Fractional Accounting for Rapid Business Growth
Fractional accounting is a strategic approach that businesses can adopt to achieve rapid growth while effectively managing their financial operations. This method involves outsourcing financial tasks to specialized professionals who can provide expert advice and insights. By leveraging fractional accounting services, companies can streamline their financial processes, enhance efficiency, and focus on core business activities. […]
Benefits Of Fractional Accounting Service
Fractional accounting services offer numerous benefits to businesses, providing them with a streamlined financial process, time and resource savings, as well as ensuring compliance and accuracy. By utilizing fractional accounting services, businesses can optimize their financial operations, allowing for greater efficiency and effectiveness in managing their finances. One of the key advantages of fractional accounting […]
Accounting Software for Cannabis Accounting
Is accounting software for cannabis accounting necessary? Absolutely not. In fact, we recommend our clients keep track of their finances manually as there is still no robust accounting software for cannabis available. The cannabis industry presents unique challenges when it comes to accounting. With the rapid expansion of this sector, businesses operating in the cannabis […]
Managing Accounts Receivable in Cannabis
Curious to learn more about managing accounts receivable in the cannabis sector? You’ve come to the right place! Managing accounts receivable is a crucial aspect of financial management in any sector, and the cannabis industry is no exception. As the cannabis sector continues to grow and evolve, businesses operating within this industry face unique challenges […]
Key Accounting Principle for Cannabis Businesses
Key accounting principles for cannabis businesses can ensure your operation’s success. While they might not guarantee it, understanding these principles will help you make better business decisions. The cannabis industry has experienced significant growth and legalization in recent years, leading to the emergence of numerous cannabis businesses. However, like any other industry, cannabis businesses must […]
How to Minimize 280E Taxes for Your Cannabis Business
Knowing what expenses your cannabis company can claim on your tax return can be overwhelming without 280E accounting help. Internal Revenue Code 280E states that businesses that engage in the sale of Schedule I or II controlled substances, like cannabis, cannot deduct business expenses from their taxable income. Meaning, unlike ordinary businesses, a cannabis business […]
Cost Segregation: A Tax Savings Strategy for Cannabis Businesses
Cost segregation is a proven tax planning strategy that the cannabis industry can use to cut down on their income tax liability. For decades, the IRS has challenged this strategy in tax courts, but it’s been upheld time and time again. Although cost segregation is permitted under IRC 280E, very few business owners know about […]
What to Be Aware of Bookkeeping for Cannabis
Whether you’re considering taking on cannabis clients or currently operating a cannabusinesses, you’re probably wondering what to be aware of bookkeeping for cannabis. This makes sense, especially when considering the fact that many common cannabis bookkeeping mistakes can result in costly infractions (or worse). Cannabusinesses operate the same way as other legitimate operations; they need […]
Cannabis Angel Investors The Ultimate Guide
Despite the fact that the space is still maturing, the legal marijuana industry has captivated many high-profile cannabis angel investors. Several platforms focused on funding these operations have been on the rise, and as Silicon Valley founders focus their efforts on helping these operations obtain funding, we’ve seen an increase in the number of angel […]
Cannabis CFO Service Insight
Wondering what a cannabis CFO service entails? You’re in the right place! If you’re visiting this page, you’re likely wondering what a cannabis CFO service entails. As more competition enters the space, it becomes even more essential to have your operation’s financials handled appropriately. In this post, we cover what our cannabis CFO services include […]
Cannabiz Accounting Advice for 2022
Looking for cannabiz accounting advice to expand your share of the legal cannabis industry? You’re not alone! As the cannabis market matures, cannabusinesses are looking for ways to streamline their accounting processes, stay on top of changing regulations, and plan for the future. This is where our cannabis CPAs provide value. In this article, we’ll […]
What is a CPA Firm?
Certified Public Accountant (CPA) firms handle the auditing, accounting, financial, and consulting aspects of nonprofit, private, and public businesses, along with government agencies. These organizations need a minimum of one state-licensed certified public accountant from the state they operate. Each state establishes licensing and certification requirements of the CPA, which is why CPA qualifications differ […]
What are Liabilities in Accounting?
If you’re here, you’re wondering, “What are liabilities in accounting?” Simply put, liabilities in accounting are the organization’s financial obligations. But what does this mean exactly? Companies have liabilities that are outlined in their balance sheet. These include but aren’t limited to the money a business owes to suppliers, loans owed, wages payable, and more. […]
Cannabis Dispensary Profit Margin Insights
Operating a cannabis dispensary? Thinking about dipping your toes in the cannabis industry as a dispensary owner? In this post, we cover everything you should know about operating a successful cannabis dispensary from a financial perspective. Looking for expert assistance managing your legal cannabis business’s financials? Northstar is ready to increase your dispensary’s profitability! Contact […]
California Cannabis CPA Accounting Services
More often than not, cashing in on the cannabis industry can be tricky, especially when you’re new to this type of business. It is also very likely that you’ll need assistance with organizing and filing your taxes if you come from a background in non-cannabis-related businesses. Keep reading to learn how our experts minimize tax […]
Cannabis Banking California Insight
The California cannabis industry has not come this far without feeling some growing pains. But, besides state law overregulating this industry, even a business operating with California law in mind has a serious obstacle to overcome. Of course, we’re talking about the banking situation. The Cannabis Industry Banking Dilemma The financial relationship between cannabis operations […]
Cannabis Financing Ideas to Scale
Whether you’ve recently decided to start a cannabis business or have been in the industry for years, raising capital can be one of the most challenging aspects of the entrepreneurial experience. However, it’s particularly difficult to finance cannabis businesses because the industry is still gaining its footing. But why? The cannabis industry is still very […]
How to Become a Legal Grower in California
Becoming a legal grower or cannabis nursery business operator in Cali might seem like a daunting task, especially if you’ve been making your living as a part of the legacy industry. But while it takes some time to acquire the right cultivation licenses, cannabis businesses that go through the steps to become legitimate ultimately prosper […]
Cannabis Accounting: Expert Advice to Scale
The marijuana industry is growing, and there’s no denying cannabis accounting is becoming increasingly important. The space is booming as more laws pass and new companies sprout up every day. It looks like the space will only continue to improve, too! But the cannabis industry comes with its own unique set of challenges that you […]
An Alternative to PPP for Cannabis
The CARES Act, an acronym for the Coronavirus Aid, Relief, and Economic Security Act, implemented the Paycheck Protection Program (PPP). But is there an alternative to PPP that applies to the cannabis industry? Yes! The Small Business Administration (SBA) funded and administered the PPP. This was meant to offer potentially forgivable loans to businesses impacted […]
California Cannabis Business Tax FAQ
California cannabis business tax queries continue to roll in as the state continues to regulate this budding industry. This is why we decided to create our California cannabis business tax FAQ. Below, you’ll find the answers to some of the most common questions about California cannabis business taxation. If you have any questions we might […]