Dope CFO Review - Andrew Hunzicker Scam?

Dope CFO Review – Andrew Hunzicker Scam?

Today we will be reviewing a program known as Dope CFO. Is it legit? Find out in this Dope CFO review.

Dope CFO claims that they are the largest network of certified public accountants, chief financial officers, accountants, tax lawyers, enrolled agents, and bookkeepers in the United States.

They also say that they are the go-to specialists for GAAP-compliant, cost-cutting, strategic accounting and tax solutions.

Before you decide to sign up for this program, you should read this Dope CFO review first.

DISCLAIMER: This is a fully independent review. I’m not affiliated with Dope CFO in any shape or form whatsoever.

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Dope CFO Review: Quick Details

Dope CFO Review - Logo

  • Name: Dope CFO
  • Owner: Andrew Hunzicker
  • Website: https://www.dopecfo.com/
  • Socials: Facebook, Instagram, Twitter
  • Type: Training program
  • Niche: Cannabis accounting
  • Recommended?: Accounting for a cannabis business has different rules from conventional businesses. If you are not in the cannabis business, maybe you should check out my top recommendation instead.

What is Dope CFO’s Mission?

“Through a culmination of more than a decade of actual Cannabis client work, industry knowledge, and discussions/review with Cannabis tax attorneys, bankers and other industry service providers, we have compiled our continuously expanding program and suite of tools and services. Packed with education, proven modules, systems, workpapers, and templates, our program guides accounting professionals and owner/operators along every step of the way, allowing for us to implement these tools on day one to help cannabis and CBD businesses operate compliantly.”

Cannabis Accounting and the Dilemma with 280E

The provisions of the tax code declare quite specifically and firmly that:

“No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is conducted.”

– U.S. Code Title 26. Internal Revenue Code § 280E, Expenditures in connection with the illegal sale of drugs

So, what does this tax code mean for businesses in the cannabis industry?

In contrast to other types of businesses, cannabis enterprises are not legally permitted to claim deductions for common company costs such as costs related to employees and the office budget for things like marketing, interest, depreciation, R&D, and legal representation.

Rather than wasting time and energy attempting to outsmart the ineffectual 280E, this company says that they can help firms lawfully decrease their tax bills by understanding how 471 works, knowing how to complete GAAP full absorption cost accounting, and effectively allocating spending to Inventory and COGS.

To better handle the financial aspects of the many different industries in which Cannabis and CBD are used, the platform includes hundreds of workpapers and procedures.

CBD and the 2018 Farm Bill

Let’s not overlook CBD, which we anticipate to be as large as or bigger than Cannabis, despite all the hype surrounding the former. Despite the absence of a 280E requirement, CBD can still be exceedingly complicated.

As additional regulations are established, the FDA, USDA, and other agencies will begin cracking down on CBD firms.

The curriculum will assist accountants in understanding the nuances of complying with these new regulations. Also, the software also includes CBD compliance and bookkeeping instructions.

This program is in a similar niche as Arieyl, Xifra Lifestyle, and Green Compass.

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Who is Andrew Hunzicker?

Dope CFO Review - Andrew Hunzicker

Andrew has over 30 years of expertise in accounting and taxes, as well as being the CFO and founder of various firms that are worth many millions of dollars, including Big. 4.

As a seasoned professional who has worked in the industry for more than 5 years, he has made it his mission to assist other accounting professionals in achieving balance in their day-to-day lives, in addition to building prosperous businesses and cultivating the next generation of experts to work in this prosperous industry.

One of his goals is to lead the 2021 ACIPA cannabis conference.

After seeing the immense potential in the burgeoning cannabis and CBD/Hemp sectors, Andrew launched Dope CFO and designed a comprehensive cannabis accounting/bookkeeping and tax training curriculum available to students in all 50 states.

Andrew has worked extensively in the retail, manufacturing, energy, medical/biotechnology, and technology sectors as an executive leader and business advisor. His resume features stints in a variety of industries, including wholesale, production, biomedical, and IT.

When the Portland Business Journal announced its CFO of the Year finalists in 2017, Andrew was the only candidate from the cannabis business. He placed second overall.

He worked at one of the “Big Four” accounting companies, such as PriceWaterhouseCoopers, and earned the top score on the CPA test in 1995, earning him the Gold Medal Award.

His expertise lies in the areas of wealth protection, cannabis startup businesses, chief financial officer (CFO) services, high-growth and turnaround strategies, capital sourcing, and mergers.

He is also an expert in mergers. In addition to this, Andrew is a part of the committee that is in charge of putting up the AICPA Cannabis Industry Conference.

