the high-level categories you’ll need to cover and the overview of this process)
Establishing a Bill of Materials (BOM): the BOM is essential for manufacturing as you’ll need to track and count each “ingredient” that goes into a product (we’ll quickly demonstrate this document and discuss the components required to properly do inventory accounting for each product)

Aug 16, 202119:48

Ep. 72: From Seed to Sale: The Ins and Outs of Categorizing Inventory for Cannabis Companies

Do you know how much it costs to produce and sell a pound of pot, from the moment a seed is planted to when the delivery truck ships it to its final destination? If you don’t know this answer, you may not understand inventory cost accounting.

Cost accounting is essential when serving Cannabis clients because it’s required to help companies stay compliant with IRC 471. If you don’t know how to allocate inventory costs to Cost of Goods Sold (which is the ONLY way Cannabis companies can claim deductions), you could be shorting your client’s cash flow or setting them for crippling penalties from the IRS.

In this podcast episode, Andrew Hunzicker, CPA explains how to categorize inventory for Cannabis companies to help you better understand the nuances of this complex process.

Topics discussed include:

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

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Current market and projected trends for Cannabis investors: although it’s always a challenge for Cannabis companies to attract committed investors, there’s more capital available than ever for this industry and we’ll discuss the likelihood of a company acquiring capital in today’s market and in the future (as long as the right team, advisors plan, and strategy are in place)
Major keys investors are looking for in potential Cannabis businesses: gain critical insight from an active investor in the space on what investors are looking for in a potential Canabis company, from airtight financials to execution and projections
The biggest piece missing from Cannabis capital raise structures and strategies: learn the one mistake most accountants and businesses tend to make when trying to raise capital to ensure you position your client for success in their fundraising ventures (hint: it has to do with an understanding of each complex Cannabis regulation and how much time you spend making sure every detail is accounted for)

Aug 02, 202116:30

Ep. 71: What Cannabis Investors Want: An Inside Look at Capital Raising with the Panther Group

With the legalization of recreational Cannabis happening quickly for many states, and the influx of new businesses that have followed, it’s no surprise that investors far and wide have wanted to get a piece of these startup companies. Investors will supply much-needed early capital and strategic advice in exchange for a sizable return on their investment later on.

Accountants play a vital role in raising capital for Cannabis companies by keeping the books organized and clean, and communicating with investors to ensure that deadlines are met and the business is profitable.

On this episode of The Cannabis Accounting Podcast, Andrew Hunzicker, CPA sits down with Jordan Tritt, CEO and co-founder of The Panther Group, an investor and Cannabis company network, to provide perspective on what Cannabis investors are looking for and what Cannabis accountants can expect when helping their clients raise funds.

Topics discussed include:

Check out The Panther Group here: https://thepanthergroup.co/

LinkedIn: https://www.linkedin.com/company/thepanthergroup/

Instagram: https://www.instagram.com/thepanthergroup/

Twitter: https://twitter.com/panthergroupllc

For more information about DOPE CFO visit DOPECFO.com or download your FREE "Accountants Guide to Managing Your Client's Cannabis Accounting Needs" at bit.ly/2GUnpPr

Listen to 'The Dope CFO Podcast': https://anchor.fm/dopecfo

Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

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What to expect during the audit process: from documentation required to filing for appeals, Summer walks us through every step of her experience with a state-level audit
Tips for surviving any audit: although you can’t predict the outcome of an audit, you can prepare your client as much as possible (we’ll discuss staying on top of documentation, opening communication lines with the auditor, getting highly organized with your information gathering, and more ways to help the audit process be more painless)
Outlook on new potential tax rules and compliance implications: the recent introduction of 471(c) may affect how some accountants help their clients prepare for tax returns (Summer weighs in on this new code section and shares her hybrid method for keeping her clients compliant)

Jul 20, 202119:30

Ep. 70: How to Help Your Cannabis Accounting Clients Navigate Inevitable Audits - with Summer Wilkinson

Audits.

There is no word accountants dread more.

Audits can happen to any company in any industry, but with Cannabis companies being so closely watched by the IRS and other government entities, it’s less of wondering IF a company will be audited, but WHEN.

Even though an audit may not happen for years after a mistake is made, knowing you’re armed with the knowledge and skills to successfully navigate your client through them can take a lot of weight off your shoulders right now.

On this episode of The Cannabis Accounting Podcast, Andrew Hunzicker, CPA sits down with fellow CPA Summer Wilkinson, who recently brought one of her Oregon-based clients through an audit. Listen in as Andrew and Summer discuss the process, giving you insight into what to expect and how to best prepare your clients.

Along with tips on how to avoid an audit, Andrew and Summer highlight:

When your clients know you can guide them successfully through dreaded, inevitable audits, they’ll not only see you as someone they can fully rely on year-round, but your reputation as a trusted industry advisor will continue to blossom as well.

Keep up with this industry expert! Connect with Summer and her accounting biz, Leaf Book CFO.

Website https://www.leafbookcfo.com/

Facebook https://www.facebook.com/summercfo/?ref=pages_you_manage

LinkedIn: https://www.linkedin.com/in/summerwilkinson/

Instagram: @leaf_book_cfo

Check out DOPE CFO's program and offerings at www.dopecfo.com. Stay up to date on Cannabis/CBD/hemp industry trends and tips by connecting with us on Facebook, LinkedIn, Twitter, and Instagram. Never miss an episode! Subscribe to the podcast today!

Jul 05, 202126:05

Ep. 69: Core Skills to Lock Down Before Launching Your Cannabis/CBD Accounting Firm

Cannabis is still a Schedule 1 drug. That means The IRS is keeping an extra close eye on all Cannabis companies and affiliates. For some clients, their very licenses may be on the line -- because haven’t received proper accounting guidance. If you have the finely sharpened skills required to keep both Cannabis and CBD clients compliant, you could be in high-demand for years to come.

With the right education and critical skills in place, you can become an expert with a flourishing firm that leads budding Cannabis/CBD entrepreneurs towards success. You just need to know which tactics and resources you need to be devoting your attention to.

On this episode of DOPE CFO founder Andrew Hunzicker, CPA guides you through the “Core Skills to Lock Down Before Launching Your Cannabis/CBD Accounting Firm.”

Throughout the episode, Andrew will provide:

Complete understanding GAAP and cost accounting for Cannabis/CBD: compliance rides fully on being able to correctly do cost accounting in compliance with GAAP and tax code 280E (without these critical skills, you won’t be able to properly help your clients reduce their tax burden, which can lead to a landslide of potential disasters and consequences)
Industry knowledge and strong grasp of state and federal rules: before you consider helping clients in either industry, you need to dive into reading up on the latest news about your chosen niche, along with strict state and federal rules (we’ll dive into where you can find these resources to become familiar with the ins and outs of ever-changing rules and regulations)
Development of ‘soft skills to best serve your clients: soft skills are the people skills and business savvy it takes to really push a Cannabis/CBD accounting firm from launch to thriving (learn how anyone can hone these skills, including responsiveness, time management, organization, practice management, marketing, and effective communication)
And more, including all the “tools” you will need to help these companies get launched!

Locking in these simple skills can make a big difference for you and your client. Not only will it save your clients from fines and penalties, but it will boost their confidence in you, enabling you to more quickly become a trusted business advisor.

Never miss out on ground-breaking tips and insider advice on the rapidly growing Cannabis/CBD/hemp accounting niche. Sign up for Andrew’s DOPE CFO program at www.dopecfo.com.

And don’t forget to click subscribe to catch all the latest podcast episodes!

Jun 21, 202117:38

Ep. 68: Work Smarter, Not Harder: Innovating Cannabis Accounting Solutions with JetPack Workflow Software

While it’s fun to see the rewards that working hard brings us as accountants and bookkeepers, those rewards never seem to come without a bit of struggle. Sometimes, we need a little bit of help. (And that’s okay!) A great way to give yourself the assistance you need is to utilize intuitive software solutions. These streamline processes and maximize efficiencies so you continue to provide higher-level services to each of your clients. Not only does this streamlining make your life easier, but it also increases the value of your services...and your fees.

On the latest episode of The Cannabis Accounting Podcast, DOPE CFO founder Andrew Hunzicker, CPA, and David Cristello, founder and CEO of Jetpack Workflow, talk about all things accounting software, including how the right software solution can help you work smarter, not harder.

You’ll take away great insights like:

The biggest roadblock affecting today’s accountants and bookkeepers: one major reason why you might not have the client base and high fees you’d hoped for is that you’re not thinking strategically (David goes into how to envision and implement repeatable client experiences where not only are your clients’ needs met but ravings fans of your expertise are created)
A look at the future of your role (and how to adapt): even though technology is evolving and some accounting and bookkeeping services are becoming solely automated, clients are still willing to pay hourly rates for efficient professionals over software like Freshbooks (we’ll dig into how to navigate these changes in the industry, such transitioning into a cloud-enabled practice and looking for proactive solutions)
Ways Jetpack Workflow can innovate your practice: learn how Jetpack Workflow can solve many issues you’re currently facing as it helps you standardize the work you do, automate deadlines, and track your scheduling and progress (we’ll dive into each aspect of Jetpack Workflow to help you envision how it could assist your day-to-day operations)

Better efficiency and increased fees for you. Higher-level services for your client. Jetpack Workflow makes everyone’s business run a little smoother. Plus, stick around at the end of the episode to get a sweet bonus offer from David and Jetpack Workflow by visiting https://jetpackworkflow.com/dopecfo.

