How are you keeping track of your Inventory?⠀⠀⠀⠀⠀⠀⠀⠀⠀
Do you have controls in place to manage your inventory?⠀⠀⠀⠀⠀⠀⠀⠀⠀
There are different ways to manage your inventory. However, a Physical Count of your items is preferred. While we have (POS) Point of Sale systems in place to systematically keep track of the inventory it is not always accurate. Therefore, it is advisable to perform a physical count while reconciling against your Seed to Sale, POS, and Accounting Software to ensure you have accurate numbers. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
In an effort to maximize your deduction under section 471-11 your Accountant should be extremely knowledgeable of the Seed to Sale process. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
If you don’t have an Inventory System in place for your Cannabis business discuss with your Cannabis Accountant today. ⠀⠀⠀
