I Have Some “Silly” Questions
Hi everyone! I’m another individual with a less-than-useful BS degree looking to transition into Accounting with a Master’s. I’ve been completing my prerequisites to qualify for a program, and I’ve been doing well in all my classes so far (though they’re just introductory Accounting courses, nothing too intense). My ultimate goal is to become a CPA.
My first question is: Is busy season uniform for all accountants, or is it primarily associated with Tax Season for tax accountants? I’m curious because my favorite part-time job has a busy period in February, where I typically work 50-70 hours a week during that month. I’d love to keep this job, as it offers free travel during work hours.
My second question might be a little unconventional—I’m really interested in pursuing Cannabis Accounting in the U.S. I’ve been part of the industry for about five years, holding various roles (budtender, facilities manager, and bookkeeper/HR, as those seem to overlap). I have a good understanding of the challenges involved with cash-only transactions, in addition to hefty tax codes. I’ve also noticed how cost-conscious some dispensary and grow owners can be, and I’ve even seen some questionable practices aimed at avoiding taxes. What should I focus on in my career? Is there a niche for cannabis accounting? Can I join a cannabis accounting firm while pursuing my Master’s and CPA? Is having a CPA even necessary for this path?
I’ve been browsing this sub for a while but haven’t come across answers specific to my questions. I truly admire your expertise and would greatly appreciate any insights you can share! Thank you in advance!
One response
Hi there!
First off, your questions are definitely not stupid! It’s great that you’re reaching out and looking for clarity as you pivot into Accounting.
Busy Season for Accountants: Busy season varies by the type of Accounting you pursue. For many accountants, especially those in public Accounting firms, busy season typically aligns with tax season (January to April), where they may work long hours to meet deadlines for tax returns. However, auditors, for instance, might have a busy period during year-end financial statement preparation, which could fall outside tax season. Since you mentioned enjoying your current part-time job in February, managing your schedule around busy seasons in accounting might be possible, especially if you specialize in areas that have off-peak times. The key is to research the specific paths you are interested in and their respective timelines.
Cannabis Accounting: You’re right that cannabis accounting is a niche area with its own challenges, particularly around compliance and tax regulations. While the cannabis industry is growing, accounting firms specifically focused on cannabis businesses are also emerging. To position yourself for a career in this field, consider specializing in the financial regulations unique to cannabis businesses and understanding the 280E tax code, which disallows certain deductions for cannabis businesses. You could apply to firms that have established a foothold in this industry once you complete your Master’s and are working towards your CPA. While having a CPA can significantly enhance your credentials and credibility, it’s also possible to start working in cannabis accounting roles without it—especially if you bring relevant industry experience to the table.
You’re on an interesting path, and your background in the cannabis industry will be valuable. Don’t hesitate to network with professionals in this niche—join relevant associations, attend industry-specific events, and connect on platforms like LinkedIn. There’s definitely a place for you in this field! Good luck with your studies and your journey toward becoming a CPA!