Want to see even more ways Jetpack Workflow can boost your biz? Check out www.jetpackworkflow.com.

Don’t miss out on Andrew’s DOPE CFO program at www.dopecfo.com for ground-breaking tips and insider advice on the rapidly growing Cannabis/CBD/hemp accounting niche.
Never miss an episode! Subscribe to the podcast today!

Jun 07, 202128:11

Ep. 67: Using the Cannabis Industry as a Force for Good: How to Set Up a B Corp Structure with Brad Green

Despite the Cannabis industry’s massive growth over the last few years, the sector still isn’t universally fair for everyone. Several factors, including criminalization of marijuana-related charges among minority groups, have created inequalities when it comes to accessing and benefiting from this growing market.

To promote the highest standards of social and environmental performance, many Cannabis companies have implemented a business structure called the Certified B Corp. On this episode of our podcast, DOPE CFO founder Andrew Hunzicker, CPA chats with Brad Green, an Australian-based Cannabis accountant. Brad’s vision is to empower clients and support a sustainable industry by utilizing Certified B Corps.

Listen in as Andrew and Brad discuss:

The purpose of a B Corp in the Cannabis industry: B corp models are based on using a business for good, promoting sustainable companies that benefit the environment, create equality among social classes, and minimize problematic corporate behavior (and we’ll discuss how Cannabis is a perfect industry for B Corps as more people try to establish social equity and fair opportunities for all business owners and consumers)
How a business can become B Corp certified: if you feel moved, as an accounting professional, to establish fairness and sustainability in the industry you serve, you may want to learn how to help your clients become B Corp certified (listen as Brad details how he introduces to the concept to clients and guides them through the process)
Specific ways Cannabis businesses can serve communities through B Corps: pursuing a desire to balance profit with purpose, Cannabis businesses can offer one percent of their annual revenue towards causes that align with their mission or can take steps to look at the impact of their actions on the community and not just their ROI (we’ll look at the verification process a client will go through to ensure they reach these benchmarks)

So, you’ll not only learn about how you can help guide clients towards financially sustainable businesses, but you’ll also have the incredible opportunity to help them leverage their power for something pretty spectacular - social equity.

Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, visit www.dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.

May 24, 202131:55

Ep. 66: Navigating New York's New Cannabis Legislation as an Accountant with Rick LaNeve

New York is one of two states that passed recreational marijuana laws in the last month. With this new legislation comes new opportunities, and new challenges, for accountants who are interested in representing this emerging clientele.

On this episode of DOPE CFO, founder Andrew Hunzicker, CPA chats with Rick LaNeve, New York-based CFO and a member of the New York State CPA Cannabis Committee, about his growth as a Cannabis accountant, New York’s political climate, and Cannabis market expectations. He also shares his experiences and answers questions about what it takes for other accountants who are looking to break into serving this new demographic in New York and beyond.

Tune in as Rick and Andrew discuss:

Updates on the legalization landscape in New York: in the wake of the freshly legalized recreational market, we talk about how the NY State CPA Cannabis Committee is already analyzing the legislation (and requests they are making to the state on behalf of accounting, tax, and social equity viewpoints)

Particular challenges innate to new legalization: although NY residents won’t be able to sell or buy marijuana for a year or two, accountants and MJ advocates are already anticipating potential challenges (one of which is high taxation, pressing the question of whether or not the new legalization will strengthen the black market)

What to expect with serving new clients when you first get into Cannabis accounting: whether you have your sights set on helping future NY clients or Cannabis clients in your own state, learn from Rick’s experiences landing his first clients (and you’ll learn which red flags to look for and which strategy to employ to be successful)

As new Cannabis legislation continues to spread across the nation, having a comprehensive understanding of the industry’s unique needs will give accountants a head start in serving this growing segment of America’s business landscape.

Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, visit our website at dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.

May 10, 202128:55

Ep. 65: Getting a Head Start on Cannabis Accounting in a New Legalized Market with Matt Mann

Getting started in Cannabis accounting can be overwhelming for accounting professionals who have just started serving Cannabis clients or for those who are still considering the niche. It’s especially difficult when your state has just legalized marijuana and things are still a little bit like the Wild West.

Matt Mann, with experience as an internal auditor and corporate controller, was a part of this new frontier when he started serving Oklahoma Cannabis companies soon after the state passed legalization. He ran into some challenges as the state ironed out its regulations, but also found an advantage to getting started early. For this episode, he sat down and talked with DOPE CFO founder Andrew Hunzicker, CPA about getting started and how to utilize your past skills and quickly build new ones to be successful from the beginning.

Key points Matt and Andrew discuss include:

How to dive in as soon as your state legalizes Cannabis: accountants may be the most successful if they jump into the niche without much hesitation; confidence is key, as well as having a strong referral process already in place with your current clients (we’ll talk about how to level-up quickly so you can hit the ground running).
Challenges of doing Cannabis accounting in Oklahoma: although the lessons of Matt getting started in Oklahoma can apply to any state, we specifically dig into the challenges of serving in Oklahoma, given that it’s one of the most flourishing markets (and we’ll talk about ways you can learn from Matt’s early obstacles to optimize your success).
Ways to serve clients outside of your home state: if you’re interested in serving Cannabis clients but your state hasn’t legalized it yet or if you just want more clients from other states, one thing to watch for is how investors may be trying to get the most out of the market before it becomes more limited (you’ll want to look for residency requirements and state board regulations before sending your offer letter).

It may be a Wild West scenario out there as new legalization markets crop up, but there are rife opportunities for you if you commit to quickly learning how to serve clients in this niche. Listen in today for tips on paving your way.

Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.

Apr 27, 202121:16

Ep. 64: 5 Ways to Handle Petty Cash Transactions in the Cannabis Industry

Proper cash and company credit card management is essential for clean books, but it can be difficult to organize your clients’ many transactions.

The lack of banking services available to Cannabis businesses means the companies’ bills are often paid in cash. Even companies that have access to credit cards do not always have the flexibility and benefits of normal purchasing cards or separate employee accounts.

Because of this, some employees within a company will share one company credit card, or an employee will make purchases with a coworker’s account. Limited transparency regarding who made each cash or credit card purchase is a security risk, wastes valuable time, and could lead to accounting errors -- which can hinder operations and compromise compliance.

On this episode of the DOPE CFO podcast, your host Andrew Hunzicker, CPA will offer “5 Ways to Handle Petty Cash Transactions in the Cannabis Industry,” including:

💳 Build an expense limit and approval system: require purchase orders/approval on charges over a set amount (we’ll help you determine what that figure should be based on the size of your client’s company and the number of transactions).

💳 Select a dependable employee to manage petty cash/company card expenses: designate one person to monitor, track, and record the purchases, who has NO access to the accounting system or bank records (we’ll explain how consistent and detailed monitoring of transactions can ensure the appropriate use of funds).

💳 Count cash daily: physically count cash and review credit card purchases each day, and reconcile all expenses to actual receipts (we’ll cover the importance of separating responsibilities, so there are checks and balances across personnel to guarantee compliance).

💳 Establish petty cash vouchers: if employees are using company cards or spending company cash, set up a receipt system that requires detailed descriptions of each and every purchase (we’ll discuss how to tie out this documentation in your permanent audit trail, so you avoid potential accounting errors).

Listen in today to learn how best to monitor and report cash and credit card transactions, so your clients maintain up-to-date and accurate financials.

Apr 12, 202116:58

Ep. 63: Establishing Much-Needed Social Equity in the Cannabis Industry with Carlos Vela

The increasingly widespread legalization of Cannabis has led to thousands of opportunities for CEOs and consumers around the country, but not all opportunities are created equal. For minority communities, the Cannabis industry can be an unfair and unfavorable marketplace.

BIPOC Cannabis business owners and consumers are still privy to the complications that arise from negative drug stigmas and the “war on drugs” dialogue, creating segregation issues in an industry that should be a great equalizer. Allies and minorities working in Cannabis realize this imbalance, and have taken steps to establish social equity in this industry.

On this week’s episode, we discuss the current state of Cannabis and its effects on minorities. Join DOPE CFO founder Andrew Hunzicker, CPA and Carlos Vela, a Cannabis accountant who helps Cannabis owners apply for social equity, as they highlight what we can do to elevate minorities in this growing industry.

Andrew and Carlos will offer insights and suggestions, including:

🌱 What social equity is and why it’s essential to establish in Cannabis: we’ll discuss how the “evil drug” stigma of Cannabis was particularly directed at BIPOC communities over the last few decades, along with disproportionate arrests for Cannabis among minority communities (and why reform and social equity is required now to establish balance in the industry)

🌱 The need to draw business away from big companies and make room for the “little guy”: now that legalization is spreading quickly across the nation, big companies are able to swoop in and take over the industry, leaving small businesses - particularly in minority communities - unable to claim their share of the green rush (making social equity programs even more essential to let everyone have a chance)

🌱 Actions you can take as an accounting professional and ally: from learning how to help your clients apply for social equity to spending the time to listen to every client and address their individual needs, you can take steps to help create social equity in this industry (we’ll give you some tips to get started if you are passionate about doing your part)

Inclusivity and equality begin with us. Listen in today to hear how we can make the Cannabis industry more accessible and profitable for all.

