While running a business that the federal government classifies as “drug trafficking” you’re bound to run into some serious financial and tax questions. The demands of turning your operation into a legal, tax-paying business may seem intimidating and mistakes made at this stage can be costly, but we can help. High Knowledge Accountants & Consultants will guide you through the changing landscape of state and federal tax regulations and show you how to start a business that’s set up to keep growing. Our CPAs and accountants work with all types of cannabis industry organizations to create profitable businesses including marijuana growers, distributors, and retailers. From integrating a tax-efficient business structure and setting up your accounting software to best practices for handling cash and direction on how to allocate costs, we’ve got you covered. As your business advisor, we’ll also create a comprehensive strategy for optimizing deductions and minimizing tax problems. Keeping a clean set of books is a requirement in the modern day cannabis industry. Cannabis businesses that do not have a solid tax and accounting understanding of concepts such as section 280e and cost accounting are sure to be less profitable compared to those that do. Cannabis companies have specific accounting and tax questions that many accounting firms are struggling to answer. Working with Totals You, which offers accounting services exclusively to the cannabis space is a huge advantage for many of our clients. Ultimately, keeping a clean set of books is the key to good tax planning and securing funding. Make no mistake about it, well kept accounting records will save you cash and headaches; both short and long term. Why not let the professionals do it? Cannabis businesses are in a unique situation from an accounting perspective. On the one hand they are very complex organizations. They perform many business transactions each with their own challenges. On the other hand, the cannabis industry has received no guidance from accounting authorities on how to properly record these transactions. In addition, many seasoned accounting professionals are choosing to stay away from the industry for the time being. The mixture of lack of experience and lack of guidance has lead to lack of good accounting. Many small businesses (as well as large) operating in the cannabis space simply don’t have the time or expertise to change this. Having an accountant compile your financial statements will improve financial reporting significantly. More accurate financial statements can lead to more accurate tax returns, potentially lower income tax and more effective tax planning saving the company a lot of money.