The Cannabis Accounting Podcast by DOPE CFO

Lessons Learned: How NOT to build a cannabis company!

An episode of The Cannabis Accounting Podcast by DOPE CFO

By DOPE CFO
About
The DOPE CFO Cannabis Accounting Podcast discusses the ins and outs of cannabis accounting. Topics include 280E, chart of accounts, starting & growing your own firm, overcoming software challenges, and more! Looking to get into cannabis accounting? Text DOPECFO to 33777 to get your free guide or visit dopecfo.com.
More places to listen
The DOPE CFO Cannabis Accounting Podcast discusses the ins and outs of cannabis accounting. Topics include 280E, chart of accounts, starting & growing your own firm, overcoming software challenges, and more! Looking to get into cannabis accounting? Text DOPECFO to 33777 to get your free guide or visit dopecfo.com.
dopecfo.com

More places to listen

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
44:18
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
27:18
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.
10:28
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. 
09:57
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. 
15:03
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!
16:50
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  
22:21
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 
13:18
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. 
07:33
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. 
12:51
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. 
09:11
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/  
03:34
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 
09:09
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!
10:42
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!
11:40
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
24:22
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
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