We Focus Solely on the Cannabis Industry!
By focusing on cannabis-based businesses, we at Euphoric Accounting are able to provide our clients with comprehensive marijuana accounting solutions and keep accounting in compliance with local, state, and federal rules and regulations, and provide support and advocacy. The cannabis industry is a uniquely dynamic and quickly growing industry. Due to the industry being so new, it is constantly evolving and comes with its unique challenges and responsibilities. Due to cannabis still being classified and restricted under the Controlled Substance Act (CSA), you CANNOT approach accounting in the cannabis industry the way you would in other industries.
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As a business owner, working in the cannabis industry can be challenging but is also rewarding. We are aware that you may be confused, frustrated, and overwhelmed with the challenging process of navigating all of the laws, rules, regulations, and other nuisances, while handling day to day process, therefore, pushing your financial and accounting needs to the bottom of the to-do list. However, cannnabis businesses have to be extremely mindful of how they handle and record expenses, earnings, inventory, and compliance, while ensuring to accurately comply with all state regulations. Just one mistake, miscount, or misstep, whether big or small, can lead to being completely shut down, owing money to the state/IRS, or battling legal issues.
TAKE YOUR CANNABIS BUSINESS TO NEW HEIGHTS
We strongly encourage you not treat your accounting needs as a passive activity that you will get to it when it is time for taxes or another expense. By keeping your accounting, compliance, and financial needs up-to-date, you set your business up for success and allow for requests of your financial status from investors, banks, or audits not cause added stress or worry.
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The services that we offer is more than just entering numbers into a ledger and preparing your taxes. With Euphoric Accounting, we focus on increasing your company's net worth, supporting the CEO's vision, support and advocate the company into the right direction, deliver business results, and add value to the business overall.
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We are professionally trained to tackle the intricacies on accounting for cannabis related companies and are versed COGS, inventories, Sec. 280e, Sec. 471 and other regulatory requirements. We actively work with clients to ensure the best outcome within Sec. 280e and Sec. 471. We help clients understand state cultivation laws, excise and sales tax, and local tax issues by advising on best practices to ensure tax and accounting compliance.
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Our duty is to help keep you in operation by watching for regulation and procedure updates as they become available. As updates happen, we adjust our workflow to ensure we are working within the bounds of the law while keeping your tax bill as low as possible.
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Let Euphoric Accounting take responsibility of all your accounting, compliance, and regulatory needs while you focus on your business.