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Massachusetts Cannabis Accounting

Puff Puff Accounting, serving Massachusetts, 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.

Massachusetts 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 take on your audit yourself and Do It Yourself it. Options like QuickBooks have actually made this possible, yet I alert you, if you are doing among these two points, you probably require to let somebody else deal with it.

  1. If you are privately questioning if you’re also doing this right at all, that’s a red flag.
  2. If you’re refraining from doing it whatsoever because well you don’t understand what to do as well as it’s frustrating, that’s a huge warning and also it’s time to allow a professional take over.
What are common ways accountants bill their clients?
Some CPAs bill per hour, they bill you some dollars per hr relying on just how much time they place in. It’s additionally usual to charge taken care of charges for individual tasks. Your Certified Public Accountant could do your tax return for one price and prepare an additional price quote for the next task. One more popular cost structure is the annual fixed price arrangement. Your CPA might claim, “I’m mosting likely to give this series of solutions to you, and I’m going to offer you endless call and endless meetings, and I’m mosting likely to do that all for $X quantity of dollars per year.” That buck quantity would certainly more than likely be billed monthly.

We commonly suggest relationships which are not per hour. Taken care of charge billing encourages interaction between the customer as well as the Certified Public Accountant. The even more the Certified Public Accountant finds out about the customer’s business and their life and what’s going on, the better advice they can offer. When clients are uneasy with picking up the phone, terrified they’re going to get a huge bill, they are much less likely to choose the phone speak to their CPA when they have something on their mind.

What should I expect from my CPA?
What you need to get out of your Certified Public Accountant depends a lot on your service purposes. If you’re a really local business and you’re not preparing to grow much in the near future, maybe all you need is a person to prepare your income tax return. However, perhaps you have a growing organisation. You need a person that can speak with you on employee issues, management issues, accounting system set up and also style. These are some things to think about when thinking of the degree of commitment you need from your CPA.

I commonly instructor my customers to assemble a wish list of points they desire from us. Naturally, the more dedication a client requires from us, the larger the interaction will certainly be, which will boost expenses. Beginning with the maximum and functioning down, however, is constantly the best wager. We can train you on which items on your wish list will be one of the most impactful to your company and also which ones could be less important.

So checklist out those details objectives you want to achieve with your CPA. “This is what I want out of that connection.” Do not be afraid to make that a pretty long list. What you want to do is pretend cash is no item. List every little thing that you desire to leave this connection. From that placement, you can start to focus on that listing and also claim, “these six things are most important in this relationship 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 work with? Should it be a bookkeeper, an accounting professional, or a CPA? What’s the difference? One of the most essential point is simply that you know that these documents are being kept which you feel great in the individual maintaining them.

A bookkeeper preserves your accounting records. They go into all deals, and they stabilize your funds. Accounting professionals concentrate on funds, taxes, budget plans, company procedures, payroll, and also money management. But recognize this, there are different types of accounting professionals that focus on different locations of service. Simply put, if you break your leg, don’t most likely to the dermatologist.

You want to make sure that you discover the right individual for your small business. Puff Puff Accounting has accountants and accounting professionals on personnel. By doing this. When it comes to month-to-month purchase processing, our bookkeepers can do it for a minimal cost. When we’re speaking about money management and tax preparation, you have a Certified Public Accountant all set to action in.

What are the 5 types of accountants?
What is action primary of coming to be lucrative in your organisation? You’re mosting likely to require an accountant. Now you do not have to hire us. You can work with in residence. If you take part in residence, that should you get? There are a lot of options as well as several budgets out there that you need to be familiar with. You do not want to get the incorrect person for the wrong work description.

The initial person you’re going to work with is your bookkeeper. This is the data entry professional. Depending upon where you live, you’re going to pay a various quantity for he or she. If you stay in Idaho, for example, you may be on the reduced end around 18 to $20,000 a year. But if you remain in New York or The Golden State, you could be upwards of 40,000 or perhaps $45,000 a year for the exact same position. Know that he or she offers a specific function. They’re not going to be solid at creating records for you or doing business analytics or accounting processes. Their work is to obtain data into the system. As well as if you’re a new entrepreneur, likely, you’ve been doing this yourself. It’s clever to offload some of the hefty grunt work of accountancy, which will allow you to start analyzing the reports. An accountant is a great hire for anybody prepared to increase their business, but not prepared to purchase the high leading rate accounting professionals just yet.

The following level up people is the accounting professional. Now, a great deal of people believe accountants as well as accountants are the same. They’re not. It’s really, really different. You’re mosting likely to pay a higher amount for someone that’s an accountant. Your accountant has been putting data right into the system all month long. Your accounting professional typically is assisting to supervise that procedure. After that, at the end of the month, your accountant will do several of the more hefty training tasks which need resolving your test equilibrium and also making month-end journal entrances. They will certainly likewise do several of the accrual work that’s mosting likely to require to take place in your financials.

Sometimes, an accountant will aid develop monetary declarations. They are at that month’s end placement. For an accountant, depending again on where you live, you can anticipate to pay anywhere from perhaps $30k up to $60k/year.

The following level up is the controller. The controller fills up the procedure of managing the whole bookkeeping system. They reach coordinate what’s occurring as well as when. They see to it the information is getting involved in the system on schedule, which the month and also basic rate of interests are happening on schedule. The controller is in charge of the final product that’s coming out of the accountancy system. That is the balance sheet, the revenue declaration, and also the cash flow statement. Those type of papers rest on the shoulders of your controller. This is a more expensive setting to fill up, and it ought to be. This person needs to have a great deal of experience, ought to at least a bachelor’s level in audit, if not entering into their master’s degree. I would anticipate to pay anywhere from $45k to $85k/year for he or she.

Currently we’re going to speak about the King or queen in addition to the hill. This is your CFO. CFO means “chief financial officer.” They hold a C suite placement in your company. This person’s expensive. You wish to take care when you work with a CFO since not all CFOs are produced equivalent. Whatever up to this point has actually been task-related, focusing on simply journal entrances and also debiting as well as attributing. When you enter a CFO role, this requires strategic reasoning. Not all accounting professionals have that capability. If they’re unable to see the big picture as well as develop plans that are company growth related, they aren’t qualified for the work. They should equate the work that the remainder of the group is doing into objectives for your firm. Your CFO requires to see to it that you’re striking the targets you require to hit with the correct amount of cash behind each objective. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is commonly what I have actually seen nationwide for somebody of this quality.

Finally is the CPA. The CPA represents “state-licensed accountant.” If you’ve started your company, you know that you need a tax obligation man, right? That’s the Certified Public Accountant. His job is to do 2 points. One is to prepare your tax obligation strategy. That is to take every little thing you’re doing throughout the year as well as prepare it to ensure that you are not investing more than you need to on taxes. That’s the primary objective. Nevertheless, a CPA usually fills up the duty of an auditor where they can be found in as an independent celebration. They see to it that your books are exact and also tidy and reflective of what’s taking place in the real life. In terms of price, you’re mosting likely to invest anywhere in between $125 an hour to upwards of $450 an hour for a certified Certified Public Accountant.

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(844) 382-8160