A 3 Step Plan for a Credit Card Spring Cleaning

A 3 Step Plan for a Credit Card Spring Cleaning

I distinctly remember the thrill of opening my first credit card. At a department store, where I was spending more money than I probably should have been, the sales associate at the cash register offered me the opportunity to open a store card extolling the benefits of using their card– including a 20% discount on my purchase that day. I signed up immediately. It didn’t take long to regret the decision. I’ve never been one to act so impulsively when it came to my personal finances and couldn’t believe how easily I took the bait.

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5 TIPS FOR MAKING A POST-PANDEMIC BUDGET

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5 TIPS FOR MAKING A POST-PANDEMIC BUDGET

Twenty twenty-one is boom time. Everyone is getting back out in the world and having a good time. People who were stuck at home all last year are now traveling and seeing friends and family… But in between those BBQs and vacations, it’s time we should all spend a few minutes focused on our finances. After all, now that it feels like the world hit the “reset” button, there’s no better time to check in and see where you stand, by the numbers.

Why Your Business Will Fail?

Why Your Business Will Fail?

There are many reasons new businesses fail, and cannabis companies are not immune to the same issues non-cannabis operators face. The accountants and advisors at Breakaway have seen that financially savvy, professionally operated cannabis entities are far more likely to thrive. In the following piece, we list the three most common reasons cannabis businesses fail and provide guidance on how to avoid these pitfalls.

Cannabis Regulation: A Primer

Cannabis Regulation: A Primer

California is famous-or infamous, depending on your perspective- for their comprehensive consumer protection laws. While many decry these burdensome, costly regulations, they save lives and foster safer living conditions. The author is not against regulations per se but believes that products with similar risks should be subject to similar regulations.

Cannabis Cultivation: Understanding Your Profitability

Cannabis Cultivation: Understanding Your Profitability

Endemic to the cannabis cultivation business is a significant timing difference between upfront expenses vs delayed revenue receipt compared to other verticals in the cannabis industry. Especially with cost-basis accounting, it is difficult to discern the underlying value of a cultivation business by merely looking at an income statement. In this piece we’ll explain how to prove the value of a cultivation business.

Talk Strategy with Your CPA

Talk Strategy with Your CPA

While it may just seem like 2021 started, in reality we're nearly in the fourth quarter which means tax season is right around the corner. 2021 was a big year for professional and financial changes and while we all know what we need to have ready for our CPA to file taxes, now is a great time to sit down and talk strategy. In the last final months of the year, you can make tweaks critical to your income and expenses which can wind up saving you thousands in the next year. But what kind of information can you have ready at hand to make sure that the time you spend with your CPA is productive?

Case Study: Optimizing A Cannabis Business

Case Study: Optimizing A Cannabis Business

One of the things we at Breakaway Accounting + Bookkeeping pride ourselves on is our ability to help cannabis clients improve performance and enhance financial reporting. Today’s case study examines a situation in which we helped a vertically integrated California operator take a step back, assess performance across the enterprise, and implement practical solutions that lowered overhead, optimized processes, and boosted revenue and profits.