WELCOME TO 420 CFO!
ARE YOU PROTECTED FROM FRAUD AND THEFT?
According to a report by the Marijuana Business Daily, cannabis retailers lose an estimated 2% to 5% of their inventory annually to theft—with a full 90% of those losses attributed to employee theft—making it imperative for businesses to fortify their defenses against such threats.
Reasons for Theft
The Allure of a High-Value Product: Cannabis products, especially top-shelf flower and concentrates, command premium prices. That makes them a tempting target for thieves both internal and external.
Strict Regulations: Cannabis businesses face rigorous compliance requirements. Accurate inventory records are non-negotiable. Discrepancies can lead to costly fines or even license suspension.
Poor Employee Training and/or Outdated SOP's
MJ Biz Daily reports that a business can lose tens of thousands of dollars a year to employee theft.
You have messy or incorrect Bookkeeping?
Do you know where all your cash is?
Not Reporting Cash Payments?
Lack of Communication/ Organization
We put formal bookkeeping system in place & automation is added where possible to save time & money.
The cannabis industry is a high cash industry, and we all know that sometimes cash has a tendency to disappear. We can implement strict Cash Control Protocols and an accountability system with drawer and safe reconciliations. Discounts are monitored for patterns and all discrepancies documented.
We find many businesses in this industry don't even know they have to report cash payments to them of more than $10,000. We will implement procedures to ensure compliance with IRS form 8300 reporting.
We can help with written Internal Controls including Job Descriptions, Duties, Chain of Command & assign responsible people for decision making.
Our Team
Laura Adams
President
Monica Lewis
Vice President