How to Choose a CFO for Your Cannabis Business
Managing the finances of a cannabis business is challenging for many reasons, not the least of which is the fact that many of these businesses have only recently obtained their legal status. This means that they are under the close scrutiny of state health agencies as well as federal agencies like the IRS. That is why your cannabis business needs a CFO, or Chief Financial Officer, to keep its financial activity transparent and compliant with all state and federal regulations. When you choose a new CFO, you need to be sure that this person has both the knowledge and experience to keep your business out of trouble and moving forward.
The Role of the CFO
The CFO of your cannabis business is the person who will manage its cash flow. This person can create effective internal policies that keep your business in compliance with all regulations. The CFO is also responsible for the accurate recording of all balance sheets and financial records as well as the reporting of profits and losses to managers and staff. A good CFO can help your business raise money and engage in strategic business planning for your future endeavors. The CFO can track your business’s performance indicators and keep you aware of its financial status.
Desirable Qualities of a Cannabis CFO
A skilled CFO has a relevant educational background and experience. Asking this potential CFO about situations he or she has handled in previous work can reveal whether or not this person has the kind of insight and business acumen needed for this important role. How much does this CFO really know about the cannabis industry itself? If you manage a large company, will the CFO be able to work with the bookkeeping and financial staff that you already have? These are all questions that you, as manager, can ask to find out if a prospective CFO is going to be a good fit.
Call to Schedule a Free Consultation With an Oregon Certified Public Accountant Today
If you want to learn more about finding and hiring the right CFO for your cannabis business, call to schedule a free consultation with an Oregon certified public accountant today. The experienced professionals at the digital accounting firm Perpetual CPA will speak with you about your particular business and evaluate its financial needs with you to see what kind of professional may be able to fill the role of CFO. Visit our web site at perpetualcpa.com or give us a call at (503) 217-4114 and speak with our skilled staff to set up your consultation. We can help you choose the financial professional that is the best fit for your business.