Posts tagged with "cannabis"

cannabis-accounting

Is the Accounting Industry Chomping at the Bit for the Cannabis Industry?

The cannabis industry is flourishing and it is providing a unique and exciting opportunity for accountants. This new, niche industry is heavily regulated and demands highly skilled accountants to navigate and lead. This industry isn’t for the faint of heart.

Accountants in the cannabis space are expected to be knowledgeable in a number of facets of the industry, such as farming, retail, food production, and chemical manufacturing. Accountants also must operate within tight federal and state regulations. With a prediction that the U.S. cannabis market will reach $70 billion by 2021, accountants need to quickly catch up to speed to lead the charge or else the cannabis companies they service risk steep penalties or shutdown.

Accountants looking to succeed in this market will need to build a solid base for their team, heavily educate themselves, and seek out intel from cannabis CEOs.

A solid team is a necessity. Your clients will likely be looking for a one-stop shop. Many of them are start-ups and don’t necessarily have the resources to outsource to multiple vendors. Providing them with an educated team including bookkeeping, controllership, and tax prep and planning will be a very attractive and lucrative deal.

Specialized education is a must. You likely never studied the cannabis market in school, so continuing education, workshops, and personal research is a necessity. There are lots of complex accounting rules in place and with such a new industry, things are likely to change rapidly, so staying up to date on all the changes is incredibly important.

Gather intel from CEOs in the space. While you can study and read and take workshops and classes, the best education might be in the field. Pay attention to what leaders in the space are saying, and mold your business to suit theirs. 

Flexi offers accounting solutions to fit any industry

Flexi is here to help you succeed in any venture, including the cannabis market. 

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance and highly rated support, all at an attractive total cost of ownership.

Submit your information and get a demo of the Flexi suite today. 

 

Category: Healthcare Accounting

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Cannabis Accounting

How CPAs are Entering the Fast Growing Cannabis Space

As the highly regulated cannabis industry grows, a call for strong, skilled, and experienced financial professionals is growing with it. But, many big accounting firms are still shying away from the industry as it presents unfamiliarity and risk. For the right professional, the cannabis space is booming with opportunity.

What’s complicated about cannabis

Compliance is of utmost importance for companies in the cannabis space due to differing state and federal legislation. This means that while artificial intelligence (AI) and automation are changing accounting jobs (and in some case, eliminating accounting jobs), jobs in niche industries like the cannabis industry are popping up.

Not long ago, legal cannabis products were relegated to medicinal use in a small handful of states. Legislature in recent years has opened up medicinal cannabis to a wide array of states, and recreational cannabis in a growing number of states as well. While cannabis is legal in multiple states, it is still federally recognized as an illegal and illicit substance. Therefore, remaining compliant is of critical importance to companies in the industry. A failure to comply with the various complex regulations can lead to hefty fines–or worse, shutdown.

As such, CPAs are in especially high demand in this fast-growing niche. By 2021, the U.S. cannabis market is projected to reach $70 billion. This could be a significant source of new revenue for accountants who have recently felt the threat of AI and automation changing the landscape of the accounting field and opportunities within it.

How to tap into the industry

CPAs interested in entering the cannabis space should focus on these three steps: education, networking, and building a strong and substantial team.

Educate yourself

There is much to learn about the various, complex regulations of the cannabis industry. Immerse yourself and commit to learning as much as you can about all facets of the cannabis industry, including farming, food, and retail. The AICPA website is an excellent resource.

Network with executives

Networking is arguably the most powerful method of building your business. In an age of social media, networking is easier than ever before. Join, follow, subscribe, and engage with Facebook, LinkedIn, and Twitter wherever and whenever cannabis and legal (and soon-to-be-legal) markets exist.

Build a team

You’ve educated yourself and networked–now you need to build a skilled team. Offer a complete package including bookkeeping, tax planning, and more. The demand is high in this industry–but so is the competition. Provide something truly different to prospects.

Flexi

No matter the industry you serve, Flexi can serve your accounting software needs. Learn more about partnering with Flexi today. Call 800-353-9492.

Category: Blog

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