Mar 29, 202128:55

Ep. 62: It’s a Cash-Only World: Easing Cash-Based Headaches in the Cannabis Industry

As a cash-based industry, Cannabis is plagued with issues many businesses aren’t, from security issues to struggles with reconciling POS systems. The proper handling of cash can make or break a Cannabis company’s compliance, licensing, and profitability.

Cannabis CEOs, executives, managers, and investors are all affected when it comes to cash inconsistencies and miscalculations (so you have a huge responsibility as a Cannabis accounting professional). It is imperative that pristine books are maintained at all times. Cash handling systems must be implemented that monitor where cash is kept, where transactions are processed, and where inventory is held.

Join DOPE CFO founder Andrew Hunzicker, CPA on this week’s episode to learn his top tips to navigate the many problems inherent in a cash-only industry.

Tips Andrew will cover include:

✅Essential written internal controls and accounting policies and procedures: while properly writing down internal controls and accounting policies and procedures is necessary for all accounting cycles, it’s especially necessary for handling cash in Cannabis (which can help manage deposits, make payments, and reconcile with the POS system)

✅Importance of regimented cash counts: ensure all cash counts are made by shift with double counts, including supervisor recounts and controls (helping to prevent cash skimming and reconcile bank statements and sales)

✅Implementation of on-site safes: every Cannabis company should have on-site safes that are not accessible to any employees (those who take cash for transactions should not handle cash counts and deposits, keeping cash controls honest and accurate)

✅Breakdown of Form 8300: any time a Cannabis company receives $10,000 or more in cash in a single transaction or across multiple related transactions, it has to file an IRS tax form 8300 (Cannabis businesses who neglect Form 8300 are red flags for the IRS and abandoning due diligence could get your client in hot water)

Help your cash-based clients remain compliant and profitable with these necessary actions! Listen in today.

Mar 15, 202116:57

Ep. 61: 5 Things Every Cannabis Accountant Needs to Know to Stay on the Good Side of the IRS w/ Desarie Anderson

Few things are more frustrating or stressful for a Cannabis accountant than the prospect of an IRS audit of their clients. Many Cannabis and CBD/hemp companies are being audited for their failure to remain compliant with 280E or because their accounting has not been properly completed in accordance with 471.

However, when you understand what the IRS is looking for and how to do accounting correctly for state and federal taxes, the burden of compliance seems less foreboding.

On this episode, Andrew Hunzicker, CPA is joined by Desarie Anderson, a Cannabis accountant with extensive IRS experience as both an auditor and an enrolled agent. Desarie will share with you the challenges many Cannabis accountants face when trying to get their clients compliant -- and what the IRS is on the watch for.

A few topics she will discuss include:

✅ Importance of prioritizing tax compliance: providing world-class service to your client is all about setting your client up for success so they can make the best financial decisions (but the heart of this service begins with getting their books together so you can meet stringent tax code regulations and avoid damaging penalties)

✅ Everything an accountant needs to know about preparing for state tax and IRS compliance: from knowing your skill and comfort level to setting up a quarterly tax system, we break down five essential tips for staying stay IRS compliant (and keeping the IRS from breathing down your neck)

✅ What not to do when helping clients with taxes: although everything you do is ultimately related to tax compliance, it’s easy to run into pitfalls, such as not outsourcing when you’re in over your head or not understanding depths of tax compliance on a state and local level (we’ll cover the main issues to look out for so you can avoid getting yourself backed into a corner)

✅ Importance of continual learning: the best way you can become highly competent in compliance is through constantly studying and learning (a process that never ends as long as you want to provide immense value to your clients)

Tune in today to learn the ins and outs of tax compliance that will help you offer world-class service to keep your clients profitable and audit-ready.

Mar 01, 202139:35

Ep. 60: Accounting for Cannabis Startups 101: From Outreach to Fraud Prevention with Pat Reed

Properly setting up a Cannabis company for success takes a great deal of skill. As an accounting professional, your ability to successfully navigate the complexities of the Cannabis industry could make or break the fledgling business.

An accountant untrained in the industry can easily lead their client down a path of inadequate audit trails and inaccurate books, risking potentially high penalties, loss of license, or even jail time.

On the other hand, a specialized Cannabis accountant can confidently lead a budding Cannabis company into compliance from the very beginning, assisting with proper cleanup, building a permanent audit trail, and preventing the potential for fraud from the very beginning.

Pat Reed, an accountant in Arizona, has a particular knack for creating solid foundations for Cannabis startups. Her background in preventing fraud and embezzlement adds an extra layer of protection to the startups she serves. She joins Andrew Hunzicker, CPA to share her valuable experiences and insights into helping startups successfully launch their businesses on this week’s DOPE CFO podcast episode, “Accounting for Cannabis Startups 101: From Outreach to Fraud Prevention with Pat Reed.”

Listen in as she discusses:

✅ Fraud in the Cannabis industry: fraud has the potential to permeate every aspect of Cannabis from cash skimming to investment scams (Pat leverages her experience with fraud prevention to lay out the steps you can take to keep your clients safe)

✅ Straightening out and cleaning up: often accountants may find startups amid a tangle of poorly managed month-end reports and a total absence of a permanent audit trail (but you can properly orientate these companies with a few key processes in place)

✅ Finding great startup clients: even if you’re just starting out and feel like you need to dive in and gain experience, it’s beneficial to be intentional about finding great clients to create a win-win situation (and we’ll touch on this process to help you get started, ranging from cold calls to networking with peers)

With the proper guidance, and a clear understanding of the Cannabis industry, you too can help the many emerging green businesses succeed.

Feb 15, 202121:31

Ep. 59: Breaking into Cannabis: A Day in the Life of a Budding Virtual Bookkeeper with Josie Kuykendall

Bookkeepers interested in helping Cannabis and CBD/hemp companies sometimes have an uphill battle, as they often must prove they are much more valuable than in-house bookkeepers. However, these niche-trained bookkeepers are so necessary, because they offer more than just daily reporting. A Cannabis bookkeeper is a critical player in maintaining compliance and helping their clients move toward profitability and growth.

Getting started can be tough, but you are not alone. There are bookkeepers who have come before you; some are currently serving clients in this niche and others are still setting up shop in the space.

On this week’s podcast episode, Josie Kuykendall joins Andrew Hunzicker, CPA to talk about what it’s like to build her own Cannabis bookkeeping practice and how she plans on helping potential clients realize their business goals.

Listen in to learn:

🌿 What to expect when getting started in Cannabis: with minimal resources and zero GAAP guidance, most bookkeepers feel lost the moment they start reading about 280E and Cost of Goods Sold (but your fears can be allayed once you’re pointed in the right direction with some solid resources)

🌿 Functions of a bookkeeper in the Cannabis industry: beyond day-to-day transactions and bill logs, a Cannabis bookkeeper builds a foundation upon which a Cannabis company can grow and succeed (we’ll talk about the specific role a bookkeeper has in keeping clients audit-ready and their books transparent)

🌿 The value of transferring your background to the Cannabis space: many more traditional bookkeeping or accounting verticals can prepare you for the unique challenges inherent in Cannabis (Josie will discuss her experience as a controller in the complex oil industry and how that positioned her to help new clients)

🌿 Questions to ask clients to best position them for success: learn the integral questions you can ask any client to become a one-stop shop to help them grow and stay compliant (especially how to lean into their stress points to help them view you as an invaluable asset)

If you are a bookkeeper or an accountant interested in serving Cannabis or CBD/hemp clients, but aren’t entirely sure how to get started, this episode is not to be missed!

Feb 01, 202120:56

Ep. 58: Navigating Cleanup for Starting Off on the Right Foot with Angela Mays

Navigating cleanup can be overwhelming for many Cannabis or CBD/hemp accountants. However, properly taking your client through the cleanup stage will ensure you start out on the right foot, and will set the stage for their future success and compliance.

In the experience of our founder and the DOPE CFO network, 90% of the clients you serve will need some degree of cleanup, whether they’re a new startup or an established business with messy books.

In this episode, Andrew Hunzicker, CPA discusses the cleanup process with Angela Mays, an MBA and CFE who runs a professional services firm that provides outsourced accounting and financial consulting solutions to businesses in the real estate investing & Cannabis industries.

Listen in to learn:

✅ What it’s like to do your first clean-up with a client: you’ll hear first-hand how an accountant new to the Cannabis space managed the cleanup process for the first time (and the steps you can expect and challenges to be aware of, whether you’re helping a startup or an established business)

✅ The importance of instilling a system for cleanup: without a system in place, you’ll likely feel like you’re all over the map with your new client (and we’ll touch base on system’s components you’ll want before you ever onboard)

✅ Struggles of software reconciliations: from Metrc to FlowHub, we talk buggy software issues and tools Angela used to to make cleanup a smoother process (and how you can access these tools to prepare for your next cleanup)

Don’t miss the chance to learn from Angela’s firsthand experience and pick up some expert tips!

Want more great insights and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.

Jan 18, 202127:38

Ep. 57: Cannabis Real Estate and 280E Tax Liabilities: Is Leasing Property to Cannabis Companies Risk-Free?

