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Cannabis Industry Accounting

Puff Puff Accounting is a cannabis industry focused CPA firm. We put all the pieces together so that you can focus on making money with your cannabis business.

You need CPA who understands the cannabis industry.

Puff Puff Accounting has provided tax planning, auditing and accounting services for cannabis businesses through the United States. You won't just see as at tax season. We advise many of our clients throughout the year. when you work with Puff Puff Accounting, you're not just meeting with a team of experienced accountants, you're gaining a lifelong advisor.

Our Services

Audit Response & Tax Resolution

Tax audits often happen years after the return in question was filed. That can make for a messy situation.

Corporate Entity & Structure Planning

Of all the choices you make when starting a business, one of the most important is the type of legal structure you select for your company.

Technical Accounting Services

Whether it’s preparing compliant financial statements or preparing for an audit, accounting responsibilities can be complex.

Tax Planning & Preparation

Tax preparation is a service that helps you file your tax returns. Make sure your tax reporting complies with federal and state tax laws.

Payroll Services

Payroll service will collect wage and hour information from the employer and use that information to calculate gross wages.

Bookkeeping Services

Recording receipts from customers. Verifying and recording invoices received from suppliers. Paying suppliers. Processing employees’ pay.

We Are Experts In Cannabis Tax Law

A lot of our new business comes from referrals from existing clients. That really says lot about how our clients are satisfied with the level of work that we perform for them.

Our clients tell their friends how well their accountant takes care of them. They say "My account is my friend now. I trust her." That level of trust is what we strive to achieve with all our clients.

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Tax Peace Of Mind

We do our best to maximize our client's return and get deductions for them that keeps them out of trouble.
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We're Affordable

When we work with small cannabis businesses, basically we become their affordable in house CFO.
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Year Long Tax Planning

The value that a client receives from a full service firm like Puff Puff Accounting is that they get full advisory and planning all year long.

Big Savings

1 Free Hour

Get A Free Online Consultation

Have burning questions you need to get answered? Take advantage of our free 1 hour initial consultation.

Testimonnials

“Hiring Edwin was one of the first and one of the best decisions I ever made when I first launched my company. He’s gone up to bat for me several times and is always on top of the latest changes in tax law. I couldn’t recommend Edwin more.”
Tylor B

“Our very first visit with this team put us at such ease and assurance that sharing all of our financial details was in very capable, professional and personable hands. We have been very pleased with the level of service we are receiving year in and year out.”
Adrian F

“They use the most current technology to securely access and review my confidential documents in a user-friendly platform. They are professional and have integrity that is hard to find. I would highly recommend J Chester to anyone.”
Ginger D

Protect Investments
Maintain Margins
Drive Growth

CPA Relationship Built On Trust

Finding a good CPA is almost like trying to find a good boyfriend or girlfriend. It's kind of like dating in a sense because it really starts with trust. This is a person who is going to know a tremendous amount of information about you. They're going to know your social security numbers. They're going to know how much you make and how you make your money.. They're going to really know your life and at a very personal level that most other professionals will never know and so it's really important you find somebody you can trust.

This trust is especially important for entrepreneurs in the cannabis industry. We build our client relationships on a solid foundation of trust. Spend an hour talking with us about your cannabis business and you'll know exactly what that means. We want to be your CPA and your trusted friend. We want to be the first person you call when there's a financial propblem in your company.

Our Mission

Talent is what sets exceptional organizations apart from the pack. At Puff Puff Accounting, we are committed to high standards of professionalism, integrity, and capability. When you hire a us as your CPA, you can rest assured that you're hiring a professional with a financial proficiency, strategic vision and commitment that will help your cannabis business compete and succeed.

Our mission is to be equipped to manage the pressures and pace of the cannabis industry with a deep understanding of cannabis laws. We will help you run an exceptional business while working within strict cannabis laws and regulations.

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Happy Clients

Recreational Use States

Medical Legalized States

Our Vision

CPAs work with a variety of businesses in every industry imaginable on a regular basis. It's not uncommon for a CPA to start the day working with a car dealership and by lunchtime a manufacturer and then in the afternoon to be solving a complicated issue related to a trust.

