Here are four bullet points displaying what you should be doing on the backend of your cannabusiness in order to keep in compliance for federal and state lawas and also to gain support from investors. .
1. Keep receipts- show expenses and demonstrate the firm’s profits or losses. Keep the information in excel, categorize and classify and keep a separate ledger for ongoing expenses. Include startup costs to show investors where the money is going.
2. POS QuickBooks – 95% of businesses use quick books for tracking purposes – monthly physical inventory will help for paying BOE/ Sales Tax in California.
3. Payroll- it’s the law!
4. Audit… If you are audited and you have accurate information you will be prepared and well off if there are any questions or if additional information is required for legal purposes.