Cannabis is complex enough with the usual day-to-day questions and issues accounting professionals run into. When you add clients wanting to lease or buy land into the equation and try to apply 280E, it may feel like any misstep could lead to detonating a litigious minefield. Not understanding how 280E relates to leasing or buying real estate in Cannabis could lead to some explosive penalties and consequences.

To get a clearer understanding of how leasing out property relates to 280E, listen into our latest podcast, “Cannabis Real Estate and 280E Tax Liabilities: Is Leasing Property to Cannabis Companies Risk-Free?” Understanding the pros and cons of leasing property to businesses in the space will help you make a better informed decision to add value to your clients.

Key points you’ll learn about in this podcast include:

📍How 280E can apply and in which circumstances: although there’s never one answer, 280E always applies to Cannabis companies and owners, but might not apply to strictly non-Cannabis assets (for example, a landlord or company might be able to keep assets “safe” from a Cannabis company declaring bankruptcy by creating a separate non-Cannabis LLC, but this doesn’t necessarily mean the owner will be able to lower or reduce 280E tax liabilities, especially if there’s common ownership of assets within the Cannabis company).

📍Possible complications with leasing accounting: we’ll discuss some complications accounting professionals may encounter helping landlords and land owners (and why lease accounting issues can require high-level services from specialized accountants that involve analyzing the accounting, tax, and cash flow implications tied to the owner’s assets).

📍Tools to determine the buy or lease debate: there are tools to ease the headache of determining the risks of leasing assets, such as buy versus lease calculator (and you’ll learn how to locate these tools that can look at cash flow effects and forecast any tax implications to make better decisions for your clients).

Jan 04, 202117:17

Ep. 56: How to Get a CEO On a Call and Hook Their Interest with Betsy Morem and Mark Waller

Many accountants new to the Cannabis or CBD/hemp space often feel overwhelmed by the prospect of finding clients, getting them on a sales call (or two), then closing.

You’re an accountant after all, not a salesperson. However, once you establish an actionable and repeatable system that effectively connects you with a CEO and also hooks them with your value-add pitch, you can begin to confidently land more clients.

On this week’s episode, Andrew Hunzicker, CPA is joined by two DOPE CFO students, Elizabeth “Betsy” Morem and Mark Waller, both licensed CPAs. Betsy and Mark outline the exact strategy they used to get a CEO on a call, and how they secured his business for their new Cannabis accounting firm.

Listen in to learn:

✅ Why two brains can be better than one: tag-teaming CEO calls can boost your confidence in landing new clients (and increase your odds for building a client base)

✅ A step-by-step process for landing calls that convert: getting a CEO on the phone is one thing, but getting them to commit is the clincher (you’ll learn the process Betsy and Mark used, and how you can make it your own)

✅ Insights into the challenges of finding CEOs: clients don’t just fall into your lap, but with dedication you can make the process a bit smoother (and take a couple of tips away from other accountants’ experiences to navigate the challenges of client acquisition)

✅ Pricing strategies for new clients: after you attract the interest of a client, the next step is to determine your pricing (and we make that a little easier with input from accountants new to the Cannabis space)

With the right resources and an established sales system, you, too, can be closing Cannabis CEOs!

Dec 21, 202033:07

Ep. 55: How to Build a Rock Solid Cannabis Audit Trail and Keep the IRS on Your Good Side

Cannabis CEOs must always be ready for an audit. Being in the spotlight in an industry that is still federally illegal means you must conduct all operations with exacting detail, especially accounting.

Rumor has it, the IRS and local tax agencies are currently looking to collect millions in what they believe to be unpaid taxes. Yikes. Many CEOs have lost licenses, been fined large sums, and even spent time in jail after they were audited and the tax courts determined they didn’t properly pay their taxes.

As a Cannabis accounting professional, it is your job to paint a complete picture of how money flows in and out of a business, both in its day-to-day transactions and overall operations. With robust reporting and a rock-solid audit trail, your clients will have an easier time winning over investors, partners, and board members, along with being prepared for that inevitable audit.

Learn how to set your clients up for success through the implementation of an audit trail by tuning into our latest podcast hosted by DOPE CFO founder, Andrew Hunzicker: “Ep. 55: How to Build a Rock Solid Cannabis Audit Trail and Keep the IRS on Your Good Side.”

Key points Andrew will address include:

🌱 Definition of an audit trail: learn what an audit trail is and why it is critical to maintaining compliance of any Cannabis business (and how a correct audit trail provides essential data any auditor can easily track seven years from now).

🌱 Parts of a month tie-out system: discover why a month tie-out system is a huge part of the audit trail (which will allow you to clearly document all adjusting journal entries and help your accounting systems run like clockwork).

🌱 Why audit trails add incredible value to your client: CEOs/clients are able to own and have permanent access to an effective audit trail not stored on your server (this empowers them to utilize their own data at any time necessary to fulfill requests from lenders, banks, investors, and auditors).

Listen in for your overview of how to build an audit trail, and you will never again conduct business without one!

Dec 07, 202016:59

Ep. 54: Growing a Cannabis Accounting Firm (and Debunking Conservative Taboos) w/ Ramsey Sessions

America’s “Bible Belt” is experiencing a revolution that few saw coming: the acceptance of legal marijuana.

Historically a region that prides itself on strict religious and moral standards, states like Louisiana and Mississippi have recently welcomed medicinal marijuana into their economy. Georgia has legalized CBD oil. Alabama even looked at legalizing medicinal Cannabis back in February of 2020, but that bill was stopped short due to covid.

Even with the recent wins for medicinal Cannabis, starting a Cannabis accounting firm in a conservative state can be challenging. Depending on whether your state has yet to legalize any type of Cannabis, you may be fighting a lack of client availability or board limitations on serving outside states. You may also still be under the scrutiny of peers or worry that your reputation will be tarnished by the federally illegal status.

Alabama resident Ramsey Sessions, CPA hasn't been hindered by the fact that his state has yet to pass any type of Cannabis or CBD. He hasn't even let his military background keep him from forging into the space. As soon as he started to see the economic and health benefits of Cannabis, he was able to drop his biases and move forward to fill a demand.

Ramsey joined us on our podcast for “Episode 54: Growing a Cannabis Accounting Firm (and Debunking Conservative Taboos) w/ Ramsey Sessions.” He sat down with DOPE CFO founder Andrew Hunzicker, CPA to discuss what it was like to move past his old biases against Cannabis -- and why entering the space has been the best move for his practice.

Highlights of Ramsey’s interview include:

🌱 Why Cannabis is pushing past traditional Conservative beliefs: due to proven health benefits and increasingly high sales of Cannabis in numerous states, it’s hard for even the most conservative of states to ignore the value of Cannabis.
🌱 Reasons why now is the best time to start a remote Cannabis practice: even if you live in a state where Cannabis is illegal, you can likely still serve Cannabis clients around the country (with all the coronavirus lockdowns of 2020, no time is better for remote work than now as most people in the nation are working virtually).
🌱 Forecast of further legalization in conservative states: Tennessee, South Carolina, and Alabama still have not legalized medicinal or recreational marijuana (but these remaining states are paying attention now that Florida and Missippi have legalized medical Cannabis and may follow suit quickly).

If you want to learn more about Ramsey’s background and his dedication to helping Cannabis companies around the country, check out his website here; https://sessionscpa.net/

Dec 03, 202030:40

Ep. 53: 5 Things Successful Cannabis Accountants Get Right

If you’re wondering if you have what it takes to be a top-of-the-line, increasingly successful Cannabis accountant...spoiler alert...YOU PROBABLY ALREADY HAVE WHAT IT TAKES.

Are you responsive? Consistent? Creative? A go-getter?

Are you willing to continue learning and growing?

Yes, there are technical elements you need to succeed as a Cannabis accountant. Yes, workpapers, systems and processes, and software are all necessary, but those are all teachable.

What about the characteristics nobody talks about? The personal attributes that can lead to your greatness…

Your grit, determination, and problem solving skills. Your ability to make the system work FOR you.

These traits set you apart. These strengths will launch you into the ranks of Cannabis accountants with lucrative, thriving businesses and vast potential. There is no need to settle in as another run-of-the-mill professional, going through the motions, and never fully realizing their abilities.

Our latest podcast episode with DOPE CFO founder and CEO, Andrew Hunzicker, CPA, highlights the top five things Cannabis accountants get right.

Listen in for insights on:

📌 Cracking the code to finding clients: generating leads, or potential clients, and closing those clients is harder than it may seem (but dedicating yourself to LinkedIn and email outreach, and trying different techniques like email drip campaigns are just a few of the many ways Cannabis accountants garner top clients).

📌 Unlocking the ‘soft skills’ of success: soft skills include business management, discipline in studying new materials, time organization, and motivation to continually improve and add value to your clients (all of these skills and more could set you apart in the field, from learning a new niche to sticking with continued education to rise as an expert in Cannabis).

📌 Leveraging niche-specific tools and processes to add huge value: the value you add is only as good as the tools, systems, education, and processes you leverage to provide that top-notch service to your clients (and possessing these tools is the best way you can go above and beyond what your competition will be offering potential high-paying clients).

These tools and training, combined with your innate skills, can take your career to the next level in one of the fastest growing marketplaces in the world.