Our vision is to specialize in the cannabis industry in order to offer a level of expertise that cannot be matched by a traditional CPA firm.

Cannabis Tax Services

The cannabis industry is unique. Don't risk your livelihood my hiring a CPA who doesn't have experience with cannabis laws and regulations. We will be your guide through a sea of stumbling blocks.

We specialize in cannabis tax law and regulations.

Cannabis Tax Planning And Preparations

Cannabis entrepreneurs carry a heavy tax burden. These taxes can make it difficult for cannabis businesses to generate a profit. Proper tax planning and knowledge of cannabis tax law is critical. Let us reduce your tax liability and increase your profits.

Tax Compliance

Cannabis tax law is complicated. Don't risk your business by being unaware of your tax liability.
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Yearly Tax Filing

Proper tax planning can massively reduce your tax liability at the end of the year.

Tax Resolution

Get representation by someone who knows the complexities of cannabis tax law. Don't risk hiring a traditional CPA.

Revenue Reconsiliation

A revenue reconciliation confirms whether your financial accounting matches your VAT statements. We recommend that you perform a revenue reconciliation at the end of each tax period, so that any incorrect bookings can be identified in a timely manner.

Financial Statements And Audit Support

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity. Balance sheets show what a company owns and what it owes at a fixed point in time.

Business Combinations

A business combination is a transaction in which the acquirer obtains control of another business (the acquiree). Business combinations are a common way for companies to grow in size, rather than growing through organic (internal) activities.

Get In Touch With a Professional

Send a Message

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Frequently Asked

When is it time to hire a CPA for my cannabis business?

There are certainly ways to take on your accounting yourself and DIY it. Options like QuickBooks have made this possible, but I warn you, if you are doing one of these two things, you probably need to let someone else take care of it.

  1. If you are secretly wondering if you’re even doing this right at all, that’s a red flag.
  2. If you’re not doing it at all because well you don’t know what to do and it’s overwhelming, that’s a huge red flag and it’s time to let an expert take over.
What are common ways accountants bill their clients?
Some CPAs bill hourly, they charge you some dollars per hour depending on how much time they put in. It’s also common to charge fixed fees for individual projects. Your CPA might do your tax return for one price and prepare another estimate for the next project. Another popular price structure is the yearly fixed price agreement. Your CPA might say, “I’m going to provide this range of services to you, and I’m going to give you unlimited phone calls and unlimited meetings, and I’m going to do that all for $X amount of dollars per year.” That dollar amount would most likely be billed monthly.

We typically recommend relationships which are not hourly. Fixed fee billing encourages communication between the client and the CPA. The more the CPA knows about the client’s business and their life and what’s going on, the better advice they can give. When clients are uncomfortable with picking up the phone, afraid they’re going to get a big bill, they are less likely to pick the phone talk to their CPA when they have something on their mind.

What should I expect from my CPA?
What you should expect from your CPA depends a lot on your business objectives. If you’re a very small business and you’re not planning to grow much in the near future, maybe all you need is someone to prepare your tax return. However, perhaps you have a growing business. You need someone who can consult with you on employee matters, management issues, accounting system set up and design. These are some things to consider when imagining the level of commitment you need from your CPA.

I typically coach my clients to put together a wish list of things they want from us. Of course, the more commitment a client needs from us, the larger the engagement will be, which will increase costs. Starting from the maximum and working down, though, is always the best bet. We can coach you on which items on your wish list will be the most impactful to your business and which ones might be less important.

So list out those specific objectives you want to accomplish with your CPA. “This is what I want out of that relationship.” Don’t be afraid to make that a pretty long list. What you want to do is pretend money is no object. List everything that you wish to get out of this relationship. From that position, you can start to prioritize that list and say, “these six things are most important in this relationship that I’m going to have.”

Do I need a bookkeeper or an accountant for my business?
So how do you know who you need to hire? Should it be a bookkeeper, an accountant, or a CPA? What’s the difference? The most important thing is just that you know that these records are being kept and that you feel confident in the person keeping them.

