5 Common Accounting Mistakes to Avoid in 2022

The most common accounting mistakes that small business owners make are tied to the same central concept—lack of effective management. Often constrained by time and money limitations, business owners try to manage accounting for their business on their own and end up skimping on necessary expenses. Although this strategy may seem effective initially, delaying the…

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Michigan Cannabis Industry Trends For 2022

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…

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Tax Savings for Cannabis Businesses

Maximizing tax savings for cannabis businesses takes time and expertise. There is a lot to  know when it comes to filing taxes for any business. There is even more to know if you are  filing taxes as a cannabis business. The cannabis industry has many nuances that are unique, and require special attention. Unfortunately, the…

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Opportunities and Challenges of Michigan’s Rapidly Growing Cannabis Industry

The cannabis industry has proven to be prosperous for Michigan since the adult-use first (recreational) shops opened up in 2019. But just as quickly as profits grow, the industry gets more complex for Michigan-based cannabis businesses. Here we’ll explore some of the opportunities for cannabis-related businesses and some of their challenges. Michigan cannabis sales projected…

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The Challenges of Banking for Cannabis Businesses

When Michigan legalized marijuana for recreational use in 2018, the cannabis industry opened for business. Unfortunately, not everyone was on the same page; the federal government still considered marijuana a Schedule I drug, creating serious obstacles for cannabis businesses. Today, cannabis businesses still struggle to find access to banking. Legislators recognized this conundrum and addressed…

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Calculate Cannabis Taxes in Michigan

Congratulations! You’ve taken the leap and have officially opened up your cannabis dispensary, grow facility, processing facility, or another cannabis-related company. Starting a new business is exciting, but the dreaded T-word—taxes—can quickly turn that excitement into anxiety.  In the cannabis industry, taxes are notoriously a minefield of tricky regulations and changeable laws. While hiring a…

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The Critical Role of Accounting in Business

If you don’t know much about the numbers behind your business, you’re not alone. According to Wasp Barcode Technologies’ Small Business Report–Accounting, only 40% of small business owners surveyed said that they feel “extremely” or “very” knowledgeable about accounting.   However, this lack of accounting knowledge could put you at a severe disadvantage. Running a…

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