The more states that come around with regard to cannabis legalization, the greater the need for knowledgeable and capable accountants, CPAs, enrolled agents, bookkeepers and CFOs, for those businesses looking to get into the market.
Many accounting firms and tax professionals simply don’t have the necessary knowledge, tools and work papers to properly provide comprehensive cannabis accounting services. Because of this, a few major issues arise. One being that accounting professionals are getting their clients in trouble because they aren’ following the rules. Some either have no idea that 280E exists, others are trying to beat the system which hasn’t ended well for anyone that has tried to plead their case to the tax courts. Another issue is that this industry ends up being grossly underserved due to the lack of knowledgeable subject matter experts. This is where DOPE CFO can help.
DOPE CFO, the premiere U.S. cannabis accounting and tax education program, was established as a resource for accountants, CPAs, enrolled agents, bookkeepers, CFOs and MBAs on how to safely and legally navigate the ever-growing cannabis industry. The only comprehensive cannabis-specific accounting program of its kind available today, DOPE CFO has supported nearly 500 accountants in 45 states over the last two years.
With DOPE CFO’s cannabis accounting program, any accountant, tax professional, or firm can use the tools to get up to speed in no time. DOPE CFO’s cannabis accounting 3.0 program is structured to be a super simple plug-and-play method to building a world-class cannabis accounting firm, giving you and your employees over 100 work papers, templates, cost accounting workpapers, chart of accounts specific to various cannabis verticals and processes.
Still not convinced that Dope CFO can take your accounting business to the next level? Here are five reasons why the cannabis industry is the hottest niche for accounting and tax pros right now.
1. Cannabis Accounting Professionals Make More Money
Cannabis is a very complex industry and actually includes several types of sub-businesses, including farming, chemical manufacture, food production, labs and retail. On top of that, the average “mom and pop” cannabis company will generate 7+ figure revenues compared to small non-canna businesses and so can afford to pay higher fees.
Experts also project the legal cannabis industry to be worth as much as $30 billion by 2025, meaning that there’s plenty of money to go around.
2. Cannabis is the Most Underserved Niche
Because cannabis businesses are still federally illegal, all major banks and most large accounting firms largely are not serving this niche. Their loss should be your gain. Now is the time for you and your firm to get in on one of the fastest-growing industries in the United States.
Over 90% of Americans currently support cannabis legalization. So, when the time comes for it to be declared federally legal, you’ll want to have your foot in the door established and ready to take on cash-rich, needy businesses all over the country.
3. Fastest Growing Industry in the World
The cannabis niche is one of the fastest-growing categories in both the U.S. and the world, backed by billions of consumer and corporate dollars and already serving millions of people.
Inexperienced accounting professionals who aren’t advising their clients properly or are treating these cannabis businesses like a traditional business are costing their clients lots of money, as well as leaving them exposed to potential IRS and state penalties.
4. Limited Competition
The work that you do becomes much easier over time when you have systems in place that you can use across similar companies. No more reinventing the wheel every time you work with a new client. You can do better work, more efficiently, which saves you time and makes you more money.
5. This Niche is Fun & Exciting
There are new developments every month, so if you are looking for an industry that is innovating and growing with some of the most dynamic and brilliant minds in the country, then the cannabis space is right for you.
When you decide that getting into the industry is the right choice for you and your firm, Dope CFO is your one-stop resource for all your cannabis accounting needs.
TELL US, are you interested in working as a cannabis accountant?