Page 5 - Cannabis News May 2019

P. 5

Accounting Advice from Seed to Sale

Moss, Krusick & Associates LLC

BY BARBARA R. FALLON wide, which backs MKA with the acumen process to meet client needs whether that
of a network of professionals, which requires day-to-day management of the
Who hasn’t heard the adage ‘No guaran- includes firms who are in front of the business accounting function or assistance
tees in life except death and taxes.’? Well, curve of the cannabis industry. through a temporary crisis.
it’s not that simple for those on the cusp of Unique to the cannabis industry is a MKA client services can staff for daily
the cannabis industry boom and there are base of contradictory laws and regulations accounting functions, monthly financials,
many legitimate reasons to contact a trust- between state and federal rules. This pres- and year-end activities to enable clients to
ed CPA firm. ents difficult challenges in banking and spend more time building the business
Experienced in accounting, tax, audit, tax liabilities for the industry, for instance. and less on bookkeeping, recordkeeping
finance and business operations Moss, While there is still a national hesitancy and report filing. Experienced accounting
Krusick & Associates LLC, (MKA) design within the banking industry to work with professionals work on recordkeeping and
and maintain accounting systems that the cannabis industry, this is a positive help navigate robust rules and regulations
provide valuable management guidelines opportunity for local Florida banks. MKA which is vital to assure compliance from
and keep businesses in compliance with brings a referral database of knowledge- the ground floor.
state and federal regulations. Jennifer Aros able banking, legal and other professionals In 2018, Florida elected a new
Jennifer Aros, Quality Control/Audit than later,” she advises. to support cannabis entrepreneurs from Commissioner of Agriculture who is tack-
Manager, urges cannabis business entre- MKA, a boutique firm well established the start. ling the confusion over medical marijuana
preneurs in this booming industry where in the state of Florida, is knowledgeable According to Ms. Aros, it is vital to work regulations with the creation of a Director
governmental regulations seem to evolve about standards in the non-profit, govern- with an accounting firm that not only has of Cannabis position. The position will
with each business day, to put accounting ment, real estate and medical professional experience in the accounting world but provide a knowledgeable formal govern-
on the front burner during their business niches and can contrast the similarities also the bold self-assurance to participate mental liaison to share information, high-
planning and operations phases. “Seek an and unique differences from the cannabis in the unique challenges of the cannabis light issues and participate in solutions to
experienced accounting firm that is will- industry. As one of the pioneer firms serv- industry. In order to engage in the market, insure a safe, robust market.
ing to work in the cannabis market to ing Florida cannabis clients, they are a MKA keeps abreast of constant changes As activists, politicians, business profes-
ensure expert advice on reporting obliga- member of the BDO Alliance, USA, BDO is and contradictions between state and fed- sionals, investors, law enforcement, clini-
tions and tax liabilities – sooner rather the 5th largest accounting firm nation- eral laws and the impact on accounting cians and patients engage in the cannabis
procedures. As one of the few Florida industry, the debate over cannabis remains
accounting firms willing to tally cannabis heated but promises to lend clarity and
clients in their portfolio, MKA is involved credibility to diminish some of the social
in many aspects of the cannabis-related and cultural stigmas. There may be further
enterprises from conducting inventory revolutionary changes in the landscape
observations, full inventory counts for and one can anticipate the ancillary indus-
companies, to recommending related pro- try will continue to grow. Skilled profes-
fessionals to provide guidance in navigat- sional accountants can help position their
ing new waters. clients with useful management tools to
Florida is poised to be among the most make business decisions that will sustain
highly regulated states in the U.S. so MKA profitability during the inevitable turbu-
staff is involved with on-going educational lence of this new and unique industry
programs to be aware of the specific laws, growth curve.
guidelines and restrictions that the state of
Florida has recommended. For more information,
Detailed recordkeeping can put extra visit www.mosskrusick.com
strain on small business owners but is a or call (407) 644-5811.
vital requirement. MKA can customize a

Florida’s Resource for JUDY GRAMM
Medical & Business Cannabis Developments Editorial Manager

PO Box 812708 CONTRIBUTING WRITERS
Boca Raton, FL 33481-2708 Daniel Casciato
Phone: (561) 368-6950 Barbara Fallon
Vanessa Orr
Website: Lois Thomson
www.cannabisnewsflorida.com
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