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The Cannabis Accounting Podcast by DOPE CFO

The Cannabis Accounting Podcast by DOPE CFO

By DOPE CFO
The DOPE CFO Cannabis Accounting Podcast discusses the ins and outs of cannabis/cbd/hemp accounting. Topics include 280E, chart of accounts, starting & growing your own firm, overcoming software challenges, and more! Looking to get into cannabis accounting? To learn more visit dopecfo.com.
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Ep. 66: Navigating New York's New Cannabis Legislation as an Accountant with Rick LaNeve
New York is one of two states that passed recreational marijuana laws in the last month. With this new legislation comes new opportunities, and new challenges, for accountants who are interested in representing this emerging clientele. On this episode of DOPE CFO, founder Andrew Hunzicker, CPA chats with Rick LaNeve, New York-based CFO and a member of the New York State CPA Cannabis Committee, about his growth as a Cannabis accountant, New York’s political climate, and Cannabis market expectations. He also shares his experiences and answers questions about what it takes for other accountants who are looking to break into serving this new demographic in New York and beyond. Tune in as Rick and Andrew discuss: Updates on the legalization landscape in New York: in the wake of the freshly legalized recreational market, we talk about how the NY State CPA Cannabis Committee is already analyzing the legislation (and requests they are making to the state on behalf of accounting, tax, and social equity viewpoints) Particular challenges innate to new legalization: although NY residents won’t be able to sell or buy marijuana for a year or two, accountants and MJ advocates are already anticipating potential challenges (one of which is high taxation, pressing the question of whether or not the new legalization will strengthen the black market) What to expect with serving new clients when you first get into Cannabis accounting: whether you have your sights set on helping future NY clients or Cannabis clients in your own state, learn from Rick’s experiences landing his first clients (and you’ll learn which red flags to look for and which strategy to employ to be successful) As new Cannabis legislation continues to spread across the nation, having a comprehensive understanding of the industry’s unique needs will give accountants a head start in serving this growing segment of America’s business landscape. Want more great tips and insider advice on the Cannabis and CBD/hemp accounting niches?  For more info on the DOPE CFO program, visit our website at dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
28:55
May 10, 2021
Ep. 65: Getting a Head Start on Cannabis Accounting in a New Legalized Market with Matt Mann
Getting started in Cannabis accounting can be overwhelming for accounting professionals who have just started serving Cannabis clients or for those who are still considering the niche. It’s especially difficult when your state has just legalized marijuana and things are still a little bit like the Wild West. Matt Mann, with experience as an internal auditor and corporate controller, was a part of this new frontier when he started serving Oklahoma Cannabis companies soon after the state passed legalization. He ran into some challenges as the state ironed out its regulations, but also found an advantage to getting started early. For this episode, he sat down and talked with DOPE CFO founder Andrew Hunzicker, CPA about getting started and how to utilize your past skills and quickly build new ones to be successful from the beginning. Key points Matt and Andrew discuss include: How to dive in as soon as your state legalizes Cannabis: accountants may be the most successful if they jump into the niche without much hesitation; confidence is key, as well as having a strong referral process already in place with your current clients (we’ll talk about how to level-up quickly so you can hit the ground running). Challenges of doing Cannabis accounting in Oklahoma: although the lessons of Matt getting started in Oklahoma can apply to any state, we specifically dig into the challenges of serving in Oklahoma, given that it’s one of the most flourishing markets (and we’ll talk about ways you can learn from Matt’s early obstacles to optimize your success). Ways to serve clients outside of your home state: if you’re interested in serving Cannabis clients but your state hasn’t legalized it yet or if you just want more clients from other states, one thing to watch for is how investors may be trying to get the most out of the market before it becomes more limited (you’ll want to look for residency requirements and state board regulations before sending your offer letter). It may be a Wild West scenario out there as new legalization markets crop up, but there are rife opportunities for you if you commit to quickly learning how to serve clients in this niche. Listen in today for tips on paving your way. 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.
21:16
April 27, 2021
Ep. 64: 5 Ways to Handle Petty Cash Transactions in the Cannabis Industry
Proper cash and company credit card management is essential for clean books, but it can be difficult to organize your clients’ many transactions. The lack of banking services available to Cannabis businesses means the companies’ bills are often paid in cash. Even companies that have access to credit cards do not always have the flexibility and benefits of normal purchasing cards or separate employee accounts. Because of this, some employees within a company will share one company credit card, or an employee will make purchases with a coworker’s account. Limited transparency regarding who made each cash or credit card purchase is a security risk, wastes valuable time, and could lead to accounting errors -- which can hinder operations and compromise compliance. On this episode of the DOPE CFO podcast, your host Andrew Hunzicker, CPA will offer “5 Ways to Handle Petty Cash Transactions in the Cannabis Industry,” including: 💳 Build an expense limit and approval system: require purchase orders/approval on charges over a set amount (we’ll help you determine what that figure should be based on the size of your client’s company and the number of transactions). 💳 Select a dependable employee to manage petty cash/company card expenses: designate one person to monitor, track, and record the purchases, who has NO access to the accounting system or bank records (we’ll explain how consistent and detailed monitoring of transactions can ensure the appropriate use of funds). 💳 Count cash daily: physically count cash and review credit card purchases each day, and reconcile all expenses to actual receipts (we’ll cover the importance of separating responsibilities, so there are checks and balances across personnel to guarantee compliance). 💳 Establish petty cash vouchers: if employees are using company cards or spending company cash, set up a receipt system that requires detailed descriptions of each and every purchase (we’ll discuss how to tie out this documentation in your permanent audit trail, so you avoid potential accounting errors). Listen in today to learn how best to monitor and report cash and credit card transactions, so your clients maintain up-to-date and accurate financials. 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.
16:58
April 12, 2021
Ep. 63: Establishing Much-Needed Social Equity in the Cannabis Industry with Carlos Vela
The increasingly widespread legalization of Cannabis has led to thousands of opportunities for CEOs and consumers around the country, but not all opportunities are created equal. For minority communities, the Cannabis industry can be an unfair and unfavorable marketplace. BIPOC Cannabis business owners and consumers are still privy to the complications that arise from negative drug stigmas and the “war on drugs” dialogue, creating segregation issues in an industry that should be a great equalizer. Allies and minorities working in Cannabis realize this imbalance, and have taken steps to establish social equity in this industry. On this week’s episode, we discuss the current state of Cannabis and its effects on minorities. Join DOPE CFO founder Andrew Hunzicker, CPA and Carlos Vela, a Cannabis accountant who helps Cannabis owners apply for social equity, as they highlight what we can do to elevate minorities in this growing industry. Andrew and Carlos will offer insights and suggestions, including: 🌱 What social equity is and why it’s essential to establish in Cannabis: we’ll discuss how the “evil drug” stigma of Cannabis was particularly directed at BIPOC communities over the last few decades, along with disproportionate arrests for Cannabis among minority communities (and why reform and social equity is required now to establish balance in the industry) 🌱 The need to draw business away from big companies and make room for the “little guy”: now that legalization is spreading quickly across the nation, big companies are able to swoop in and take over the industry, leaving small businesses - particularly in minority communities - unable to claim their share of the green rush (making social equity programs even more essential to let everyone have a chance) 🌱 Actions you can take as an accounting professional and ally: from learning how to help your clients apply for social equity to spending the time to listen to every client and address their individual needs, you can take steps to help create social equity in this industry (we’ll give you some tips to get started if you are  passionate about doing your part) Inclusivity and equality begin with us. Listen in today to hear how we can make the Cannabis industry more accessible and profitable for all. 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.
28:55
March 29, 2021
Ep. 62: It’s a Cash-Only World: Easing Cash-Based Headaches in the Cannabis Industry
As a cash-based industry, Cannabis is plagued with issues many businesses aren’t, from security issues to struggles with reconciling POS systems. The proper handling of cash can make or break a Cannabis company’s compliance, licensing, and profitability. Cannabis CEOs, executives, managers, and investors are all affected when it comes to cash inconsistencies and miscalculations (so you have a huge responsibility as a Cannabis accounting professional). It is imperative that pristine books are maintained at all times. Cash handling systems must be implemented that monitor where cash is kept, where transactions are processed, and where inventory is held. Join DOPE CFO founder Andrew Hunzicker, CPA on this week’s episode to learn his top tips to navigate the many problems inherent in a cash-only industry. Tips Andrew will cover include: ✅Essential written internal controls and accounting policies and procedures: while properly writing down internal controls and accounting policies and procedures is necessary for all accounting cycles, it’s especially necessary for handling cash in Cannabis (which can help manage deposits, make payments, and reconcile with the POS system) ✅Importance of regimented cash counts: ensure all cash counts are made by shift with double counts, including supervisor recounts and controls (helping to prevent cash skimming and reconcile bank statements and sales) ✅Implementation of on-site safes: every Cannabis company should have on-site safes that are not accessible to any employees (those who take cash for transactions should not handle cash counts and deposits, keeping cash controls honest and accurate) ✅Breakdown of Form 8300: any time a Cannabis company receives $10,000 or more in cash in a single transaction or across multiple related transactions, it has to file an IRS tax form 8300 (Cannabis businesses who neglect Form 8300 are red flags for the IRS and abandoning due diligence could get your client in hot water) Help your cash-based clients remain compliant and profitable with these necessary actions! Listen in today. 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.
