In the complex landscape of the cannabis industry, businesses face unique financial challenges and regulatory intricacies. To successfully navigate this ever-evolving terrain, enlisting the expertise of a cannabis accounting firm isn’t just a wise choice—it’s a necessity. Professional services provided by High Times Accounting can be instrumental in achieving compliance and prosperity.
High Times Accounting is deeply committed to empowering the industry. The Massachusetts-based, woman-owned company provides comprehensive financial solutions tailored specifically for the cannabis sector, including bookkeeping, tax preparation and accounting in one trustworthy package. With a sharp focus on maximizing tax benefits, they ensure that every eligible expense is accounted for, allowing your cannabis business to thrive in a compliant and financially advantageous manner.
Jaime Lyn Soares and Claire Burkard co-founded the company in 2022 with a clear mission: to support small and medium-sized cannabis companies in achieving compliance with Section 280E through robust accounting and record-keeping solutions. Their dedicated team ensures financial transparency and helps clients free up their time so they can stay focused on managing and growing the business.
Trust the Financial Experts
The cannabis industry’s rapid growth and stringent compliance requirements mean you need experienced accountants on your side. They play a vital role in supporting the financial health and sustainability of businesses of all sizes.
Accuracy is High Times Accounting’s calling card. With a cumulative experience of over 40 years in professional bookkeeping, the team’s expertise spans a broad spectrum of topics, including Section 280E compliance, accrual accounting, sales tax audits and cannabis retail tax. They will help you keep up-to-date with the continually changing federal and state regulations to ensure your business adheres to the stringent guidelines governing cannabis-related financial record-keeping.
The company’s ethos is simple: They handle the numbers so you can concentrate on nurturing the growth of your business. Each client is assigned a dedicated bookkeeper to help establish a trusted relationship and ensure meticulous attention to detail. This bookkeeper plays a pivotal role in carefully reviewing all account activities, managing accounts payable and determining cash requirements.
Custom Cannabis Financial Solutions
High Times Accounting understands the needs of small to mid-sized businesses and start-ups and the unique challenges facing cannabis businesses. This insider perspective equips them with the insights and expertise to provide tailored financial solutions that align with the needs and goals of businesses at every stage of their journey.
Co-founder Claire Burkard says she and Jaime decided to open High Times Accounting when local dispensaries were reaching out to her for help with their books.
“We quickly realized that many cannabis companies didn’t understand the accounting requirements of Section 280E and the inevitable sales tax audits,” Burkard says.
“We strive to make sure our clients have the most up-to-date information regarding the Cannabis Control Commission and ensure they have the tools behind them as they start the journey of opening their cannabis company.”
High Times Accounting offers a full suite of accounting and bookkeeping services that will keep you informed financially and free up time to focus on day-to-day operations.
High Times Accounting will seamlessly streamline your accounts, ensuring effortless classification into your bank and credit card accounts.
Accounts Payable Entry
Every cent counts in the competitive cannabis industry. High Times Accounting will help your business maximize its Section 280E deductions when preparing annual tax returns. You can rest assured that your financial records are compliant and optimized to benefit your business’s bottom line during tax season.
Accounts Receivable Entry
High Times Accounting will help you establish thorough processes and proper procedures to prevent complications during retail sales tax audits. They specialize in seamlessly integrating with point-of-sale and merchant services systems to ensure that your accounting software is always up-to-date and aligned with your financial transactions. With their expertise, you can confidently and easily navigate the complexities of tax audits.
Comprehensive financial clarity is essential to keep your business profitable. High Times Accounting will review every one of your transactions with meticulous attention to detail. Through rigorous reconciliation processes, they will keep you well informed about the destination of your funds so you’ll have a clear understanding of your financial landscape.
Say goodbye to the hassles of payroll. High Times Accounting will take the stress associated with payroll management and ensure that your dedicated workforce is paid promptly and efficiently.
All cannabis businesses understand the restrictions incurred by Section 280E. This federal tax code makes it challenging and expensive for cannabis businesses to operate, as they can’t deduct many of their regular business expenses when paying federal taxes. High Times Accounting ensures that your chart of accounts accurately reflects the cost of goods and expenses, maintaining full compliance with regulatory requirements. With their expert guidance, you can confidently navigate the intricate landscape of accounting in the cannabis industry, keeping your business in good standing with the IRS while optimizing your financial structure.
Cannabis Sales Tax
High Times Accounting takes your peace of mind seriously. In the event of a sales tax audit, the team will compile all required documentation and present it to the auditor as per the requirements. With their support, you can navigate the audit process confidently, ensuring that your business remains compliant and well-prepared to address any inquiries.
In Safe Hands
When you’re in business for yourself, you want things simple and reliable. High Times Accounting provides just that. Let the professional cannabis accountants and bookkeepers track the numbers. With High Times Accounting at your side, you can focus on growing your business, knowing that your financial interests are in safe hands.