A bookkeeper maintains your accounting records. They enter all transactions, and they balance your funds. Accountants specialize in finances, taxes, budgets, business operations, payroll, and money management. But know this, there are different types of accountants who specialize in various areas of business. In other words, if you break your leg, don’t go to the dermatologist.

You want to make sure that you find the right person for your small business. Puff Puff Accounting has bookkeepers and accountants on staff. This way. When it comes to monthly transaction processing, our bookkeepers can do it for a lesser fee. When we’re talking about money management and tax planning, you have a CPA ready to step in.

What are the 5 types of accountants?
What is step number one of becoming profitable in your business? You’re going to need an accountant. Now you don’t have to hire us. You can hire in house. If you engage in house, who should you get? There are a lot of options and many different budgets out there that you need to be aware of. You don’t want to get the wrong person for the wrong job description.

The first person you’re going to hire is your bookkeeper. This is the data entry specialist. Depending on where you live, you’re going to pay a different amount for this person. If you live in Idaho, for example, you might be on the lower end around 18 to $20,000 a year. But if you’re in New York or California, you could be upwards of 40,000 or even $45,000 a year for the same position. Know that this person serves a specific role. They’re not going to be strong at creating reports for you or doing business analytics or accounting processes. Their job is to get data into the system. And if you’re a new entrepreneur, likely, you’ve been doing this yourself. It’s smart to offload some of the heavy grunt work of accounting, which will allow you to begin analyzing the reports. A bookkeeper is a good hire for anybody ready to expand their business, but not prepared to invest in the high top tier accountants just yet.

The next level up guys is the accountant. Now, a lot of people think bookkeepers and accountants are the same. They’re not. It’s very, very different. You’re going to pay a higher amount for somebody that’s an accountant. Your bookkeeper has been putting data into the system all month long. Your accountant typically is helping to oversee that process. Then, at the end of the month, your accountant will do some of the more heavy lifting tasks which require reconciling your trial balance and making month-end journal entries. They will also do some of the accrual work that’s going to need to happen in your financials.

In some cases, an accountant will help create financial statements. They are at that month’s end position. For an accountant, depending again on where you live, you can expect to pay anywhere from maybe $30k up to $60k/year.

The next level up is the controller. The controller fills the process of overseeing the whole accounting system. They get to orchestrate what’s happening and when. They make sure the data is getting into the system on time, and that the month and general interests are happening on time. The controller is responsible for the final product that’s coming out of the accounting system. That is the balance sheet, the income statement, and the cash flow statement. Those kinds of documents rest on the shoulders of your controller. This is a more expensive position to fill, and it should be. This person needs to have a lot of experience, should at least a bachelor’s degree in accounting, if not getting into their master’s degree. I would expect to pay anywhere from $45k to $85k/year for this person.

Now we’re going to talk about the King or queen on top of the mountain. This is your CFO. CFO stands for “chief financial officer.” They hold a C suite position in your company. This person’s expensive. You want to be careful when you hire a CFO because not all CFOs are created equal. Everything up to this point has been task-related, focusing on just journal entries and debiting and crediting. When you step into a CFO role, this requires strategic thinking. Not all accountants have that capability. If they’re not able to see the big picture and create plans that are business development related, they aren’t qualified for the job. They should translate the work that the rest of the team is doing into goals for your company. Your CFO needs to make sure that you’re hitting the targets you need to hit with the right amount of money behind each goal. For a CFO, you can expect to pay anywhere from $75k to $250k/year. That is typically what I’ve seen nationwide for somebody of this caliber.

Last but not least is the CPA. The CPA stands for “certified public accountant.” If you’ve started your company, you know that you need a tax guy, right? That’s the CPA. His job is to do two things. One is to prepare your tax strategy. That is to take everything you’re doing throughout the year and prepare it so that you are not spending more than you need to on taxes. That’s the main goal. However, a CPA often fills the role of an auditor where they come in as an independent party. They make sure that your books are accurate and clean and reflective of what’s happening in the real world. In terms of cost, you’re going to spend anywhere between $125 an hour to upwards of $450 an hour for a qualified CPA.

Contact Us

(844) 382-8160