16:57
March 15, 2021
Ep. 61: 5 Things Every Cannabis Accountant Needs to Know to Stay on the Good Side of the IRS w/ Desarie Anderson
Few things are more frustrating or stressful for a Cannabis accountant than the prospect of an IRS audit of their clients. Many Cannabis and CBD/hemp companies are being audited for their failure to remain compliant with 280E or because their accounting has not been properly completed in accordance with 471. However, when you understand what the IRS is looking for and how to do accounting correctly for state and federal taxes, the burden of compliance seems less foreboding. On this episode, Andrew Hunzicker, CPA is joined by Desarie Anderson, a Cannabis accountant with extensive IRS experience as both an auditor and an enrolled agent. Desarie will share with you the challenges many Cannabis accountants face when trying to get their clients compliant -- and what the IRS is on the watch for. A few topics she will discuss include: ✅ Importance of prioritizing tax compliance: providing world-class service to your client is all about setting your client up for success so they can make the best financial decisions (but the heart of this service begins with getting their books together so you can meet stringent tax code regulations and avoid damaging penalties) ✅ Everything an accountant needs to know about preparing for state tax and IRS compliance: from knowing your skill and comfort level to setting up a quarterly tax system, we break down five essential tips for staying stay IRS compliant (and keeping the IRS from breathing down your neck) ✅ What not to do when helping clients with taxes: although everything you do is ultimately related to tax compliance, it’s easy to run into pitfalls, such as not outsourcing when you’re in over your head or not understanding depths of tax compliance on a state and local level (we’ll cover the main issues to look out for so you can avoid getting yourself backed into a corner) ✅ Importance of continual learning: the best way you can become highly competent in compliance is through constantly studying and learning (a process that never ends as long as you want to provide immense value to your clients) Tune in today to learn the ins and outs of tax compliance that will help you offer world-class service to keep your clients profitable and audit-ready. 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.
39:35
March 1, 2021
Ep. 60: Accounting for Cannabis Startups 101: From Outreach to Fraud Prevention with Pat Reed
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.
21:31
February 15, 2021
Ep. 59: Breaking into Cannabis: A Day in the Life of a Budding Virtual Bookkeeper with Josie Kuykendall
Bookkeepers interested in helping Cannabis and CBD/hemp companies sometimes have an uphill battle, as they often must prove they are much more valuable than in-house bookkeepers. However, these niche-trained bookkeepers are so necessary, because they offer more than just daily reporting. A Cannabis bookkeeper is a critical player in maintaining compliance and helping their clients move toward profitability and growth. Getting started can be tough, but you are not alone. There are bookkeepers who have come before you; some are currently serving clients in this niche and others are still setting up shop in the space. On this week’s podcast episode, Josie Kuykendall joins Andrew Hunzicker, CPA to talk about what it’s like to build her own Cannabis bookkeeping practice and how she plans on helping potential clients realize their business goals. Listen in to learn: 🌿 What to expect when getting started in Cannabis: with minimal resources and zero GAAP guidance, most bookkeepers feel lost the moment they start reading about 280E and Cost of Goods Sold (but your fears can be allayed once you’re pointed in the right direction with some solid resources) 🌿 Functions of a bookkeeper in the Cannabis industry: beyond day-to-day transactions and bill logs, a Cannabis bookkeeper builds a foundation upon which a Cannabis company can grow and succeed (we’ll talk about the specific role a bookkeeper has in keeping clients audit-ready and their books transparent) 🌿 The value of transferring your background to the Cannabis space: many more traditional bookkeeping or accounting verticals can prepare you for the unique challenges inherent in Cannabis (Josie will discuss her experience as a controller in the complex oil industry and how that positioned her to help new clients) 🌿 Questions to ask clients to best position them for success: learn the integral questions you can ask any client to become a one-stop shop to help them grow and stay compliant (especially how to lean into their stress points to help them view you as an invaluable asset) If you are a bookkeeper or an accountant interested in serving Cannabis or CBD/hemp clients, but aren’t entirely sure how to get started, this episode is not to be missed! 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.
20:56
February 1, 2021
Ep. 58: Navigating Cleanup for Starting Off on the Right Foot with Angela Mays
Navigating cleanup can be overwhelming for many Cannabis or CBD/hemp accountants. However, properly taking your client through the cleanup stage will ensure you start out on the right foot, and will set the stage for their future success and compliance. In the experience of our founder and the DOPE CFO network, 90% of the clients you serve will need some degree of cleanup, whether they’re a new startup or an established business with messy books. In this episode, Andrew Hunzicker, CPA discusses the cleanup process with Angela Mays, an MBA and CFE who runs a professional services firm that provides outsourced accounting and financial consulting solutions to businesses in the real estate investing & Cannabis industries. Listen in to learn: ✅ What it’s like to do your first clean-up with a client: you’ll hear first-hand how an accountant new to the Cannabis space managed the cleanup process for the first time (and the steps you can expect and challenges to be aware of, whether you’re helping a startup or an established business) ✅ The importance of instilling a system for cleanup: without a system in place, you’ll likely feel like you’re all over the map with your new client (and we’ll touch base on system’s components you’ll want before you ever onboard) ✅ Struggles of software reconciliations: from Metrc to FlowHub, we talk buggy software issues and tools Angela used to to make cleanup a smoother process (and how you can access these tools to prepare for your next cleanup) Don’t miss the chance to learn from Angela’s firsthand experience and pick up some expert tips! Want more great insights 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.
27:38
January 18, 2021
Ep. 57: Cannabis Real Estate and 280E Tax Liabilities: Is Leasing Property to Cannabis Companies Risk-Free?
Cannabis is complex enough with the usual day-to-day questions and issues accounting professionals run into. When you add clients wanting to lease or buy land into the equation and try to apply 280E, it may feel like any misstep could lead to detonating a litigious minefield. Not understanding how 280E relates to leasing or buying real estate in Cannabis could lead to some explosive penalties and consequences. To get a clearer understanding of how leasing out property relates to 280E, listen into our latest podcast, “Cannabis Real Estate and 280E Tax Liabilities: Is Leasing Property to Cannabis Companies Risk-Free?” Understanding the pros and cons of leasing property to businesses in the space will help you make a better informed decision to add value to your clients. Key points you’ll learn about in this podcast include: 📍How 280E can apply and in which circumstances: although there’s never one answer, 280E always applies to Cannabis companies and owners, but might not apply to strictly non-Cannabis assets (for example, a landlord or company might be able to keep assets “safe” from a Cannabis company declaring bankruptcy by creating a separate non-Cannabis LLC, but this doesn’t necessarily mean the owner will be able to lower or reduce 280E tax liabilities, especially if there’s common ownership of assets within the Cannabis company). 📍Possible complications with leasing accounting: we’ll discuss some complications accounting professionals may encounter helping landlords and land owners (and why lease accounting issues can require high-level services from specialized accountants that involve analyzing the accounting, tax, and cash flow implications tied to the owner’s assets). 📍Tools to determine the buy or lease debate: there are tools to ease the headache of determining the risks of leasing assets, such as buy versus lease calculator (and you’ll learn how to locate these tools that can look at cash flow effects and forecast any tax implications to make better decisions for your clients). 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.
17:17
January 4, 2021
Ep. 56: How to Get a CEO On a Call and Hook Their Interest with Betsy Morem and Mark Waller
Many accountants new to the Cannabis or CBD/hemp space often feel overwhelmed by the prospect of finding clients, getting them on a sales call (or two), then closing. You’re an accountant after all, not a salesperson. However, once you establish an actionable and repeatable system that effectively connects you with a CEO and also hooks them with your value-add pitch, you can begin to confidently land more clients. On this week’s episode, Andrew Hunzicker, CPA is joined by two DOPE CFO students, Elizabeth “Betsy” Morem and Mark Waller, both licensed CPAs. Betsy and Mark outline the exact strategy they used to get a CEO on a call, and how they secured his business for their new Cannabis accounting firm. Listen in to learn: ✅ Why two brains can be better than one: tag-teaming CEO calls can boost your confidence in landing new clients (and increase your odds for building a client base) ✅ A step-by-step process for landing calls that convert: getting a CEO on the phone is one thing, but getting them to commit is the clincher (you’ll learn the process Betsy and Mark used, and how you can make it your own) ✅ Insights into the challenges of finding CEOs: clients don’t just fall into your lap, but with dedication you can make the process a bit smoother (and take a couple of tips away from other accountants’ experiences to navigate the challenges of client acquisition) ✅ Pricing strategies for new clients: after you attract the interest of a client, the next step is to determine your pricing (and we make that a little easier with input from accountants new to the Cannabis space) With the right resources and an established sales system, you, too, can be closing Cannabis CEOs! 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.
33:07
December 21, 2020
Ep. 55: How to Build a Rock Solid Cannabis Audit Trail and Keep the IRS on Your Good Side
Cannabis CEOs must always be ready for an audit. Being in the spotlight in an industry that is still federally illegal means you must conduct all operations with exacting detail, especially accounting. Rumor has it, the IRS and local tax agencies are currently looking to collect millions in what they believe to be unpaid taxes. Yikes. Many CEOs have lost licenses, been fined large sums, and even spent time in jail after they were audited and the tax courts determined they didn’t properly pay their taxes. As a Cannabis accounting professional, it is your job to paint a complete picture of how money flows in and out of a business, both in its day-to-day transactions and overall operations. With robust reporting and a rock-solid audit trail, your clients will have an easier time winning over investors, partners, and board members, along with being prepared for that inevitable audit. Learn how to set your clients up for success through the implementation of an audit trail by tuning into our latest podcast hosted by DOPE CFO founder, Andrew Hunzicker: “Ep. 55: How to Build a Rock Solid Cannabis Audit Trail and Keep the IRS on Your Good Side.” Key points Andrew will address include: 🌱 Definition of an audit trail: learn what an audit trail is and why it is critical to maintaining compliance of any Cannabis business (and how a correct audit trail provides essential data any auditor can easily track seven years from now). 🌱 Parts of a month tie-out system: discover why a month tie-out system is a huge part of the audit trail (which will allow you to clearly document all adjusting journal entries and help your accounting systems run like clockwork). 🌱 Why audit trails add incredible value to your client: CEOs/clients are able to own and have permanent access to an effective audit trail not stored on your server (this empowers them to utilize their own data at any time necessary to fulfill requests from lenders, banks, investors, and auditors). Listen in for your overview of how to build an audit trail, and you will never again conduct business without one! 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.
