Great companies are run through numbers. In the recent times that there are so many people that are flocking the cannabis areas of business and this means that you need to come up with structures. Your business has to be in order because of this. Your books have to stay well and organized. In business you need to have people that you can work with and who you can trust. The accountant is very important in case the IRS and other state authorities come looking for answers. You will be exposing all you strategies and money problems to the accountant therefore they must be a person you can rely on. You can end up behind bars or even see the fall of your business all because it is a wrong selection.
A bookkeeper is an accountant in the organization that has been tasked with the work of reviewing the transactions existing in the business and complying them to have a report. There are government fillings and state requirements records that the bookkeeper has to present. We have therefore prepared a few things that you have to keep in mind in your selection.
There are different types of professionals in accounting and you must have an understanding of them. There are complicated sections of accountant that have to be explained first. These accountants are the CPA, the bookkeeper, and the enrolled agent. The CPA is the certified public accountant. You have to take a relevant course to be enrolled as one. This is an accountant that can examine and audit your financials. Upon them also is the mandate to give an opinion on the status of your financial records for your business.
The bookkeeper, on the other hand, will review the business transactions and will assemble the information for use. There is much information that is required for various uses in the company.
Lastly we also have another accountant known as the enrolled agent. This person may prepare returns and has the capability to represent the client before the Internal Revenue Service. There is an IRS exam that they get to go through and pas the certification mark.
Honesty and diligence ought to be a concern when selecting an accountant. You need a right-hand man that you can trust. You should be attentive when the accountant begins fishy deals. Take note whenever they fail to give you a response. The accountant that takes shortcuts are not fit to work for the marijuana business. They can get your behind bars very easy and lead to your business failure. The account ought to be familiar with the laws set for cannabis in their state.
To wind up, as you make your decision on the accountant you will work within your cannabis industry, always choose a person with strong personal networks.