When you own and operate a cannabis business and it is legal, you still have to keep up to date with all the laws and regulations associated with the marijuana industry. Many of these legal ramblings could be confusing to any business person, especially when you are new to the weed industry. For that reason, many cannabis business owners are forced to hire someone to work in specific positions pertaining to rules and regulations and this includes cannabis accounting job and also an attorney job. Some business owners will consider full time employees or opt for a consultant. Regardless, these two positions are essential to keeping the laws and maintaining the required protocol. Now, let’s discuss the role that big banks play in the industry and in a cannabis business.
The Big Banks
As it relates to money, the cannabis industry does face a few roadblocks. The distribution and sale of cannabis is based on cash receipts. Of course, there might be a few exceptions since most of the big banks do not like to give bank accounts to cannabis business owners while the industry is still considered illegal by the federal government. You know the big banks have to be monitored by the feds and so banks do not want to risk their own business to provide monetary services to the marijuana business owner. Therefore, most business owners have to do business using their cash. It is just the way it is and so, the cannabis accounting job is necessary to keep things in place and to follow the finance and legal guidelines at the state level. There is one loophole. If the cannabis business owner wants to partner with the banks, then the Marijuana Limited SAR has to be filed with the U.S. government to show that you are doing business legally where marijuana is being sold for profit. If anyone in the partnership breaks federal laws and guidelines, whether knowingly or unknowingly, there is severe punishment and that may include prosecution.
Getting your Foot in the Door
The position of cannabis accounting is essential to not only interact with vendors and secure partnerships, but also to make sure that guidelines are met an carried out. The CPA that is hired will ensure that the company or marijuana dispensary is up to par with their books so that it does not violate these guidelines. If you have experience as a CPA, then the cannabis accounting job wlil be great for you. Therefore, you will start out as an experienced or professional CPA and be noticed by most cannabis business owners. That is how you get your foot in the door.
Not only should you have experience, but you should also be professionally certified with a physical certificate to show proof. If you currently work as an accounting consultant, you could offer your services on a flexible level and then make the transition to a full time staff, especially, if you will be working with a new startup business. You should be versed in accounting software programs. You should be able to conduct regular audits to keep the accounting process well maintained.
You should have passed an accounting or CPA test and be able to manage the finances of any cannabis business. You should be familiar with the payroll process, inventory, billing, collections and accounts payable and receivable. While you do not have to have a college degree, you still have to pass the CPA test and hold a certificate. This cannot be stressed enough. To find a job in cannabis accounting, check out cities in Colorado, California and Washington. To learn more about cannabis accounting, go to the Cannabis Training University.