16:59
December 7, 2020
Ep. 54: Growing a Cannabis Accounting Firm (and Debunking Conservative Taboos) w/ Ramsey Sessions
America’s “Bible Belt” is experiencing a revolution that few saw coming: the acceptance of legal marijuana. Historically a region that prides itself on strict religious and moral standards, states like Louisiana and Mississippi have recently welcomed medicinal marijuana into their economy. Georgia has legalized CBD oil. Alabama even looked at legalizing medicinal Cannabis back in February of 2020, but that bill was stopped short due to covid. Even with the recent wins for medicinal Cannabis, starting a Cannabis accounting firm in a conservative state can be challenging. Depending on whether your state has yet to legalize any type of Cannabis, you may be fighting a lack of client availability or board limitations on serving outside states. You may also still be under the scrutiny of peers or worry that your reputation will be tarnished by the federally illegal status. Alabama resident Ramsey Sessions, CPA hasn't been hindered by the fact that his state has yet to pass any type of Cannabis or CBD. He hasn't even let his military background keep him from forging into the space. As soon as he started to see the economic and health benefits of Cannabis, he was able to drop his biases and move forward to fill a demand. Ramsey joined us on our podcast for “Episode 54: Growing a Cannabis Accounting Firm (and Debunking Conservative Taboos) w/ Ramsey Sessions.” He sat down with DOPE CFO founder Andrew Hunzicker, CPA to discuss what it was like to move past his old biases against Cannabis -- and why entering the space has been the best move for his practice. Highlights of Ramsey’s interview include: 🌱 Why Cannabis is pushing past traditional Conservative beliefs: due to proven health benefits and increasingly high sales of Cannabis in numerous states, it’s hard for even the most conservative of states to ignore the value of Cannabis. 🌱 Reasons why now is the best time to start a remote Cannabis practice: even if you live in a state where Cannabis is illegal, you can likely still serve Cannabis clients around the country (with all the coronavirus lockdowns of 2020, no time is better for remote work than now as most people in the nation are working virtually). 🌱 Forecast of further legalization in conservative states: Tennessee, South Carolina, and Alabama still have not legalized medicinal or recreational marijuana (but these remaining states are paying attention now that Florida and Missippi have legalized medical Cannabis and may follow suit quickly). If you want to learn more about Ramsey’s background and his dedication to helping Cannabis companies around the country, check out his website here; https://sessionscpa.net/ 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.
30:40
December 3, 2020
Ep. 53: 5 Things Successful Cannabis Accountants Get Right
If you’re wondering if you have what it takes to be a top-of-the-line, increasingly successful Cannabis accountant...spoiler alert...YOU PROBABLY ALREADY HAVE WHAT IT TAKES. Are you responsive? Consistent? Creative? A go-getter? Are you willing to continue learning and growing? Yes, there are technical elements you need to succeed as a Cannabis accountant. Yes, workpapers, systems and processes, and software are all necessary, but those are all teachable. What about the characteristics nobody talks about? The personal attributes that can lead to your greatness… Your grit, determination, and problem solving skills. Your ability to make the system work FOR you. These traits set you apart. These strengths will launch you into the ranks of Cannabis accountants with lucrative, thriving businesses and vast potential. There is no need to settle in as another run-of-the-mill professional, going through the motions, and never fully realizing their abilities. Our latest podcast episode with DOPE CFO founder and CEO, Andrew Hunzicker, CPA, highlights the top five things Cannabis accountants get right. Listen in for insights on: 📌 Cracking the code to finding clients: generating leads, or potential clients, and closing those clients is harder than it may seem (but dedicating yourself to LinkedIn and email outreach, and trying different techniques like email drip campaigns are just a few of the many ways Cannabis accountants garner top clients). 📌 Unlocking the ‘soft skills’ of success: soft skills include business management, discipline in studying new materials, time organization, and motivation to continually improve and add value to your clients (all of these skills and more could set you apart in the field, from learning a new niche to sticking with continued education to rise as an expert in Cannabis). 📌 Leveraging niche-specific tools and processes to add huge value: the value you add is only as good as the tools, systems, education, and processes you leverage to provide that top-notch service to your clients (and possessing these tools is the best way you can go above and beyond what your competition will be offering potential high-paying clients). These tools and training, combined with your innate skills, can take your career to the next level in one of the fastest growing marketplaces in the world. 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.
31:21
November 10, 2020
Ep. 52: Legal Liabilities Run Deep in Cannabis (and What Every Cannabis Lawyer Secretly Wants Accountants to Know) w/Paula Collins
Even if your eyes glaze over when someone mentions legal matters, Cannabis legislation affects your daily life as a Cannabis accounting professional. Cannabis law is constantly changing and legal liabilities are commonplace in this niche, from trademark lawsuits to contesting tax penalties. By understanding the current court rulings and adjusting your accounting systems to reflect up-to-date legislation, you are able to keep your clients informed, compliant, and likely out of tax court. Paula Collins, EA, MBA, JD, understands the ins-and-outs of the Cannabis industry’s legal and accounting complexities. An accountant, legal professional, educator, and business consultant, she has more than 10 years of experience helping a wide variety of clients with tax preparation, from small nonprofits to sprawling high-net worth entities. Cannabis piqued Paula’s interest when she worked with teenagers afflicted with autism who sought THC and CBD for therapeutic purposes. Now, she combines her nonprofit and education background with her legal and accounting expertise to teach Cannabis CEOs and companies to navigate the relatively uncharted waters of this booming industry. Paula recently joined Andrew to discuss the role a lawyer plays in the Cannabis industry, what she and every Cannabis lawyer wish Cannabis accountants would consider when serving clients in the space, and how accountants would benefit from applying a holistic approach to their clients. Key topics covered include: 🌱 Legal liabilities run amok in Cannabis: Cannabis is the Wild West, which means legal issues pop up frequently at state and federal levels, in all aspects from real estate to marketing trademarks to banking issues; with every-changing regulations and rules, Cannabis companies need strong legal support 🌱 What every Cannabis lawyer wants you to know: Cannabis accounting should be approached holistically to address legal questions and entity issues to protect companies and CEOs, along with the bedrock of solid accounting practices (it’s not just about immaculate books and it’s not just about tax preparation; everything needs to work together to inform the business owner and stakeholders about the financial health of the business so they can survive an IRS audit) 🌱 Education is the future for sustaining the Cannabis industry: empowering Cannabis businesses strengthens the industry’s reputation, helping to grow the industry as a sound medicinal alternative and a safe recreational option 🌱 Importance of having a lawyer on your side: if you have a strong lawyer who specializes in tax preparation, you can help your client make sense of and navigate potential tax snafus, including knowing when to take cases to tax court versus district court Sink your teeth into the legal issues often overlooked or misinterpreted by Cannabis accountants in this heartfelt and informative interview. If you want to learn more about Paula’s ongoing efforts to champion the success of Cannabis CEOs and companies, check out her LinkedIn here: https://www.linkedin.com/in/paulacollinsnyc/. 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.
28:06
October 26, 2020
Ep. 51: 4 Ways to Jump into Cannabis Accounting and Maintain Your Professionalism
Cannabis is a rapidly growing industry, but many accounting professionals put on the brakes when approached by Cannabis companies who are interested in their services. Some accountants avoid Cannabis because of the complexities of tax codes and tight regulations, but most shy away from the industry because they’re worried the federally illegal status will damage their professional reputation. But here’s the truth… if you understand all the intricacies of working in Cannabis accounting, you could help CEOs who truly need your accounting expertise in an industry that shows no signs of slowing down, all while maintaining your hard-earned reputation. Our latest podcast with DOPE CFO founder Andrew Hunzicker, CPA delves into debunking the stigmas associated with Cannabis. You’ll learn how to leverage these common concerns to build a competitive edge in the niche once you understand the processes and requirements behind Cannabis accounting. Key points that Andrew discusses include: Dealing with IRC 280E: this tax code is simple by definition but complex by execution (we’ll break down 280E so you can see it’s not so scary once you understand COGS deductions in Cannabis versus the broader deductions you could take in hemp/CBD). “Evil Drug” Stigma: many people still think of Cannabis as being some horrible gateway drug that will spawn generations of miscreants and ne'er do wells, but 60% of Americans think Cannabis should be legal and more than 224 million people use medicinal marijuana (facts that point to Cannabis’s increasing ability to help people cope with health issues like epilepsy and chronic pain, possibly decreasing reliance on pharmaceuticals for many medical problems). Making It as a Professional: how to put yourself out there professionally as a Cannabis accountant and expert in the field (without you reputation and credibility taking a hit). Landing New Clients: discover you can become a VIP in the Cannabis industry (and attract top clients who will pay you what you’re worth). 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.