Nov 10, 202031:21

Ep. 52: Legal Liabilities Run Deep in Cannabis (and What Every Cannabis Lawyer Secretly Wants Accountants to Know) w/Paula Collins

Even if your eyes glaze over when someone mentions legal matters, Cannabis legislation affects your daily life as a Cannabis accounting professional. Cannabis law is constantly changing and legal liabilities are commonplace in this niche, from trademark lawsuits to contesting tax penalties. By understanding the current court rulings and adjusting your accounting systems to reflect up-to-date legislation, you are able to keep your clients informed, compliant, and likely out of tax court.

Paula Collins, EA, MBA, JD, understands the ins-and-outs of the Cannabis industry’s legal and accounting complexities. An accountant, legal professional, educator, and business consultant, she has more than 10 years of experience helping a wide variety of clients with tax preparation, from small nonprofits to sprawling high-net worth entities. Cannabis piqued Paula’s interest when she worked with teenagers afflicted with autism who sought THC and CBD for therapeutic purposes. Now, she combines her nonprofit and education background with her legal and accounting expertise to teach Cannabis CEOs and companies to navigate the relatively uncharted waters of this booming industry.

Paula recently joined Andrew to discuss the role a lawyer plays in the Cannabis industry, what she and every Cannabis lawyer wish Cannabis accountants would consider when serving clients in the space, and how accountants would benefit from applying a holistic approach to their clients.

Key topics covered include:

🌱 Legal liabilities run amok in Cannabis: Cannabis is the Wild West, which means legal issues pop up frequently at state and federal levels, in all aspects from real estate to marketing trademarks to banking issues; with every-changing regulations and rules, Cannabis companies need strong legal support

🌱 What every Cannabis lawyer wants you to know: Cannabis accounting should be approached holistically to address legal questions and entity issues to protect companies and CEOs, along with the bedrock of solid accounting practices (it’s not just about immaculate books and it’s not just about tax preparation; everything needs to work together to inform the business owner and stakeholders about the financial health of the business so they can survive an IRS audit)

🌱 Education is the future for sustaining the Cannabis industry: empowering Cannabis businesses strengthens the industry’s reputation, helping to grow the industry as a sound medicinal alternative and a safe recreational option

🌱 Importance of having a lawyer on your side: if you have a strong lawyer who specializes in tax preparation, you can help your client make sense of and navigate potential tax snafus, including knowing when to take cases to tax court versus district court

Sink your teeth into the legal issues often overlooked or misinterpreted by Cannabis accountants in this heartfelt and informative interview.

If you want to learn more about Paula’s ongoing efforts to champion the success of Cannabis CEOs and companies, check out her LinkedIn here: https://www.linkedin.com/in/paulacollinsnyc/.

Oct 26, 202028:06

Ep. 51: 4 Ways to Jump into Cannabis Accounting and Maintain Your Professionalism

Cannabis is a rapidly growing industry, but many accounting professionals put on the brakes when approached by Cannabis companies who are interested in their services. Some accountants avoid Cannabis because of the complexities of tax codes and tight regulations, but most shy away from the industry because they’re worried the federally illegal status will damage their professional reputation.

But here’s the truth… if you understand all the intricacies of working in Cannabis accounting, you could help CEOs who truly need your accounting expertise in an industry that shows no signs of slowing down, all while maintaining your hard-earned reputation.

Our latest podcast with DOPE CFO founder Andrew Hunzicker, CPA delves into debunking the stigmas associated with Cannabis. You’ll learn how to leverage these common concerns to build a competitive edge in the niche once you understand the processes and requirements behind Cannabis accounting.

Key points that Andrew discusses include:

Dealing with IRC 280E: this tax code is simple by definition but complex by execution (we’ll break down 280E so you can see it’s not so scary once you understand COGS deductions in Cannabis versus the broader deductions you could take in hemp/CBD).
“Evil Drug” Stigma: many people still think of Cannabis as being some horrible gateway drug that will spawn generations of miscreants and ne'er do wells, but 60% of Americans think Cannabis should be legal and more than 224 million people use medicinal marijuana (facts that point to Cannabis’s increasing ability to help people cope with health issues like epilepsy and chronic pain, possibly decreasing reliance on pharmaceuticals for many medical problems).
Making It as a Professional: how to put yourself out there professionally as a Cannabis accountant and expert in the field (without you reputation and credibility taking a hit).
Landing New Clients: discover you can become a VIP in the Cannabis industry (and attract top clients who will pay you what you’re worth).

Oct 13, 202017:41

Episode 50: Making a Career Change to Cannabis Accounting Late in Life (and How to Own the Transition) -- with Tom Hawbaker

Breaking into Cannabis accounting doesn’t come with an age limit. Even if you’ve been in the same CFO position for several decades, it’s never too late to dive into the Cannabis industry if it calls to you. If you’ve been on the fence about getting started in this quickly growing niche but are worried that you’re too old or have been stuck in the same rut for too long, know that you’re not alone. Many people get started in this space late in life, and end up doing really well for themselves..

Just ask Tom.

After working for more than 42 years as a public accountant, CFO, and CPA for various companies, Tom Hawbaker, at 65 years old, decided he needed a change. He was tired of 18-hour days, tired of the same clients and the same demands, and knew he needed to reignite the passion in his accounting career. He got in touch with Andrew Hunzicker of DOPE CFO and, within a matter of months, is now on fire to start helping clients in this underserved space.

Tom sat down with Andrew recently to talk about why he made his career change late in life, why he’s never looking back, and why he’s looking forward to the day Cannabis becomes federally legal,

Highlights of Tom’s story include:

Transitioning to Cannabis after decades in another industry: Tom describes the journey he took to make a career change after spending more than 35 years as a CFO in the automobile industry (and how you can make a similar transition with confidence, even if you feel you’re ‘late in the game.’)
Essential skills and strengths to help you switch gears: you can mine your past accounting experiences and personal talents to help you transfer your skills to Cannabis accounting (and Tom shares how you can even learn to love marketing if you have natural people skills).
Leverage a support system to make the leap: one of the best ways to get started is to become part of a community full of like-minded Cannabis accounting professionals, like DOPE CFO (and Tom shares how this extra peer support from the DOPE CFO VIP community has gone a long way towards helping him quickly learn Cannabis accounting in a short period of time).

Changing your life and choosing a new track knows no expiration date! Be inspired by Tom’s story to find your own path and stake your own claim in the green rush. If you want to learn more about Tom’s individual story, check out his website at www.hawbakercpa.com.

Sep 29, 202034:51

Episode 49: Unpacking the PBC (Prepared By Client) Checklist -- and How to Start Any Client Off on the Right Foot

Before you can ever set highly valuable services in place for Cannabis clients--even before the cleanup phase--you need a solid onboarding process. And no effective onboarding process is complete without the Prepared By Client (PBC) checklist.

You can think of the PBC list like the blueprint for your future relationship with the client and the services you will provide. If a carpenter tried to build a house without a blueprint, that house would not have correct dimensions, structure, or electrical installation, turning it into a franken-house full of problems that may lean on one side, is not up to code (and therefore not safe to inhabit), and may crumble to the ground within months. Basically, you would just never build a house without a blueprint.

And you shouldn’t build up a client’s accounting system and processes without the PBC. This document helps you avoid finding leases three months in that you didn’t know existed, or incorrectly prepared tax returns.

A proper PBC will save you hours of back-tracking and will pack your services with added value from the very beginning.

Listen in to Episode 49 of our podcast as DOPE CFO founder Andrew Hunzicker, CPA, unpacks each part of the PBC to help you get a handle on what should be in this essential onboarding document.

Key aspects of the PBC he’ll discuss include:

Why the PBC is so important: from implementing a proper cleanup, to creating a perpetual data room, to leaving a permanent audit trail to keep your client efficiently compliant, you’ll learn why the PBC is elemental to proper accounting (and the frustrating mess you could make for you and your client if you skip this crucial engagement step).
Parts of the PBC: learn each component in a comprehensive PBC checklist and how to request these documents from your client (along with at which point you need the checklist and why the timing of requesting these documents is so important).
Unleashing the immediate value of the PBC: discover why a complete PBC adds instant value to the services you offer your client (and why this ‘checkup’ on permanent files will save you many hours of work in the long run).
And more!

Sep 16, 202018:20

Episode 48: Seeing into the Future: Predictions of the Cannabis Industry Once It Becomes Federally Legal

Federal legalization of Cannabis will likely change your role as an accountant. Will those changes bolster your success -- or make it harder to get a foothold in the industry? Listen in for our predictions.

With the November election just a couple months away, states like Maine, Arizona, and South Dakota are awaiting results on their medicinal and recreational use initiatives. As more states legalize Cannabis every year, the entire Cannabis industry (including accounting professionals) is waiting in earnest as the nation gets one step closer to federal legalization.

Whether we have to hang on for two more years or several more election cycles to finally see Cannabis assume the same legal status as hemp/CBD, most Cannabis accountants have a heated question on their minds: What will working in the Cannabis industry be like once it’s legalized?

In a timely podcast, DOPE CFO founder Andrew Hunzicker, CPA, quickly breaks down his predictions of where the industry is headed once it hits federal legalization and how the demand for niche-specific accountants will likely only rise.

