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Oklahoma Cannabis Accounting

Puff Puff Accounting, serving Oklahoma, 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.

Oklahoma 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 ways to tackle your audit yourself and Do It Yourself it. Choices like QuickBooks have made this possible, yet I alert you, if you are doing among these 2 things, you possibly require to allow somebody else deal with it.

  1. If you are privately questioning if you’re even doing this right at all, that’s a warning.
  2. If you’re refraining it in any way because well you don’t recognize what to do and it’s frustrating, that’s a big red flag as well as it’s time to let an expert take over.
What are common ways accountants bill their clients?
Some Certified public accountants costs hourly, they bill you some bucks per hour depending on just how much time they put in. It’s also common to charge dealt with fees for individual tasks. 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 price structure is the yearly fixed rate agreement. Your CPA might say, “I’m going to provide this series of services to you, and I’m mosting likely to offer you unlimited telephone call and unlimited meetings, and I’m mosting likely to do that all for $X amount of bucks per year.” That dollar quantity would certainly most likely be billed monthly.

We typically suggest connections which are not per hour. Dealt with cost billing encourages interaction in between the customer and also the CPA. The more the CPA learns about the client’s organisation and their life and what’s going on, the much better guidance they can give. When clients are uncomfortable with picking up the phone, scared they’re going to get a huge bill, they are much less likely to choose the phone speak with their Certified Public Accountant when they have something on their mind.

What should I expect from my CPA?
What you ought to expect from your CPA depends a lot on your organisation objectives. If you’re a really local business and also you’re not preparing to expand a lot in the near future, possibly all you require is somebody to prepare your tax return. However, maybe you have a growing business. You require someone that can speak with you on staff member matters, management problems, accounting system set up and also layout. These are some points to consider when thinking of the degree of commitment you require from your Certified Public Accountant.

I normally train my clients to create a shopping list of things they want from us. Obviously, the more dedication a client needs from us, the bigger the interaction will be, which will enhance costs. Beginning with the maximum and also working down, however, is constantly the most effective wager. We can coach you on which products on your want list will be the most impactful to your service and also which ones may be lesser.

So checklist out those specific objectives you intend to complete with your CPA. “This is what I desire out of that connection.” Don’t be afraid to make that a rather long listing. What you want to do is pretend cash is no things. Listing whatever that you wish to get out of this connection. From that setting, you can begin to prioritize that listing and state, “these six things are most important in this partnership that I’m going 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 difference? The most crucial point is simply that you understand that these documents are being kept and that you feel confident in the individual keeping them.

An accountant keeps your accountancy records. They get in all purchases, as well as they balance your funds. Accountants focus on finances, tax obligations, spending plans, business operations, payroll, as well as money management. But understand this, there are various sorts of accounting professionals who concentrate on numerous locations of company. Simply put, if you damage your leg, don’t most likely to the skin specialist.

You intend to make sure that you locate the best individual for your local business. Puff Smoke Accounting has bookkeepers and accountants on staff. By doing this. When it pertains to monthly transaction handling, our accountants can do it for a lower fee. When we’re talking about finance and tax obligation planning, you have a CPA prepared to action in.

What are the 5 types of accountants?
What is step top of ending up being lucrative in your company? You’re mosting likely to require an accountant. Currently you don’t have to hire us. You can work with in house. If you take part in house, that should you get? There are a lot of options and various budget plans available that you require to be knowledgeable about. You don’t intend to get the incorrect person for the wrong job summary.

The very first individual you’re going to hire is your bookkeeper. This is the information entrance expert. Relying on where you live, you’re mosting likely to pay a different amount for he or she. If you stay in Idaho, for example, you may be on the lower end around 18 to $20,000 a year. Yet 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 very same position. Know that he or she serves a particular duty. They’re not going to be solid at developing reports for you or operating analytics or accounting processes. Their job is to get information into the system. And also if you’re a brand-new business owner, likely, you’ve been doing this yourself. It’s smart to unload some of the heavy dirty work of accountancy, which will permit you to begin assessing the records. A bookkeeper is a great hire for anyone prepared to expand their service, however not prepared to invest in the high leading rate accountants just yet.

The following degree up individuals is the accountant. Currently, a great deal of individuals assume accountants as well as accountants are the same. They’re not. It’s extremely, really different. You’re mosting likely to pay a greater quantity for someone that’s an accountant. Your bookkeeper has been putting data into the system all month long. Your accounting professional commonly is assisting to manage that procedure. Then, at the end of the month, your accounting professional will do a few of the more hefty training tasks which need reconciling your trial balance as well as making month-end journal access. They will additionally do several of the accrual work that’s going to require to happen in your financials.

In some cases, an accounting professional will certainly aid develop economic statements. They go to that month’s end setting. For an accounting professional, depending 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 fills the process of supervising the whole bookkeeping system. They get to manage what’s taking place as well as when. They see to it the information is getting into the system promptly, which the month and also general passions are taking place in a timely manner. The controller is responsible for the final product that’s coming out of the bookkeeping system. That is the balance sheet, the revenue statement, and also the cash flow declaration. Those sort of documents rest on the shoulders of your controller. This is a much more pricey position to load, and also it should be. He or she requires to have a lot of experience, must a minimum of a bachelor’s degree in bookkeeping, if not entering into their master’s level. I would expect to pay anywhere from $45k to $85k/year for he or she.

Currently we’re mosting likely to speak about the King or queen on top of the hill. This is your CFO. CFO stands for “primary financial officer.” They hold a C collection placement in your company. He or she’s pricey. You want to be careful when you hire a CFO because not all CFOs are produced equal. Every little thing as much as this factor has actually been task-related, focusing on just journal entries as well as debiting and also attributing. When you step into a CFO duty, this needs strategic reasoning. Not all accountants have that capacity. If they’re unable to see the big picture and create strategies that are service advancement associated, they aren’t gotten approved for the task. They should equate the work that the remainder of the group is doing into goals for your firm. Your CFO requires to ensure that you’re striking the targets you need to hit with the correct amount of cash behind each goal. For a CFO, you can anticipate to pay anywhere from $75k to $250k/year. That is generally what I’ve seen across the country for someone of this quality.

Finally is the CPA. The CPA represents “cpa.” If you’ve begun your business, you recognize that you need a tax obligation individual, right? That’s the CPA. His job is to do two things. One is to prepare your tax obligation method. That is to take every little thing you’re doing throughout the year as well as prepare it so that you are not investing greater than you need to on taxes. That’s the major objective. However, a CPA commonly fills the role of an auditor where they are available in as an independent party. They make certain that your books are accurate as well as tidy as well as reflective of what’s happening in the real world. In regards to cost, you’re mosting likely to spend anywhere in between $125 a hr to upwards of $450 an hour for a certified CPA.

Contact Us

(844) 382-8160