17:41
October 13, 2020
Episode 50: Making a Career Change to Cannabis Accounting Late in Life (and How to Own the Transition) -- with Tom Hawbaker
Breaking into Cannabis accounting doesn’t come with an age limit. Even if you’ve been in the same CFO position for several decades, it’s never too late to dive into the Cannabis industry if it calls to you. If you’ve been on the fence about getting started in this quickly growing niche but are worried that you’re too old or have been stuck in the same rut for too long, know that you’re not alone. Many people get started in this space late in life, and end up doing really well for themselves.. Just ask Tom. After working for more than 42 years as a public accountant, CFO, and CPA for various companies, Tom Hawbaker, at 65 years old, decided he needed a change. He was tired of 18-hour days, tired of the same clients and the same demands, and knew he needed to reignite the passion in his accounting career. He got in touch with Andrew Hunzicker of DOPE CFO and, within a matter of months, is now on fire to start helping clients in this underserved space. Tom sat down with Andrew recently to talk about why he made his career change late in life, why he’s never looking back, and why he’s looking forward to the day Cannabis becomes federally legal, Highlights of Tom’s story include: Transitioning to Cannabis after decades in another industry: Tom describes the journey he took to make a career change after spending more than 35 years as a CFO in the automobile industry (and how you can make a similar transition with confidence, even if you feel you’re ‘late in the game.’) Essential skills and strengths to help you switch gears: you can mine your past accounting experiences and personal talents to help you transfer your skills to Cannabis accounting (and Tom shares how you can even learn to love marketing if you have natural people skills). Leverage a support system to make the leap: one of the best ways to get started is to become part of a community full of like-minded Cannabis accounting professionals, like DOPE CFO (and Tom shares how this extra peer support from the DOPE CFO VIP community has gone a long way towards helping him quickly learn Cannabis accounting in a short period of time). Changing your life and choosing a new track knows no expiration date! Be inspired by Tom’s story to find your own path and stake your own claim in the green rush. If you want to learn more about Tom’s individual story, check out his website at www.hawbakercpa.com. 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.
34:51
September 29, 2020
Episode 49: Unpacking the PBC (Prepared By Client) Checklist -- and How to Start Any Client Off on the Right Foot
Before you can ever set highly valuable services in place for Cannabis clients--even before the cleanup phase--you need a solid onboarding process. And no effective onboarding process is complete without the Prepared By Client (PBC) checklist. You can think of the PBC list like the blueprint for your future relationship with the client and the services you will provide. If a carpenter tried to build a house without a blueprint, that house would not have correct dimensions, structure, or electrical installation, turning it into a franken-house full of problems that may lean on one side, is not up to code (and therefore not safe to inhabit), and may crumble to the ground within months. Basically, you would just never build a house without a blueprint. And you shouldn’t build up a client’s accounting system and processes without the PBC. This document helps you avoid finding leases three months in that you didn’t know existed, or incorrectly prepared tax returns. A proper PBC will save you hours of back-tracking and will pack your services with added value from the very beginning. Listen in to Episode 49 of our podcast as DOPE CFO founder Andrew Hunzicker, CPA, unpacks each part of the PBC to help you get a handle on what should be in this essential onboarding document. Key aspects of the PBC he’ll discuss include: Why the PBC is so important: from implementing a proper cleanup, to creating a perpetual data room, to leaving a permanent audit trail to keep your client efficiently compliant, you’ll learn why the PBC is elemental to proper accounting (and the frustrating mess you could make for you and your client if you skip this crucial engagement step). Parts of the PBC: learn each component in a comprehensive PBC checklist and how to request these documents from your client (along with at which point you need the checklist and why the timing of requesting these documents is so important). Unleashing the immediate value of the PBC: discover why a complete PBC adds instant value to the services you offer your client (and why this ‘checkup’ on permanent files will save you many hours of work in the long run). And more! 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.
18:20
September 16, 2020
Episode 48: Seeing into the Future: Predictions of the Cannabis Industry Once It Becomes Federally Legal
Federal legalization of Cannabis will likely change your role as an accountant. Will those changes bolster your success -- or make it harder to get a foothold in the industry? Listen in for our predictions. With the November election just a couple months away, states like Maine, Arizona, and South Dakota are awaiting results on their medicinal and recreational use initiatives. As more states legalize Cannabis every year, the entire Cannabis industry (including accounting professionals) is waiting in earnest as the nation gets one step closer to federal legalization. Whether we have to hang on for two more years or several more election cycles to finally see Cannabis assume the same legal status as hemp/CBD, most Cannabis accountants have a heated question on their minds: What will working in the Cannabis industry be like once it’s legalized? In a timely podcast, DOPE CFO founder Andrew Hunzicker, CPA, quickly breaks down his predictions of where the industry is headed once it hits federal legalization and how the demand for niche-specific accountants will likely only rise. Points he covers include: Probability of Cannabis growing in complexity: Cannabis accounting and bookkeeping is already complex, and will likely become more complicated as state and federal accounting rules integrate and banking availability increases (meaning you will likely never run out of clients who need your services). Bookkeepers and accountants flooding the space: once Cannabis is legal in every state, thousands of other bookkeepers and accountants will want to jump into the niche (which means that those of you already diving into the green rush will have a HUGE head start on industry). Increased regulation: just as accounting rules will grow in complexity, so will regulation across USDA, FDA, EPA, and OSHA requirements (signaling higher fees for you to collect while adding valuable compliance services to CEOs in over their heads). Huge corporate valuations: everyone, including the big corporations, will want to jump on board with nationwide legalization (freeing up even more MAJOR high revenue clients for you to recruit). 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.
08:48
September 2, 2020
Episode 47: The World's Greatest Cost Accounting Tool for Cannabis Cultivators/Growers
Do you have cost accounting nailed down for Cannabis accounting? Can you confidently say you know how to track each plant, work in progress statuses, and inventory count to properly allocate costs to COGS? Are you reducing tax liability properly for your clients… or are you unwittingly costing them extra money by taking too few deductions or being the reason they rack up penalties? To be the champion of correct accounting and compliance for your clients, you need great tools, and one of the best tools is the flower calendar (the only one of its kind in the industry!). With this tool, specially designed by DOPE CFO founder Andrew Hunzicker, CPA, you can streamline Cannabis accounting processes and make it way easier to do the following: Facilitate seed to sale compliance: because the flower calendar literally tracks the growth of a plant, you can help a Cannabis operator or CEO adhere strictly to seed to sale protocol (from buying seeds to the pruning of the final harvest, the calendar helps you establish a strong seed to sale foundation to fulfill state regulations). Offer key support for cost accounting: cost accounting is imperative to properly filing tax codes IRC 280E and 471 (learn how the flower calendar can help you estimate yields, strains, and complete percentages to inform how you assess variable and fixed costs each month). Project cash flow: in a cash-based industry, the flower calendar helps with cash forecasting and precise monthly reports (making the cash forecasting system more automatic, helping your client strategically prepare short- and long-term cash flow objectives). Provide management, board, and investment reporting: when you help your client prepare reports for the management team, company board, lenders, or investors, the flower calendar helps you provide key decision makers with precise details on crop yield, harvest percentages, and future cash flows. 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.
17:01
August 18, 2020
Episode 46: How to Fast-Track Your Start in the Cannabis Niche, Even During a Recession -- with Ken Mierzwinski
The American economy is still shaking off the effects of coronavirus and the recession. If you struggled to keep your accounting clients or were furloughed during the last few months, you never want to worry about losing work again. Never again do you want to be left wondering if you can pay your mortgage or feed your family. You’ve heard from the experts that the best way to boost your revenue is by finding a niche. And after the ‘Rona’ madness, you’re looking for a strong niche to carry you through the best and worst of times... even during a recession. Even in the face of a nationwide pandemic, Cannabis has proven to thrive. You could maintain enough work with good clients to keep yourself busy almost all year round (and not just during the rush of tax season), bringing you enough revenue to ride the inevitable waves of the economy. But how do you even begin to learn the ins and outs of Cannabis accounting, or get clients that will justify the transition from general accounting to learning highly-specialized processes for this booming niche? Ken Mierzwinski, CPA, had heard about the Cannabis industry’s exponential growth in the last few years. Once DOPE CFO founder Andrew Hunzicker reached out to him about getting started in Cannabis, just around the time COVID-19 first hit, Ken knew jumping into Cannabis was a matter of survival. His well-timed leap into the industry would allow him to keep paying his bills while his other non-Canna clients were on hold. Ken recently sat down with Andrew for an interview for the DOPE CFO podcast to talk about his transition from one business to the other. He tells the story of how he kept his first non-Cannabis business afloat (even while his clients were on hold) because his ONE Cannabis client (that he landed in just two months) helped him pay the bills. He wasn’t confident at first that he could quickly get his Cannabis client in time to save his income during the pandemic. However, as soon as he dove into the DOPE CFO materials, he was talking to clients within one week. In this podcast, you’ll hear Ken talk about: Why he chose Cannabis as the niche to keep him solvent even during a recession How he got started with the DOPE CFO program and what it was like to be able to quickly reach out to and onboard his first monthly retainer client His plans for the future now that he is getting more comfortable with accounting practices for different Cannabis verticals Want to get on the fast track to learning Cannabis accounting? Check out our DOPE CFO program by visiting dopecfo.com. For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast.
