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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.

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.

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.

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 absolutely means to handle your audit yourself and DIY it. Options like QuickBooks have actually made this feasible, but I alert you, if you are doing one of these 2 points, you probably require to allow another person care for it.

  1. If you are covertly questioning if you’re even doing this right in any way, that’s a red flag.
  2. If you’re not doing it whatsoever because well you don’t recognize what to do as well as it’s frustrating, that’s a substantial warning and also it’s time to let an expert take control of.
What are common ways accountants bill their clients?
Some Certified public accountants costs per hour, they charge you some dollars per hr depending on how much time they put in. It’s additionally usual to charge taken care of costs for individual projects. Your CPA could do your income tax return for one price as well as prepare one more estimate for the next job. One more preferred cost framework is the yearly set price contract. Your Certified Public Accountant could say, “I’m going to offer this series of services to you, and I’m going to offer you endless phone calls and endless meetings, as well as I’m going to do that all for $X amount of dollars each year.” That dollar quantity would most likely be billed monthly.

We normally suggest partnerships which are not per hour. Taken care of cost invoicing urges interaction between the customer as well as the CPA. The more the CPA learns about the client’s business and also their life and also what’s taking place, the far better suggestions they can give. When customers are uneasy with grabbing the phone, scared they’re going to get a huge expense, they are much less most likely to choose the phone talk with their Certified Public Accountant 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 goals. If you’re a very small company and you’re not planning to grow a lot in the near future, maybe all you need is somebody to prepare your tax return. Nonetheless, possibly you have a growing service. You require someone who can consult with you on worker matters, administration problems, accounting system set up as well as layout. These are some things to think about when envisioning the degree of commitment you need from your CPA.

I generally train my clients to assemble a wish list of things they desire from us. Of course, the even more dedication a customer requires from us, the bigger the engagement will be, which will certainly increase costs. Starting from the optimum and also functioning down, though, is always the best wager. We can coach you on which products on your wish list will certainly be one of the most impactful to your organisation and also which ones could be lesser.

So list out those specific objectives you wish to accomplish with your Certified Public Accountant. “This is what I want out of that connection.” Don’t hesitate to make that a quite lengthy checklist. What you wish to do is pretend money is no things. List everything that you desire to leave this partnership. From that placement, you can begin to prioritize that listing as well as say, “these six things are crucial in this relationship that I’m mosting likely 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 CPA? What’s the difference? The most essential thing is just that you recognize that these documents are being maintained and that you feel great in the individual maintaining them.

An accountant preserves your audit documents. They get in all deals, and also they balance your funds. Accountants specialize in financial resources, taxes, spending plans, service procedures, pay-roll, and finance. However understand this, there are different types of accounting professionals that 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 see to it that you locate the right person for your small business. Smoke Smoke Bookkeeping has bookkeepers as well as accounting professionals on staff. In this manner. When it pertains to regular monthly purchase processing, our bookkeepers can do it for a lesser cost. When we’re discussing money management and tax obligation preparation, you have a CPA ready to action in.

What are the 5 types of accountants?
What is step number one of becoming successful in your service? You’re mosting likely to need an accounting professional. Now you do not have to hire us. You can work with in residence. If you participate in residence, that should you obtain? There are a lot of options and also various budgets available that you require to be knowledgeable about. You don’t want to obtain the wrong person for the wrong work description.

The initial individual you’re going to hire is your accountant. This is the data entry expert. Depending upon where you live, you’re going to pay a different amount for this person. If you reside in Idaho, as an example, you may be on the lower end around 18 to $20,000 a year. Yet if you’re in New York or California, you could be upwards of 40,000 or perhaps $45,000 a year for the exact same placement. Know that he or she offers a certain duty. They’re not mosting likely to be solid at creating records for you or doing business analytics or accounting procedures. Their task is to get information right 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 a few of the hefty grunt work of bookkeeping, which will certainly allow you to start evaluating the records. A bookkeeper is a good hire for anybody all set to increase their organisation, yet not prepared to invest in the high leading tier accounting professionals right now.

The following level up people is the accountant. Now, a lot of people believe bookkeepers as well as accountants coincide. They’re not. It’s very, extremely different. You’re mosting likely to pay a greater quantity for somebody that’s an accounting professional. Your accountant has actually been putting information into the system all month long. Your accountant commonly is assisting to supervise that procedure. Then, at the end of the month, your accounting professional will certainly do some of the more heavy lifting tasks which require reconciling your trial equilibrium as well as making month-end journal entries. They will also do some of the accrual work that’s mosting likely to need to occur in your financials.

In many cases, an accounting professional will assist create financial declarations. They go to that month’s end setting. For an accountant, depending once again on where you live, you can expect to pay anywhere from maybe $30k as much as $60k/year.

The next degree up is the controller. The controller loads the procedure of managing the entire audit system. They get to orchestrate what’s taking place as well as when. They make certain the data is entering into the system promptly, which the month and also general rate of interests are occurring promptly. The controller is accountable for the final product that’s appearing of the audit system. That is the annual report, the revenue declaration, and also the capital declaration. Those kinds of documents rest on the shoulders of your controller. This is an extra pricey placement to load, as well as it needs to be. This person requires to have a lot of experience, must at the very least a bachelor’s degree in bookkeeping, if not entering into their master’s degree. I would certainly expect to pay anywhere from $45k to $85k/year for he or she.

Now we’re mosting likely to speak about the King or queen in addition to the mountain. This is your CFO. CFO represents “chief financial officer.” They hold a C suite setting in your business. This person’s pricey. You want to take care when you work with a CFO since not all CFOs are developed equal. Every little thing as much as this factor has been task-related, focusing on simply journal entries as well as debiting and crediting. When you step into a CFO duty, this calls for calculated thinking. Not all accountants have that capability. If they’re unable to see the big picture and develop plans that are organisation development associated, they aren’t gotten the job. They must equate the job that the remainder of the group is doing into objectives for your firm. Your CFO needs 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 usually what I’ve seen across the country for someone of this caliber.

Finally is the CPA. The Certified Public Accountant stands for “cpa.” If you’ve begun your business, you know that you require a tax guy, right? That’s the Certified Public Accountant. His task is to do 2 things. One is to prepare your tax obligation approach. That is to take whatever 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. Nevertheless, a Certified Public Accountant frequently fills up the function of an auditor where they can be found in as an independent event. They see to it that your publications are precise and clean and reflective of what’s happening in the real world. In terms of price, you’re mosting likely to invest anywhere between $125 an hour to upwards of $450 a hr for a qualified CPA.

Contact Us

(844) 382-8160