Services

Our services are designed to provide cannabis businesses with a fully outsourced back office accounting department.  In collaboration with our integrated cloud-based partner applications, we are able to provide the following high value services in our comprehensive package that sets us apart from many other bookkeeping and accounting firms. 

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Chart of Accounts

Implementation of a chart of accounts exclusive to the cannabis industry and specific to the type of cannabis operation whether cultivation, manufacturing or dispensary.

Accounts Payable

Implement a workflow for separation of duties for proper controls to pay approved supplier or vendor bills.  

Accounts Receivable

Implement an invoicing system to issue customer bills for collection on credit terms and perform follow up on receivables past due.

Payroll

Set up, maintenance and oversight needed to comply with labor and payroll tax laws.

Day-to-day transaction review and entry into books

A cannabis specific chart of accounts allows for proper identification and coding of transactions into the general ledger in preparation for absorption cost accounting.

 

 

Reconciliations

Reconciliation of POS system / Track & Track system to accounting software and general ledger account reconciliations for tie out of the trial balance.

GAAP / Cost Accounting

Full cost accounting under the accrual method to optimize 280e and minimize tax liabilities.  Proper implementation of IRC 471-11 or 471-3 to determine inventoriable costs.  Divisional allocations between cannabis and non-cannabis activities.

Perpetual Data Room

Online data warehouse  where all financial and legal documents are stored, always audit ready for investor or auditor review.

Controls

Implementation of standard operating procedures, internal controls, cash management and inventory management to maintain compliance and eliminate risk.

California Cannabis Taxes

Calculation and reconciliation of cultivation tax, excise tax and sales and use taxes. Remittance to state and local agencies with accurate and timely filing of returns.

Our extensive experience in bookkeeping, accounting, financial reporting and financial analysis, along with our deep knowledge of 280e, GAAP and cost accounting has provided the foundation needed to service a very specialized and complex industry. 

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All of our accounting services are provided in a cloud based, remote environment that allows for primary focus on high productivity, clear agendas, focused discussions and effective outcomes.  Contact us to learn more.

Greentenders Accounting Solutions 2019