Cannabis accounting firms can support the industry with a range of services. For anyone operating within the cannabis industry, it is crucial to have accounting and bookkeeping providers who understand the legalities that come with it.
Generally, cannabis companies tend to face more scrutiny from the IRS given the controversial nature of legalized cannabis sales. Making it even more important to stay compliant. Don’t take the risk and have peace of mind by turning to specialized cannabis accounting firms. Here are our top recommended cannabis accounting firms in Arizona.
If you are operating in the emerging cannabis industry, consider using one of these top recommended cannabis accounting firms in Arizona.
Price Kong was the first accounting firm in Arizona to support cannabis businesses, starting in 2011. This firm offers personalized financial guidance to both individuals and businesses operating within the construction, dental, healthcare, startup/small business, and cannabis industries. They offer tax services, auditing and review services, and several accounting consultant services. Price Kong is committed to serving the cannabis industry and offers proprietary models, strategies, and processes that save cannabis businesses time and money.
This company is one of Arizona’s largest locally owned public accounting and consulting firms. They work with businesses and entrepreneurs to help guide and strategize for the future. Their services include access to advisors, accountants, auditors and tax professionals. Beach Fleishman also provides for a plethora of industries like cannabis, construction, healthcare, and real estate just to name a few. One of the benefits of using Beach Fleischman is that they provide both accounting and consulting services. Their consulting services range from pension plan design and administration to strategic services like value growth services, strategic planning, and exit planning. Overall, this company has an extensive list of services to offer and they are an accredited public company that will surely keep your cannabis business in safe hands.
Puff Puff Accounting
This is a company that specializes in only the cannabis industry. They are a CPA firm offering services for cannabis companies like audit response and tax resolution, a corporate entity and structure planning, technical accounting services, tax planning and preparation, payroll services, and bookkeeping services. If you are looking for an accounting firm that can provide all of your accounting needs under one roof, this is the place for you. They are experts in cannabis tax law and have directed their full attention to providing services within the cannabis industry. With a 100% customer satisfaction rate, this accounting firm will surely have your business's best interests in mind.
Rebel Rocks is an accounting firm based in Arizona, specializing in cloud accounting and technology solutions. They provide custom cloud accounting solutions and business system implementations to help your business grow and reach its full potential. Rebel Rock prides itself on providing solutions and support to cannabis businesses through its team of cannabis experts. Services include auditing, CFO & controller services, business system implementation, M&A services, due diligence services, and more. The combination of accounting and cannabis experts on Rebel Rock’s team will surely allow your business to continue growing and be the best it can be.
Green Growth CPAs
Green Growth CPAs are the leading cannabis accounting and advisory firms nationally. They are dedicated to serving this emerging industry by helping cannabis companies identify and apply tax and business strategies. Their services range from audit & assurance services, tax services, auditing & financial services, as well as advisory. With over 700 clients to date, this cannabis-focused accounting firm has cross-border capabilities and is registered with the AICPA, PCAOB, and CPAB.
How do Cannabis Businesses Save Money?
If you are in the cannabis industry or are trying to start a cannabis company, here are some tips on how to save some money.
Stay Compliant: Oftentimes staying compliant to regulations is expensive. However, losing your license or having to fix what’s wrong will be even more expensive. Save yourself the trouble and be sure to operate within regulations to avoid any unexpected expenses.
Specialized Accountants: Staying compliant within the cannabis industry can be hard as there are layers and layers of rules. The best way to ensure your business is operating within legal areas is to hire accountants that specialize in the industry. They will be responsible for making sure that your business is operating legally.
Packaging: Packaging is another way to save on costs. Oftentimes, paying attention to the size and weight of your packaging can help you save on storage and distribution costs. Furthermore, opting for packaging with less graphics and a simpler design will help to cut costs.
Frequently Asked Questions
What is a cannabis CPA?
A cannabis CPA is a CPA who specializes and is well versed in cannabis regulations and laws.
What is deductible under 280E?
Under IRS rule 280E, cannabis businesses can deduct the invoice price of cannabis, electric bills for designated inventory areas, and transportation expenses.