When looking to manage your accounting activities, there may be a list of to-dos to ensure the finances are accurately reported. It can prove daunting to navigate through all things accounting, but luckily there are ways around the extremities. 

You can either hire an accountant or hire a cannabis accounting training professional to help conduct your business accounting thoroughly. The two methods provide advantages and disadvantages to your cannabis business. 

Accounting training allows you to get a thorough understanding of your accounting activities, especially navigating tax-compliant regulations. 

For those looking to enhance business operations without spending too much time on accounting, you can work with a cannabis accountant expert. 

Both deliver benefits to the business operations and choosing one depends on your business goals and direction. 

This article further explores hiring an accountant versus hiring cannabis accounting training to perform financial accounting duties.  

Hiring An Accountant V.S. Hiring Cannabis Accounting Training

When hiring an accountant, you’re required to work with them to clearly define your finances and projections. Cannabis accounting training requires time and attention to conduct accounting work. 

We are going to evaluate the pros and cons of hiring an accountant versus hiring an accountant trainer. 

Pros And Cons

Accountant Expert Pros: 

Expert Accountant Cons: 

Before hiring, carefully assess the accountant’s experience, cost, and ability to adapt to the unique challenges of the cannabis industry.

Cannabis Accounting Training Pros:

Cannabis Accounting Training Cons: 

The pros and cons of these shed some light on whether you should hire accounting training or an expert accountant for your business. 

What To Look For In Cannabis Accounting Training

If you’re adamant about getting cannabis accounting training for your business, know they need to meet certain qualifications. 

The criteria accountant trainings should have are: 

When hiring a cannabis accounting training service, they should meet these criteria to ensure you’re getting valuable training. 

When To Hire An Accountant 

You should hire an accountant when the business is outgrowing you and it becomes too much to handle by yourself. Business owners must consider hiring at this point and also if tax compliance regulations become overwhelming. 

The cannabis industry is subject to many tax and financial regulations that change consistently. Staying on top of these regulations can be challenging for one business to maintain consistent updates on. 

An accountant already knows all the compliance regulations within the industry which can save you time from researching all the rules yourself. 

Also, consider hiring an accountant if you want to maximize all your available deductions under the cost of goods sold (COGS), especially for a cannabis dispensary cost of goods sold. Well-advanced accountants can pinpoint specific strategies to maximize cash flow that can improve business operations. 

How To Find Qualified Accountants

Make sure to look for qualified accountants with certification up their sleeves that can be found in the I.R.S. directory. They should also have plenty of years of experience with a proven track record to back up their claims. 

Professional accountants must have an extensive array of testimonials and reviews on their website or on review sites to prove their credibility. 

Search and list qualified accountants online then research their background to ensure they are credible. 

When looking for accountants, there are several that can help you manage business finances thoroughly. 

Green Space Accounting provides a thorough analysis of the cannabis businesses’ finances and understands how to navigate the compliant taxation chaos. They cannabis specific making them a prime choice for dispensaries and those looking for Maryland cannabis accountants