30:13
August 4, 2020
Ep. 45: 3 Ways to Find Great Clients (and How to Keep Them On As Monthly Retainers) -- with Adam Remis
Cannabis accounting may be a great niche to dig into, but you may not get too far in your new practice if you don’t know how to land the right clients who can pay you what you’re worth for your services.. When it comes to client acquisition in the Cannabis industry, there are a few tried-and-true methods that make Cannabis CEOs and operators willing to stop trying their hand at DIY accounting internally and hire you to get their books in order, so that they are in compliance with state regulations. Adam Remis, MSIM, CPA, CISA had more than 25 years of experience in accounting, taxes, and CFO roles. He knew how to land clients, but he didn’t know how to close  Cannabis CEOs as clients -- a demographic usually uninformed of the importance of highly-trained accountants amid varied and complicated regulations in their relatively uncharted niche. He didn’t have a plan at first to reach out to clients, let alone ask for monthly retainers. However, once he learned a handful of acquisition tips and discovered what was most effective, he was pushing out engagement letters, one after another. Adam sat down with us recently to talk about at least 3 different client acquisition methods he used in the last few months to bring in substantial monthly retainers from clients who fully value the expert services he brings to their companies. In this podcast, you’ll learn about: Top industry methods used to acquire the right kinds of Cannabis clients (and how you can also go “outside the box” a little to come up with your highly effective means of attracting and onboarding CEOs) The degree of work required to get ideal clients (and how to optimize the DOPE CFO program to help you get the attention of top CEOs) Helpful background experience that may give you a leg up in this industry (and give you the boost you need to dive fully into the Green Rush) For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast. For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide.
35:36
July 21, 2020
EP. 44 5 Keys to Raising Capital in Cannabis, Hemp, and CBD
Capital raise is almost always inevitable for Cannabis or hemp/CBD business startups. At some point your company or your client’s company is going to need to raise capital -- and you’re going to need to know how to confidently guide them through the process. Capital may still be tight for startups in 2020, but Cannabis and hemp/CBD businesses may soon have access to new capital options from angel investors, hedge funds, private equity, Big Pharma, and other sources. When this outpouring of investment sources begins to rush in, you want to be ready. Listen in as DOPE CFO founder Andrew Hunzicker, CPA talks about the 5 keys it takes to unlock the interests of investors and increase the likelihood of winning their commitments. Key points Andrew addresses include: The need for rock-solid accounting and financial data: all the sound capital-raising tips in the world can’t be effectively implemented without a Cannabis trained accountant, bookkeeper, COO, and lawyer (which also opens up high demand for accounting professionals helping startups and companies looking to expand). Develop a concise and compelling pitch deck: you don’t want to send a lengthy business plan to an investor; you want a concise and dynamic pitch deck that will hook potential investors (and the way to do this is to systematically understand and implement each component before ever sending it out into the world). How to access investors with a “road show” plan: even the best accounting team and pitch deck won’t get you very far if you don’t have access to investors (we’ll help outline a strategy and run through your options so you know who to contact and how to get started). As an accountant, you can add immense value to your clients by knowing how to prepare a business for raising capital. If you’re an owner or operator of Cannabis  or hemp/CBD business, knowing the steps involved in raising capital puts you ahead of the curve. For more tips and advice on Cannabis/CBD accounting trends and concepts, make sure you subscribe to our podcast. Fore more information on our program, check out our website at dopecfo.com.
44:16
July 7, 2020
Ep. 43 Are Your Client’s Books a Mess? Get the 411 on Dealing with Cleanup Work in Cannabis Companies
Clean books are critical to any business staying compliant with the IRS and federal and state regulations. Cannabis business owners struggle to keep their books organized because of the complex rules and regulation involved with that industry. Plus, due to its schedule 1 status, Cannabis is cash-based, making it even more difficult for general accountants and CEOs to maintain clean and compliant books. As an accountant, you have an incredible opportunity to be the expert for your Cannabis clients to help them clean up their books and maintain accurate cost accounting and GAAP guidance to produce proper books every day, week, quarter, and year. So, when you get a new client and you know there is some major cleanup work to do, you want to make sure you do it right the first time around. Join DOPE CFO co-founder Naomi Granger, MBA, CPA for our latest podcast episode.. She unravels the main points accounting professionals and Cannabis CEOs need to consider as they get their books in order to stay legal and successful. Main points Naomi will discuss include: Why you shouldn’t make assumptions: it’s common for accountants to assume that a multi-million dollar business has their books together and proper industry experts in place to stay compliant (when in reality 9 times out of 10 Cannabiz owners are struggling to find a good accountant and are doing things wrong as they attempt DIY accounting). Major problems commonly experienced: many accounting and bookkeeping errors include issues with cash flow, negative cash accounts, improperly categorized assets and liabilities, fixed asset allocations and depreciation (and many other problem areas where GAAP guidance, proper reports, and accurate inventory processes would go a long way towards cleaning up the mess). Pricing questions - accounting cleanup is a difficult process and requires setting high fees that reflect the work a highly-trained accountant dedicates to straightening out a Cannabis business (learn how to set fees so you can confidently ask for compensation as you provide this value-added service). For more information on getting started, make sure you subscribe to our bi-monthly podcast for great tips and updates! Also, make sure you check out our FREE Cannabis Accounting Guide by texting DOPECFO to 345345
29:54
June 23, 2020
Ep. 42 How to Wow Cannabis Clients On a Call and Make Them Beg for Your Accounting Help -- with Valeria Cruz Sandino
When you first start out in the Cannabis accounting industry, reaching out to potential clients can seem intimidating. Add trying to wow them and land them as paying clients -- and that can seem almost impossible, at first. Valeria Cruz Sandino, CPA, joined us recently for an interview and shared with us the process she used to land big Cannabis clients with a compelling phone call and offer -- and how she presented the value of her services in a way that made the client practically beg for her to onboard them. Within a few short months, she had positioned herself as an expert and was being invited to speak at events. Valeria touches on hot topics, such as: Why choosing a niche is critical to quickly growing your accounting practice (and why Cannabis is a recession-resistant niche that is booming with no signs of stopping) How using a specific offer landed her a big client after just a couple months in the industry (and how you can access this offer template through DOPE CFO’s training program to impress your own leads) Gaining the confidence to explain the value of your services to potential clients (and how to talk about value-add services to show clients that they can’t continue to conduct business without your expertise) How to gain the poise required to speak at events and teach Cannabis owners and industry excerpts about Cannabis accounting (and why this is essential to you growing professionally) For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast. For more info on the DOPE CFO program, text DOPECFO to 345345 for our free Cannabis Accounting Guide.
23:50
June 8, 2020
Ep. 41 Analyzing 2020 Cannabis Legalization Ballot Initiatives
Cannabis legalization has received plenty of attention these past few elections, taking the plant from being recognized as just another commodity (in just a handful of states) to an economic game-changer nationwide. Even with the coronavirus pandemic, Cannabis companies have been deemed essential in some states, while many others issued stay-at-home orders that required countless businesses to scale back, or even close, operations. Many Canna companies have experienced record-breaking sales the last few months. The revenue that this industry has generated did not go unnoticed by local governments, and many states are trying to push for legalization this November. Which states will likely legalize, and which will need to wait? Listen in as DOPE CFO co-founder Naomi Granger, MBA, CPA delves into ballot initiatives for November 2020 and discusses which states are most likely to see Cannabis legalized. Key points she’ll cover include: Reasons why states should legalize Cannabis: the industry is stable and not going anywhere (and could likely restore jobs to the more than 30 million Americans who have filed for unemployment, and may remain unemployed long after the country has reopened). Approved proposed amendments: learn which states, like New Jersey, are close to legalization (New Jersey is sitting with 61% in support of its 2019 approved proposed amendment to put Cannabis sales on the 2020 ballot). Campaigns limited by government: learn how campaigns that are positioned to benefit residents medically in states like Mississippi and South Dakota may be hindered by lawmakers seeking to rewrite the initiatives (and how this can affect the guidelines drafted by citizen-backed campaigns). Unrealistic expectations: Minnesota is one state that might be overshooting its hopes and may have to wait a couple more years (with a proposal for eight-plant home grows, social use, and expungement of most Cannabis convictions. ) If you are an accountant and are interested in taking action now, contact Naomi directly at naomi@dopecfo.com, or book a call here, and she can answer any questions you might have about tapping into your potential in the Cannabis industry. For more information on getting started, make sure you subscribe to our podcast for great tips and updates! Or, check out our FREE Cannabis Accounting Guide by texting DOPECFO to 345345
11:23
May 27, 2020
Ep. 40 - Rocking the Cannabis Industry: How to Quickly and Confidently Transition into Cannabis Accounting -- with Leanna Miller
Many accountants receive the advice to find a niche and become an expert in that industry. But countless accounting professionals also feel anxious and a lack of confidence starting out in a new market. Leanna Miller started her journey towards developing a Cannabis accounting practice in a similar frame of mind: she felt a little in over her head learning niche-specific regulations and rules and didn’t have the confidence to approach high-revenue clients. Leanna joined us recently at the DOPE CFO Podcast to talk about her experiences entering the Cannabis industry -- and how she has emerged a confident expert in her field, even landing speaking engagements just months after stepping foot into the niche. Listen in to hear Leanna’s story as she discusses: Steps she took to quickly gain confidence in a brand new niche (and how you can take the same steps to sharpen your Cannabis expertise within months) Upping her game through interaction with the DOPE CFO VIP community (including how a nationwide network of experts poised her to impress her prospects) Landing a speaking engagement within 30 days of joining the DOPE CFO program (and how she drew on the support within the program to gain the confidence to speak at a large convention) Resources and education she leveraged to completely retool her existing Cannabis accounting firm (and position her business for significant growth). For more great tips and soundbites on Cannabis accounting and bookkeeping, make sure you subscribe today to our podcast. For more info on the DOPE CFO program, text DOPECFO to 345345 for our free guide.
