As your accounting team, our monthly process with your books begins with a compilation of information. And because we are a remote bookkeeping service, we are going to rely on you and your team to provide us a "Point of Contact." Someone with whom we can request regular financial data and information such as deposit details and vendor invoices. We also recommend setting up a digital filing system such as Google Docs or DropBox where our bookkeeping team can pull this information readily.
Our bookkeepers have become quite familiar with cannabis traceability systems such as Green Bits, Grow Flow, Cultivator and WeedTraqr to name a few. Access to these systems will allow us to pull manifests, invoices, daily sales and tax liability numbers so that we can accurately reconcile your daily sales to bank deposits. This will also insure that we are accurately reporting sales for monthly, quarterly and annual state and local tax returns.
BANK STATEMENTS, CREDIT CARD STATEMENTS, LOAN DOCUMENTS, ATM STATEMENTS AND CASH JOURNALS
During the initial set up of your account with us, we will request limited access to pull certain monthly financial statements pertinent to the operation of your business. These financial documents are a crucial part of our Month End and Close process. An often overlooked component of your financials, the reconciliation of your business Balance Sheet accounts, insures that all transactions have been accounted for whether they are expenses, capital contributions, assets and liabilities such as loans and accrued state and federal taxes.
PAYROLL AND PAYROLL TAXES
We are proud to announce that we have partnered with GUSTO PAYROLL as our cannabis friendly choice for all of our client's Payroll & HR Services. As a partner with GUSTO Payroll, we are able to pull all of our clients reports and payroll tax returns. But which ever payroll service provider you have chosen, access to your payroll reports will allow us to ensure that your payroll expenses are captured accurately on your financials, separating out Production from Sales and Admin to coordinate with IRC 280e compliance.
Every month, we will provide you with basic financial statements; Profit & Loss and the Balance Sheet, once we have completed the "Month End Reconcile & Close." It is our job to make sure that you understand how to read your financial statements and so every 4 - 6 months we will request to schedule an appointment to review them with you.
During these sessions, it is our goal to review any outstanding transactions that need further detail in order to proceed with how to classify them on your books, review your profitability margins and explain why certain transactions may be classified as a deductible or non-deductible expense.
Coming together is a beginning. Keeping together is progress. Working together is success! ~ Henry Ford