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Rhode Island Cannabis Accounting

Puff Puff Accounting, serving Rhode Island, 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.

Rhode Island 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 definitely ways to take on your audit on your own and also DIY it. Alternatives like QuickBooks have actually made this feasible, but I alert you, if you are doing among these two points, you possibly require to allow somebody else deal with it.

  1. If you are covertly wondering if you’re also doing this right at all, that’s a warning.
  2. If you’re not doing it in any way because well you do not understand what to do as well as it’s overwhelming, that’s a substantial warning as well as it’s time to allow a professional take over.
What are common ways accountants bill their clients?
Some CPAs costs hourly, they charge you some bucks per hour relying on how much time they place in. It’s additionally common to bill repaired charges for individual tasks. Your CPA may do your income tax return for one price and prepare one more price quote for the next job. An additional popular price structure is the annual fixed rate arrangement. Your Certified Public Accountant may claim, “I’m going to provide this range of services to you, and I’m mosting likely to provide you unrestricted phone calls as well as unlimited meetings, and I’m going to do that all for $X quantity of dollars each year.” That dollar amount would certainly more than likely be billed monthly.

We generally recommend relationships which are not hourly. Taken care of cost billing encourages interaction in between the customer as well as the Certified Public Accountant. The even more the CPA knows about the client’s service and their life and what’s going on, the far better guidance they can offer. When customers are uncomfortable with picking up the phone, terrified they’re going to get a huge bill, they are less most 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 should anticipate from your Certified Public Accountant depends a lot on your company purposes. If you’re a really small business as well as you’re not intending to expand a lot in the future, maybe all you need is somebody to prepare your tax return. Nevertheless, maybe you have an expanding organisation. You need someone that can speak with you on employee issues, administration problems, accounting system established and design. These are some things to take into consideration when envisioning the level of commitment you need from your CPA.

I usually train my clients to create a wish list of things they desire from us. Naturally, the more commitment a customer requires from us, the bigger the engagement will certainly be, which will enhance expenses. Beginning with the maximum and working down, however, is constantly the very best bet. We can train you on which products on your want list will be one of the most impactful to your business and which ones might be less important.

So list out those certain goals you want to achieve with your Certified Public Accountant. “This is what I desire out of that connection.” Do not be afraid to make that a quite lengthy list. What you want to do is pretend money is no things. List whatever that you wish to get out of this relationship. From that placement, you can begin to focus on that list as well as state, “these six things are essential in this relationship that I’m going to have.”.

Do I need a bookkeeper or an accountant for my business?
So just how do you know who you need to hire? Should it be an accountant, an accountant, or a CPA? What’s the difference? The most essential thing is just that you understand that these documents are being kept which you feel great in the individual keeping them.

An accountant preserves your accounting records. They enter all purchases, as well as they stabilize your funds. Accountants concentrate on financial resources, taxes, budget plans, service operations, pay-roll, and also money management. However know this, there are various sorts of accountants who focus on numerous areas of service. Simply put, if you damage your leg, don’t most likely to the skin specialist.

You want to ensure that you discover the best person for your small business. Smoke Smoke Accounting has bookkeepers and accountants on team. This way. When it involves month-to-month deal processing, our accountants can do it for a lower charge. When we’re discussing finance and also tax obligation preparation, you have a CPA prepared to action in.

What are the 5 types of accountants?
What is action top of coming to be lucrative in your organisation? You’re mosting likely to need an accountant. Now you do not have to hire us. You can employ in residence. If you engage in residence, who should you obtain? There are a lot of choices and several budgets out there that you require to be knowledgeable about. You don’t wish to get the wrong individual for the incorrect work summary.

The first individual you’re going to hire is your accountant. This is the data entry professional. Relying on where you live, you’re going to pay a different quantity for he or she. If you stay in Idaho, for example, you could be on the lower end around 18 to $20,000 a year. But if you’re in New York City or California, you could be upwards of 40,000 or even $45,000 a year for the same setting. Know that he or she serves a specific duty. They’re not mosting likely to be solid at developing records for you or working analytics or accounting processes. Their work is to obtain information right into the system. And if you’re a brand-new entrepreneur, likely, you have actually been doing this yourself. It’s smart to offload several of the hefty grunt work of audit, which will permit you to start examining the reports. An accountant is a good hire for anyone ready to broaden their service, however not prepared to purchase the high leading rate accountants just yet.

The next degree up men is the accounting professional. Now, a great deal of individuals assume bookkeepers and accountants are the same. They’re not. It’s very, really different. You’re mosting likely to pay a greater amount for somebody that’s an accounting professional. Your accountant has been putting data into the system all month long. Your accounting professional usually is helping to manage that process. After that, at the end of the month, your accounting professional will do some of the more hefty training jobs which require integrating your test equilibrium as well as making month-end journal entries. They will additionally do several of the accrual job that’s going to need to take place in your financials.

Sometimes, an accountant will certainly aid create 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 possibly $30k as much as $60k/year.

The following level up is the controller. The controller fills the process of supervising the whole bookkeeping system. They reach orchestrate what’s happening and also when. They ensure the data is getting involved in the system in a timely manner, which the month and also general interests are taking place on time. The controller is accountable for the final product that’s coming out of the bookkeeping system. That is the annual report, the earnings declaration, and the cash flow declaration. Those kinds of documents hinge on the shoulders of your controller. This is a much more pricey setting to fill, as well as it needs to be. He or she requires to have a great deal of experience, need to a minimum of a bachelor’s level in accounting, if not getting involved in their master’s level. I would expect to pay anywhere from $45k to $85k/year for he or she.

Now we’re going to speak about the King or queen on top of the mountain. This is your CFO. CFO means “chief financial officer.” They hold a C collection setting in your firm. He or she’s pricey. You intend to take care when you employ a CFO because not all CFOs are developed equal. Whatever approximately this factor has actually been task-related, concentrating on just journal entrances and also debiting and attributing. When you enter a CFO role, this calls for critical thinking. Not all accounting professionals have that capacity. If they’re not able to see the big picture and also produce plans that are company development associated, they aren’t gotten approved for the task. They ought to equate the job that the remainder of the group is doing into objectives for your firm. Your CFO needs to make sure that you’re striking the targets you require to hit with the correct amount of money behind each objective. For a CFO, you can expect to pay anywhere from $75k to $250k/year. That is generally what I have actually seen across the country for someone of this quality.

Lastly is the CPA. The CPA represents “certified public accountant.” If you’ve started your firm, you recognize that you require a tax man, right? That’s the CPA. His work is to do two points. One is to prepare your tax obligation technique. That is to take everything you’re doing throughout the year and prepare it to make sure that you are not investing greater than you require to on taxes. That’s the primary goal. Nonetheless, a CPA commonly loads the function of an auditor where they can be found in as an independent event. They see to it that your books are accurate and also tidy and also reflective of what’s occurring in the real life. In terms of expense, you’re going to invest anywhere in between $125 an hour to upwards of $450 an hour for a qualified CPA.

Contact Us

(844) 382-8160