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How Can You Find the Right Oregon Cannabis Accountant for Your Business?

04/25/2023

As the cannabis industry matures, it’s becoming increasingly important that businesses can navigate the financial challenges they face. For Oregon cannabis business owners, this often means working with an accountant who specializes in their industry. 

When seeking the right Oregon cannabis accountant, various factors exist, including their knowledge of the distinct regulations involved with the cannabis industry. A cannabis accountant should know and prioritize the cannabis industry’s specific tax rules and restrictions. In addition to knowing about these rules, they should have expertise in managing the general finances of cannabis businesses. 

Finding the Right Oregon Cannabis Accountant for Your Business 

Here are some recommendations on how to choose the right Oregon cannabis accountant: 

  • Look for someone who has overall experience working with cannabis businesses. You can ask them about their previous clients or find out if they have worked with other businesses in your industry. This will give you an idea of how much experience they have working with cannabis companies. 
  • Tax planning is important for any business, but it’s especially critical for cannabis businesses. Cannabis tax laws can be complex, so it’s essential that your accountant stays up to date on them and keeps you informed about changes in tax laws that impact your business. They should be able to help you navigate specific stipulations, such as the 280E law, and make sure your business is following them correctly. Your accountant should be able to create tax planning strategies with your best financial interests in mind while still maintaining compliance with the law. 
  • Look for someone with knowledge of logistical challenges specific to the cannabis industry. For example, if you have a large number of cash transactions that need to be tracked and recorded, make sure your accountant understands how to manage those records accurately and effectively. 
  • Ask about their strategic planning experience for improving cash flow and business growth. A good cannabis accountant will help you identify ways to improve your business operations and cost-effectively increase profits. 

Schedule a Free Consultation with a Certified Public Accountant in Oregon 

The right cannabis accountant will be able to help you understand the complex nature of your business and work with you to create a financial plan that allows you to thrive. This experienced accountant will also be able to offer guidance on managing payroll and sales tax filings. 

At the digital accounting firm Perpetual CPA, we work with a diverse range of cannabis businesses throughout Oregon. We specialize in the unique needs of the cannabis industry and provide a broad scope of services to ensure that your business is compliant with the ever-changing laws and regulations surrounding cannabis.  

If you want to learn more about our services and how we can help you manage your finances, call us at (503) 217-4114 or use our online contact form. 

We serve Portland, Hillsboro, Beaverton, Wilsonville, Happy Valley, and the surrounding Oregon communities. 

 

Perpetual CPA 

111SW Fifth Ave. 

Suite 3150 

Portland, OR 97204 

(503) 217-4114 or (503) 217-6101 

Email: [email protected] 

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      b. A Virtual Accounting Department can integrate with a company’s own accounting department to create a blended solution or provide a full-stack accounting department, including Accounting Staff, Manager, Controller, and Virtual CFO. By using a Virtual Accounting Department Small business owners don’t have to worry about hiring, training, figuring out compensation, and payroll compliance for the internal accounting team. Also as the business grows and new and more complex accounting and tax issues come up, the outsourced Virtual Accounting Department can provide all the needed expertise to facilitate continued business success.
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  • What are the best strategies for small business growth?
    • a. A business growth strategy is, simply, a plan of how a business gets from where it is today to where it wants to be in the future.

      b. Some of the questions to consider when coming up with a growth strategy are:
      i. Where will the business get new customers from?
      ii. How will the business expand into new markets?
      iii. What new products could the business offer?

      c. In reality, what happens with many small businesses, is that they generally achieve a specific level of business activity or sales and then the business growth trend flattens. In those cases, working with a firm like Perpetual CPA, which provides Virtual CFO services, can help small businesses avoid stagnation. Virtual CFO services, aside from providing timely accounting and tax reporting, can also provide valuable insight into the current performance of the business, as well as, foresight into the future cash flows for the business. Perpetual CPA Virtual CFO team helps small businesses interpret their financial information and come up with business strategies to help improve business performance and achieve growth.
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    • a. When small businesses start spinning wheels, it is a good time to consider hiring a reputable CPA firm, such as Perpetual CPA, which can provide both Strategic Advice and Virtual CFO services.

      b. As a strategic advisor, the CPA firm will work with business management to improve the effectiveness and profitability of the business. They will look holistically at the business and find ways to operate the business more efficiently, increase customers through additional or improved marketing or improve customer touchpoints and service.

      c. As a Virtual CFO, the CPA firm is like a part-time version of a traditional CFO or Chief Financial Officer plus a full Accounting support team. They perform the tasks that in a larger organization would be performed by the CFO, Controller, and Accounting Staff such as preparing and overseeing the budget process, identifying and analyzing current and future trends, and developing strategies for the business growth.
  • How can timely financial visibility and management reporting help with better business decisions and growth?
    • a. A simple way to a successful business is to prioritize the timely financial visibility and management reporting as it means:
      i. Timely financial information and analysis are essential for making informed decisions, evaluating your company’s results, improving financial performance, and ensuring you are on the path to meet your strategic goals.
      ii. Management reporting is a source of business intelligence that helps business leaders make more accurate, data-driven decisions. But, these reports are most useful if they are available timely and the management receives proper interpretation of the business financial information.

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