Dispensary Bookkeeping & Accounting

It's high time your business has financials which help inform your business decision making. "Thanks" to 280E, dispensaries tend to operate on razor-thin margins or at a loss after taxes. Having rock-solid financials allows your business to make decisions to boost your bottom line.

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Unique Challenges Require Unique Solutions

How does a business that deals so heavily in cash function in a cashless world? Your financials are your key to understanding your business, identifying issues with cash management (e.g., theft/loss), and ensuring you're in compliance with the states you operate in.

Maintaining adequate internal controls for cash and inventory

THE CHALLENGE

Most states require periodic inventory counts, which must match the state’s seed-to-sale inventory system. Any variances must be reported to the state. If companies do not have good internal controls surrounding inventory, they risk losing products to waste and theft, and failing to conduct periodic inventory counts or having significant variances in counts can lead to penalties from the state, up to and including loss of licenses.

HOW DARK HORSE CAN HELP

Dark Horse CPAs maintains rolling cash flow forecasts to ensure your business has the ability to pay your taxes and your bills. We can anticipate when you will need additional cash and can work with you to identify ways to ensure your business continues to operate smoothly.

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Did you know?

The traditional retailer would end up with double the after-tax income, despite having the same expenses and revenue of a cannabis retailer. 280E hits dispensaries the hardest of the verticals, resulting in the high taxes in the industry.

The burden of 280E on cannabis retailers & dispensaries

THE CHALLENGE

IRS tax bills for dispensaries are typically the highest among all cannabis businesses relative to revenue because they’ll have the highest gross margins under 280E.

HOW DARK HORSE CAN HELP

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Accurately calculate sales & excise tax

THE CHALLENGE

Sales and excise taxes vary by state but can be as high as 37%! That can mean your business has custody over a very large amount of funds that need to be remitted to the state. Improper payment or reporting of sales or excise taxes can result in large penalties from the state and could even lead to the loss of your license.

HOW DARK HORSE CAN HELP

Dark Horse CPAs will ensure your POS system is collecting the right amount of tax from customers. From there, we’ll accurately report the sales information to the state and ensure timely payment of any balances due. We can assist with the documentation needed for any sales and excise tax audits conducted by a given state.

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Kerri L.
In the couple of months that Sarah and I have been working together, she's been very generous with her time, knowledge, and support. She's both excited by and patient with my questions, as I really like to understand why things are what they are. She's also willing to learn with me, which is always awesome. Life is just so much more wonderful when professional services are conducted by feeling humans.

Alex M.
It's tax season, and this is the time of year to really appreciate our accounting professionals. I know I can say earnestly that when I contracted with Riana Linsky through Dark Horse, I was delighted, and my gratitude has only grown since. She was a pro at onboarding our messy books after I realized that I was totally in over my head. She has spent HOURS on the phone with QuickBooks, corrected state filings that I incorrectly submitted, and most recently helped adjust her reports to a completely different tax-year schedule when I realized I'd given her the wrong dates. She is gracious, personable, and most importantly, an excellent bookkeeper. If she is taking on new clients, and you need help, HIRE HER.

Derek R.
I had an excellent experience with John Warner preparing my taxes this year. He has the ideal combination of highly detailed knowledge of tax law and good communication skills. The online system he uses for clients to enter info and upload documents is clear and easy to use; the process for entering everything seemed extremely efficient to me. When he was finished preparing my returns, he made a video, walking me through the return, and I found that very helpful. I plan to call upon him again when it's time to prepare returns next year, and I highly recommend him.

Sam M.
This was my first time working with a CPA to file our first year of small business tax return. Working with Joe was the most seamless process I could've hoped for, and he made everything incredibly simple for us. He explained everything we needed to go through very clearly and took the time to walk us through any questions or concerns we had. He was also very responsive with respect to communications, whether it was asking us for more documentation, clarifying our book entries, or anything else. He even helped us to get everything filed on time with both state and federal taxes even though we only reached out to set up an exploratory conversation less than 2 weeks before taxes were due. All in all, working with Joe made a huge burden seem weightless and I would highly recommend working with him!

Full Spectrum Accounting, Tax, and Advisory Support

Our services include tax planning and prep, full-service bookkeeping, and Fractional CFO services to help you make the best financial decisions for your business.

Planning for Your Business’s Future

The cannabis industry is evolving and rapidly changing all across the country. We provide extensive tax planning and financial forecasting to help you plan for what’s ahead.

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Why Dark Horse?

We work in the industry because we are passionate about the industry. We want to see your Canna-Business succeed, and we'll do everything we can to help you along the way.

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