The Blunt Accountant™ is innovative in its approach to how we serve plant touching businesses. We have created three proprietary accounting solutions that are designed to help all plant touching businesses from start up to operational become IRC 280E audit ready. The three solutions are CannAccounting in a Box™, 280E Compliance Analysis Report™, and the 280E Audit Readiness Plan™. Dispensing on your specific needs, each solution was created to serve a specific purpose with the goal of 280E compliance and audit readiness.re...
CannAccounting in a Box™ (CAiaB) is a turnkey 280E-compliant accounting solution for the start-up plant-touching business and new licensees. Making sure you are 280E compliant before you generate your first sale. Once implemented it will remove the anxiety and worry plant-touching business owners face regarding 280E compliance.
It is the foundation of your accounting operations. It was created will address each of the three audit areas to make sure your accounting operations and processes are IRC 280E audit ready.
The road to IRC 280E audit readiness begins with the Three Ps - Policies, Procedures and Processes and a personalized 280E Audit Readiness Plan™. The IRS Audit Readiness Plan™ focuses on cannabis business operations and implementing audit-ready policies, procedures, and business processes across the organization. Having written policies and procedures as well as business processes that identify internal controls shows an IRS auditor, potential investor, or potential buyer that the business owner is serious about the accounting and reporting function and how it integrates with the entire cannabis business operation.
The 280E Compliance Analysis Report™ was created specifically for plant-touching businesses that have been open for over a year. This analysis will help us diagnose how well you are performing cannabis accounting by reviewing your most recent financial statements and creating a scorecard with the results of our diagnosis. It will also help us determine if you have implemented accounting best practices that specifically focus on the areas that the IRS will audit. The three areas are gross receipts (revenue recognition), inventory/cost accounting, and cost of goods sold.
Although our main focus is helping plant-touching businesses become 280E compliant and prepare for potential 280E audits, our team can also assist plant-touching businesses prepare for financial statement audits as well. We apply the same principles used to prepare your business for a 280E audit but on a broader scale.
Prior to focusing on the cannabis industry, our team worked in various industries helping organizations prepare for financial statement audits, reviewing the organization’s susceptibility to fraud risks as well as implementing strategies to mitigate these risks.
The 3 Ps - Policies, Procedures and Processes are the foundation for any audit regardless of the type. If you need assistance preparing for a financial statement audit required by your investors or you’re seeking financing feel free to reach out to our team. We are happy to help you with any of your audit readiness needs.