What had once been a hotly debated topic is now supported as overwhelmingly as nearly anything can be in today’s climate of divided public opinion: More than 9 of 10 Americans (91 percent) believe marijuana should be legalized in some form. Another poll describes support for legalization to be higher than at any point over the past five decades. Even anecdotally, the average consumer today likely can’t drive more than a few blocks in their city or town without passing a dispensary or smoke shop that sells cannabis or CBD oil. President Joe Biden’s recent pot pardons also suggest that even the longtime federal stance against marijuana is softening. Cannabis production and sales have quickly become legitimate (and big) business – the kind that demands attention and administrative support, including accounting and auditing. And cannabis accounting is a big need for this is the newly-legalized business.
Plenty of related challenges remain in this space, but those circumstances also create opportunities for those bold enough to step out on the leading edge of a developing market. What are the accounting needs of cannabis companies, and how might hiring firms help those businesses address them?
Accounting Is Still Sticky in the Sector
Let’s address the elephant in the room: For all the support that regulated marijuana has among the public and at the state level, it is still considered illegal by the federal government. That issue alone creates a massive amount of confusion around the business of cannabis. Not only is compliance an open question (the dosing of an edible, for instance, or what to charge per dose), but dispensaries are limited to cash-only businesses due to credit restrictions based on the current federal categorization of cannabis.
Tax season and quarterly audits are difficult enough periods for most businesses to navigate, even with some help. But the legal matters surrounding cannabis sales creates an even more complex maze for accountants and auditors to solve – a puzzle that many simply lack the experience or know-how to handle. This places a premium on accountants and auditors who are able to tackle the job. With the business of marijuana growing seemingly exponentially, how can an individual company ensure that it gets the help it needs to maintain compliance and balance its books at tax season?
Talent Clouds Can Help With Hiring
Staffing up is a constant struggle for most companies, even during the best of times. (Note: These are not the best of times for hiring.) And specifically in the emerging cannabis sector, finding the right support – let alone enough of it – may feel like an impossible task. This is where a talent cloud like PeopleCaddie can prove invaluable.
The nature of accounting and auditing is seasonal and cyclical, meaning contingent labor – rather than a bloated full-time staff – may be the best option for cannabis companies (or public accounting firms with clients in the cannabis industry) in need of support in these areas. And because the cannabis industry is still gaining its footing, yet has significant market potential, many contractors may view contract and project gigs as an opportunity to enter on the ground floor and establish themselves early in a business that seems ready to take off.
Consider PeopleCaddie as your connector to these eager and qualified contractors. Our online platform allows you to view vetted and rated candidates, and provides unparalleled visibility into their performance histories. Can’t find exactly what you’re looking for on your own? We can help – with a level of customer service you won’t find from typical staffing agencies and other talent clouds. Let PeopleCaddie help you build a staff of recurring contract workers that helps grow your business while benefiting your bottom line.
PeopleCaddie’s talent cloud features accountants with an expertise in the cannabis industry. Contact us to hire those contractors for any upcoming projects.