A significant and growing recognition of the endocannabinoid system and the therapeutic benefits of CBD cannabis products vs traditional treatment has been embraced by physicians, entrepreneurs, clinicians and patients and some law enforcement officials and legislators. As such it has been instrumental in the growth of a new cannabis industry since 2014.
However, as with many infant industries, the business side of the practice is not always front and center in the plans or bank of expertise of those seeking to help treat and heal.
One of those crucial business tasks often overlooked is all facets of record keeping, report filing, bookkeeping, accounting, financial auditing, compliance, tax planning and tax preparation. Additionally, laws and regulations vary according to state which presents a host of financial compliance challenges.
Moss, Krusick & Associates (MKA), are certified public accountants and members of the BDO alliance, a nationwide network of accounting firms that help build and match firm capabilities and experience to client needs. They were tapped to work with a California accounting firm versed in the cannabis industry to be positioned on the ground floor to assist the Florida cannabis industry regarding state, investor, banking guidelines and compliance requirements.
MKA engages in on-going professional relationships with seasoned accounting experts with a high level of experience and success. “By connecting with knowledgeable colleagues, we have developed targeted market insight in our portfolio to provide expert advice for our clients,” said Jennifer Aros, QC Audit Manager.Considered a boutique firm, MKA is proactive in providing personal attention to small to medium sized clients. The firm is experienced in tax preparation, accounting and record keeping, auditing, financial statement preparation and IT services to clients in the cannabis, not-for profit, health care and employment benefit industries.
For example, one of the challenges of the industry is the hesitancy of some banks to deal with cannabis business clients.
According to Aros, MKA has acquired business acumen to match a fit with local bankers knowledgeable of the unique financial parameters and legal requirements of their clients and insure compliance.
Staffed with 80+ professionals, two of the firm’s ten partners bring more than 25 years of in-depth knowledge from the four major accounting firms. The firm was considered one of the fastest growing boutique firms in 2018 by the Inside Public Accounting and the past four years was listed as one of the top philanthropic companies in the area.
MKA, with offices in Orlando, Palm Beach and Tampa, believes in supporting a variety of causes including children’s needs, literacy, the homeless and routinely participates in toy drives and targeted events to support many health-oriented issues, according to Aros.
“As a firm and as individuals we are committed to helping our communities by giving back,” Aros said.
