Cannabis Cfo Service for Success

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The cannabis CFO position is one of the most essential leadership roles within a cannabis company. Thus, it’s crucial to know that this financial professional understands the industry.

Your CFO is in charge of your business’s operations, making business decisions that impact company scalability and facilitate achieving or surpassing investor expectations.

From setting up your perpetual data room to handling executive accounting functions, small business owners benefit from having a CFO handle their internal controls and financial reporting. Northstar’s fractional cannabis CFO model is the perfect solution that meets the financial needs of cannabis businesses.

Cannabis comes with a host of complexities. Thus, each cannabis business needs financial processes in place to ensure security and compliance.

At Northstar, we provide fractional CFO and other financial services to the cannabis industry. Our team is here to give your operation the support it needs with GAAP accounting, financial reporting, internal controls, and more.

Book your consultation now to learn more about how our part-time CFO services fulfill this important role and get expert insight into your finances and profitability.

What is a Chief Financial Officer?

A Chief Financial Officer (CFO) is a corporate executive responsible for a company’s financial planning and management. The CFO oversees the preparation of financial reports, ensures compliance with regulations, and develops long-term financial strategies.

As you look at a prospective CFO, keep in mind, this is one of the most essential leadership roles within a company. Thus, it’s crucial to know that this financial professional understands the cannabis industry.

A traditional CFO is in charge of your business’s operations, making decisions that impact internal management and facilitate achieving or surpassing investor expectations. He or she will handle such executive accounting functions as bookkeeping, financial analysis, tax preparation, and budgeting.

CFO services give small businesses a competitive advantage by providing expert financial leadership and strategic advice based on financial information. This involves maintaining balance sheets that track operating costs, cash on hand, average transaction size, and other financial information.

What Does a Fractional CFO Do?

Fractional CFOs are part-time, external financial leaders who work with small businesses on an as-needed basis. They provide the same services as a traditional, full-time CFO but for a fraction of the price.

This model is particularly beneficial for cannabis business operations that observe fluctuations in their capital throughout the year. A cannabis company that hires a fractional CFO can scale up the service as needed, or cut back when it’s time to start raising capital during the leaner months.

Rather than hiring in-house, the right person for a fractional CFO position will be there for your business when you need them most. Between accounting for inventory shrinkage, implementing systems for inventory recording, and setting processes and systems to record financial insight, small businesses have access to CFO knowledge at a fraction of the cost.

A fractional cannabis CFO acts as the point-person for all of your operation’s financial reporting. This includes reports, internal management, and more. They can also handle raising capital and negotiating reasonable interest rates for any debt.

Looking for fractional cannabis CFO services? Northstar is ready to support your business!

Contact us now to book your free consultation and learn how your company will benefit from our fractional CFO model without the excessive cost of hiring in-house.

Is Tracking Essential for a Cannabis Company?

CFOs and cannabis accountants know that tracking is crucial for those operating in the cannabis industry. These operations span a wide range of businesses, from cultivators and dispensaries to ancillary service providers. Because marijuana remains federally illegal, cannabis businesses have to take extra care to track their finances and stay within compliance of state laws.

A good tracking system will help your business manage its growth and protect it from any legal issues that may arise. Northstar’s professionals understand the tax code and stay up to date on all laws surrounding accounting for these businesses.

Operating a business in the legal cannabis industry? Book your consultation and get the support you need from a qualified candidate today!

Is It Beneficial to Hire a Chief Financial Officer Experienced in the Cannabis Industry?

You wouldn’t bring in a Vice President who lacks experience in the cannabis space, just as you wouldn’t want a generalized accounting professional working on your business. The same goes for a CFO.

A business operating in cannabis needs accounting and CFO professionals who have a work history in cannabis. This previous knowledge offers insight into regulatory requirements and taxes – and keeps investors happy by allowing the business to continue its operations without any hiccups!

At Northstar, our fractional cannabis CFO services maintain your company’s operations and go beyond what’s expected of accounting professionals. Get a professional cannabis CFO without the excessive cost and book your consultation today.

Benefits of Using Northstar’s Cannabis CFO Services

At Northstar, we know that a growing number of marijuana businesses need a specialized cannabis accounting firm and CFO services. But not everyone can afford a full-time CFO.

This is why we developed our accounting and CFO services to meet the needs of cannabis businesses.

You’ll have everything you need to satisfy internal management like a board of directors and employees. But you’ll also become more appealing to outside parties, like lenders and investors.

Our guidance relieves cannabis operators of financial burdens and allows them to focus on making sales as we navigate the space’s complex accounting landscape. The average number of hours an operator has available to dedicate to his or her business rises as they work with our specialized accounting firm.

At Northstar, we keep track of your financials and allocate money where it’ll make the largest impact. We stay on top of marijuana regulations without risking your money or opening your operation up to tax liabilities.

Looking for a reliable cannabis accounting firm to handle your operation’s financials? Learn how we’ll support your company’s operations by booking your consultation today.

Northstar’s Fractional Chief Financial Officer Model

Fractional Cannabis CFO

Our outsourced CFO model is the support your cannabis business needs – without the cost of a full-time CFO.

Compliance with state regulations and laws that could impact your business is crucial in this model. However, equally important to note is that these fractional services give your cannabis company access to professional assistance as needed with flexibility that supports growth and cuts in funding.

At Northstar, we grow marijuana companies by providing the CFO services they need as needed. We maintain flexible relationships because we understand how this encourages your long-term success.

Looking for an expert cannabis CFO focused on your profits? Book your consultation with Northstar to get started today!

Bypass Cannabis Cash Flow Concerns with Northstar

Tracking cash flow is essential for any company’s success, but doubly so for cannabis companies since these businesses are still new and unknown entities for many bankers and investors.

A solid cash flow management strategy is key for any business looking to scale, but it’s especially important for cannabis companies that need to be able to show a consistent history of profitability and growth. Cannabis CFOs can help develop and track both short-term and long-term projections to ensure your business is always on the right track.

At Northstar, we create a paper trail for your company. Everything gets tracked. So, come tax season, you never have to worry about an audit or issues surrounding your operations.

Looking for a fractional CFO that specializes in the cannabis space? Book your consultation now to learn more about how your business will benefit from this relationship.

Getting Started with Northstar

For those in need of internal controls and data-driven business decisions, Northstar is ready to help! We understand the risks of working in the cannabis industry and set internal controls that mitigate those risks before they become problematic.

From calculating the cost of goods sold to handling tax preparation and everything in between, we’re eager to take your company’s operations to the next level with structure and organization!

Book your consultation now to learn how we’ll keep your business on track for success with our cannabis-specific CFO services.

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