clients are easy to find.
by andrew hunzicker
cannabizcpa.pro
serving the cannabis niche in today’s world is a once-in-a-lifetime event for an accountant, as this industry as it appears is rapidly moving toward federal legalization. the industry is filled with issues and headaches around banking, software, cash management, risk management, merchant services, compliance, continuous regulatory (state, county, city) changes, and last but not the least: accounting.
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in any industry, accountants and bookkeepers are often given the extra roles around insurance, hr, compliance and anything else the ceo doesn’t enjoy. because most of mainstream accounting is still waiting for federal legalization, this provides a great opportunity for us who want to enter the fastest growing niche in the u.s., with over 10,000 new companies being launched this year alone. so what is so great about serving this niche?
#1. you get to set your own terms: how and where you work
gone are the days when we are required to sit in an office all day or show up at our client’s location each week. we build our practice out of the “lean methodology,” and a part of this is elimination of most meetings. driving to and from a client’s location and then having meetings without focused agendas can quickly add up to several hours in which you haven’t done any actual work. instead we set up everything automated and remote: banking, payroll, credit cards, shared folder structure (dropbox or drive) in which all invoices and other support documents are scanned and uploaded daily. we have process for everything: onboarding, weekly and monthly close processes, review, cost accounting, monthly tie-outs, financials, rolling cash forecasts, tax planning, strategy. we can work when we want and where we want, we work and play every day, and we are also available for our clients when they need us.
#2. you get paid what you are worth, for value you provide
in this niche, we don’t bill by the hour, but by the value we provide. we help our clients do correct cost accounting, better tax planning, improved cash forecasting and management, better month-end processes and setup of a “perpetual data room,” where all the data (financial, legal, operational) is available all the time, for management, owners, investors, lenders and auditors. ceos want their accountants to truly understand all the cannabis issues, and will gladly pay high fees for someone who provides above services and helps them solve their other problems around compliance, software and banking. many cannabis ceos are not your “traditional coat and tie” type, but think more “organic, young, liberal, diverse” and they really appreciate the help as most don’t have strong business backgrounds.
#3. you have an endless stream of potential clients
cannabis is everywhere you look: social media, magazines, events, trade shows, tv, radio, podcasts. many of these daily stories discuss actual companies and ceos and are an immediate source of ceo leads. with over 10,000 new companies being launched this year, combined with the fact that big accounting is not in the space, there is a large need for qualified accountants and bookkeepers. almost every major city has cannabis groups and events, and it’s very easy to quickly immerse yourself in this movement and become “the expert” in your local community. and finally, almost all states make it very easy (see your state cannabis website) to find all cannabis license holders.
#4. you get to be part of a movement that is good for our country
it’s becoming very hard to ignore the fact that cannabis is the one issue our country seems to agree on (about 93 percent of citizens and most politicians approve of medicinal cannabis), and that this movement is improving our country in many ways. in legal states, it’s creating massive amounts of new jobs, state revenues for schools and roads, more federal dollars, and is greatly reducing the opiate crisis. on top of that, there is much research – including from our government – that cannabis helps epilepsy, autism and pain management.
cannabis is here to stay, and if you are a bookkeeper or accountant, you should consider serving this industry as it’s fun, complex and lucrative.