Women’s literacy rate in India is only 65%, for a country with such a high GDP growth rate this is worrying low. In a country where women are harassed and discriminated against everyday, how can education help build a brighter, fairer society? At its current state of progress India will only attain universal literacy in 2060. It would be difficult to find a firm better suited than Greenbooks to do so.The gap between male and female literacy in India is almost 20%. When working with a firm to compile your financials, it is important that the firm understands these problems and can offer solutions. Examples include poor record keeping, complex cost accounting and potentially lack of access to secure cash storage. Cannabis businesses have their own unique problems when it comes to preparing financial statements. Greenbooks is a CPA firm dedicated exclusively to cannabis clients. Thus it's important to keep good records of the processes, procedures and controls applied in any one year. Our approach for compiling financials might change from year to year or even quarter to quarter depending on what happens in the industry. We feel this document is particularly important in the cannabis industry as regulations are changing constantly. As the name suggests, this is basically a roadmap of how we got from a whole bunch of financial information to vetted financial statements. Every compilation engagement we take on comes with a Summary of Accounting Policies and Controls. + Summary of Accounting Policies and Controlsĭocumentation is extremely important when it comes to financial statements. Regular reviews can help greatly in building out scale-able accounting practices. It is not uncommon for clients to ask for review on particular line items with a large volume of transactions and walk us through how they categorized them. Different from an audit review, the CPA does not provide an opinion on the accuracy of the financial statements as this is a far more informal service. + ReviewĪ review typically occurs when a client has an already prepared set of financial statements and would like the firm to confirm that the statements were put together correctly. The end result is professionally crafted financial statements for your company, signed off by a CPA. Of course, this is a joint effort - the firm will rely on you, the client, to explain the nature and impact of transactions while we put together the financial story. We offer compilation services at any time - you bring the financial data and we will do the rest. This leads to a mad rush at tax time, trying to piece together the big picture of their company in time for the deadline. Many cannabis companies, particularly small businesses, don't bother to compile financial statements at all. More accurate financial statements can lead to more accurate tax returns, potentially lower income tax and more effective tax planning saving the company a lot of money. Unlike an audit review in which a third party is hired to express an opinion, a review compilation is a collaborative effort between CPA and client. Having a certified public accountant compile your financial statements will improve financial reporting significantly. Many small businesses (as well as large) operating in the cannabis space simply don't have the time or expertise to change this. The mixture of lack of experience and lack of guidance has lead to lack of good accounting. In addition, many seasoned accounting professionals are choosing to stay away from the industry for the time being. On the other hand, the cannabis industry has received no guidance from accounting authorities on how to properly record these transactions. They perform many business transactions each with their own challenges. On the one hand they are very complex organizations. Cannabis businesses are in a unique situation from an accounting perspective.
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