Marijuana Business Magazine September 2018

EMPLOYMENT TIPS N umbers are what run good companies. And in a highly regulated industry like canna- bis, it’s imperative that your business always has its books in order. Finding that accountant or bookkeeper you can rely on is one of the most important moves you can make. That person could save you a run-in with the IRS or state tax authorities. “Having an accountant you can trust is just as important as having a lawyer you can trust,” said Karson Humiston, founder and CEO of Denver staffing agency Vangst. “They are going to be your right-hand person.” In short, you want someone trust- worthy, detail-oriented and up to speed on the intricacies of the can- nabis industry – including special By Bart Schaneman Hire LEARN¬NG How to hire and train an accountant for your cannabis company ( ) EXECUTIVE SUMMARY Without compliance, your cannabis company is sunk. To help ensure your financials are in good shape, you need to hire the right accountant. When looking for someone to keep your books in order, seek an accountant who: • Has familiarity with the specific tax codes and compliance needs of cannabis businesses. • Is trustworthy, meticulous and detail-oriented. • Can work with different revenue streams and knows how to fit in with a startup company. • Can show a history of longevity working with one business. • Has worked with one of the “Big Four” accounting companies to learn the ropes. compliance needs and 280E, the infamous section of the federal tax code that blocks cannabis businesses from taking the standard deductions non-cannabis businesses use. WHAT TO LOOK FOR Humiston at Vangst looks for candidates with experience working for startup companies, since many 102 • Marijuana Business Magazine • September 2018