Three Common Mistakes Cannabis Dispensaries Make With Accounting

Even in businesses like a cannabis dispensary, accurate accounting plays a vital role in helping save money, increase profits, and identify where budget cuts must be made and which areas need added resources.

However, most businesses often conduct audits first without consulting anybody in the hope of saving time and money, even when they do not have any idea of how finances really work. As a result, they overlook the simple things about their finances that can have a huge impact on the business. This impact could be anything from a loss of financial flexibility to unpaid taxes to fraud!

So to help you avoid running into financial trouble, Denali Accountants has put together three of the most common mistakes cannabis dispensaries make with accounting.

1. Not keeping any backup data and failing to match bank statements with QuickBooks
This common mistake is not seen until the very last moment, and it is usually too late when it is realized. It is best to keep your records up-to-date, even if you have hired an accountant, as it will ease the process, making them wind up your financial work efficiently and timely.

2. Not keeping all purchase receipts with you
Most businesses often get rid of the receipts, not realizing how handy these come in at the time of accounting and filing taxes. These help keep track of your expenses by eliminating any scope for error.

3. Forgetting to file taxes on time
Well, either forgetting altogether or delaying the process of filing taxes on time can have serious repercussions, not immediately but in time IRS is bound to get back to you, but this time penalties. So, make it a habit of filing the taxes on time!

To avoid these and other mistakes, reach out to the experts at Denali Accountants. Ours is a women-owned company with thirty-plus years of experience in accounting, bookkeeping, tax, and payroll services and also your QuickBooks Pro advisors. We specialize in providing consulting, advisory, accounting, and bookkeeping services to mid-size and large businesses covering a variety of industries like cannabis, real estate, restaurants, contractors, and professionals and possess an experience of thirty years in this field.

For a complete list of our services, please click here. If you have any questions about remote cloud accountants and bookkeepers, we’d love to hear from you. Please contact us here.