Professional Accounting Services for Cannabis Dispensaries
Accounting for cannabis dispensaries involves cost accounting to manage §280E.
This means your direct and indirect costs are being allocated to Cost of Goods Sold (COGS) and inventory – lowering your tax liability. There are multiple areas to consider regarding completing the accounting for your cannabis manufacturing business including:
- Industry Specific Chart of Accounts
- §280E Knowledge and Expertise
- Application of §471
- Accurate cost accounting between your POS system, state seed-to-sale system, and accounting system (They do not play nice with each other!)
For accurate accounting, you start with an accurate physical inventory count. We take it from there! You need someone with dispensary accounting experience to keep your books clean and ready for audit – not to mention lowering your taxes!
Accrual or GAAP accounting is essential to get the most out of your COGS allocations. With accrual accounting or GAAP, there are more expenses that can be allocated to COGS – lowering your taxes. Don’t pay more than you need to the IRS!