Wondering what a cannabis CFO service entails? You’re in the right place!
If you’re visiting this page, you’re likely wondering what a cannabis CFO service entails. As more competition enters the space, it becomes even more essential to have your operation’s financials handled appropriately.
In this post, we cover what our cannabis CFO services include and how to choose a cannabis CFO. Keep reading for the cannabis CFO service insight you need to make the right decision for your company.
Northstar Financial Consulting Group Cannabis CFO Services
Northstar Financial Consulting Group cannabis CFO services help you make the best possible decisions for your company. We help dispensaries, manufacturers, and distributors – as well as private equity investors – stay ahead of the curve with our cannabis CFO service offerings.
Our virtual cannabis CFO service typically includes:
- Comprehensive budgeting and forecasting techniques ensure your business is making smart financial decisions now and in the future.
- Coordinating with your company so you have all your financials in one place. This ensures everyone is on the same page, increasing transparency within your operation.
- Continuous monitoring of how your business performs against its budgeted expectations. We help ensure you don’t fall behind or overspend during the course of the year.
- Creating a cannabis industry-specific report that compares your business’s performance to the entire industry. This ensures you have an accurate benchmark for growth and future decision-making.
As more states legalize medical and recreational use, the cannabis industry is set to explode over the coming years. Your business needs someone who can help it grow as competition increases – not fall behind.
Contact us today for a free consultation and learn how we can help your business scale in this competitive space.
How to Choose a Cannabis CFO
Choosing a cannabis CFO is more complicated than it might seem on the surface. Companies in this space need someone who knows the industry inside and out – not just someone who incorporates accounting principles based on some off-the-shelf course they took online.
It’s also important to find someone who understands that “right-sized” is a moving target. Your operation will grow and change as your company matures – you need a cannabis CFO that can keep up with those changes. But there’s more to it than that.
Here’s what you should look for in a cannabis CFO:
A successful candidate should have experience working with cannabis companies, ideally over the past few years. You don’t want someone who last worked with a cannabis company back in 2014 when the industry was very different from what it is today.
Beyond just knowing about this specific industry, you need to know that your cannabis CFO actually cares about the industry. Not just because it’s growing, but where it’s headed in the future.
This is important for obvious reasons, but especially if your operation only deals with finances part-time or has a director of finance who wears many hats. You need someone you can trust to give you accurate information about your financials.
You need to be able to work with your candidate easily, without constantly having to micromanage them or check up on what they’re doing. They should understand your business’s needs and how it operates so that they can handle everything for you.
Before making a final decision, you also need to consider:
Of course, you want someone with the right experience and expertise for your business. But what if one candidate is perfect in all respect except salary? You may need to sacrifice slightly on salary or benefits to ensure your new cannabis CFO will be a good fit for your company. Or use that as leverage to get the candidate you want, but on better terms.
You may need to consider what candidates are located in your area or willing to relocate for the job. If your business only has two locations in the entire U.S., it’s unlikely you’ll find someone willing to move across multiple states for a job when they already have a job they’re happy with.
Finding a cannabis CFO can either be the easiest or most difficult part of setting up your business. Don’t rush this process and you’ll have no problem finding someone who can help your company grow from day one.
Northstar Accounting & CFO Services
Northstar Financial Consulting Group is an outsourced cannabis CPA firm, providing CFO/Controller services to new start-ups and long-term cannabis companies in need of some financial guidance. From setting the groundwork for new operations to restructuring the foundations of established businesses, we set our clients up for success now and plan for profitability in the future.
Our unique fractional cannabis CFO services give our clients the freedom to scale up or down, which we’ve found is vital for this evolving sector. Whether you need to increase your part-time cannabis CFO services for tax season or go lean as you need to allocate funds elsewhere, Northstar is here to support your company.
Looking for help growing your business? Contact us now to speak with one of our experts about how we’ll scale your operation in this budding space.