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Indiana Cannabis Accounting

Puff Puff Accounting, serving Indiana, 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.

Indiana 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 definitely methods to tackle your accountancy on your own as well as DIY it. Alternatives like QuickBooks have actually made this possible, however I caution you, if you are doing among these 2 things, you probably need to let another person look after it.

  1. If you are secretly wondering if you’re also doing this right at all, that’s a red flag.
  2. If you’re not doing it in any way because well you don’t recognize what to do and it’s overwhelming, that’s a significant warning and also it’s time to allow a specialist take control of.
What are common ways accountants bill their clients?
Some Certified public accountants expense per hour, they charge you some dollars per hr depending upon just how much time they put in. It’s likewise common to bill dealt with charges for private tasks. Your Certified Public Accountant could do your income tax return for one cost and also prepare another price quote for the next job. Another popular price framework is the yearly set price contract. Your Certified Public Accountant might claim, “I’m going to give this series of solutions to you, and I’m going to provide you endless call as well as limitless conferences, and also I’m mosting likely to do that all for $X amount of bucks per year.” That buck quantity would certainly more than likely be billed monthly.

We normally suggest partnerships which are not hourly. Repaired cost payment motivates interaction in between the customer and also the Certified Public Accountant. The more the Certified Public Accountant finds out about the client’s service and their life and also what’s taking place, the much better recommendations they can provide. When customers are uncomfortable with picking up the phone, afraid they’re going to get a huge expense, they are less likely to select the phone talk with their Certified Public Accountant when they have something on their mind.

What should I expect from my CPA?
What you need to expect from your CPA depends a great deal on your business purposes. If you’re a very small company and you’re not preparing to expand much in the near future, possibly all you need is someone to prepare your tax return. However, probably you have a growing company. You need somebody who can talk to you on staff member matters, management problems, accounting system established and layout. These are some things to consider when imagining the degree of dedication you require from your Certified Public Accountant.

I normally trainer my clients to assemble a want list of points they desire from us. Obviously, the more commitment a customer requires from us, the larger the engagement will be, which will certainly enhance expenses. Beginning with the maximum and working down, though, is constantly the most effective wager. We can instructor you on which things on your want list will certainly be one of the most impactful to your organisation and which ones could be less important.

So list out those certain purposes you intend to accomplish with your CPA. “This is what I desire out of that partnership.” Don’t be afraid to make that a rather long listing. What you want to do is pretend money is no things. Listing everything that you desire to leave this relationship. From that position, you can start to focus on that listing and also say, “these 6 points are crucial in this partnership that I’m mosting likely to have.”.

Do I need a bookkeeper or an accountant for my business?
So exactly how do you know who you require to employ? Should it be an accountant, an accounting professional, or a Certified Public Accountant? What’s the distinction? The most vital point is simply that you know that these records are being kept which you feel great in the person keeping them.

A bookkeeper maintains your audit records. They get in all transactions, as well as they balance your funds. Accountants concentrate on financial resources, taxes, budgets, organisation procedures, payroll, as well as money management. But know this, there are different sorts of accounting professionals that concentrate on various areas of company. To put it simply, if you break your leg, do not most likely to the skin doctor.

You wish to make certain that you discover the appropriate person for your small company. Puff Smoke Audit has bookkeepers as well as accounting professionals on staff. This way. When it comes to month-to-month deal handling, our accountants can do it for a minimal charge. When we’re discussing finance and also tax planning, you have a Certified Public Accountant prepared to action in.

What are the 5 types of accountants?
What is step number one of ending up being lucrative in your company? You’re going to need an accountant. Currently you don’t have to employ us. You can work with in residence. If you participate in home, who should you obtain? There are a great deal of options and various budget plans around that you need to be aware of. You don’t wish to obtain the wrong individual for the wrong task summary.

The first person you’re going to work with is your bookkeeper. This is the information entrance professional. Depending on where you live, you’re mosting likely to pay a different quantity for this person. If you reside in Idaho, as an example, you may be on the lower end around 18 to $20,000 a year. But if you remain in New York or California, you could be upwards of 40,000 and even $45,000 a year for the exact same placement. Know that this person offers a details function. They’re not going to be solid at developing records for you or doing business analytics or accounting procedures. Their task is to get information into the system. As well as if you’re a new business owner, likely, you’ve been doing this yourself. It’s wise to offload some of the heavy grunt work of accounting, which will allow you to begin assessing the reports. An accountant is a good hire for anyone all set to broaden their service, yet not prepared to buy the high leading tier accountants right now.

The following level up individuals is the accounting professional. Now, a great deal of people assume accountants and also accounting professionals are the same. They’re not. It’s extremely, very various. You’re mosting likely to pay a higher amount for someone that’s an accounting professional. Your bookkeeper has been placing data into the system all month long. Your accountant commonly is assisting to look after that procedure. Then, at the end of the month, your accounting professional will certainly do some of the more heavy training jobs which need reconciling your trial balance and making month-end journal entrances. They will certainly also do some of the amassing work that’s mosting likely to require to happen in your financials.

In some cases, an accounting professional will aid produce financial declarations. They are at that month’s end placement. For an accounting professional, depending once again on where you live, you can anticipate to pay anywhere from possibly $30k approximately $60k/year.

The next level up is the controller. The controller loads the process of supervising the whole accountancy system. They reach coordinate what’s occurring and also when. They see to it the information is entering into the system on time, and that the month and also general rate of interests are happening promptly. The controller is accountable for the final product that’s coming out of the accounting system. That is the annual report, the revenue declaration, and also the cash flow statement. Those kinds of files hinge on the shoulders of your controller. This is an extra costly setting to fill up, as well as it must be. This person requires to have a lot of experience, need to a minimum of a bachelor’s degree in accounting, if not entering their master’s level. I would certainly expect to pay anywhere from $45k to $85k/year for this person.

Now we’re mosting likely to discuss the King or queen on top of the mountain. This is your CFO. CFO represents “primary financial officer.” They hold a C collection position in your firm. He or she’s costly. You intend to take care when you work with a CFO since not all CFOs are produced equivalent. Every little thing as much as this point has been task-related, focusing on just journal entries and also debiting and attributing. When you step into a CFO function, this requires tactical reasoning. Not all accounting professionals have that ability. If they’re not able to see the big picture and develop plans that are company advancement associated, they aren’t gotten the work. They must equate the job that the remainder of the group is doing into goals for your firm. Your CFO requires to make certain that you’re hitting the targets you need to hit with the correct amount of money behind each goal. For a CFO, you can expect to pay anywhere from $75k to $250k/year. That is normally what I have actually seen nationwide for somebody of this quality.

Finally is the CPA. The CPA means “certified public accountant.” If you’ve begun your company, you understand that you need a tax obligation man, right? That’s the Certified Public Accountant. His task is to do two things. One is to prepare your tax technique. That is to take everything you’re doing throughout the year and prepare it to ensure that you are not spending more than you require to on tax obligations. That’s the major objective. Nevertheless, a CPA often fills up the duty of an auditor where they are available in as an independent celebration. They make sure that your publications are precise and also tidy and reflective of what’s taking place in the real life. In terms of expense, you’re mosting likely to spend anywhere between $125 an hour to upwards of $450 an hour for a certified CPA.

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(844) 382-8160