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Tennessee Cannabis Accounting

Puff Puff Accounting, serving Tennessee, 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.

Tennessee 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 means to take on your accounting on your own and also DIY it. Options like QuickBooks have made this feasible, yet I warn you, if you are doing among these two things, you most likely require to allow someone else take care of it.

  1. If you are privately 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 know what to do as well as it’s overwhelming, that’s a huge warning and also it’s time to allow a specialist take over.
What are common ways accountants bill their clients?
Some Certified public accountants expense per hour, they charge you some bucks per hour relying on how much time they place in. It’s likewise typical to charge dealt with costs for individual projects. Your Certified Public Accountant might do your tax return for one price and prepare an additional price quote for the next project. An additional popular cost framework is the yearly set cost arrangement. Your Certified Public Accountant could say, “I’m mosting likely to supply this series of solutions to you, as well as I’m mosting likely to provide you unlimited call and unlimited meetings, and also I’m going to do that all for $X amount of bucks each year.” That dollar amount would most likely be billed monthly.

We generally suggest relationships which are not per hour. Repaired charge billing urges interaction in between the customer as well as the CPA. The even more the CPA knows about the customer’s service and also their life and also what’s going on, the better recommendations they can give. When customers are unpleasant with getting the phone, afraid they’re going to get a huge costs, they are less 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 get out of your CPA depends a whole lot on your business goals. If you’re a very small company as well as you’re not planning to grow a lot in the future, maybe all you require is someone to prepare your income tax return. Nonetheless, perhaps you have an expanding business. You require somebody who can speak with you on staff member matters, management issues, accounting system set up as well as layout. These are some points to think about when thinking of the degree of commitment you need from your CPA.

I typically coach my customers to assemble a want list of points they desire from us. Obviously, the even more commitment a client requires from us, the larger the engagement will certainly be, which will increase costs. Beginning with the optimum and working down, however, is constantly the very best bet. We can instructor you on which products on your shopping list will certainly be one of the most impactful to your organisation and also which ones might be lesser.

So listing out those details purposes you want to accomplish with your CPA. “This is what I desire out of that relationship.” Don’t hesitate to make that a rather long listing. What you wish to do is pretend money is no object. List everything that you want to get out of this partnership. From that placement, you can begin to prioritize that list and also say, “these 6 points are crucial in this connection 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 a bookkeeper, an accounting professional, or a CPA? What’s the difference? One of the most crucial point is simply that you recognize that these documents are being maintained which you feel great in the person keeping them.

An accountant keeps your bookkeeping records. They get in all purchases, and also they balance your funds. Accounting professionals focus on funds, taxes, budget plans, company procedures, payroll, and also money management. However recognize this, there are various sorts of accountants that focus on various areas of organisation. In other words, if you damage your leg, do not go to the skin doctor.

You wish to see to it that you locate the right person for your small business. Smoke Smoke Bookkeeping has accountants as well as accountants on personnel. This way. When it concerns month-to-month purchase handling, our accountants can do it for a lower fee. When we’re talking about finance and tax preparation, you have a Certified Public Accountant all set to step in.

What are the 5 types of accountants?
What is step leading of becoming profitable in your company? You’re going to require an accountant. Now you don’t have to hire us. You can work with in home. If you take part in home, who should you get? There are a great deal of options and also various spending plans available that you need to be familiar with. You don’t intend to obtain the incorrect individual for the incorrect work summary.

The initial person you’re mosting likely to employ is your bookkeeper. This is the data access specialist. Depending on where you live, you’re going to pay a different amount for this person. If you reside in Idaho, for example, you could be on the reduced end around 18 to $20,000 a year. But if you remain in New York or California, you could be upwards of 40,000 or even $45,000 a year for the exact same placement. Know that this person offers a particular duty. They’re not going to be strong at developing records for you or working analytics or accounting processes. Their task is to obtain information right into the system. And also if you’re a brand-new entrepreneur, likely, you’ve been doing this yourself. It’s clever to unload some of the heavy grunt work of accountancy, which will certainly permit you to begin assessing the records. A bookkeeper is an excellent hire for any person all set to broaden their company, yet not prepared to invest in the high leading rate accounting professionals right now.

The following level up guys is the accountant. Currently, a great deal of individuals think accountants and also accountants coincide. They’re not. It’s very, really different. You’re going to pay a greater amount for somebody that’s an accountant. Your accountant has been placing information into the system all month long. Your accountant typically is helping to manage that procedure. Then, at the end of the month, your accountant will certainly do some of the more hefty lifting tasks which call for resolving your trial balance as well as making month-end journal entries. They will likewise do several of the accrual job that’s going to need to happen in your financials.

In many cases, an accounting professional will aid produce financial declarations. They go to that month’s end position. For an accounting professional, depending again on where you live, you can anticipate to pay anywhere from perhaps $30k approximately $60k/year.

The next level up is the controller. The controller fills the procedure of supervising the whole bookkeeping system. They get to manage what’s occurring as well as when. They make certain the information is entering the system promptly, and that the month and basic interests are occurring promptly. The controller is in charge of the final product that’s coming out of the accounting system. That is the balance sheet, the income statement, as well as the capital declaration. Those type of records rest on the shoulders of your controller. This is a much more costly position to fill, and also it ought to be. This person requires to have a great deal of experience, should a minimum of a bachelor’s level in bookkeeping, if not getting into their master’s degree. I would anticipate to pay anywhere from $45k to $85k/year for he or she.

Now we’re going to talk about the King or queen on top of the mountain. This is your CFO. CFO stands for “primary financial officer.” They hold a C suite position in your firm. This person’s costly. You wish to be careful when you hire a CFO because not all CFOs are developed equal. Whatever approximately this point has been task-related, focusing on simply journal access as well as debiting as well as attributing. When you enter a CFO function, this needs strategic reasoning. Not all accounting professionals have that ability. If they’re unable to see the big picture as well as produce plans that are business advancement relevant, they aren’t received the work. They need to translate the job that the rest of the group is doing into goals for your firm. Your CFO needs to make certain that you’re striking the targets you require to hit with the right amount of money behind each goal. For a CFO, you can expect to pay anywhere from $75k to $250k/year. That is generally what I’ve seen across the country for somebody of this quality.

Lastly is the Certified Public Accountant. The CPA represents “cpa.” If you’ve started your business, you understand that you need a tax obligation person, right? That’s the Certified Public Accountant. His work is to do 2 points. One is to prepare your tax technique. That is to take whatever you’re doing throughout the year and also prepare it to make sure that you are not investing greater than you need to on taxes. That’s the main goal. Nevertheless, a CPA typically loads the function of an auditor where they come in as an independent celebration. They ensure that your books are exact and tidy and reflective of what’s happening in the real life. In regards to expense, you’re going to spend anywhere between $125 an hour to upwards of $450 a hr for a certified Certified Public Accountant.

Contact Us

(844) 382-8160