Properly setting up a Cannabis company for success takes a great deal of skill. As an accounting professional, your ability to successfully navigate the complexities of the Cannabis industry could make or break the fledgling business.
An accountant untrained in the industry can easily lead their client down a path of inadequate audit trails and inaccurate books, risking potentially high penalties, loss of license, or even jail time.
On the other hand, a specialized Cannabis accountant can confidently lead a budding Cannabis company into compliance from the very beginning, assisting with proper cleanup, building a permanent audit trail, and preventing the potential for fraud from the very beginning.
Pat Reed, an accountant in Arizona, has a particular knack for creating solid foundations for Cannabis startups. Her background in preventing fraud and embezzlement adds an extra layer of protection to the startups she serves. She joins Andrew Hunzicker, CPA to share her valuable experiences and insights into helping startups successfully launch their businesses on this week’s DOPE CFO podcast episode, “Accounting for Cannabis Startups 101: From Outreach to Fraud Prevention with Pat Reed.”
Listen in as she discusses:
✅ Fraud in the Cannabis industry: fraud has the potential to permeate every aspect of Cannabis from cash skimming to investment scams (Pat leverages her experience with fraud prevention to lay out the steps you can take to keep your clients safe)
✅ Straightening out and cleaning up: often accountants may find startups amid a tangle of poorly managed month-end reports and a total absence of a permanent audit trail (but you can properly orientate these companies with a few key processes in place)
✅ Finding great startup clients: even if you’re just starting out and feel like you need to dive in and gain experience, it’s beneficial to be intentional about finding great clients to create a win-win situation (and we’ll touch on this process to help you get started, ranging from cold calls to networking with peers)
With the proper guidance, and a clear understanding of the Cannabis industry, you too can help the many emerging green businesses succeed.
Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches? For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.