Dope CFO Overview

The program promises to provide the following:

  • Everything you need to competently and quickly attend to the needs of your Cannabis and CBD/hemp clients, including the necessary tools, systems, workpapers, and templates.
  • Live assistance to guide Cannabis customers with many of their specific issues.
  • The capacity to assist you in keeping up with the ever-evolving rules and procedures required to service each vertical market.
  • Complete set of worksheets, charts of accounts, and other tools for doing accurate cost accounting, keeping tabs on stock and COGS, and delivering first-rate service to customers all over the globe.
    assistance and networking opportunities from a select VIP group, as well as regular Q&A webinars.
  • Over 100 hours of video teaching providing training, education, and a comprehensive course of “VIP” knowledge that can be utilized on day one.

Cannabis Accounting 5.0

Numerous professional accountants have benefited from the Cannabis & CBD/Hemp Accounting 5.0 program, which has allowed them quickly come up to speed and begin serving the rapidly expanding Cannabis & CBD industry.

More and more states are considering legalization, and this is increasing demand for qualified Cannabis and CBD accountants. This program claims that it has everything you need to offer your clients first-rate bookkeeping services.

Program Inclusions

  • Includes offer letters, price quotation tools, and prospect email campaigns, as well as comprehensive training on accounting and taxes for the cannabis and CBD marketing industry.
  • Includes over a hundred worksheets and forms, like as
    • dispensary accounts breakdown
    • expand the accounts-related organogram
    • accrual basis accounting for processors
    • delivery accounts breakdown
    • the controls documents, PBC lists, engagement letter, and onboarding forms
    • secure online data rooms ensure that businesses can always pass inspections by auditors, lenders, investors, and other stakeholder groups and are prepared to depart in the event of a merger, acquisition, or other corporate restructuring
    • methods, equipment, and notes for cleaning
    • month-end procedures, including our “permanent audit trail” cost accounting forms, which are used to ensure an accurate allocation of funds
  • Over 300 attorneys, CPAs, EAs, MBAs, and bookkeepers make up “the” premier community and coaching network in the United States, ready to answer any query and help you locate the customers you need to grow your practice.

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Dope CFO FAQs

What makes accounting valuable to cannabis and CBD/hemp CEOs?

Accounting that is up to par is useful for cannabis and CBD/hemp CEOs in several ways:

  • First, it aids them in accurately maximizing Cost of Goods Sold (COGS) tax deductions, resulting in lower tax outlays. Under IRC 280e, the only permissible offset to Cannabis income is COGS, hence tax is a major burden for Cannabis businesses. GAAP inventory accounting (including cost/absorption accounting) is necessary to optimize this appropriately under IRC 471-11. (At least 80% of Cannabis businesses are likely not doing this, and as a result are throwing away hundreds of thousands of dollars.)
  • Yet another area where many cannabis and CBD/hemp businesses fall short is in their accounting and financial reporting to the state.
  • Financial mismanagement is a major problem in the cannabis and CBD/hemp industries, and proper accounting may help CEOs gain access to funding and improve their relationships with investors.
  • Good accounting allows CEOs to better manage operations and cash flow, giving them an edge over competitors who don’t invest in such systems. For some businesses, this might be the difference between being able to continue operating and having to close their doors.

Do you need to be a CPA?

To be of service in the Cannabis industry, you need not have a CPA. Because so few certified public accountants are willing to work in the cannabis market, most businesses in the sector rely on bookkeepers to handle their day-to-day financial transactions instead.

However, there is indeed a significant shortage of competent accountants and bookkeepers in the Cannabis and CBD/hemp industries.

What makes cannabis/CBD/hemp accounting different?

It might be challenging to adequately cater to the numerous distinct sub-niches that exist. Oftentimes, a single business will operate in several of these subsectors, including farming, processing, manufacturing, laboratories, distribution, and retail.

Furthermore, it is incredibly challenging to serve these customers successfully and maximize your time due to the lack of Big 4 industry guidelines or training, the absence of GAAP advice, and the near complete absence of tools and workpapers outside of our curriculum.

Every aspect of a business’s operations—from banking to transportation, from seed to sale, and from payroll to bills—faces unique obstacles.

Professionals working in the field of cannabis and CBD/hemp accounting need to be aware of these problems and be able to assist their customers in navigating and finding answers so that their businesses may run smoothly.

Larger accounting companies are not yet invested in the cannabis or CBD/hemp industries, thus multimillion dollar businesses in these sectors have to locate smaller firms ready to help them with their accounting needs.

Accounting presents its own set of difficulties due to the general absence of useful software that is tailored to the demands of the Cannabis industry.

The chart of accounts in Quickbooks and similar programs is not set up for the specific needs of Cannabis businesses. Most also employ convoluted multi-entity arrangements, aggregate costs among subsidiaries, and deal in intricate inter-company transactions.

A skilled bookkeeper or accountant will have knowledge of the cannabis industry, CBD/hemp, state/federal concerns, and efficient paperwork, methods, and tools to better serve their clients.

Lack of banking, complicated software, state seed-to-sale monitoring, cash management concerns, investor reporting, GAAP accounting, and inventory management are just some of the other issues that will impact the operations of Cannabis and CBD/hemp businesses.

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Thank you for reading this Dope CFO review.

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