A crucial component of any business is proper accounting practices. Without this, business owners wouldn’t be able to run their companies effectively. After all, accounting helps track income and expenses, ensures statutory compliance, and offers quantitative financial data for investors, management, and the government to aid their business decisions. There are two main methods to…
If you could boil down good accounting to one thing, it would be organization. It’s all files, tax returns, income statements, bank statements, invoices—documents everywhere. It’s on the accountant to keep everything organized. Every year around tax time, hundreds of thousands of people seek out accountants for help. Whether finding more deductibles or figuring out…
The lifeblood of any business’s success is its cash flow. Ideally, you want the inflow of revenue to exceed the outflow of cash spent on expenses. However, understanding the importance of your cash flow and knowing how to optimize it are two very different things. The multiple flows of money from investing, operations, and financing…
It is a relief to have an accountant as you can hand over the horrible job of preparing your tax return and filing it. However, it’s not always quite that simple. If your paperwork is in a mess, then it’s going to take your accountant much longer to find the information they need, and this…
So, you’ve decided to form an LLC in Michigan. Congrats! This decision opens doors for many businesses. But now you have another important task on your hands: filing your taxes. Don’t worry; we’re here to help. This guide will explain everything you need to know about filing taxes for your LLC in Michigan, from which…
Every year at the start of the year, taxpayers start collecting all their documents to prepare for tax season. Some opt to use a tax accountant to simplify their filing process. But tax accountants do more than file taxes—they can help individuals and businesses save money year-round. So, what is a tax accountant, and what…
Everything cannabis business owners need to know about the Leafly 2022 Cannabis Industry Jobs Report. The Leafly 2022 Cannabis Industry Jobs Report was recently released and business is booming. With over 428,000 jobs, the cannabis industry is one of the largest job creators in the United States. This is the sixth annual cannabis industry jobs…
Cannabis consumption lounges are about to become big business in the U.S. The boom of business created by consumption lounges is going to have a myriad of positive economic impacts. It’s also going to present new tax scenarios for cannabis business owners who may be new to the hospitality industry. What is a Cannabis Consumption…
Cash flow management is an integral part of any business. In fact, it’s one of the biggest contributing factors that determine the success or failure of a new business. Given the unique banking restrictions of the cannabis industry, cannabis business owners are even more at risk than those in other industries. This makes managing the…
Michigan cannabis industry trends are on track with several national cannabis industry trends. At the same time, the Great Lake State continues to set trends of its own. After a year full of record-breaking marijuana sales, the cannabis industry in Michigan is continuing to position itself as a national leader. After reviewing state and national…