19:24
May 11, 2020
Episode 39: Climbing Towards a World-Class Attitude in Business and Life w/Christophe Bichet
What do rock climbing and accounting have in common? Quite a bit, it appears. We recently sat down with motivational speaker,mental coach for the French National Climbing Team, and rock climber, Christophe Bichet, to talk about how it is possible to strap on your crampons and climb towards world-class proficiency and success in everything you do, whether you’re scaling the French Alps, learning a new hobby, or setting up your own remote accounting business. Listen in for this exciting twist on accounting education. Christophe and DOPE CFO co-founder Andrew Hunzicker, CPA discuss the following inspiring topics: Persevering in the face of adversity: Christophe describes his lifelong fight with Fanconi anemia and how battling this illness early on shaped his fearless outlook he still has today (despite people telling him he would die young and should just take it easy in life). Discover a new philosophy for living life: learn about Christophe’s approach of living each day as if it were your first day on Earth (and how that sets him up to explore multiple endeavors at a high level -- and how that relates to your journey as an accountant). Achieve world-class level proficiency in anything you do: we’ll discuss how rock climbing relates to scaling all challenges in life and putting in world-class effort, whether you’re summiting peaks at 20,000 feet above sea level (or launching your own remote business). Fear and how to squash it: learn how fear really is only your head, regardless of the situation (and hear Christophe’s steps for coping with fear and moving on). ...and more tips and stories from Christophe! For more information on Christophe, check his website out at christophebichet.com. If you want to learn more about the DOPE CFO program and for more accounting tips and industry insight, make sure you subscribe to our DOPE CFO Podcast channel for bi-weekly episodes.
39:31
April 27, 2020
Ep. 38: Making the Transition to Remote Cannabis Accounting - How an Accountant Did It with a Full-Time Job, and Landed a 6-Figure Client with One Email
Tammy L., a Cannabis accountant from North Carolina, joined us recently to talk about her experiences transitioning from a full-time job to a remote practice. She told the story of the hard work she has put into developing this next chapter in her career, and offered advice to others looking to make the same career move. Key topics she discusses include: What it’s like for an average accounting professional to transfer their skills to a remote accounting practice in the Cannabis/CBD niche The process involved to land high-paying clients (and why it’s simplified with the help of DOPE CFO) Time-management tips for working remotely and fulfilling client expectations How a remote accounting firm in Cannabis/CBD niches can help you stay afloat ( even during hardships like this pandemic) Advice for people interesting in making the leap towards a remote accounting job Ask most remote accountants about their remote working lifestyle and they will tell you about the freedom they have to work anywhere with a wifi, the flexible hours they get to set, and the ability to acquire higher fees from hand-picked clients. Add a super-powered niche like Cannabis (the fastest growing industry in the country) and you have the formula to crack into a rewarding and fulfilling opportunity. Especially with most of the country in isolation right now due to coronavirus, there’s no time like the present to learn how to start a remote Cannabis accounting business. Tammy, a DOPE CFO student, launched her remote Cannabis accounting practice last year and managed to land a 6-figure client with just one compelling email, using the DOPE CFO email script. Tune in to hear how she did it and be inspired to follow her footsteps. Make sure to listen to the end for information on getting our free guide to landing your first Cannabis client. Thanks for listening and don’t forget to Be DOPE!
24:57
April 13, 2020
Ep. 37: Insurance: Important Considerations for Picking an Insurance Provider for Cannabis Companies
Insurance is an imperative part of any and every business, especially for Cannabis with its federally illegal status and strict regulations. The caveat is that most average carriers won’t touch the Cannabis industry. Join us for Episode 37: Insurance: Important Considerations for Picking an Insurance Provider for Cannabis Companies as we interview Brenda Bader, accounting professional and insurance agent of Missouri. She has provided services for more than 20 years to individuals and businesses and is one of the few agent insurance agents we know of that serves the Cannabis market. Listen in as DOPE co-founder Naomi Granger, MBA, CPA interviews Brenda and asks her about why insurance is essential to Cannabis businesses, what kind of policies apply to different Cannabis verticals, and how to pick a trustworthy carrier who can protect your client or your company. Key points Brenda discusses include: Must-know Cannabis insurance facts such as why Cannabis friendly carriers are 100% required for getting claims paid and serving ancillary Cannabis businesses What reports and regulations must be adhered to in order to receive payments on claims Why Cannabis companies might need insurance, such as product liability and loss of use How the DOPE CFO program prepared Brenda for translating her accounting and insurance skills to the Cannabis industry so she could provide for this underserved market ...and more! Insurance is a crucial part of the Cannabis industry and requires in-depth knowledge to understand your options when looking at carriers. This episode puts you in the know with one of the best in the field. To claim the free guide we mention at the end of the podcast, remember to text us “DOPECFO” at 345345.
24:31
March 30, 2020
Ep. 36: Small Firm's Guide to Cannabis Bookkeeping
The Cannabis industry is growing at a blindingly rapid pace -- so much that we refer to it as the “Green Rush.” Medical Cannabis is now legal in 33 states and recreational Cannabis has become legal in 11 states. That is a $20 billion dollar-market -- and it’s likely only going to increase with pending federal legislation taking steps to legitimize the $70 billion “illegal” market. Imagine...all these Cannabis companies and CEOs jumping into the green rush and realizing just months down the line that bookkeeping is SERIOUSLY complicated. That’s where you come in. Because Cannabis is so highly regulated and predominantly a cash-only industry, tax codes, deductions, sticky software integrations, and poor vendor-business relations are just a few of the major pitfalls Cannabis business owners find themselves stumbling over. During this podcast we discuss the main Cannabis bookkeeping issues CEOs face and the opportunities you have to supply expert solutions to keep them compliant with IRS, federal, and state regulations. Main topics covered include: 🌱 Understanding holes and hurdles in vendor-business relations and how to develop solutions to bridge the gap 🌱 Accessing and integrating effective tools to integrate complex software systems 🌱 Devising “manual” accounting systems to compensate for the lack of effective and streamlined Canna software 🌱 Providing GAAP guidance and developing workarounds to navigate the lack of Cannabis industry resources 🌱 Preventing downtime and smoothing buggy software infrastructure 🌱 Following annual, quarterly, monthly, weekly, and daily procedures for Cannabis bookkeeping 🌱 Offering a high-demand service to businesses who need your expertise to stay afloat Want more tips, tricks, and support as you dive into the Cannabis bookkeeping industry? Make sure you subscribe today to The Dope CFO Cannabis Accounting Podcast at Anchor.FM for biweekly podcast episodes on Cannabis and CBD accounting and bookkeeping -- and everything in between!
46:45
March 16, 2020
Ep. 35: Challenges in Banking for Cannabis Businesses
Cannabis is largely a cash-based industry. Banking barriers make it risky and difficult for your clients to stay compliant and safe, despite how badly they try to be legit. How do you help your clients optimize tax benefits when operating mostly in cash? How do you manage your own banking when you work in a federally ‘illegal” industry so you aren’t accused of money laundering? This podcast covers pressing banking questions like these asked by our VIP members in our private FB group. You’ll learn about the risks Cannabis businesses face without a proper banking account: Vaults on-site full of cash and paying all taxes, bills, and employees with cash 1 out of ever 2 Cannabis dispensaries are robbed or burglarized Lack of a paper trail for ease of tax purposes and tracking inventory You will also learn the landscape of current Cannabis banking availability (or lack thereof) and what your current options are to protect yourself and your clients. We also focus on discussing: Stringent segregation of duties and staff to prevent fraud Daily and monthly procedures and controls put in place to protect the cash ----------------------------------------------- If you would like to download the free guide I mentioned, just download “Accountant’s Guide to Managing Your Client’s Cannabis Accounting Needs” by clicking here: http://bit.ly/384XNdJ 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
28:32
March 2, 2020
Ep. 34: Cannabis Entity Structures
Accounting for Cannabis entity structures can be confusing… if not set up properly. This podcast episode features our guest Reece B. Morrel, JD, MBA, CPA, from  https://www.morrellawpllc.com to provide you with some basic information on selecting the best entity type (C Corp vs Flow-Thru entities) for your client and some advice on setting up a multi-entity structure for Cannabis businesses. ----------------------------------------------- If you would like to download the guide I mentioned in this episode, "Accountant's Guide to Managing Your Clients CBD/Hemp Accounting Needs" follow this link: http://bit.ly/2RmR3mg 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
22:18
February 17, 2020
Ep. 33: Why Accountants Should Consider the CBD/Hemp Niche
CBD/hemp is one of the fastest-growing industries in the world right now. This podcast episode will provide you with some basic information so that you can consider CBD/hemp as your accounting niche. If you were hesitating on entering the Cannabis niche (crazy idea btw) then the CBD industry may be the perfect gateway client for you… And since CBD/hemp is technically legal here in the US, the accounting risks are much lower than in the Cannabis industry.  Listen in to learn more about what is involved in accounting for CBD/hemp businesses.  Here are a few of the CBD/hemp specifics (and differences to Cannabis) that I share on this episode: The differences between IRC 471 and 263 Farm accounting (and cash vs accrual choice) Any IRC 199A issues related to each individual owner in the business. ...and more! If you would like to download the guide I mentioned in this episode, "Accountant's Guide to Managing Your Clients CBD/Hemp Accounting Needs" follow this link: http://bit.ly/2RmR3mg ----------------------------------------------- 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
23:37
February 3, 2020
Ep. 32: How to Overcome Dispensary Accounting Challenges
