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.”