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Kentucky Cannabis Accounting

Puff Puff Accounting, serving Kentucky, 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.

Kentucky 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 ways to handle your accountancy yourself and Do It Yourself it. Alternatives like QuickBooks have actually made this possible, yet I advise you, if you are doing among these 2 things, you possibly require to allow another person deal with it.

  1. If you are secretly wondering if you’re even doing this right in all, that’s a warning.
  2. If you’re refraining it in all because well you don’t know what to do as well as it’s overwhelming, that’s a substantial warning and it’s time to let an expert take control of.
What are common ways accountants bill their clients?
Some Certified public accountants bill hourly, they bill you some bucks per hour relying on just how much time they put in. It’s also usual to bill fixed costs for individual tasks. Your CPA may do your income tax return for one price and prepare another estimate for the following project. An additional preferred cost framework is the yearly set price agreement. Your Certified Public Accountant could say, “I’m going to provide this series of services to you, and I’m mosting likely to provide you limitless call and also unrestricted conferences, and I’m mosting likely to do that all for $X quantity of bucks annually.” That dollar amount would probably be billed monthly.

We usually advise connections which are not hourly. Dealt with fee invoicing encourages communication in between the client and also the Certified Public Accountant. The more the Certified Public Accountant learns about the client’s service and their life as well as what’s going on, the much better guidance they can offer. When customers are unpleasant with picking up the phone, scared they’re going to get a large costs, they are much 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 ought to expect from your CPA depends a lot on your organisation purposes. If you’re an extremely small business and also you’re not planning to grow a lot in the future, maybe all you require is someone to prepare your income tax return. Nevertheless, maybe you have an expanding company. You need someone that can consult with you on staff member matters, management issues, accounting system set up as well as style. These are some things to take into consideration when envisioning the level of dedication you need from your CPA.

I generally instructor my clients to create a want list of things they want from us. Certainly, the even more dedication a client needs from us, the bigger the engagement will be, which will boost costs. Starting from the maximum and working down, though, is always the most effective bet. We can trainer you on which things on your wish list will be the most impactful to your business and which ones could be lesser.

So checklist out those particular objectives you want to achieve with your Certified Public Accountant. “This is what I want out of that partnership.” Do not hesitate to make that a quite lengthy list. What you wish to do is pretend cash is no object. Checklist every little thing that you want to leave this connection. From that setting, you can start to prioritize that list and claim, “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 require to work with? Should it be an accountant, an accounting professional, or a CPA? What’s the difference? One of the most essential thing is just that you know that these documents are being maintained which you feel great in the person keeping them.

An accountant keeps your bookkeeping documents. They go into all transactions, and they balance your funds. Accountants specialize in funds, tax obligations, budgets, organisation procedures, payroll, as well as finance. But know this, there are different kinds of accountants that concentrate on different locations of service. Simply put, if you damage your leg, don’t most likely to the dermatologist.

You wish to make certain that you locate the ideal person for your local business. Puff Smoke Audit has bookkeepers and accounting professionals on personnel. This way. When it pertains to month-to-month purchase processing, our accountants can do it for a lower fee. When we’re discussing money management and tax obligation preparation, you have a Certified Public Accountant prepared to step in.

What are the 5 types of accountants?
What is action number one of becoming profitable in your company? You’re mosting likely to require an accounting professional. Now you don’t need to hire us. You can work with in house. If you participate in residence, that should you get? There are a lot of options and also various budget plans around that you require to be aware of. You don’t wish to get the wrong person for the incorrect job description.

The first individual you’re mosting likely to work with is your bookkeeper. This is the data entry specialist. Depending on where you live, you’re mosting likely to pay a various quantity for this person. If you reside in Idaho, for example, you may be on the lower end around 18 to $20,000 a year. Yet if you’re in New York City or California, you could be upwards of 40,000 and even $45,000 a year for the same placement. Know that he or she offers a particular role. They’re not going to be strong at creating reports for you or doing business analytics or accounting processes. Their task is to get information into the system. And also if you’re a brand-new entrepreneur, likely, you have actually been doing this on your own. It’s wise to offload several of the hefty grunt work of audit, which will certainly permit you to begin evaluating the records. A bookkeeper is a good hire for any person prepared to increase their service, yet not prepared to buy the high leading tier accountants just yet.

The next level up men is the accounting professional. Currently, a great deal of individuals believe accountants as well as accounting professionals are the same. They’re not. It’s extremely, extremely various. You’re going to pay a greater amount for somebody that’s an accountant. Your accountant has actually been placing data right into the system all month long. Your accounting professional usually is assisting to look after that process. After that, at the end of the month, your accountant will do a few of the even more hefty lifting tasks which call for integrating your trial equilibrium and making month-end journal access. They will also do several of the amassing job that’s mosting likely to require to occur in your financials.

In many cases, an accounting professional will aid create economic declarations. They go to that month’s end position. For an accounting professional, depending again on where you live, you can expect to pay anywhere from perhaps $30k as much as $60k/year.

The following level up is the controller. The controller fills the process of overseeing the entire accounting system. They reach coordinate what’s happening as well as when. They see to it the information is getting involved in the system in a timely manner, and that the month and also basic passions are happening on time. The controller is responsible for the final product that’s appearing of the bookkeeping system. That is the annual report, the earnings statement, as well as the cash flow statement. Those type of papers hinge on the shoulders of your controller. This is a much more pricey setting to fill up, and it needs to be. He or she requires to have a great deal of experience, must at the very least a bachelor’s level in audit, if not getting involved in their master’s level. I would expect to pay anywhere from $45k to $85k/year for this person.

Now we’re mosting likely to talk about the King or queen on top of the mountain. This is your CFO. CFO means “primary financial officer.” They hold a C collection position in your company. This person’s expensive. You wish to take care when you hire a CFO due to the fact that not all CFOs are produced equivalent. Every little thing as much as this point has been task-related, concentrating on just journal access and debiting and crediting. When you enter a CFO duty, this requires critical thinking. Not all accountants have that ability. If they’re not able to see the big picture and create strategies that are company development relevant, they aren’t received the task. They must convert the job that the rest of the team is doing into objectives for your firm. Your CFO needs to make sure that you’re striking the targets you require 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 generally what I have actually seen nationwide for somebody of this caliber.

Lastly is the Certified Public Accountant. The Certified Public Accountant means “certified public accountant.” If you’ve begun your business, you recognize that you need a tax guy, right? That’s the CPA. His task is to do 2 points. One is to prepare your tax obligation method. That is to take whatever you’re doing throughout the year and prepare it so that you are not spending greater than you need to on tax obligations. That’s the major goal. However, a Certified Public Accountant typically fills the function of an auditor where they are available in as an independent event. They make certain that your publications are accurate and clean and reflective of what’s happening in the real life. In terms of cost, you’re going to invest anywhere in between $125 an hour to upwards of $450 a hr for a qualified Certified Public Accountant.

Contact Us

(844) 382-8160