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.
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