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Utah Cannabis Accounting

Puff Puff Accounting, serving Utah, 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.

Utah 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 bookkeeping on your own as well as DIY it. Options like QuickBooks have made this feasible, yet I caution you, if you are doing one of these 2 points, you possibly require to allow someone else care for it.

  1. If you are covertly wondering if you’re also doing this right at all, that’s a red flag.
  2. If you’re refraining from doing it in any way because well you do not know what to do and also it’s overwhelming, that’s a substantial warning as well as it’s time to allow an expert take control of.
What are common ways accountants bill their clients?
Some Certified public accountants bill hourly, they bill you some dollars per hr depending on just how much time they put in. It’s likewise common to charge fixed costs for private projects. Your CPA might do your income tax return for one price and prepare an additional price quote for the next task. Another prominent cost framework is the yearly set rate contract. Your CPA could claim, “I’m going to give this variety of services to you, as well as I’m mosting likely to provide you unlimited call as well as unrestricted conferences, and I’m going to do that all for $X quantity of dollars per year.” That buck amount would certainly probably be billed monthly.

We commonly suggest partnerships which are not per hour. Taken care of fee payment encourages communication in between the client as well as the Certified Public Accountant. The even more the CPA finds out about the client’s company and also their life and what’s going on, the far better advice they can offer. When clients are awkward with getting the phone, terrified they’re going to get a huge bill, 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 should expect from your Certified Public Accountant depends a great deal on your company goals. If you’re an extremely small company as well as you’re not planning to grow much in the future, maybe all you require is somebody to prepare your tax return. However, probably you have an expanding business. You need someone who can speak with you on worker matters, monitoring issues, accounting system set up as well as style. These are some things to consider when picturing the degree of commitment you require from your Certified Public Accountant.

I generally trainer my customers to assemble a want list of points they want from us. Of course, the more dedication a customer needs from us, the bigger the engagement will certainly be, which will certainly increase costs. Beginning with the maximum as well as functioning down, though, is always the most effective wager. We can instructor you on which things on your wish list will certainly be the most impactful to your business and also which ones may be less important.

So checklist out those certain objectives you intend to accomplish with your CPA. “This is what I want out of that connection.” Don’t hesitate to make that a rather lengthy list. What you want to do is pretend money is no object. Checklist whatever that you desire to get out of this partnership. From that setting, you can begin to focus on that checklist and claim, “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 just how do you know who you require to employ? Should it be an accountant, an accounting professional, or a Certified Public Accountant? What’s the difference? The most crucial point is just that you recognize that these records are being kept which you feel confident in the individual keeping them.

An accountant maintains your accountancy documents. They get in all purchases, as well as they stabilize your funds. Accounting professionals focus on funds, tax obligations, spending plans, business procedures, pay-roll, and finance. However understand this, there are various sorts of accounting professionals that specialize in various locations of company. To put it simply, if you break your leg, do not most likely to the dermatologist.

You wish to make certain that you locate the appropriate individual for your small company. Smoke Smoke Audit has bookkeepers as well as accounting professionals on personnel. By doing this. When it comes to regular monthly purchase handling, our bookkeepers can do it for a lesser fee. When we’re speaking about money management and also tax planning, you have a CPA ready to action in.

What are the 5 types of accountants?
What is action number one of becoming lucrative in your business? You’re going to require an accountant. Currently you do not have to hire us. You can employ in residence. If you take part in home, who should you get? There are a great deal of alternatives and also various spending plans available that you require to be knowledgeable about. You don’t wish to obtain the wrong person for the wrong job summary.

The initial person you’re going to hire is your bookkeeper. This is the data entry expert. Depending upon where you live, you’re going to pay a various quantity for this person. If you stay in Idaho, as an example, you may be on the reduced end around 18 to $20,000 a year. However if you’re in New York or California, you could be upwards of 40,000 or even $45,000 a year for the same position. Know that he or she offers a details duty. They’re not mosting likely to be solid at developing records for you or operating analytics or accounting procedures. Their task is to obtain information right into the system. And if you’re a new entrepreneur, likely, you have actually been doing this on your own. It’s wise to unload several of the heavy grunt work of audit, which will certainly permit you to start assessing the records. An accountant is a great hire for any person prepared to expand their service, yet not prepared to invest in the high top rate accounting professionals just yet.

The following level up individuals is the accounting professional. Currently, a great deal of individuals believe bookkeepers as well as accounting professionals coincide. They’re not. It’s very, extremely different. You’re going to pay a higher quantity for someone that’s an accounting professional. Your bookkeeper has been putting information right into the system all month long. Your accountant commonly is helping to manage that procedure. After that, at the end of the month, your accounting professional will certainly do a few of the more heavy training jobs which need integrating your trial balance and making month-end journal entries. They will additionally do some of the amassing job that’s mosting likely to need to take place in your financials.

In some cases, an accounting professional will help produce monetary statements. They are at that month’s end position. For an accountant, depending once more 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 fills the process of managing the whole audit system. They get to manage what’s happening as well as when. They make certain the information is entering the system on schedule, which the month as well as general interests are occurring on schedule. The controller is in charge of the end product that’s appearing of the accounting system. That is the balance sheet, the earnings statement, and the cash flow statement. Those kinds of documents rest on the shoulders of your controller. This is an extra costly setting to load, and it needs to be. This person needs to have a lot of experience, must at the very least a bachelor’s level in audit, otherwise getting into their master’s degree. I would anticipate to pay anywhere from $45k to $85k/year for this person.

Currently we’re going to discuss the King or queen on top of the hill. This is your CFO. CFO stands for “primary financial officer.” They hold a C collection position in your company. He or she’s expensive. You want to be careful when you employ a CFO since not all CFOs are developed equivalent. Every little thing approximately this factor has been task-related, focusing on just journal access as well as debiting as well as crediting. When you enter a CFO role, this needs calculated reasoning. Not all accounting professionals have that ability. If they’re not able to see the big picture as well as create plans that are service development related, they aren’t gotten approved for the job. They should convert the work that the rest of the group is doing into objectives for your firm. Your CFO requires to ensure that you’re hitting the targets you need to hit with the right 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’ve seen across the country for someone of this caliber.

Lastly is the Certified Public Accountant. The Certified Public Accountant stands for “cpa.” If you’ve started your company, you know that you require a tax obligation person, right? That’s the CPA. His job is to do two things. One is to prepare your tax technique. 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 require to on tax obligations. That’s the main goal. However, a CPA commonly loads the function of an auditor where they can be found in as an independent party. They make sure that your publications are precise and also tidy and reflective of what’s happening in the real world. In terms of price, you’re going to invest anywhere between $125 an hour to upwards of $450 an hour for a certified Certified Public Accountant.

Contact Us

(844) 382-8160