SERVICES

A good CFO is truly the CEO’s "right-hand man”. 

Accounting Policies, Procedures and Controls

Maintaining the properly written documentation listing all accounting policies, accounting procedures, internal controls and corporate governance (this protects your financials and assets). Consistently and accurately documenting cost control and depreciation will not only keep your books organized but also protects against potential audits.

Cash Controls and Procedures

Documenting internal procedures for how employees or day-to-day cash handlers are to deal with cash. Developing an organized system to manage the daily cash count, deposits, cash payments and reconciliations with the POS system. This is extremely critical if you run multiple locations and if your business is integrated. Also, setting up a strategic plan for dealing with large sums of cash will help keep your employees safe and minimize theft. DAILY accountability is needed for bank statements, deposits, and sales to ensure ALL cash is accounted for.

Cannabis CEOs, executives, managers, and investors are liable for following the rules in order to maintain their licensing.

Cannabis businesses are heavily burdened with cash and your accounting team needs to figure out how to develop cannabis-friendly services to manage payroll, merchant services, and taxes so that you can effectively run the essential parts of your business.

Inventory Procedures

In the Cannabusiness inventory is equal to cash and having an accurate inventory system in place is a must. Each state is different in its “track and trace” and proper reporting procedures are imperative.

Equity/Ownership

Planning to invest in the cannabis industry will require a detailed report of ownership and equity arrangements. We protect your investment by securing all financials, accounting records, tax returns, legal documents, leases, insurance, and board files.

Sales 

Each month PURPLE ROSE CFO will reconcile your point-of-sale system, state Seed to Sale system, deposits, merchant service reports, cash counts and accounting software. The valuation of your company is based mostly on revenues so make sure this accounting is rock solid and not lose value on investment. 

Payroll

PURPLE ROSE CFO will help secure a payroll company that is cannabis-friendly and provides accurate reporting and makes sure these costs/expenses are allocated properly. We will also review monthly payroll reports to make certain everything is in order.

Internal Audit/Review Process

PURPLE ROSE CFO will conduct internal reviews making sure all data entries into the state Seed to Sale system, QuickBooks (or other accounting software) and the POS system are performed properly. This creates a checks and balances system designed to independently protect key assets.

Cash Forecasting

After securing accurate reports, you can build a monthly report that will help you strategically navigate short- and long-term cash flow objectives. This report will include all three key financial elements: balance sheet changes, profit, and loss statement and statement of cash flows.