Accounting for dispensaries is unique for a number of reasons. If done incorrectly, cannabis CEOs and investors may be putting themselves in a situation where they can be fined, or even lose their licensing. Here are just a few of the challenges with retail cannabis inventory that we share on this episode: Software not syncing and bad POS systems Incorrect data in software Using the wrong tax codes Not doing cost accounting or correct non-Cannabis accounting Not doing GAAP specifically for retail operations No inventory policies/procedures of controls in place No inventory counts and reconciliations Not understanding the seed-to-sale process Not understanding the different verticals ...and more! The IRS is cracking down on retail cannabis businesses, so don’t get surprised during your next audit! Make sure that your accounting practices are in compliance. ----------------------------------------------- Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/2RnJITq 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
25:54
January 20, 2020
Ep. 31: Oregon Cannabis Accounting With Damon Mayer
In this episode of The DOPE CFO Cannabis Accounting Podcast, Naomi Granger, MBA, CPA and Andrew Hunzicker, CPA interview Damon Mayer, ChFC, LTC, EA and Oregon Licensed Tax Consultant who specializes in the Cannabis industry. Damon brings a wealth of knowledge from his experience of transitioning into the Cannabis industry in the State of Oregon.  His clientele consists of growers, dispensaries, labs, extractors, wholesalers, and a myriad of other auxiliary cannabis professionals. Through his connections and the DOPE CFO program, Damon has been able to establish himself as a leader in the Oregon Cannabis Accounting communities. Be sure to listen to this 15-minute interview as Damon shares his tips for establishing himself as a cannabis accounting expert in Oregon. ----------------------------------------------- Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/33cZYJR 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
14:24
January 6, 2020
Ep. 30: Cannabis Accounting Software
Cannabis is a complex industry that is riddled with accounting issues: ✅ banking, ✅ cash, ✅ accounting, ✅ software, ✅ merchant service, ✅ compliance/legal issues, ✅ insurance... ...just to name a few. Join us as we share our thoughts on viable Cannabis accounting software solutions. ======================== Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/33cZYJR 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
15:53
December 23, 2019
Ep. 29: Oklahoma Cannabis Accounting with Rose Taylor
On this episode of The DOPE CFO Cannabis Accounting Podcast, Naomi Granger discusses the cannabis industry in Oklahoma with Rose Taylor of Redbud Advisors.  Rose loves working with Cannabis business owners; getting a glimpse into their companies, sharing business strategies, and learning what makes them passionate about what they do. Her background includes a BBA in Business Management as well as being an EA, or someone who has expertise in the field of taxation and tax reporting. Rose is a forward thinker who could see the opportunities when Oklahoma legalized the medical use of Cannabis. As a result, she is now one of the state’s leading cannabis accountants. With tax season on the horizon, Rose advises Cannabis business owners to stay organized. She recommends keeping all copies of receipts in electronic format and working with an accountant that understands Cannabis. Because this is an industry that continually changes, Rose warns if they don’t stay up to date on the ever-changing rules and regulations your accountant could be working against you! Want to learn the 5 secrets to launching your own Cannabis Accounting Firm? Visit http://bit.ly/35cGrKJ 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
13:21
December 9, 2019
Ep. 28: Finding Clients: Old vs. New Methods
Are you tired of going on endless coffee meetings, doing free work just to convince the prospect that you are great at what you do and then hope that you get them as a client? Do you visit the client’s location or keep answering never-ending questions and allow them to treat you like an employee? By doing free work, you portray that your time isn’t valuable and that you’re not the expert. Do attorneys do work for free? NO! Join Andrew Hunzicker, CPA as he discusses: Finding Clients: Old vs New Methods. He touches base on how to take the alpha role with your clients, how to not give away all your expertise before you land the account and how to demand to be paid what you’re worth. It’s time to ditch the old school methods of continuously following up with prospect clients, visiting their location, defending what you can do for them and adopt the new school methods, especially when it comes to Cannabis accounting. For more information visit DOPECFO.com 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
44:19
November 25, 2019
Ep. 27: Moms Building Accounting Businesses: A Piece of Cake!
Tiffani Higgins is a CPA and a mom of 5 kids…That’s right, five children. After passing her CPA exam, Tiffani worked for a small public accounting firm near her home in Kansas City, where she would regularly work 30 hours a week during the non-tax season and as much as 60 hours a week during tax season. Seeking a better work-life balance, Tiffani chose to leave her job to start her own virtual bookkeeping business where she quickly discovered she could work a lot fewer hours for the same pay or better. Not long into this journey, one of Tiffani’s part-time assistants asked for her advice about starting her own virtual bookkeeping business. Tammi soon realized she could help many people just starting their practices, and it turned out to be the inspiration she needed to create her successful coaching business! Tiffani credits the DOPE CFO program for helping her get started as an entrepreneur.  She now uses the knowledge she gained through DOPE CFO to help her students offer world-class services and get paid accordingly. You can learn more about the DOPE CFO Program at http://bit.ly/2NTdUmr 🌿Join our DOPE CFO FB Group: https://www.facebook.com/groups/dopecfo 🌿Say HEY On Social: LinkedIn: https://www.linkedin.com/company/dopecfo Facebook: https://www.facebook.com/dopecfo Instagram: https://www.instagram.com/dopecfo Twitter: https://twitter.com/dopecfo
16:34
November 11, 2019
Ep. 26: Cost Accounting: How much does it cost to grow a pound of weed?
Most accountants are not familiar with the growing and production process of cannabis. This means, they are not doing proper cost accounting and may not have the right tools that they need to help their clients maximize their legally allowable deductions. In this episode, DOPE CFO Co-Founder, Andrew Hunzicker, CPA discusses the costs associated with growing a pound of cannabis and how important it is for accountants to understand the complexities of production. For More Information About The DOPE CFO Program, visit: http://bit.ly/2VFXx0b
46:37
October 29, 2019
Ep. 25: Combining Your Personal Passions with Accounting for Success: An Interview w/ Robert Eyler
Robert Eyler is a Certified Personal Trainer, Fitness Nutrition Specialist, Behavioral Change Specialist, Corrective Exercise Specialist, Registered Yoga Teacher, and a CPA. We offer lifestyle consulting, customized training programs, nutrition plans, and Corporate Health and Wellness topics. He also works for the 5th largest accounting and finance firm in the world lead the Firm in their Mindfulness, Health and Wellness efforts which are all focused around employee engagement. After leaving corporate America to heal from a pharmaceutical addition, Robert found his passion in the Cannabis industry both on the medicinal side but also on the accounting side. Now he spends his time working as a liaison between the Cannabis accounting industry and his current employer, all the while pursuing his other passions in fitness and health. And he wouldn’t have got there without the DOPE CFO program. Listen to this week’s episode as we interview Robert and how the program has positively impacted his life. To learn more about the DOPE CFO Program, visit: http://bit.ly/2pbS3y8
15:19
October 15, 2019
Ep. 24: What Are The Differences Between CBD vs THC Accounting
Understanding the difference between CBD & THC, Hemp & Cannabis is vital if you’re entering into the realm of cannabis accounting. In our recent podcast, we talked with Summer Wilkinson, co-founder of Leap Books, about the differences and how she got into the industry. For Full Episode Notes, Visit: http://bit.ly/2oAHzYH
27:19
October 3, 2019
Ep. 23: The 5 Do's and 5 Don'ts to Marketing Your Cannabis Accounting Services
We’re accountants not marketers, right? So, how do we get ourselves out there and get more cannabis accounting clients? In this podcast we outline the 5 Do’s and 5 Don’ts to marketing your cannabis accounting services. For more information, visit DOPECFO.com
19:35
September 25, 2019
Dispensary Accounting
Accounting for dispensaries is unique for a number of reasons. If done incorrectly, cannabis CEOs and investors may be putting themselves in a situation where they can be fined, or even lose their licensing. Some of the key issues we will discuss: How to do proper GAAP/Cost Absorption accounting specifically for dispensaries 280E and 471, and what this means for dispensaries How to legally maximize deductions for dispensary owners Do’s and Don’ts of using non-canna divisions for tax purposes Annual, monthly, weekly, and daily procedures for dispensary accounting Internal controls to prevent theft and fraud Optimal accounting team structure for dispensaries Chart of accounts breakdown for dispensaries ...and more!
45:17
September 2, 2019
Top 5 Cannabis CEOs Pitfalls part 2
If you are an accountant or a bookkeeper, we highly recommend you to take a look at the opportunities opening every day for this profession in the Cannabis Industry. You indeed need specific training to serve this niche, but we assure you that getting Cannabis accounting expertise will allow you to have a successful career. 
18:14
August 19, 2019
Top 5 Pitfalls of Cannabis CEOs Part 1 (reverse order)
 These are some of the major missteps that cannabis CEOs and accounting professionals make in their business design and operations: 1. Treating investors and employees badly. Everyone must follow the rules in order for a cannabis business to be compliant. From safety to how cash is handled, if everyone isn’t on the same page, it creates a recipe for disaster. And while it’s a newly legalized industry and it is growing astronomically, a cannabis business is still a business. Poor accounting practices, lack of executive direction and leadership, an ineffective HR system, and a team that is improperly- or under-trained are all still going to sink the ship, just as with any other business. This can result in potential disputes, legal action, or even the demise of the company. 2. Lack of Compliance function within their business unit(s). The lack of a Compliance Plan, Chief Compliance Officer, or regular compliance audits can lead to compliance issues, amongst all sorts of other problems. Seemingly countless Federal, state, and local government agencies all have regulations affecting legal cannabis operations. Compliance with these regulations is what is going to keep you out of hot water, so make sure systems are in place to keep up with legislation that applies to your geographical region. Not adhering to these laws and regulations can lead to potential fines, penalties, or even the loss of your license.
10:29
August 10, 2019
What do Cannabis Accountants Need to be Succesful?
Proper cannabis accounting tools make all of this much easier, as well. Cannabis-specific charts of accounts for various cannabis entities, a flower calendar for growers to properly calculate COGS at the various parts of the grow cycle and to maximize the deductions on those costs, and cost accounting workpapers and templates all will help keep the company organized and will save money and reduce tax liability in the long run. 
