Hawaii Cannabis Accounting
Puff Puff Accounting, serving Hawaii, 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.
Hawaii 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 ways to tackle your accountancy yourself and also Do It Yourself it. Choices like QuickBooks have actually made this possible, however I caution you, if you are doing among these two things, you most likely require to let another person take care of it.
- If you are privately wondering if you’re even doing this right in all, that’s a red flag.
- If you’re refraining from doing it at all because well you don’t recognize what to do as well as it’s overwhelming, that’s a big red flag and also it’s time to allow an expert take control of.
What are common ways accountants bill their clients?
We commonly suggest connections which are not hourly. Fixed charge payment urges communication in between the customer and the Certified Public Accountant. The even more the Certified Public Accountant learns about the customer’s business as well as their life and also what’s going on, the better guidance they can provide. When clients are uneasy with grabbing the phone, afraid they’re going to get a large bill, they are less most likely to select the phone talk with their CPA when they have something on their mind.
What should I expect from my CPA?
I normally coach my customers to assemble a want list of points they desire from us. Of course, the even more dedication a client requires from us, the bigger the engagement will be, which will enhance prices. Beginning with the optimum as well as working down, however, is constantly the best wager. We can train you on which things on your want list will certainly be one of the most impactful to your service and also which ones may be lesser.
So listing out those particular objectives you intend to achieve with your CPA. “This is what I want out of that relationship.” Don’t be afraid to make that a pretty lengthy listing. What you wish to do is pretend money is no object. Listing everything that you desire to get out of this connection. From that setting, you can begin to prioritize that list and also state, “these 6 things are most important in this relationship that I’m going to have.”.
Do I need a bookkeeper or an accountant for my business?
An accountant keeps your bookkeeping records. They enter all deals, and they stabilize your funds. Accounting professionals focus on funds, tax obligations, budget plans, organisation procedures, pay-roll, and finance. But recognize this, there are various types of accountants that focus on numerous areas of business. To put it simply, if you damage your leg, do not go to the skin specialist.
You want to make certain that you locate the right person for your small business. Puff Puff Bookkeeping has accountants as well as accounting professionals on personnel. By doing this. When it involves regular monthly deal processing, our accountants can do it for a lesser fee. When we’re discussing finance and tax planning, you have a Certified Public Accountant prepared to step in.
What are the 5 types of accountants?
The first individual you’re going to employ is your bookkeeper. This is the information access professional. Depending upon where you live, you’re mosting likely to pay a various amount for he or she. 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 The Golden State, you could be upwards of 40,000 and even $45,000 a year for the exact same position. Know that he or she serves a particular function. They’re not going to be strong at developing records for you or doing business analytics or accounting procedures. Their task is to obtain information into the system. As well as if you’re a new entrepreneur, likely, you’ve been doing this on your own. It’s clever to unload some of the hefty grunt work of accountancy, which will certainly enable you to start evaluating the records. An accountant is an excellent hire for anyone prepared to broaden their organisation, yet not prepared to invest in the high top tier accountants right now.
The following level up individuals is the accounting professional. Now, a great deal of people assume bookkeepers and also accountants coincide. They’re not. It’s very, very various. You’re going to pay a greater quantity for someone that’s an accountant. Your bookkeeper has been placing data right into the system all month long. Your accountant typically is helping to look after that procedure. Then, at the end of the month, your accountant will certainly do several of the more hefty training tasks which call for integrating your test balance as well as making month-end journal entrances. They will certainly also do a few of the amassing work that’s mosting likely to require to occur in your financials.
In some cases, an accounting professional will help develop financial statements. They are at that month’s end placement. For an accountant, depending again on where you live, you can expect to pay anywhere from possibly $30k up to $60k/year.
The next degree up is the controller. The controller loads the procedure of supervising the entire audit system. They reach orchestrate what’s occurring and also when. They make sure the information is entering the system promptly, and that the month as well as general rate of interests are occurring on schedule. The controller is accountable for the end product that’s coming out of the bookkeeping system. That is the annual report, the revenue declaration, and also the cash flow statement. Those sort of records hinge on the shoulders of your controller. This is an extra expensive position to fill, and also it ought to be. This person needs to have a great deal of experience, should at least a bachelor’s degree in audit, if not getting involved in their master’s degree. I would certainly expect to pay anywhere from $45k to $85k/year for this person.
Currently we’re mosting likely to discuss the King or queen on top of the mountain. This is your CFO. CFO means “chief financial officer.” They hold a C collection position in your firm. This person’s costly. You want to be careful when you employ a CFO because not all CFOs are created equal. Whatever approximately this point has been task-related, focusing on simply journal entrances as well as debiting and also attributing. When you step into a CFO function, this calls for critical thinking. Not all accounting professionals have that ability. If they’re not able to see the big picture and produce strategies that are company advancement related, they aren’t gotten approved for the work. They ought to translate the work that the rest of the group is doing into goals for your business. Your CFO needs to ensure that you’re hitting the targets you require to hit with the right amount of money behind each objective. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is normally what I have actually seen across the country for someone of this caliber.
Last but not least is the Certified Public Accountant. The CPA means “cpa.” If you’ve started your company, you recognize that you need a tax obligation guy, right? That’s the CPA. His task is to do two points. One is to prepare your tax obligation method. That is to take everything you’re doing throughout the year and prepare it so that you are not investing more than you require to on taxes. That’s the major objective. Nevertheless, a Certified Public Accountant commonly loads the duty of an auditor where they are available in as an independent celebration. They make sure that your books are precise and also tidy and reflective of what’s taking place in the real world. In terms of expense, you’re going to spend anywhere between $125 an hour to upwards of $450 a hr for a certified Certified Public Accountant.