Points he covers include:

Probability of Cannabis growing in complexity: Cannabis accounting and bookkeeping is already complex, and will likely become more complicated as state and federal accounting rules integrate and banking availability increases (meaning you will likely never run out of clients who need your services).
Bookkeepers and accountants flooding the space: once Cannabis is legal in every state, thousands of other bookkeepers and accountants will want to jump into the niche (which means that those of you already diving into the green rush will have a HUGE head start on industry).
Increased regulation: just as accounting rules will grow in complexity, so will regulation across USDA, FDA, EPA, and OSHA requirements (signaling higher fees for you to collect while adding valuable compliance services to CEOs in over their heads).
Huge corporate valuations: everyone, including the big corporations, will want to jump on board with nationwide legalization (freeing up even more MAJOR high revenue clients for you to recruit).

Sep 02, 202008:48

Episode 47: The World's Greatest Cost Accounting Tool for Cannabis Cultivators/Growers

Do you have cost accounting nailed down for Cannabis accounting? Can you confidently say you know how to track each plant, work in progress statuses, and inventory count to properly allocate costs to COGS?

Are you reducing tax liability properly for your clients… or are you unwittingly costing them extra money by taking too few deductions or being the reason they rack up penalties?

To be the champion of correct accounting and compliance for your clients, you need great tools, and one of the best tools is the flower calendar (the only one of its kind in the industry!).

With this tool, specially designed by DOPE CFO founder Andrew Hunzicker, CPA, you can streamline Cannabis accounting processes and make it way easier to do the following:

Facilitate seed to sale compliance: because the flower calendar literally tracks the growth of a plant, you can help a Cannabis operator or CEO adhere strictly to seed to sale protocol (from buying seeds to the pruning of the final harvest, the calendar helps you establish a strong seed to sale foundation to fulfill state regulations).
Offer key support for cost accounting: cost accounting is imperative to properly filing tax codes IRC 280E and 471 (learn how the flower calendar can help you estimate yields, strains, and complete percentages to inform how you assess variable and fixed costs each month).
Project cash flow: in a cash-based industry, the flower calendar helps with cash forecasting and precise monthly reports (making the cash forecasting system more automatic, helping your client strategically prepare short- and long-term cash flow objectives).
Provide management, board, and investment reporting: when you help your client prepare reports for the management team, company board, lenders, or investors, the flower calendar helps you provide key decision makers with precise details on crop yield, harvest percentages, and future cash flows.

Aug 18, 202017:01

Episode 46: How to Fast-Track Your Start in the Cannabis Niche, Even During a Recession -- with Ken Mierzwinski

The American economy is still shaking off the effects of coronavirus and the recession. If you struggled to keep your accounting clients or were furloughed during the last few months, you never want to worry about losing work again. Never again do you want to be left wondering if you can pay your mortgage or feed your family.

You’ve heard from the experts that the best way to boost your revenue is by finding a niche. And after the ‘Rona’ madness, you’re looking for a strong niche to carry you through the best and worst of times... even during a recession.

Even in the face of a nationwide pandemic, Cannabis has proven to thrive. You could maintain enough work with good clients to keep yourself busy almost all year round (and not just during the rush of tax season), bringing you enough revenue to ride the inevitable waves of the economy. But how do you even begin to learn the ins and outs of Cannabis accounting, or get clients that will justify the transition from general accounting to learning highly-specialized processes for this booming niche?

Ken Mierzwinski, CPA, had heard about the Cannabis industry’s exponential growth in the last few years. Once DOPE CFO founder Andrew Hunzicker reached out to him about getting started in Cannabis, just around the time COVID-19 first hit, Ken knew jumping into Cannabis was a matter of survival. His well-timed leap into the industry would allow him to keep paying his bills while his other non-Canna clients were on hold.

Ken recently sat down with Andrew for an interview for the DOPE CFO podcast to talk about his transition from one business to the other. He tells the story of how he kept his first non-Cannabis business afloat (even while his clients were on hold) because his ONE Cannabis client (that he landed in just two months) helped him pay the bills. He wasn’t confident at first that he could quickly get his Cannabis client in time to save his income during the pandemic. However, as soon as he dove into the DOPE CFO materials, he was talking to clients within one week.

In this podcast, you’ll hear Ken talk about:

Why he chose Cannabis as the niche to keep him solvent even during a recession
How he got started with the DOPE CFO program and what it was like to be able to quickly reach out to and onboard his first monthly retainer client
His plans for the future now that he is getting more comfortable with accounting practices for different Cannabis verticals

Want to get on the fast track to learning Cannabis accounting? Check out our DOPE CFO program by visiting dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.

Aug 04, 202030:13

Ep. 45: 3 Ways to Find Great Clients (and How to Keep Them On As Monthly Retainers) -- with Adam Remis

Cannabis accounting may be a great niche to dig into, but you may not get too far in your new practice if you don’t know how to land the right clients who can pay you what you’re worth for your services..

When it comes to client acquisition in the Cannabis industry, there are a few tried-and-true methods that make Cannabis CEOs and operators willing to stop trying their hand at DIY accounting internally and hire you to get their books in order, so that they are in compliance with state regulations.

Adam Remis, MSIM, CPA, CISA had more than 25 years of experience in accounting, taxes, and CFO roles. He knew how to land clients, but he didn’t know how to close Cannabis CEOs as clients -- a demographic usually uninformed of the importance of highly-trained accountants amid varied and complicated regulations in their relatively uncharted niche.

He didn’t have a plan at first to reach out to clients, let alone ask for monthly retainers. However, once he learned a handful of acquisition tips and discovered what was most effective, he was pushing out engagement letters, one after another.

Adam sat down with us recently to talk about at least 3 different client acquisition methods he used in the last few months to bring in substantial monthly retainers from clients who fully value the expert services he brings to their companies.

In this podcast, you’ll learn about:

Top industry methods used to acquire the right kinds of Cannabis clients (and how you can also go “outside the box” a little to come up with your highly effective means of attracting and onboarding CEOs)
The degree of work required to get ideal clients (and how to optimize the DOPE CFO program to help you get the attention of top CEOs)
Helpful background experience that may give you a leg up in this industry (and give you the boost you need to dive fully into the Green Rush)

For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast. For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide.

Jul 21, 202035:36

EP. 44 5 Keys to Raising Capital in Cannabis, Hemp, and CBD

Capital raise is almost always inevitable for Cannabis or hemp/CBD business startups. At some point your company or your client’s company is going to need to raise capital -- and you’re going to need to know how to confidently guide them through the process.

Capital may still be tight for startups in 2020, but Cannabis and hemp/CBD businesses may soon have access to new capital options from angel investors, hedge funds, private equity, Big Pharma, and other sources. When this outpouring of investment sources begins to rush in, you want to be ready.

Listen in as DOPE CFO founder Andrew Hunzicker, CPA talks about the 5 keys it takes to unlock the interests of investors and increase the likelihood of winning their commitments.

Key points Andrew addresses include:

The need for rock-solid accounting and financial data: all the sound capital-raising tips in the world can’t be effectively implemented without a Cannabis trained accountant, bookkeeper, COO, and lawyer (which also opens up high demand for accounting professionals helping startups and companies looking to expand).
Develop a concise and compelling pitch deck: you don’t want to send a lengthy business plan to an investor; you want a concise and dynamic pitch deck that will hook potential investors (and the way to do this is to systematically understand and implement each component before ever sending it out into the world).
How to access investors with a “road show” plan: even the best accounting team and pitch deck won’t get you very far if you don’t have access to investors (we’ll help outline a strategy and run through your options so you know who to contact and how to get started).

As an accountant, you can add immense value to your clients by knowing how to prepare a business for raising capital. If you’re an owner or operator of Cannabis or hemp/CBD business, knowing the steps involved in raising capital puts you ahead of the curve. For more tips and advice on Cannabis/CBD accounting trends and concepts, make sure you subscribe to our podcast. Fore more information on our program, check out our website at dopecfo.com.

Jul 07, 202044:16

Ep. 43 Are Your Client’s Books a Mess? Get the 411 on Dealing with Cleanup Work in Cannabis Companies

Clean books are critical to any business staying compliant with the IRS and federal and state regulations. Cannabis business owners struggle to keep their books organized because of the complex rules and regulation involved with that industry. Plus, due to its schedule 1 status, Cannabis is cash-based, making it even more difficult for general accountants and CEOs to maintain clean and compliant books.

As an accountant, you have an incredible opportunity to be the expert for your Cannabis clients to help them clean up their books and maintain accurate cost accounting and GAAP guidance to produce proper books every day, week, quarter, and year.

So, when you get a new client and you know there is some major cleanup work to do, you want to make sure you do it right the first time around. Join DOPE CFO co-founder Naomi Granger, MBA, CPA for our latest podcast episode.. She unravels the main points accounting professionals and Cannabis CEOs need to consider as they get their books in order to stay legal and successful.

Main points Naomi will discuss include:

Why you shouldn’t make assumptions: it’s common for accountants to assume that a multi-million dollar business has their books together and proper industry experts in place to stay compliant (when in reality 9 times out of 10 Cannabiz owners are struggling to find a good accountant and are doing things wrong as they attempt DIY accounting).
Major problems commonly experienced: many accounting and bookkeeping errors include issues with cash flow, negative cash accounts, improperly categorized assets and liabilities, fixed asset allocations and depreciation (and many other problem areas where GAAP guidance, proper reports, and accurate inventory processes would go a long way towards cleaning up the mess).
Pricing questions - accounting cleanup is a difficult process and requires setting high fees that reflect the work a highly-trained accountant dedicates to straightening out a Cannabis business (learn how to set fees so you can confidently ask for compensation as you provide this value-added service).

