The more states that come around on cannabis legalization, the greater the need for knowable and capable accountants, CPAs, enrolled agents, bookkeepers, CFOs, and MBAs for those looking to get into the legal cannabis market.
However, many accounting firms, CPAs, MBAs and tax pros simply don’t have the necessary knowledge, tools and work papers of the new laws, regulation, cannabis tax issues and state-wide changes that come with the territory. For example, incorrectly advising cannabis entrepreneurs that they can reduce their tax liabilities by working around section 280E.
Dope CFO is the premiere U.S. cannabis accounting and tax education program. Established as a resource for accountants, CPAs, enrolled agents, bookkeepers, CFOs and MBAs on how to safely and legally navigate the ever-growing cannabis industry, they’re a great resource for anyone looking to build a cannabis accounting firm. The only service of its kind available today, Dope CFO has grown to nearly 500 accountants in 45 states over the last two years.
With Dope CFO’s cannabis accounting program, any accountant, tax professional or firm can become an expert in the cannabis niche in no time at all. Dope CFO is the super simple plug-and-play method to building a world-class cannabis accounting firm, giving you and your employees over 100 work papers, templates, cost accounting, chart of accounts and processes to build a firm to service the up-and-coming cannabis industry. This is really a cannabis accounting firm in a box, a one-step solution to what could otherwise be an incredibly complicated and costly process.
Still not convinced that Dope CFO can take your accounting business to the next level? Here are five reasons why the cannabis industry is the hottest niche for accounting and tax pros right now.
1. Cannabis Accounting Professionals Make More Money
Cannabis is a very complex industry and actually includes several types of sub-businesses, including farming, chemical manufacture, food production, labs and retail. On top of that, the average “mom and pop” cannabis company will generate 7+ figures revenues compared to small non-canna businesses and so can afford to pay higher fees.
Experts also project the legal cannabis industry to be worth as much as $30 billion by 2025, meaning that there’s plenty of money to go around for America’s next big up-and-coming industry.
2. Cannabis is the Most Underserved Niche
Because cannabis businesses are still federally illegal, all major banks and most large accounting firms largely are not serving this niche. The way we see it, their loss should be your gain. Now is the time for you and your firm to get in on one of the fastest-growing industries in the United States.
Over 90% of Americans currently support cannabis legalization. So, when the time comes for it to be declared federally legal, you’ll want to have your foot in the door established and ready to take on cash-rich, needy businesses all over the country.
3. Fastest Growing Industry in the World
The cannabis niche is one of the fastest-growing categories in both the U.S. and the world, backed by billions of consumer and corporate dollars and already serving millions of people.
Inexperienced accounting professionals who aren’t advising their clients properly or are treating these cannabis businesses like a traditional business are costing their clients lots of money, as well as leaving them exposed to potential IRS and state penalties.
4. Limited Competition
The work that you do becomes much easier over time when you have systems in place that you can use across similar companies. No more reinventing the wheel every time you work with a new client. You can do better work, more efficiently, which saves you time and makes you more money.
5. This Niche is Fun & Exciting
There are new developments every month, so if you are looking for an industry that is innovating and growing with some of the most dynamic and brilliant minds in the country, then the cannabis space is right for you.
When you decide that getting into the industry is the right choice for you and your firm, Dope CFO is your one-stop resource for all your cannabis accounting needs.
TELL US, are you interested in working as a cannabis accountant?