Cannabis Accounting

ACCOUNTING SERVICES FOR CANNABIS

Check out a more detailed description of the managed accounting services we can help your business with!

Comprehensive accounting support provided with the patience and structure needed to keep things on track in a heavily regulated, transparent, and socially conscientious driven industry.

 

  • Ongoing support for an in-house bookkeeper or office manager, including templates, virtual meetings, and trainings;

  • Monthly and quarterly detail reviews of in-house accounting entries, including written recommendations;

  • Full bookkeeping process implementation and management;

  • Cost accounting for revenue sources, projects, and other agreements.

 

Annual financial statement preparedness with an accounting system, processes, and records management aligned with the reporting requirements of the AFS compliance procedures.

 

  • Record keeping checklists and file management by AFS procedure;

  • Accounting system setup and procedural documentation to assist with compliant data entry;

  • Reconciliation, review, and discrepancy reporting between METRC, point of sale/seed to sale system, and general ledger.

Chart of accounts customization supporting accounting for inventory in conformance with IRC § 471 and increased transparency for adjustments for cost of goods sold and record keeping compliance under IRC § 280E.

  • Detailed inventory accounts for direct and indirect expenditure costing incorporating IRC § 471 regulations for producers and retailers;

  • Mirrored cost of goods sold accounts for enhanced reporting detail;

  • Tracking for adult use vs. medical transactions and the ability to independently capture expense deductions limited by § 280E but generally allowed for MRTMA licensees.

 

Inventory cost calculation and analysis to help determine appropriate overhead allocation and inventory capitalization inclusions.

  • Floor plan use analysis;

  • Direct and indirect expenditures includible in the full absorption inventory capitalization method for manufacturers under § 1.471-11;

  • Overhead calculations for utilities, equipment use, labor, and other shared costs associated with cultivation, processing, and transportation activities;

  • Consulting related to § 280E limitations and methodology;

  • Selling, general and administrative cost analysis, discussion, and recommendations.

Management reporting including support for internal management, investors, and banking relationship reporting requirements.

  • Financial report preparation and presentation assistance;

  • What-if scenario forecasting and break even analysis;

  • Key performance indicator discussion and reporting;

  • Financial statement forecast and cash flow forecast preparation;

  • Budget preparation, and budget to actual reporting and discussion;

  • Accounting system integration support, maintenance, and report customization.

 

Tax matter services that focus on the distinctions particular to the marijuana industry, both at the federal and state levels.

  • Industry tax compliance, emerging issues, and other matters discussion and analysis;

  • Sales and excise tax calculations, form preparation, and forecasting;

  • Income tax form preparation and filing;

  • Entity tax structuring discussion, analysis, and recommendations;

  • Corporate income tax and flow through taxable income estimate calculations.

Innovate your expectations.

Industries
Accounting and Bookkeeping

Accounting and 

Bookkeeping

Support and guidance for small and sole proprietor accounting and bookkeeping firms.

Cannabis

Cannabis

Industry leading, comprehensive solutions for cultivators, processors, distributors, and retailers.

Digital Assets

Digital

Assets

Accounting and advisory for digital asset transactions and virtual economic development.

Entrepreneurship.png

Entrepreneurship

Full scope services designed to support and uplift entrepreneurs and innovators.

eSports and Streaming

eSports

and Streaming

Compliance, record keeping, and accounting control for online gamers and eSports entrepreneurs.

Freelance and Self Employed

Freelance and

Self-Employed

Scaled bookkeeping and tax planning solutions for freelancers, contractors, and sole proprietors.

Manufacturing.png

Manufacturing

Risk management, advisory, and special purpose projects for small and mid-sized manufacturers.

Natural Health and Wellness

Natural Health

and Wellness

Business services for natural and organic product producers and retailers, herbalists, and consultants.

Professional Services

Professional

Services

Tailored approaches aligned to support legal, consulting, and other personal service professionals.

Property Leasing and Rentals

Property Leasing

and Rentals

Advisory, planning, compliance, and accounting services for property lessors and lessees.

We offer comprehensive accounting and advisory services designed to purposely impact value and strategic positioning for our clients.

Managed Accounting

Managed

Accounting

Services

About Us

Our mission is to provide services in a manner reflective of our core values and spirit.  What inspires us?  Read more about LEACIF and what makes our firm unique. 

Core Values

Core

Values

We support several leading and forward thinking industries that are meaningfully aligned with our firm's service intent and delivery.

Accounting and Bookkeeping

Accounting and

Bookkeeping

Follow LEACIF on social media for insights, business tips, announcements, and other original content to see how we think.

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Founded and grounded in Michigan, U.S.  Established in 2014.