Ep. 130: 3 Myths Cannabis Business Owners Believe About Accounting

The Cannabis Accounting Podcast

The Cannabis industry is ablaze with myths that could leave business owners burned, especially when it comes to the tricky world of accounting and bookkeeping. As an accounting pro, are you ready to fan the flames of truth and help your clients soar without getting singed? Debunking common misconceptions allows you to better serve your clients, keeping their businesses both compliant and profitable.

Slip-ups in tax codes, or getting twisted up in regulations? Time to clear the smoke. ☁️

🟢 Myth #1 - Cannabis companies don’t need complex cost accounting processes, a permanent audit trail, proper support, or tax liability relief via 471-11. — Falling for this one could cost your clients major tax deductions and land them in hot water with the IRS.

🟢 Myth #2 - We can handle all of the regulatory compliance issues in-house. — Believing in this myth negates the complexity of the industry, leaving your clients susceptible to fines, penalties, loss of licenses, and possibly criminal charges.

🟢 Myth #3 - Just because a Cannabis business has high revenue, their net income must be high as well — Reality check! This illusion overlooks the massive operational costs, regulatory compliance expenses, and unique challenges businesses face in the industry.

Listen to our latest podcast episode, 3 Myths Cannabis Business Owners Believe About Cannabis, to hear DOPE CFO Founder Andrew Hunzicker, CPA, smoke out these myths, keeping your knowledge fresh and your clients thriving.

Don’t miss this opportunity to sharpen your industry expertise!