For more information on getting started, make sure you subscribe to our bi-monthly podcast for great tips and updates! Also, make sure you check out our FREE Cannabis Accounting Guide by texting DOPECFO to 345345

Jun 23, 202029:54

Ep. 42 How to Wow Cannabis Clients On a Call and Make Them Beg for Your Accounting Help -- with Valeria Cruz Sandino

When you first start out in the Cannabis accounting industry, reaching out to potential clients can seem intimidating. Add trying to wow them and land them as paying clients -- and that can seem almost impossible, at first. Valeria Cruz Sandino, CPA, joined us recently for an interview and shared with us the process she used to land big Cannabis clients with a compelling phone call and offer -- and how she presented the value of her services in a way that made the client practically beg for her to onboard them. Within a few short months, she had positioned herself as an expert and was being invited to speak at events.

Valeria touches on hot topics, such as:

Why choosing a niche is critical to quickly growing your accounting practice (and why Cannabis is a recession-resistant niche that is booming with no signs of stopping)
How using a specific offer landed her a big client after just a couple months in the industry (and how you can access this offer template through DOPE CFO’s training program to impress your own leads)
Gaining the confidence to explain the value of your services to potential clients (and how to talk about value-add services to show clients that they can’t continue to conduct business without your expertise)
How to gain the poise required to speak at events and teach Cannabis owners and industry excerpts about Cannabis accounting (and why this is essential to you growing professionally)

Jun 08, 202023:50

Ep. 41 Analyzing 2020 Cannabis Legalization Ballot Initiatives

Cannabis legalization has received plenty of attention these past few elections, taking the plant from being recognized as just another commodity (in just a handful of states) to an economic game-changer nationwide. Even with the coronavirus pandemic, Cannabis companies have been deemed essential in some states, while many others issued stay-at-home orders that required countless businesses to scale back, or even close, operations. Many Canna companies have experienced record-breaking sales the last few months.

The revenue that this industry has generated did not go unnoticed by local governments, and many states are trying to push for legalization this November. Which states will likely legalize, and which will need to wait? Listen in as DOPE CFO co-founder Naomi Granger, MBA, CPA delves into ballot initiatives for November 2020 and discusses which states are most likely to see Cannabis legalized.

Key points she’ll cover include:

Reasons why states should legalize Cannabis: the industry is stable and not going anywhere (and could likely restore jobs to the more than 30 million Americans who have filed for unemployment, and may remain unemployed long after the country has reopened).
Approved proposed amendments: learn which states, like New Jersey, are close to legalization (New Jersey is sitting with 61% in support of its 2019 approved proposed amendment to put Cannabis sales on the 2020 ballot).
Campaigns limited by government: learn how campaigns that are positioned to benefit residents medically in states like Mississippi and South Dakota may be hindered by lawmakers seeking to rewrite the initiatives (and how this can affect the guidelines drafted by citizen-backed campaigns).
Unrealistic expectations: Minnesota is one state that might be overshooting its hopes and may have to wait a couple more years (with a proposal for eight-plant home grows, social use, and expungement of most Cannabis convictions. )

If you are an accountant and are interested in taking action now, contact Naomi directly at naomi@dopecfo.com, or book a call here, and she can answer any questions you might have about tapping into your potential in the Cannabis industry. For more information on getting started, make sure you subscribe to our podcast for great tips and updates!

Or, check out our FREE Cannabis Accounting Guide by texting DOPECFO to 345345

May 27, 202011:23

Ep. 40 - Rocking the Cannabis Industry: How to Quickly and Confidently Transition into Cannabis Accounting -- with Leanna Miller

Many accountants receive the advice to find a niche and become an expert in that industry. But countless accounting professionals also feel anxious and a lack of confidence starting out in a new market. Leanna Miller started her journey towards developing a Cannabis accounting practice in a similar frame of mind: she felt a little in over her head learning niche-specific regulations and rules and didn’t have the confidence to approach high-revenue clients.

Leanna joined us recently at the DOPE CFO Podcast to talk about her experiences entering the Cannabis industry -- and how she has emerged a confident expert in her field, even landing speaking engagements just months after stepping foot into the niche.

Listen in to hear Leanna’s story as she discusses:

Steps she took to quickly gain confidence in a brand new niche (and how you can take the same steps to sharpen your Cannabis expertise within months)
Upping her game through interaction with the DOPE CFO VIP community (including how a nationwide network of experts poised her to impress her prospects)
Landing a speaking engagement within 30 days of joining the DOPE CFO program (and how she drew on the support within the program to gain the confidence to speak at a large convention)
Resources and education she leveraged to completely retool her existing Cannabis accounting firm (and position her business for significant growth).

May 11, 202019:24

Episode 39: Climbing Towards a World-Class Attitude in Business and Life w/Christophe Bichet

What do rock climbing and accounting have in common? Quite a bit, it appears. We recently sat down with motivational speaker,mental coach for the French National Climbing Team, and rock climber, Christophe Bichet, to talk about how it is possible to strap on your crampons and climb towards world-class proficiency and success in everything you do, whether you’re scaling the French Alps, learning a new hobby, or setting up your own remote accounting business.

Listen in for this exciting twist on accounting education. Christophe and DOPE CFO co-founder Andrew Hunzicker, CPA discuss the following inspiring topics:

Persevering in the face of adversity: Christophe describes his lifelong fight with Fanconi anemia and how battling this illness early on shaped his fearless outlook he still has today (despite people telling him he would die young and should just take it easy in life).
Discover a new philosophy for living life: learn about Christophe’s approach of living each day as if it were your first day on Earth (and how that sets him up to explore multiple endeavors at a high level -- and how that relates to your journey as an accountant).
Achieve world-class level proficiency in anything you do: we’ll discuss how rock climbing relates to scaling all challenges in life and putting in world-class effort, whether you’re summiting peaks at 20,000 feet above sea level (or launching your own remote business).
Fear and how to squash it: learn how fear really is only your head, regardless of the situation (and hear Christophe’s steps for coping with fear and moving on).
...and more tips and stories from Christophe!

For more information on Christophe, check his website out at christophebichet.com. If you want to learn more about the DOPE CFO program and for more accounting tips and industry insight, make sure you subscribe to our DOPE CFO Podcast channel for bi-weekly episodes.

Apr 27, 202039:31

Ep. 38: Making the Transition to Remote Cannabis Accounting - How an Accountant Did It with a Full-Time Job, and Landed a 6-Figure Client with One Email

Tammy L., a Cannabis accountant from North Carolina, joined us recently to talk about her experiences transitioning from a full-time job to a remote practice. She told the story of the hard work she has put into developing this next chapter in her career, and offered advice to others looking to make the same career move.

Key topics she discusses include:

What it’s like for an average accounting professional to transfer their skills to a remote accounting practice in the Cannabis/CBD niche
The process involved to land high-paying clients (and why it’s simplified with the help of DOPE CFO)
Time-management tips for working remotely and fulfilling client expectations
How a remote accounting firm in Cannabis/CBD niches can help you stay afloat ( even during hardships like this pandemic)
Advice for people interesting in making the leap towards a remote accounting job

Ask most remote accountants about their remote working lifestyle and they will tell you about the freedom they have to work anywhere with a wifi, the flexible hours they get to set, and the ability to acquire higher fees from hand-picked clients. Add a super-powered niche like Cannabis (the fastest growing industry in the country) and you have the formula to crack into a rewarding and fulfilling opportunity.

Especially with most of the country in isolation right now due to coronavirus, there’s no time like the present to learn how to start a remote Cannabis accounting business. Tammy, a DOPE CFO student, launched her remote Cannabis accounting practice last year and managed to land a 6-figure client with just one compelling email, using the DOPE CFO email script. Tune in to hear how she did it and be inspired to follow her footsteps.

Make sure to listen to the end for information on getting our free guide to landing your first Cannabis client. Thanks for listening and don’t forget to Be DOPE!

Apr 13, 202024:57

Ep. 37: Insurance: Important Considerations for Picking an Insurance Provider for Cannabis Companies

Insurance is an imperative part of any and every business, especially for Cannabis with its federally illegal status and strict regulations. The caveat is that most average carriers won’t touch the Cannabis industry.

Join us for Episode 37: Insurance: Important Considerations for Picking an Insurance Provider for Cannabis Companies as we interview Brenda Bader, accounting professional and insurance agent of Missouri. She has provided services for more than 20 years to individuals and businesses and is one of the few agent insurance agents we know of that serves the Cannabis market.

Listen in as DOPE co-founder Naomi Granger, MBA, CPA interviews Brenda and asks her about why insurance is essential to Cannabis businesses, what kind of policies apply to different Cannabis verticals, and how to pick a trustworthy carrier who can protect your client or your company.

Key points Brenda discusses include:

Must-know Cannabis insurance facts such as why Cannabis friendly carriers are 100% required for getting claims paid and serving ancillary Cannabis businesses
What reports and regulations must be adhered to in order to receive payments on claims
Why Cannabis companies might need insurance, such as product liability and loss of use
How the DOPE CFO program prepared Brenda for translating her accounting and insurance skills to the Cannabis industry so she could provide for this underserved market
...and more!

