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Michigan Cannabis Accounting

Puff Puff Accounting, serving Michigan, 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 – (833) 319-0797

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

Free 15 Minute Consult - (833) 319-0797

Get A Free Online Consultation

Have burning questions you need to get answered? Take advantage of our free half 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.

Michigan 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.

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Frequently Asked

When is it time to hire a CPA for my cannabis business?

There are absolutely methods to tackle your accounting yourself and also Do It Yourself it. Options like QuickBooks have actually made this possible, but I warn you, if you are doing one of these two things, you most likely require to let someone else take care of it.

  1. If you are secretly questioning if you’re also doing this right at all, that’s a red flag.
  2. If you’re refraining it whatsoever because well you do not recognize what to do and it’s frustrating, that’s a massive red flag as well as it’s time to allow a specialist take over.
What are common ways accountants bill their clients?
Some Certified public accountants costs per hour, they charge you some dollars per hr depending upon just how much time they place in. It’s also typical to bill repaired fees for private projects. Your CPA might do your income tax return for one price and prepare another estimate for the next task. An additional popular cost framework is the annual set cost contract. Your Certified Public Accountant could say, “I’m mosting likely to supply this series of services to you, as well as I’m going to give you limitless telephone call as well as unrestricted conferences, and also I’m mosting likely to do that all for $X amount of bucks annually.” That dollar amount would certainly probably be billed monthly. We normally advise connections which are not hourly. Fixed cost billing motivates communication in between the customer and also the CPA. The even more the CPA finds out about the customer’s company and also their life and also what’s going on, the better guidance they can offer. When clients are awkward with picking up the phone, worried they’re going to get a big expense, 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?
What you should get out of your CPA depends a whole lot on your business objectives. If you’re a very local business and you’re not preparing to grow a lot in the near future, possibly all you require is someone to prepare your tax return. Nonetheless, possibly you have an expanding service. You require somebody that can consult with you on employee matters, monitoring issues, accounting system established and design. These are some points to take into consideration when imagining the degree of commitment you need from your CPA. I commonly coach my customers to create a wish list of points they want from us. Certainly, the even more commitment a client requires from us, the larger the interaction will certainly be, which will certainly raise costs. Starting from the optimum as well as functioning down, however, is always the very best wager. We can coach you on which items on your wish list will be the most impactful to your organisation as well as which ones could be less important. So listing out those details objectives you want to complete with your CPA. “This is what I want out of that relationship.” Don’t be afraid to make that a quite lengthy listing. What you want to do is pretend money is no things. Checklist every little thing that you wish to get out of this relationship. From that position, you can begin to focus on that list and also state, “these six points are essential in this connection 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 need to employ? Should it be an accountant, an accounting professional, or a CPA? What’s the distinction? One of the most vital point is simply that you know that these documents are being kept and that you feel great in the person maintaining them. A bookkeeper preserves your accountancy records. They go into all transactions, as well as they balance your funds. Accountants focus on funds, tax obligations, budget plans, company procedures, payroll, and also finance. Yet recognize this, there are different sorts of accountants who concentrate on various areas of company. In other words, if you damage your leg, do not go to the skin doctor. You wish to make sure that you discover the right person for your small business. Puff Smoke Accounting has bookkeepers as well as accountants on staff. In this manner. When it involves monthly deal handling, our accountants can do it for a lesser charge. When we’re speaking about finance and tax preparation, you have a CPA prepared to action in.
What are the 5 types of accountants?
What is action leading of ending up being lucrative in your service? You’re mosting likely to require an accounting professional. Now you don’t need to hire us. You can employ in residence. If you participate in home, who should you get? There are a lot of options as well as many different budgets out there that you require to be familiar with. You don’t want to obtain the wrong person for the wrong job description. The initial individual you’re going to work with is your bookkeeper. This is the data entrance expert. Depending upon where you live, you’re going to pay a various amount for he or she. If you stay in Idaho, for example, you could be on the reduced end around 18 to $20,000 a year. However if you’re in New York City or California, you could be upwards of 40,000 or perhaps $45,000 a year for the very same setting. Know that this person offers a certain function. They’re not mosting likely to be strong at developing reports for you or doing business analytics or accounting processes. Their work is to get information right into the system. And also if you’re a new entrepreneur, likely, you’ve been doing this yourself. It’s smart to offload a few of the heavy dirty work of accounting, which will allow you to start evaluating the records. An accountant is an excellent hire for anyone ready to broaden their service, yet not prepared to invest in the high leading tier accounting professionals just yet. The next degree up individuals is the accountant. Now, a great deal of individuals think bookkeepers and accounting professionals coincide. They’re not. It’s extremely, extremely various. You’re mosting likely to pay a greater quantity for somebody that’s an accountant. Your accountant has been putting information right into the system all month long. Your accounting professional commonly is assisting to manage that process. Then, at the end of the month, your accountant will certainly do several of the even more heavy lifting jobs which call for integrating your test equilibrium as well as making month-end journal entries. They will additionally do some of the accrual work that’s mosting likely to need to occur in your financials. In some cases, an accountant will certainly help produce financial statements. They are at that month’s end setting. 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 degree up is the controller. The controller fills the procedure of supervising the entire accountancy system. They reach orchestrate what’s happening as well as when. They ensure the data is getting involved in the system on schedule, and that the month and also general rate of interests are taking place promptly. The controller is in charge of the final product that’s appearing of the audit system. That is the balance sheet, the income declaration, and the capital declaration. Those type of documents rest on the shoulders of your controller. This is an extra pricey position to fill, as well as it ought to be. This person requires to have a great deal of experience, should a minimum of a bachelor’s degree in accountancy, otherwise getting into their master’s degree. I would expect to pay anywhere from $45k to $85k/year for he or she. Now we’re mosting likely to discuss the King or queen in addition to the hill. This is your CFO. CFO represents “chief financial officer.” They hold a C suite placement in your business. He or she’s expensive. You wish to be careful when you work with a CFO due to the fact that not all CFOs are produced equivalent. Whatever as much as this point has been task-related, concentrating on just journal access and debiting as well as attributing. When you enter a CFO duty, this calls for calculated reasoning. Not all accounting professionals have that ability. If they’re unable to see the big picture and develop plans that are company growth related, they aren’t gotten the job. They must equate the work that the rest of the team is doing into objectives for your firm. Your CFO requires to see to it that you’re hitting the targets you need to hit with the right amount of money behind each goal. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is typically what I have actually seen across the country for someone of this quality. Lastly is the Certified Public Accountant. The Certified Public Accountant stands for “certified public accountant.” If you’ve begun your business, you understand that you require a tax obligation man, right? That’s the Certified Public Accountant. His job is to do 2 points. One is to prepare your tax method. That is to take whatever you’re doing throughout the year and also prepare it so that you are not spending more than you need to on taxes. That’s the main goal. Nevertheless, a Certified Public Accountant usually loads 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 taking place in the real world. In regards to cost, you’re going to invest anywhere in between $125 an hour to upwards of $450 a hr for a certified Certified Public Accountant.

Contact Us

(833) 319-0797