Legal Cannabis businesses are starting to crop up all over the nation; but, there remains a lot that is not understood about the industry, or how best to manage the accounting and bookkeeping for Marijuana businesses. At ZumiFi, we have taken the time and initiative to familiarize ourselves with the industry specific regulations set forth by the state, and our clients’ local districts.
Whether your business is just starting out, or if you’re well established in the industry, ZumiFi can provide you with tools and tips to keep your business running efficiently, while remaining compliant with your state and local governments.
Who we work with:
- Medical & Retail Dispensaries
- Wholesale Product Manufacturers
- Cannabis Technology Distributors
The single most important aspect of owning or operating a marijuana business, is to ensure that the entity is properly licensed in accordance with State and Local Governments.
We can help to make sure that you have obtained all of the necessary licenses, and that they remain current by providing information and reminders about due dates, and assisting you with the renewal process.
As Cannabis remains classified as a Schedule 1 Illegal Substance with the Federal Government, it can be difficult to obtain checking & savings accounts, and merchant services. As a result, many Canna-Businesses see large amounts of cash coming into, and going out of the business.
We are able to offer methods for tracking your cash and incorporate checks and balances to ensure that your cash is secure and accounted for.
Additionally, we can connect you with merchant service companies that work with Marijuana businesses, and recommend ways that you can legally obtain a FDIC insured checking or savings account.
Sales & Excise Tax
Sales and Excise tax collection and remittance is a key component of maintaining your Canna-Business; and sales tax rates vary district to district.
At ZumiFi, we can keep you on track by verifying your tax rates, ensuring you have the appropriate seller’s permits, and working closely with you to remit your tax payments on time and to the correct agency.
Cannabis Accounting Software & Tools
One of the most daunting tasks that any business faces, is choosing the best accounting software for your needs. Do you go with basic accounting software that works across various industries like QuickBooks Online, or do you opt for industry specific services such as Green Bits?
One common misconception is that Seed-to-Sale software is all inclusive; however, most seed-to-sale software is not designed to replace your accounting system.
We will assess your needs and provide recommendations based on your specific needs, and budget. Below are just a few of the more popular options that we have worked with.
- QuickBooks: Desktop or Online
- Zoho Books
- MJ Freeway
- Green Bits
- Grow Flow
As the use of METRC spreads to new states, it is imperative that your employees are familiar with its functionality, and its necessity to your legal Cannabis business.
Our resident Cannabis Account Manager has worked with METRC since its inception in 2013, starting first, in Colorado. Let us assist with your METRC setup, and make sure that you remain compliant in your operations.