CFO Services provided by Joel S. Jenkins, CPA - VIP Member of the DOPE CFO Community since July of 2024

Cannabis CPA Pros provide:

Costs of Goods Sold is the ONLY expense you can take on your Federal Income Tax Return.

You need a specific Excel Chart of Accounts specifically for the Cannabis industry in order increase your indirect costs to minimize your tax bill.

Complete Month-End Tie Out

Highly detailed template file with reconciliations and "tie-outs of every balance sheet and Profit and Loss account.

Each reconciliation is tied from source documants to:

Accounting Records and Final Consolidated Financials

These ensure that you are audit ready.

Perpetual Data Room available for

Any time and all the time!!!

Delivering a world class system

Every single month: The Cannabis CEO receives good financials, dashboards, metrics, and forward looking cash forecasts and we do it quickly and reliably month after month. This info will allow the Cannabis CEO to help make key decisions to run the business and maximize cash flow in the “here and now”, plus keep them compliant with state, IRS, investors and lenders.

Protection from loss:

What is the value of helping you remain compliant with lenders, the State, and other regulatory bodies?

What is the value of surviving an IRS audit 5 years in the future?

What is the value of protecting you from a lawsuit from an investor?

Necessary Tools:

280e Chart of Accounts that allows you properly maximize COGS on Your Return

Summary of Accounting Policies and Controls created for auditors

Maximize your cash by minimizing taxes via tax planning and useful cash forecast tools

Maximize ROI on marketing.

These are Things the Cannabis CEO gets by working with us:

● Availability and Responsiveness: we don’t bill by the hour, we work remote and are always available
● Correct Cost Accounting: State and Federal compliance, including monthly cost accounting templates that track work
● Access to one of ”the premier” cannabis accounting and tax networks in the US, including all skill sets: CFO, CPA, EA, MBA
● Increased Cash Flow from good financials, forecasting tools, tax planning and correct 280e
● Proprietary Chart Of Accounts that allows for accurate cost accounting
● More Accurate books means more accurate tax returns, less risk of IRS audit, and associated penalties / fines / interest
● Perpetual Data Room: Accounting, Tax, Corporate, Legal, HR, Operations docs ready for auditors, investors and management
● Stronger Controls: Internal Controls, Accounting Policies and Procedures, and Corporate Governance documented

Trusted Accounting Firm

Joel Jenkins, CPA in Florida since 1999, offers 25 years of accounting and tax expertise. Specializing in the Cannabis industry, we deliver top-notch accounting and CFO services tailored to your Cannabis business needs.

Value-Add Documents

Empowering CEOs with Critical Information

These systems, tools and processes can sizably increase the value of your company.

Better understand how to make educated decisions about your business.

Consolidated Financials
Rolling Cash Forecast
Capital Raise Financial Models
Start-Up and Pitch Deck Tools
Cash Control tools for dispensaries
Internal Controls and Corporate Governance Documents
CEO Specific Dashboards and Scorecards

Protect your Investment

We help Cannabis CEOs build better processes, lower their risk, produce higher cash flow and add value to the company.

● Do You Know the #1 Complaints Canna CEOs have with their Accountant?

● Do You Know the IRS Trigger that will flag your 280e Return For Audit?

● Do You Know the Penalty for having bad “financials” in California?

● Are Your Books, legal docs, & records ready right this second for an auditor, lender, or investor?

These are things the CEO misses out on by not working with us:

● Books that are not compliant, accurate, tied-out, or reviewed
● Risk of Loss of License
● Books that are not auditor/investor/lender ready any time, all the time
● Poor Chart of Accounts and/or No Cost accounting: meaning higher risks, higher taxes, less cash
● Poor Internal Controls which increases chance of fraud and higher cost of audits

Cannabis CPA Pro - An Accountant who knows your industry

What is the secret to succeed in Cannabis?

Be well capitalized!!! You must have adequate funding in place to survive while cannabis is subject to 280e including difficult to navigate commodity state pricing environments. Don't let you business fail because you don’t have enough funds to survive to exit.
Have a world-class team which means not just CEO/COO, but also QUALIFIED cannabis CFO and Accounting department, as well as compliance function (CCO), that can monitor and report on state, county, OSHA, FDA, rules.
Focus less on “beating 280e” and MORE on building your brand, growing market share, and location (if dispensary). Exits are happening right now based on these metrics, and NOT EBITDA or Net Income. These multiples will rise significantly when federal legalization happens.
Vertical integration can add value to enterprise, as well as improve cash flow and control over supply chain.
Have rock solid accounting system in place (perpetual data room, auditable books including correct cost accounting, Accounting Policies & Procedures, and internal controls) and someone trained in cannabis accounting on your team.

Growth is never by mere chance, it is the result of forces working together.

Cost Accounting Workpapers Tailored to the Cannabis Niche

Our Chart of accounts are tailored to the needs of various entities including grow, processor, product manufacture, distribution, lab and dispensary so that you can easily do correct cost accounting each month.

We provide detailed instructions, examples, videos, templates, and actual workpapers to acquire the operating data needed each month to provide correct cost accounting.

We provide TONS of value making sure that your accounting practices are following IRS and state license rules.

Call

(904)415-0756

Email

joel@jjenkinscpa.com

Follow