Who hasn’t heard the adage ‘No guarantees in life except death and taxes.’? Well, it’s not that simple for those on the cusp of the cannabis industry boom and there are many legitimate reasons to contact a trusted CPA firm.
Experienced in accounting, tax, audit, finance and business operations Moss, Krusick & Associates LLC, (MKA) design and maintain accounting systems that provide valuable management guidelines and keep businesses in compliance with state and federal regulations.
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Jennifer Aros, Quality Control/Audit Manager, urges cannabis business entrepreneurs in this booming industry where governmental regulations seem to evolve with each business day, to put accounting on the front burner during their business planning and operations phases. “Seek an experienced accounting firm that is willing to work in the cannabis market to ensure expert advice on reporting obligations and tax liabilities — sooner rather than later,” she advises. MKA, a boutique firm well established in the state of Florida, is knowledgeable about standards in the non-profit, government, real estate and medical professional niches and can contrast the similarities and unique differences from the cannabis industry. As one of the pioneer firms serving Florida cannabis clients, they are a member of the BDO Alliance, USA, BDO is the 5th largest accounting firm nationwide, which backs MKA with the acumen of a network of professionals, which includes firms who are in front of the curve of the cannabis industry.
Unique to the cannabis industry is a base of contradictory laws and regulations between state and federal rules. This presents difficult challenges in banking and tax liabilities for the industry, for instance. While there is still a national hesitancy within the banking industry to work with the cannabis industry, this is a positive opportunity for local Florida banks. MKA brings a referral database of knowledgeable banking, legal and other professionals to support cannabis entrepreneurs from the start.
According to Ms. Aros, it is vital to work with an accounting firm that not only has experience in the accounting world but also the bold self-assurance to participate in the unique challenges of the cannabis industry. In order to engage in the market, MKA keeps abreast of constant changes and contradictions between state and federal laws and the impact on accounting procedures. As one of the few Florida accounting firms willing to tally cannabis clients in their portfolio, MKA is involved in many aspects of the cannabis-related enterprises from conducting inventory observations, full inventory counts for companies, to recommending related professionals to provide guidance in navigating new waters.
Florida is poised to be among the most highly regulated states in the U.S. so MKA staff is involved with on-going educational programs to be aware of the specific laws, guidelines and restrictions that the state of Florida has recommended.
Detailed recordkeeping can put extra strain on small business owners but is a vital requirement. MKA can customize a process to meet client needs whether that requires day-to-day management of the business accounting function or assistance through a temporary crisis.
MKA client services can staff for daily accounting functions, monthly financials, and year-end activities to enable clients to spend more time building the business and less on bookkeeping, recordkeeping and report filing. Experienced accounting professionals work on recordkeeping and help navigate robust rules and regulations which is vital to assure compliance from the ground floor.
In 2018, Florida elected a new Commissioner of Agriculture who is tackling the confusion over medical marijuana regulations with the creation of a Director of Cannabis position. The position will provide a knowledgeable formal governmental liaison to share information, highlight issues and participate in solutions to insure a safe, robust market.
As activists, politicians, business professionals, investors, law enforcement, clinicians and patients engage in the cannabis industry, the debate over cannabis remains heated but promises to lend clarity and credibility to diminish some of the social and cultural stigmas. There may be further revolutionary changes in the landscape and one can anticipate the ancillary industry will continue to grow. Skilled professional accountants can help position their clients with useful management tools to make business decisions that will sustain profitability during the inevitable turbulence of this new and unique industry growth curve.
