Best Cannabis Accounting Firms in Arkansas

As a cannabis business owner there are many aspects of your company that need to operate within regulations. There is a lot to think about, especially with ever changing regulations and laws. Save yourself the stress and risk by outsourcing your accounting department to a specialized cannabis accounting firm.  They will be responsible for staying up to date with regulations and will ensure your business is compliant. Read on to learn more about cannabis accounting firms in Arkansa. 

Best Cannabis Accounting Firms in Arkansas

Businesses in all industries utilize third party accounting firms. In the cannabis industry specifically, it may be in your best interest to use an accounting firm specializing in the industry. Here are our top recommended cannabis accounting firms operating in Arkansas. 

Bridge West 

Bridge West CPAs and advisors to the cannabis industry provide a complete range of accounting services for cannabis businesses. Being one of the first accounting firms in the world to focus only on the cannabis industry, Bridge West has built a team of experts that can give their undivided attention to ensuring your cannabis company is compliant. Helping over 600 cannabis businesses navigate local and federal accounting and regulatory challenges, your business will surely be in good hands. Services offered include tax services and 280E mitigation, consulting services, licensing assistance, business valuations, accounting services, audit and assurance services, and more. They serve almost any cannabis company including cultivators, processors, dispensaries, and even hemp companies. 

Frost PLLC

Frost is an accounting firm focused on providing personalized, high quality financial services, and reliable advice. Founded with a focus on agriculture companies, Frost now serves a plethora of industries, the cannabis industry included. Since 2012, Frost has supported a diverse range of cannabis companies including cultivators, dispensaries, vertical operators, processors, and ancillary businesses. Gain expert guidance and accounting services from their dedicated cannabis advisors. Services include navigating IRC section 280E, tax planning, preparation, compliance, finance & business structure advisory, M&A representation and due diligence, audit & assurance services, business valuation & litigation, payroll, and more. 

Puff Puff Accounting 

Puff Puff Accounting is a cannabis industry focused CPA firm providing clients expertise in cannabis tax law. Serving almost every cannabis friendly state, Arkansas included, with a wide range of services. Services offered include tax planning, auditing and accounting services, corporate entity and structure planning, payroll services, bookkeeping services, and more. Puff Puff Accounting prides themselves on providing affordable services and even allows for a free online consultation or a 15 minute consultation call! Overall, they have received 100% customer satisfaction and are truly trusted within the industry. 

How to Choose an Accounting Firm

Finding the right accounting firm can strengthen and propel your business. However not all accounting firms are created equal, and especially given the gray areas in Arkansas cannabis laws, you will want to ensure you are making the right decision. Before jumping the gun and signing onto an accounting firm, here are a few things to consider:

Know What Your Want: The best way to get everything you need out of an accounting firm is to first identify those needs. This way you can properly examine if the firm of your choice is best serving you, or if they are lacking in certain areas. Try to identify areas of your company that need support or that can be run more efficiently. This will help you to optimize the benefits of outsourcing accounting tasks. 

Relevant Expertise: Given the nature of the cannabis industry, you will definitely want to ensure that the accounting firm you choose has experts within the field. With ever changing regulations and a strong need for compliance in the industry, you will want to work with someone who knows the ins and outs of cannabis laws. This will not only ensure your business is compliant, but this can also help optimize the benefits reaped from outsourcing accounting tasks. 

Range of Services: Another factor to consider is the range of services offered. Ideally you will choose the accounting firm specializing in the services you are looking for. However if your needs ever change or increase, it is important that those needs are within your accounting firm’s capabilities. This will allow your business to continue growing and will help you to avoid any hiccups like having to switch firms. 

Benefits of Working With an Accounting Firm

There are several benefits to consider when working with an accounting firm. Whether you are a traditional business owner or a cannabis business owner, you will surely see the benefits to using an outside accounting firm. 

Compliance: One of the most important benefits to using an accounting firm is that they will ensure your business is staying compliant. With regulations surrounding cannabis continuously changing or evolving, it can be hard to keep up. Save yourself the time and worries by using a cannabis accounting firm to stay up to date for you. Furthermore given the importance of licenses in this industry, don’t risk your license trying to save money on accounting practices. Stay compliant and stay in business by utilizing an accounting firm. 

Focus on Business: By outsourcing to a cannabis accounting firm, you can spend less time figuring out the technicalities and regulations of cannabis accounting, and focus on business. Save your time and energy and focus on what you are truly passionate about, your cannabis business.  

Avoid Costly Errors: As you are a cannabis business owner and in charge of keeping track of financials, there is lots of room for error. Errors can become costly in the long run and can be overlooked oftentimes. Having an outside perspective on your business will help keep you in check and can potentially save you from having to pay for costly errors.

Save Money: While at first it may seem like an unnecessary expense, hiring an accounting firm to take care of your finances can help you save money in the grand scheme of things. They may identify areas of your business that are losing you money or can even help you avoid making costly mistakes. Furthermore, accountants are often experts on tax laws and can help you more effectively utilize tax shields and deductions while still operating within the tax code.

Frequently Asked Questions