Startups are exciting ventures for both CEOs and accountants. So many opportunities lay open before you in the booming Cannabis and hemp/CBD industries — and so many possibilities for frustration and lack of suitable compensation. As an accounting professional, you have a key role in the launch and future success of a startup, and should be valued for your expertise. Too many startup CEOs and owners don’t understand the complexities of Cannabis and hemp/CBD accounting and may unintentionally underpay you or stand in the way of you doing your job.
The good news is that if you know the common mistakes accountants make when helping Cannabis and hemp/CBD startup companies, you can take steps to avoid feeling frustrated and underpaid.
In this video, DOPE CFO founder Andrew Hunzicker, CPA covers 5 common mistakes accountants make when assisting startups in these niches to help you increase the likelihood of your client’s successful launch and ensure that you earn what you’re worth.
Mistakes Andrew will touch on include:
🌿 Pricing WAY too low: any legitimate Canna or hemp/CBD startup (in any vertical) is a multi-million dollar undertaking (not charging accordingly for these high-revenue companies automatically shorts you, as you provide them with essential tools, knowledge, systems, workpapers, and the team of experts required to provide world-class accounting services).
🌿 Agreeing to work for free at first: spearheading the accounting division of a startup is not charity; your high-priced services are essential to get their business off the ground (and remember, these clients already spend massive amounts of money on real estate, equipment, labor, and legal guidance, which means they can pay you what you’re worth).
🌿 Letting the CEO/owner tell you what they need: owners and CEOs may try to direct you and tell you what they need, such as “just a bookkeeper” or a tax return (when the reality is they have no idea of all that’s involved in complex Canna and hemp/CBD accounting. We’ll tell you how to stand up for your knowledge while inspiring confidence in your new CEOs).
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