Insurance is a crucial part of the Cannabis industry and requires in-depth knowledge to understand your options when looking at carriers. This episode puts you in the know with one of the best in the field.

To claim the free guide we mention at the end of the podcast, remember to text us “DOPECFO” at 345345.

Mar 30, 202024:31

Ep. 36: Small Firm's Guide to Cannabis Bookkeeping

The Cannabis industry is growing at a blindingly rapid pace -- so much that we refer to it as the “Green Rush.” Medical Cannabis is now legal in 33 states and recreational Cannabis has become legal in 11 states. That is a $20 billion dollar-market -- and it’s likely only going to increase with pending federal legislation taking steps to legitimize the $70 billion “illegal” market.

Imagine...all these Cannabis companies and CEOs jumping into the green rush and realizing just months down the line that bookkeeping is SERIOUSLY complicated. That’s where you come in.

Because Cannabis is so highly regulated and predominantly a cash-only industry, tax codes, deductions, sticky software integrations, and poor vendor-business relations are just a few of the major pitfalls Cannabis business owners find themselves stumbling over.

During this podcast we discuss the main Cannabis bookkeeping issues CEOs face and the opportunities you have to supply expert solutions to keep them compliant with IRS, federal, and state regulations. Main topics covered include:

🌱 Understanding holes and hurdles in vendor-business relations and how to develop solutions to bridge the gap

🌱 Accessing and integrating effective tools to integrate complex software systems

🌱 Devising “manual” accounting systems to compensate for the lack of effective and streamlined Canna software

🌱 Providing GAAP guidance and developing workarounds to navigate the lack of Cannabis industry resources

🌱 Preventing downtime and smoothing buggy software infrastructure

🌱 Following annual, quarterly, monthly, weekly, and daily procedures for Cannabis bookkeeping

🌱 Offering a high-demand service to businesses who need your expertise to stay afloat

Want more tips, tricks, and support as you dive into the Cannabis bookkeeping industry? Make sure you subscribe today to The Dope CFO Cannabis Accounting Podcast at Anchor.FM for biweekly podcast episodes on Cannabis and CBD accounting and bookkeeping -- and everything in between!

Mar 16, 202046:45

Ep. 35: Challenges in Banking for Cannabis Businesses

Cannabis is largely a cash-based industry. Banking barriers make it risky and difficult for your clients to stay compliant and safe, despite how badly they try to be legit.

How do you help your clients optimize tax benefits when operating mostly in cash? How do you manage your own banking when you work in a federally ‘illegal” industry so you aren’t accused of money laundering?

This podcast covers pressing banking questions like these asked by our VIP members in our private FB group.

You’ll learn about the risks Cannabis businesses face without a proper banking account:

Vaults on-site full of cash and paying all taxes, bills, and employees with cash
1 out of ever 2 Cannabis dispensaries are robbed or burglarized
Lack of a paper trail for ease of tax purposes and tracking inventory

You will also learn the landscape of current Cannabis banking availability (or lack thereof) and what your current options are to protect yourself and your clients. We also focus on discussing:

Stringent segregation of duties and staff to prevent fraud
Daily and monthly procedures and controls put in place to protect the cash

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If you would like to download the free guide I mentioned, just download “Accountant’s Guide to Managing Your Client’s Cannabis Accounting Needs” by clicking here: http://bit.ly/384XNdJ

🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

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Mar 02, 202028:32

Ep. 34: Cannabis Entity Structures

Accounting for Cannabis entity structures can be confusing… if not set up properly.

This podcast episode features our guest Reece B. Morrel, JD, MBA, CPA, from https://www.morrellawpllc.com to provide you with some basic information on selecting the best entity type (C Corp vs Flow-Thru entities) for your client and some advice on setting up a multi-entity structure for Cannabis businesses.

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If you would like to download the guide I mentioned in this episode, "Accountant's Guide to Managing Your Clients CBD/Hemp Accounting Needs" follow this link: http://bit.ly/2RmR3mg

🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

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The differences between IRC 471 and 263 Farm accounting (and cash vs accrual choice) Any IRC 199A issues related to each individual owner in the business.

Feb 17, 202022:18

Ep. 33: Why Accountants Should Consider the CBD/Hemp Niche

CBD/hemp is one of the fastest-growing industries in the world right now.

This podcast episode will provide you with some basic information so that you can consider CBD/hemp as your accounting niche. If you were hesitating on entering the Cannabis niche (crazy idea btw) then the CBD industry may be the perfect gateway client for you… And since CBD/hemp is technically legal here in the US, the accounting risks are much lower than in the Cannabis industry.

Listen in to learn more about what is involved in accounting for CBD/hemp businesses. Here are a few of the CBD/hemp specifics (and differences to Cannabis) that I share on this episode:

...and more!

If you would like to download the guide I mentioned in this episode, "Accountant's Guide to Managing Your Clients CBD/Hemp Accounting Needs" follow this link: http://bit.ly/2RmR3mg

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🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo

🌿Say HEY On Social:

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

Feb 03, 202023:37

Ep. 32: How to Overcome Dispensary Accounting Challenges

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:

...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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Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/33cZYJR

Jan 20, 202025:54

Ep. 31: Oregon Cannabis Accounting With Damon Mayer

In this episode of The DOPE CFO Cannabis Accounting Podcast, Naomi Granger, MBA, CPA and Andrew Hunzicker, CPA interview Damon Mayer, ChFC, LTC, EA and Oregon Licensed Tax Consultant who specializes in the Cannabis industry.

Damon brings a wealth of knowledge from his experience of transitioning into the Cannabis industry in the State of Oregon. His clientele consists of growers, dispensaries, labs, extractors, wholesalers, and a myriad of other auxiliary cannabis professionals.

Through his connections and the DOPE CFO program, Damon has been able to establish himself as a leader in the Oregon Cannabis Accounting communities.

Be sure to listen to this 15-minute interview as Damon shares his tips for establishing himself as a cannabis accounting expert in Oregon.

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Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/33cZYJR

Jan 06, 202014:24

Ep. 30: Cannabis Accounting Software

Cannabis is a complex industry that is riddled with accounting issues:

✅ banking,

✅ cash,

✅ accounting,

✅ software,

✅ merchant service,

✅ compliance/legal issues,

✅ insurance...

...just to name a few.

Join us as we share our thoughts on viable Cannabis accounting software solutions.

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Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/35cGrKJ

Dec 23, 201915:53

Ep. 29: Oklahoma Cannabis Accounting with Rose Taylor

On this episode of The DOPE CFO Cannabis Accounting Podcast, Naomi Granger discusses the cannabis industry in Oklahoma with Rose Taylor of Redbud Advisors. Rose loves working with Cannabis business owners; getting a glimpse into their companies, sharing business strategies, and learning what makes them passionate about what they do.

Her background includes a BBA in Business Management as well as being an EA, or someone who has expertise in the field of taxation and tax reporting. Rose is a forward thinker who could see the opportunities when Oklahoma legalized the medical use of Cannabis. As a result, she is now one of the state’s leading cannabis accountants.

With tax season on the horizon, Rose advises Cannabis business owners to stay organized. She recommends keeping all copies of receipts in electronic format and working with an accountant that understands Cannabis. Because this is an industry that continually changes, Rose warns if they don’t stay up to date on the ever-changing rules and regulations your accountant could be working against you!

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Dec 09, 201913:21

Ep. 28: Finding Clients: Old vs. New Methods

Are you tired of going on endless coffee meetings, doing free work just to convince the prospect that you are great at what you do and then hope that you get them as a client?

Do you visit the client’s location or keep answering never-ending questions and allow them to treat you like an employee?

By doing free work, you portray that your time isn’t valuable and that you’re not the expert.

Do attorneys do work for free?

NO!

Join Andrew Hunzicker, CPA as he discusses: Finding Clients: Old vs New Methods. He touches base on how to take the alpha role with your clients, how to not give away all your expertise before you land the account and how to demand to be paid what you’re worth.

It’s time to ditch the old school methods of continuously following up with prospect clients, visiting their location, defending what you can do for them and adopt the new school methods, especially when it comes to Cannabis accounting.

For more information visit DOPECFO.com

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You can learn more about the DOPE CFO Program at http://bit.ly/2NTdUmr

Nov 25, 201944:19

Ep. 27: Moms Building Accounting Businesses: A Piece of Cake!

Tiffani Higgins is a CPA and a mom of 5 kids…That’s right, five children. After passing her CPA exam, Tiffani worked for a small public accounting firm near her home in Kansas City, where she would regularly work 30 hours a week during the non-tax season and as much as 60 hours a week during tax season.

Seeking a better work-life balance, Tiffani chose to leave her job to start her own virtual bookkeeping business where she quickly discovered she could work a lot fewer hours for the same pay or better. Not long into this journey, one of Tiffani’s part-time assistants asked for her advice about starting her own virtual bookkeeping business. Tammi soon realized she could help many people just starting their practices, and it turned out to be the inspiration she needed to create her successful coaching business!

Tiffani credits the DOPE CFO program for helping her get started as an entrepreneur. She now uses the knowledge she gained through DOPE CFO to help her students offer world-class services and get paid accordingly.

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