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New Mexico Cannabis Accounting

Puff Puff Accounting, serving New Mexico, 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.

New Mexico 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 definitely methods to tackle your accountancy on your own and also Do It Yourself it. Alternatives like QuickBooks have made this possible, yet I alert you, if you are doing among these 2 points, you possibly require to let another person care for it.

  1. If you are secretly questioning if you’re also doing this right at all, that’s a warning.
  2. If you’re refraining from doing it in any way because well you do not understand what to do and also it’s frustrating, that’s a substantial red flag and it’s time to allow a specialist take over.
What are common ways accountants bill their clients?
Some CPAs costs per hour, they bill you some dollars per hr relying on how much time they place in. It’s also typical to charge fixed charges for individual tasks. Your Certified Public Accountant could do your income tax return for one price as well as prepare another estimate for the following task. Another prominent price framework is the yearly fixed cost arrangement. Your CPA might say, “I’m going to provide this series of services to you, and I’m going to give you unrestricted call and limitless meetings, and I’m mosting likely to do that all for $X amount of bucks annually.” That dollar quantity would certainly most likely be billed monthly. We typically advise partnerships which are not per hour. Taken care of cost invoicing encourages interaction in between the customer and also the CPA. The more the CPA understands about the client’s company and also their life and also what’s going on, the much better recommendations they can offer. When clients are unpleasant with picking up the phone, afraid they’re going to get a large costs, they are 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 get out of your Certified Public Accountant depends a lot on your business objectives. If you’re a really small business and you’re not preparing to grow much in the near future, possibly all you need is somebody to prepare your income tax return. Nevertheless, perhaps you have an expanding service. You require someone who can talk to you on employee issues, monitoring concerns, accounting system established and also layout. These are some points to take into consideration when envisioning the level of commitment you need from your CPA. I commonly train my clients to create a wish list of things they desire from us. Obviously, the more dedication a customer requires from us, the bigger the engagement will be, which will certainly raise expenses. Starting from the maximum and also functioning down, though, is constantly the most effective bet. We can coach you on which things on your want list will certainly be one of the most impactful to your service and also which ones might be lesser. So list out those details purposes you intend to accomplish with your CPA. “This is what I want out of that connection.” Do not hesitate to make that a rather lengthy checklist. What you wish to do is pretend cash is no things. Checklist everything that you wish to get out of this connection. From that setting, you can start to focus on that checklist and also state, “these six things are most important in this connection that I’m mosting likely to have.”.
Do I need a bookkeeper or an accountant for my business?
So just how do you know who you need to employ? Should it be an accountant, an accountant, or a Certified Public Accountant? What’s the distinction? The most crucial point is simply that you recognize that these records are being maintained and that you feel confident in the individual keeping them. An accountant preserves your bookkeeping records. They enter all transactions, and also they stabilize your funds. Accounting professionals concentrate on funds, tax obligations, spending plans, business procedures, payroll, and also finance. However understand this, there are different kinds of accountants who focus on numerous areas of business. To put it simply, if you break your leg, do not most likely to the skin specialist. You wish to see to it that you locate the appropriate individual for your local business. Puff Smoke Bookkeeping has bookkeepers and also accounting professionals on personnel. By doing this. When it pertains to month-to-month deal processing, our bookkeepers can do it for a lesser fee. When we’re discussing money management as well as tax preparation, you have a Certified Public Accountant all set to step in.
What are the 5 types of accountants?
What is action primary of ending up being rewarding in your service? You’re mosting likely to require an accountant. Currently you do not have to employ us. You can hire in home. If you participate in residence, who should you obtain? There are a lot of choices and also various budget plans around that you require to be knowledgeable about. You don’t intend to obtain the wrong individual for the wrong task description. The first person you’re mosting likely to employ is your bookkeeper. This is the data entry specialist. Depending upon where you live, you’re going to pay a various amount for this person. If you live in Idaho, for instance, you may be on the lower end around 18 to $20,000 a year. Yet if you’re in New York or The Golden State, you could be upwards of 40,000 or perhaps $45,000 a year for the same placement. Know that he or she offers a certain role. They’re not going to be strong at creating reports for you or working analytics or accounting procedures. Their work is to get information right into the system. And also if you’re a brand-new business owner, likely, you’ve been doing this yourself. It’s clever to offload several of the heavy dirty work of audit, which will allow you to start examining the records. A bookkeeper is a great hire for anybody prepared to increase their business, however not prepared to buy the high top tier accounting professionals just yet. The next level up men is the accounting professional. Now, a lot of individuals assume accountants and accountants coincide. They’re not. It’s very, extremely different. You’re going to pay a greater amount for somebody that’s an accountant. Your bookkeeper has been putting data into the system all month long. Your accounting professional usually is aiding to oversee that procedure. After that, at the end of the month, your accounting professional will do a few of the more hefty training tasks which require resolving your trial balance as well as making month-end journal access. They will certainly 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 aid create financial declarations. They go to that month’s end position. For an accountant, depending again on where you live, you can anticipate to pay anywhere from possibly $30k up to $60k/year. The next degree up is the controller. The controller loads the procedure of supervising the whole audit system. They get to coordinate what’s happening as well as when. They make sure the data is getting into the system on time, and that the month and general passions are taking place in a timely manner. The controller is responsible for the end product that’s appearing of the accounting system. That is the balance sheet, the revenue statement, and also the capital declaration. Those type of papers hinge on the shoulders of your controller. This is a much more pricey setting to load, and it needs to be. He or she requires to have a lot of experience, must at the very least a bachelor’s degree in audit, if not getting involved in their master’s level. I would anticipate to pay anywhere from $45k to $85k/year for he or she. Now we’re going to speak about the King or queen in addition to the hill. This is your CFO. CFO stands for “primary financial officer.” They hold a C suite placement in your firm. This person’s expensive. You want to beware when you hire a CFO since not all CFOs are created equivalent. Every little thing as much as this point has actually been task-related, concentrating on just journal entries and also debiting and also crediting. When you enter a CFO function, this needs critical thinking. Not all accounting professionals have that capability. If they’re not able to see the big picture and produce plans that are business development associated, they aren’t received the job. They need to translate the work that the rest of the team is doing into goals for your firm. Your CFO needs to make sure that you’re hitting the targets you require to hit with the right amount of cash behind each objective. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is usually what I have actually seen nationwide for somebody of this quality. Last but not least is the Certified Public Accountant. The Certified Public Accountant means “certified public accountant.” If you’ve started your company, you know that you need a tax obligation individual, right? That’s the Certified Public Accountant. His job is to do 2 points. One is to prepare your tax approach. That is to take everything you’re doing throughout the year and also prepare it to ensure that you are not investing greater than you need to on taxes. That’s the major goal. Nonetheless, a Certified Public Accountant often fills up the function of an auditor where they are available in as an independent party. They see to it that your publications are accurate and also clean and also reflective of what’s taking place in the real world. In terms of price, you’re mosting likely to spend anywhere between $125 an hour to upwards of $450 a hr for a qualified CPA.

Contact Us

(833) 319-0797