Ancor Training LLC dba DOPE CFO recently launched CBD CFO, a new program aimed at helping CBD/hemp accounting professionals provide world-class accounting and compliance services, manage their accounting practices, and legally navigate around difficult compliance issues and federal tax codes.
Andrew Hunzicker, CPA, and Naomi Granger, CPA, MBA, co-founders of DOPE CFO, recognized an immediate need within the cannabis and hemp/CBD industries due to the fact that they are grossly underserved by experienced accounting professionals that understand the tax codes and nuances that are needed to keep these businesses compliant. With that, the mission has become two-fold: 1) to create opportunities for accounting professionals by equipping them with the tools and processes needed to get up to speed quickly and serve one of the fastest-growing niches in the U.S. and 2) to help business owners and investors that desperately need experienced accountants that can help them protect their investments and keep them out of trouble with local and federal laws. Without proper accounting procedures in place, cannabis and hemp/CBD CEOs run the risk of losing their licensing, paying major fines, or even jail time. While hemp is legal in all 50 states, it is still extremely complicated, as the rules are currently in flux with the various agencies regulating hemp/CBD.
DOPE CFO and CBD CFO programs both contain everything that an accounting professional needs in order to get up and running quickly so that they can begin serving cannabis or hemp/CBD companies. The two programs include over 100 work-papers and templates (including charts of accounts specific to cannabis and hemp/CBD verticals and entity structures), court case and tax code reviews, perpetual data room, internal controls and governance, on-boarding processes, engagement letters, cost accounting work-papers for proper COGS allocations, and a community of accounting experts that can help with navigating the unique challenges for cannabis and hemp/CBD brands. DOPE CFO’s three-part system teaches accounting professionals how to build profitable accounting practices by quickly becoming a “VIP” (Valuable Expert, Instructor, and Participant), a complete marketing system for finding and landing clients, and put systems in place so that they can provide world-class accounting services to their clients.
Much like the cannabis industry’s slew of difficulties, the CBD industry faces similar challenges, despite being legal in all 50 states. With the Farm Bill and the USDA and FDA regulating industry standards and rules for CBD, it’s absolutely imperative to maintain accounting compliance to keep the business in good standing.
With intervening tax codes, compliance standards, rules, and regulations always at the forefront of this industry, the CBD CFO program is the all-inclusive answer for accounting professionals to better understand the industry and excel within it.