09:58
August 2, 2019
Cannabis Tax Strategies
 If you’ve paid attention to what’s going on in the cannabis industry, you’ll have noticed a number of decisions that have been handed down from the US Tax Court regarding how cannabis companies are improperly managing their tax strategies. Due to 280E, cannabis companies are extremely limited in terms of what they can deduct from their taxes. Because of these limitations, taxes are a much heavier burden on cannabis companies than most typical businesses and start to eat away at profit margins. There are legal ways to properly minimize tax liabilities for cannabis companies, but most unspecialized or untrained accounting professionals aren’t aware of them and can potentially get their clients into tax trouble. Every entity is different and must apply the rules in different ways, using different strategies.  Here are a few strategies that we use to support our clients and share with our community of cannabis accounting professionals. 
15:04
July 27, 2019
Making it Work part 2: Chart of Accounts, Cost Accounting, Perpetual Data Room
 We have all these systems, we have all these complications and things but there are actual tools to make Cannabis Accounting Software work!  In this episode, we show you step by step the depth of the work that needs to be done and how to get it done with these tools.  Enjoy and share if it's valuable for you. 
14:17
July 19, 2019
Cannabis Accounting Software: Making It Work part 1
In this "Making It Work" piece, we keep going further into the Cannabis Accounting Software Solutions based on a Sample Transaction of a typical retailer recently made by Andrew to explain what we're trying to do weekly and monthly to make sure we are following the rules for IRS, the investor and the bank. Also, to highlight the system needed to get things done efficiently.  We hope this example quickly shows you how complex it is and adds a better understanding of the system.  Enjoy and share if it's valuable for you!
16:51
July 12, 2019
Software Accounting Solutions for Cannabis Industry
So, following what we’ve been talking about on the Cannabis Accounting Software Issues this week’s episode “Software Accounting Solutions” we tell you all the different software, why some work, why some don’t work and the ones you just have to deal with.  Be up to date with us because next week we are going to bring you deep insights on how to make it all work for you and your clients. 
14:15
July 5, 2019
Cannabis Software Environment
Here we discuss where we are as an industry in the Cannabis Software Environment, we explain the existing tools and the challenges around them.  Don't forget to like & subscribe so you never miss another valuable upload.
10:42
July 1, 2019
Ep #14: 3 Key Principles To Success In Cannabis Accounting
In todays episode we break down the 3 key principles for success in developing your own remote cannabis accounting practice.  The key principles are: 1. Finding Motivated Clients: We discuss the exact strategies involved in having a steady stream of high paying motivated clients 2. Becoming a V.I.P: Exactly what you can be doing to make sure you're visible in the industry and regarded as an expert  3. Provide a World Class System: How to provide a world class system to your client which they are happy to pay top dollar for.  We also cover some of our students success stories in this episode and we hope you will find their achievements inspiring.  For more information on becoming a Dope CFO please visit our website: www.dopecfo.com  
22:22
June 15, 2019
Ep#13: The Fast Track To a Successful Cannabis Accounting Practice
In this weeks episode we give you the full run down on how to get the fast track to your own successful cannabis accounting practice.  - How to escape being overworked and buried in paperwork - How to finally start getting paid what you're worth - How to fast track your route in the cannabis industry  - The exact systems and work papers you need to become an expert in this niche - Exactly what type of people will excel in this industry If you'd like to learn more and get started with the Dope CFO training program, please visit www.dopecfo.com 
13:19
June 7, 2019
Lessons Learned: How NOT to build a cannabis company!
In this weeks episode of the Dope CFO podcast we take a close look at one of the best known cannabis retailers in the U.S today.  During the last 6 months of 2018 they lost more than $131 million, more than $2 lost for $1 sold. They are facing lawsuits from employees, CFO and investors as well senior execs and board members quitting, including their COO and chief legal counsel.  We take a look at all the mistakes they have made that have led to the current situation and also everything that could have been done differently if they had employed a Dope CFO from the beginning.  This case can be used as a great reference point for any CEO's you might be offering your expert cannabis accounting services to.  If you would like more information on the Dope CFO training program, please visit our website, www.dopecfo.com 
16:46
May 30, 2019
Ep 11: Getting Your Cannabis Business In the "Dope Zone"
Todays podcast is the third part of our talk at the Cannabis Collaborative Conference back in January, where we spoke about achieving financial success for cannabis businesses.  Today in Part 3 we introduce the "Dope Zone" to cannabis business owners, what it is and the elements required to make sure they stay in the "Dope Zone". We also answer questions from some of the business owners in the audience. We hope you enjoy this weeks episode.  Please visit: www.dopecfo.com for more information. 
07:34
May 17, 2019
4 Keys to Establishing Financial Success for Cannabis Businesses: Part 2
Todays podcast is the second part of our talk at the Cannabis Collaborative Conference back in January, where we spoke about achieving financial success for cannabis businesses.  The talk is quite long and in depth, so we've broken it up into 3 parts for you to consume. Part 1 focuses on some of the cannabis businesses that have been destroyed by keeping poor books and records.  Today in Part 2 we show Cannabis business owners the 4 keys required to maintain safety and financial success in their business. We also answer questions from some of the business owners in the audience. The questions from some of the business owners will give you a great example of the bad advice they are currently being given and how having the expertise in cannabis accounting makes you extremely valuable to them.  We hope you enjoy this weeks episode.  Please visit: www.dopecfo.com for more information. 
12:52
May 10, 2019
Achieving Financial Success For Cannabis Businesses: Part 1
Todays podcast is the first part of our talk at the Cannabis Collaborative Conference back in January, where we spoke about achieving financial success for cannabis businesses.  The talk is quite long and in depth, so we've broken it up into 3 parts for you to consume. Part 1 focuses on some of the cannabis businesses that have been destroyed by keeping poor books and records.  Some of these case date back a while, but the majority are from 2018 when things have started to get worse and worse for cannabis businesses and the importance of good accounts and bookkeeping has risen even further.  We hope you enjoy this weeks episode.  Please visit www.dopecfo.com for more information. 
09:12
May 7, 2019
Ep 8: Why picking a great niche is important
All the gurus tell you to pick 1 niche.........but how do you know which one is right for you? How do you make sure you can become an expert in that niche, enjoy working in it and provide a world class service to your clients?  Are you really going to find working in the dentistry niche exciting? Are you going to enjoy attending dentistry conferences? Are you going to be able to compete with other established accountants in that niche with years and years of experience?  The cannabis niche is fun! It's exciting! It's the fastest growing industry in the world and these businesses NEED accounting experts in the cannabis industry. It's underserved! You have the opportunity today to enter an uncompetitive environment and become the authority cannabis businesses will actively search you out.  For more info on how to become a Dope CFO please visit our website: https://www.dopecfo.com/  
03:35
April 29, 2019
Ep 7: How To Work Less & Earn More
In this weeks episode we break down exactly how you can start working less and earning more in your cannabis accounting practice.  It's a simple, yet challenging shift in mindset and pricing that you need to make in order to start making serious money and having more time to enjoy it.  If you like to learn more about how you can fast track your way to a successful Cannabis accounting practice, please visit www.dopecfo.com 
09:10
April 12, 2019
Ep 6: 7 Steps to Retaining High Paying Clients
In this weeks episode we reveal the 7 steps to retaining high paying clients in the cannabis accounting niche. 1. You must have a process 2. You need to be responsive 3. You must have the tools in place 4. You must have a team 5. You must have insights & Knowledge 6. You must have Value Based pricing  7. You must have a shortcut Please leave us a review if you're enjoying our content and please visit www.dopecfo.com to start your journey as a Dope CFO!
10:43
April 5, 2019
Ep 5: How To Attract More Clients: Become a V.I.P
In todays episode we discuss how you can start to attract your ideal clients for your cannabis accounting firm. We've already discussed how best to find the perfect client........but this is about how you can become a VIP in your niche and have client knocking down your door to work with you.  If you would like more in depth training please visit our free training webinar on our website and start your journey to becoming a Dope CFO today! https://www.dopecfo.com/
09:32
March 29, 2019
Ep 4: How To Find Clients Easily In Your Cannabis Accounting Practice
In todays episode Andrew and Naomi reveal the exact process they follow for automating the acquisition of ideal clients for their cannabis accounting firm.  This is done by following the step by step formula F.E.T.C.H Find Email Talk To Them Call To Action  Harvest Following this process you can now automate and predict with certainty the acquisition of ideal clients for your accounting firm.  For more information check out our on demand training webinar!
11:41
March 21, 2019
What Questions To Ask When Hiring A Cannabis Accountant
In this weeks episode Andrew is interviewed by Orleatha Smith from inclusivepay.com.  In the interview they cover : What are the advantages of hiring an accountant instead of relying on software / DIY. How Dope CFO began and how accountants can join the training program.  What are three questions that someone should ask an accountant before hiring them? What are some red flags to look for? Check out our free training webinar for more information
22:51
March 14, 2019
5 Reason Why You Want To Start a Cannabis Accounting Firm!
In today's episode Naomi & Andrew break down 5 compelling reason why you should start your own Cannabis accounting firm.  For more information please visit our free online training webinar
24:23
March 7, 2019
Ep 1: Can You Really Start A Remote Accounting Firm?
In this 1st ever episode of the Dope CFO Podcast, Andrew Hunzicker & Naomi Granger dispel the myth that having a remote accounting firm is an impossible dream.  They discuss how they have made that dream a reality and the benefits they experience in their lives from not being stuck behind a desk, being able to travel, spend time with family and still having a wildly profitable business.  Accounting professionals, are you looking to serve the fastest growing industry in America? Our on-demand webinar is the ticket you need to get started.
18:53
February 28, 2019