Florida Cannabis Accounting
Puff Puff Accounting, serving Florida, 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.
Audit Response & Tax Resolution
Corporate Entity & Structure Planning
Technical Accounting Services
Tax Planning & Preparation
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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CPA Relationship Built On 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 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.
Florida Cannabis Tax Services
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.
When is it time to hire a CPA for my cannabis business?
There are absolutely methods to tackle your accountancy on your own as well as DIY it. Alternatives like QuickBooks have made this possible, but I warn you, if you are doing one of these two points, you most likely require to let somebody else take care of it.
- If you are privately asking yourself if you’re also doing this right at all, that’s a red flag.
- If you’re not doing it in all because well you don’t know what to do and it’s overwhelming, that’s a huge red flag and also it’s time to allow a professional take over.
What are common ways accountants bill their clients?
We generally suggest partnerships which are not hourly. Fixed fee payment encourages interaction in between the customer as well as the Certified Public Accountant. The more the Certified Public Accountant knows about the client’s business and also their life as well as what’s taking place, the much better guidance they can provide. When customers are awkward with getting the phone, scared they’re going to get a big costs, they are much less likely to select the phone speak to their Certified Public Accountant when they have something on their mind.
What should I expect from my CPA?
I typically instructor my customers to put together a shopping list of points they desire from us. Certainly, the even more commitment a client requires from us, the larger the interaction will certainly be, which will raise expenses. Starting from the optimum and also functioning down, though, is constantly the best wager. We can trainer you on which products on your wish list will be the most impactful to your service and also which ones may be lesser.
So listing out those specific purposes you wish to complete with your Certified Public Accountant. “This is what I want out of that relationship.” Don’t hesitate to make that a pretty long list. What you intend to do is pretend money is no object. Checklist whatever that you want to get out of this connection. From that position, you can start to prioritize that list as well as state, “these 6 things are essential in this connection that I’m mosting likely to have.”.
Do I need a bookkeeper or an accountant for my business?
An accountant preserves your accounting records. They get in all purchases, as well as they stabilize your funds. Accountants focus on financial resources, tax obligations, spending plans, company procedures, pay-roll, and money management. Yet recognize this, there are different types of accountants that focus on various areas of organisation. To put it simply, if you break your leg, do not go to the skin specialist.
You wish to make certain that you discover the appropriate person for your small company. Smoke Smoke Bookkeeping has bookkeepers as well as accountants on staff. This way. When it involves regular monthly deal processing, our accountants can do it for a lesser fee. When we’re talking about money management as well as tax preparation, you have a Certified Public Accountant prepared to step in.
What are the 5 types of accountants?
The very first individual you’re going to employ is your accountant. This is the data entry expert. Relying on where you live, you’re mosting likely to pay a various amount for this person. If you stay in Idaho, as an example, you may be on the lower end around 18 to $20,000 a year. But if you’re in New York or The Golden State, you could be upwards of 40,000 or even $45,000 a year for the exact same position. Know that he or she offers a specific function. They’re not mosting likely to be strong at producing reports for you or operating analytics or accounting processes. Their work is to get data into the system. And also 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 audit, which will certainly permit you to start evaluating the records. A bookkeeper is an excellent hire for anybody all set to increase their business, yet not prepared to purchase the high top rate accounting professionals right now.
The following level up men is the accountant. Currently, a lot of people think bookkeepers and also accountants are the same. They’re not. It’s very, extremely different. You’re going to pay a greater amount for somebody that’s an accountant. Your accountant has been putting information into the system all month long. Your accounting professional commonly is assisting to oversee that procedure. After that, at the end of the month, your accountant will certainly do a few of the even more heavy training tasks which call for integrating your test balance and making month-end journal entrances. They will likewise do several of the amassing job that’s going to require to occur in your financials.
In many cases, an accountant will help produce economic declarations. 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 up the procedure of managing the whole audit system. They get to manage what’s happening and also when. They see to it the data is getting involved in the system in a timely manner, and that the month and general interests are taking place on time. The controller is in charge of the end product that’s appearing of the accounting system. That is the annual report, the income declaration, as well as the capital declaration. Those type of files rest on the shoulders of your controller. This is an extra costly placement to fill, and also it ought to be. This person needs to have a great deal of experience, should at the very least a bachelor’s degree in audit, if not entering into their master’s degree. I would expect to pay anywhere from $45k to $85k/year for he or she.
Currently we’re going to discuss the King or queen on top of the hill. This is your CFO. CFO represents “primary financial officer.” They hold a C collection setting in your business. He or she’s pricey. You intend to beware when you employ a CFO due to the fact that not all CFOs are developed equal. Every little thing approximately this factor has actually been task-related, concentrating on just journal entrances as well as debiting and attributing. When you step into a CFO duty, this needs critical reasoning. Not all accounting professionals have that capacity. If they’re not able to see the big picture as well as produce plans that are business advancement relevant, they aren’t qualified for the job. They must translate the work that the remainder of the team is doing into objectives for your business. Your CFO requires to make certain that you’re hitting the targets you require to hit with the correct amount of money behind each objective. For a CFO, you can expect to pay anywhere from $75k to $250k/year. That is typically what I have actually seen nationwide for somebody of this caliber.
Lastly is the Certified Public Accountant. The Certified Public Accountant stands for “cpa.” If you’ve begun your firm, you understand that you require a tax guy, right? That’s the Certified Public Accountant. His work is to do two points. One is to prepare your tax approach. That is to take whatever you’re doing throughout the year and prepare it to make sure that you are not investing more than you need to on tax obligations. That’s the major goal. Nonetheless, a Certified Public Accountant usually fills up the duty of an auditor where they can be found in as an independent celebration. They make certain that your publications are precise as well as clean as well as reflective of what’s occurring in the real world. In regards to cost, you’re mosting likely to spend anywhere in between $125 an hour to upwards of $450 a hr for a certified CPA.