leveling the playing field for cannabis businesses

portrait of brian whalen
whalen

green bean cfo tackles the common problem of irs form 8300.

by liz gold
cannabizcpa.pro

“a savvy ceo owner knows that a world-class cannabis finance and accounting team is a necessity and a competitive advantage,” writes brian whalen, cpa in the opening to his book, “cannabis entrepreneurs’ guide to accounting, taxation & financial compliance.”

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“there is only one right way to do cannabis accounting,” he writes. “doing accrual/cost accounting in accordance with generally accepted accounting principles (gaap) ensures that you pay as little tax as possible, are always state compliant and irs audit-ready, and have financial statements ready for securing investors and lenders. in addition, performance metrics can be harnessed from your financials and used to set goals for operations and management.”