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Virginia Cannabis Accounting

Puff Puff Accounting, serving Virginia, 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.

Virginia 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 methods to handle your bookkeeping on your own and Do It Yourself it. Alternatives like QuickBooks have actually made this feasible, however I warn you, if you are doing one of these 2 points, you possibly require to allow another person care for it.

  1. If you are privately questioning if you’re also doing this right in any way, that’s a warning.
  2. If you’re refraining from doing it in any way because well you do not understand what to do as well as it’s overwhelming, that’s a big warning as well as it’s time to allow an expert take over.
What are common ways accountants bill their clients?
Some CPAs bill hourly, they charge you some dollars per hr depending on how much time they put in. It’s also common to charge taken care of charges for individual tasks. Your CPA might do your income tax return for one price as well as prepare another quote for the following task. Another preferred price framework is the annual fixed price arrangement. Your CPA might claim, “I’m mosting likely to provide this series of solutions to you, as well as I’m mosting likely to give you endless call and unrestricted meetings, and I’m mosting likely to do that all for $X quantity of dollars each year.” That buck quantity would certainly more than likely be billed monthly.

We generally suggest partnerships which are not hourly. Repaired fee invoicing motivates communication in between the customer as well as the Certified Public Accountant. The more the Certified Public Accountant knows about the client’s service as well as their life and also what’s taking place, the far better recommendations they can give. When customers are uneasy with picking up the phone, terrified they’re going to get a big expense, they are much less most likely to pick the phone speak to their CPA when they have something on their mind.

What should I expect from my CPA?
What you need to get out of your CPA depends a whole lot on your company objectives. If you’re a very small business and you’re not planning to expand much in the near future, possibly all you need is a person to prepare your tax return. Nonetheless, possibly you have an expanding business. You require someone that can talk to you on employee matters, monitoring concerns, accounting system established and also design. These are some points to think about when imagining the level of dedication you require from your Certified Public Accountant.

I normally train my customers to create a want list of points they desire from us. Obviously, the more dedication a client needs from us, the larger the involvement will certainly be, which will certainly enhance expenses. Starting from the optimum as well as functioning down, though, is constantly the most effective bet. We can coach you on which items on your want list will certainly be one of the most impactful to your company and also which ones may be less important.

So list out those details purposes you intend to accomplish with your Certified Public Accountant. “This is what I desire out of that relationship.” Do not hesitate to make that a pretty lengthy listing. What you wish to do is pretend cash is no things. Listing whatever that you desire to leave this connection. From that position, you can start to focus on that checklist as well as claim, “these 6 points are crucial in this connection that I’m mosting likely to have.”.

Do I need a bookkeeper or an accountant for my business?
So exactly how do you know who you require to work with? Should it be a bookkeeper, an accounting professional, or a Certified Public Accountant? What’s the distinction? One of the most crucial point is just that you recognize that these documents are being maintained which you feel great in the person keeping them.

An accountant preserves your accountancy records. They enter all purchases, and also they balance your funds. Accounting professionals focus on financial resources, taxes, budgets, organisation operations, payroll, as well as finance. But know this, there are various types of accounting professionals who focus on various areas of service. In other words, if you break your leg, don’t go to the dermatologist.

You want to make sure that you find the ideal individual for your small business. Smoke Smoke Accounting has bookkeepers and accountants on staff. By doing this. When it pertains to regular monthly transaction processing, our bookkeepers can do it for a lower fee. When we’re speaking about finance and also tax planning, you have a CPA ready to action in.

What are the 5 types of accountants?
What is action primary of coming to be successful in your service? You’re mosting likely to require an accountant. Currently you don’t need to employ us. You can employ in residence. If you engage in residence, that should you obtain? There are a great deal of options and also several budgets out there that you need to be aware of. You don’t wish to obtain the incorrect individual for the incorrect job description.

The first person you’re going to employ is your accountant. This is the data entrance professional. Relying on where you live, you’re going to pay a different amount for this person. If you stay in Idaho, for instance, you may be on the reduced end around 18 to $20,000 a year. Yet if you’re in New York City or The Golden State, you could be upwards of 40,000 or perhaps $45,000 a year for the exact same setting. Know that this person offers a specific function. They’re not going to be solid at creating records for you or working analytics or accounting processes. Their job is to obtain data right into the system. As well as if you’re a brand-new entrepreneur, likely, you’ve been doing this yourself. It’s clever to unload several of the heavy grunt work of audit, which will allow you to begin examining the reports. A bookkeeper is a good hire for anybody prepared to broaden their service, yet not prepared to purchase the high top rate accounting professionals just yet.

The next degree up guys is the accountant. Now, a great deal of people believe accountants and accountants are the same. They’re not. It’s extremely, extremely various. You’re going to pay a higher quantity for someone that’s an accounting professional. Your bookkeeper has actually been placing data into the system all month long. Your accounting professional normally is assisting to look after that procedure. After that, at the end of the month, your accounting professional will do some of the even more heavy lifting tasks which require integrating your trial balance and also making month-end journal access. They will likewise do some of the accrual work that’s mosting likely to require to occur in your financials.

In some cases, an accountant will certainly help produce monetary statements. They go to that month’s end position. For an accountant, depending once again on where you live, you can expect to pay anywhere from perhaps $30k as much as $60k/year.

The following degree up is the controller. The controller fills up the process of supervising the entire accounting system. They reach manage what’s occurring and when. They make sure the information is getting involved in the system on schedule, and that the month and also general rate of interests are happening on schedule. The controller is accountable for the final product that’s appearing of the accounting system. That is the balance sheet, the revenue statement, and also the capital declaration. Those type of documents rest on the shoulders of your controller. This is an extra costly position to fill, as well as it ought to be. This person requires to have a lot of experience, should at least a bachelor’s degree in accounting, otherwise getting into their master’s level. I would certainly expect to pay anywhere from $45k to $85k/year for this person.

Now we’re going to discuss the King or queen on top of the hill. This is your CFO. CFO stands for “chief financial officer.” They hold a C suite setting in your company. This person’s costly. You want to take care when you hire a CFO because not all CFOs are created equal. Every little thing as much as this factor has been task-related, focusing on simply journal access and also debiting and also crediting. When you enter a CFO function, this calls for calculated reasoning. Not all accounting professionals have that ability. If they’re not able to see the big picture and produce plans that are business advancement relevant, they aren’t received the job. They should convert the work that the remainder of the team is doing into objectives for your business. 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 generally what I have actually seen across the country for someone of this quality.

Last but not least is the CPA. The Certified Public Accountant stands for “cpa.” If you’ve started your business, you know that you require a tax obligation man, right? That’s the Certified Public Accountant. His work is to do two things. One is to prepare your tax obligation strategy. That is to take everything you’re doing throughout the year and also prepare it so that you are not investing greater than you require to on taxes. That’s the primary goal. Nevertheless, a Certified Public Accountant frequently loads the role of an auditor where they are available in as an independent celebration. They see to it that your books are precise as well as clean and reflective of what’s occurring in the real life. In terms of expense, you’re going to spend anywhere between $125 an hour to upwards of $450 an hour for a certified CPA.

Contact Us

(844) 382-8160