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Minnesota Cannabis Accounting

Puff Puff Accounting, serving Minnesota, 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

1 Free Hour - (833) 319-0797

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.

Minnesota 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 certainly ways to take on your bookkeeping yourself and DIY it. Options like QuickBooks have actually made this feasible, yet I advise you, if you are doing one of these 2 points, you possibly need to let another person care for it.

  1. If you are secretly questioning if you’re even doing this right whatsoever, that’s a red flag.
  2. If you’re not doing it in all because well you don’t know what to do and also it’s frustrating, that’s a massive warning as well as it’s time to let an expert take over.
What are common ways accountants bill their clients?
Some CPAs bill per hour, they charge you some bucks per hr depending on just how much time they put in. It’s also usual to bill repaired fees for private projects. Your Certified Public Accountant may do your tax return for one rate and also prepare an additional estimate for the following job. An additional popular cost framework is the yearly set rate agreement. Your CPA may claim, “I’m mosting likely to offer this series of solutions to you, and I’m going to give you limitless telephone call as well as endless conferences, and also I’m going to do that all for $X quantity of dollars annually.” That buck quantity would certainly probably be billed monthly. We commonly recommend relationships which are not hourly. Dealt with charge invoicing encourages interaction between the client as well as the Certified Public Accountant. The more the CPA understands about the client’s business as well as their life and also what’s taking place, the far better recommendations they can give. When clients are uneasy with getting the phone, scared they’re going to get a huge bill, they are much less most likely to pick the phone talk to their Certified Public Accountant when they have something on their mind.
What should I expect from my CPA?
What you must anticipate from your CPA depends a lot on your company objectives. If you’re an extremely local business and you’re not intending to grow much in the near future, possibly all you require is somebody to prepare your income tax return. Nonetheless, perhaps you have an expanding company. You require somebody who can seek advice from you on employee matters, administration concerns, accounting system established and layout. These are some things to think about when imagining the level of dedication you require from your Certified Public Accountant. I typically train my clients to assemble a wish list of things they desire from us. Of course, the more commitment a client needs from us, the bigger the engagement will certainly be, which will certainly enhance prices. Starting from the optimum as well as working down, though, is always the most effective wager. We can instructor you on which products on your want list will be one of the most impactful to your service and also which ones could be less important. So list out those specific goals you intend to complete with your CPA. “This is what I desire out of that connection.” Don’t hesitate to make that a pretty lengthy checklist. What you wish to do is pretend money is no object. Listing every little thing that you want to leave this partnership. From that position, you can begin to prioritize that listing as well as say, “these six things are essential in this connection 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 a bookkeeper, an accountant, or a Certified Public Accountant? What’s the distinction? The most essential point is just that you recognize that these documents are being kept which you feel confident in the person maintaining them. A bookkeeper preserves your bookkeeping records. They go into all purchases, and they balance your funds. Accountants focus on funds, tax obligations, budgets, company procedures, pay-roll, as well as money management. However know this, there are different kinds of accounting professionals who concentrate on numerous locations of organisation. In other words, if you break your leg, don’t most likely to the skin specialist. You intend to make sure that you locate the right person for your local business. Smoke Puff Bookkeeping has accountants and also accountants on personnel. This way. When it concerns month-to-month transaction handling, our bookkeepers can do it for a minimal charge. When we’re talking about finance and also tax preparation, you have a Certified Public Accountant all set to action in.
What are the 5 types of accountants?
What is step leading of ending up being lucrative in your organisation? You’re mosting likely to require an accounting professional. Now you do not need to hire us. You can hire in home. If you take part in residence, who should you get? There are a lot of choices and various spending plans available that you need to be aware of. You do not want to obtain the wrong person for the wrong task summary. The first person you’re going to employ is your bookkeeper. This is the data entry specialist. Depending upon where you live, you’re going to pay a various quantity for he or she. If you live in Idaho, for example, you might 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 even $45,000 a year for the very same position. Know that this person offers a certain role. They’re not going to be strong at creating records for you or working analytics or accounting processes. Their job is to obtain data into the system. And also if you’re a new entrepreneur, likely, you’ve been doing this on your own. It’s smart to unload some of the heavy grunt work of accountancy, which will certainly enable you to start examining the reports. An accountant is a great hire for anybody prepared to broaden their organisation, yet not prepared to buy the high leading tier accountants just yet. The following degree up guys is the accounting professional. Now, a lot of people think bookkeepers and also accountants are the same. They’re not. It’s really, very various. You’re going to pay a higher amount for somebody that’s an accountant. Your accountant has actually been putting data into the system all month long. Your accounting professional typically is assisting to look after that procedure. After that, at the end of the month, your accounting professional will certainly do a few of the more heavy lifting jobs which need resolving your trial equilibrium and making month-end journal access. They will also do a few of the accrual job that’s going to require to take place in your financials. Sometimes, an accounting professional will aid develop monetary statements. They are at that month’s end placement. For an accounting professional, depending again on where you live, you can expect to pay anywhere from possibly $30k approximately $60k/year. The next level up is the controller. The controller loads the process of looking after the entire bookkeeping system. They reach orchestrate what’s taking place and also when. They make sure the information is getting into the system in a timely manner, which the month and also basic interests are occurring in a timely manner. The controller is in charge of the final product that’s appearing of the accountancy system. That is the balance sheet, the income statement, as well as the cash flow declaration. Those kinds of records rest on the shoulders of your controller. This is a much more expensive placement to fill up, as well as it must be. This person requires to have a great deal of experience, should at least a bachelor’s level in bookkeeping, if not entering into their master’s degree. I would certainly anticipate to pay anywhere from $45k to $85k/year for he or she. Currently we’re going to discuss the King or queen on top of the hill. This is your CFO. CFO means “chief financial officer.” They hold a C collection position in your company. He or she’s expensive. You want to be careful when you hire a CFO due to the fact that not all CFOs are developed equal. Everything as much as this point has been task-related, concentrating on simply journal access and also debiting as well as crediting. When you enter a CFO duty, this needs tactical thinking. Not all accounting professionals have that ability. If they’re unable to see the big picture as well as develop strategies that are service development related, they aren’t received the work. They should convert the job that the rest of the team is doing into objectives for your company. Your CFO needs to see to it that you’re hitting the targets you require to hit with the correct amount of money behind each goal. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is commonly what I’ve seen across the country for someone of this quality. Finally is the Certified Public Accountant. The CPA means “state-licensed accountant.” If you’ve begun your firm, you know that you require a tax guy, right? That’s the Certified Public Accountant. His work is to do 2 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 need to on tax obligations. That’s the main goal. Nevertheless, a Certified Public Accountant frequently loads the role of an auditor where they come in as an independent celebration. They make sure that your publications are accurate as well as clean as well as reflective of what’s taking place in the real life. In terms of cost, you’re going to spend anywhere in between $125 a hr to upwards of $450 a hr for a qualified Certified Public Accountant.

Contact Us

(833) 319-0797