Starting out, you didn’t need a dedicated cannabis accounting software, you needed just enough to get by – seed-to-sale for compliance, a dozen spreadsheets for your processes, and Quickbooks to manage your money. Once up and running, you quickly realize this isn’t a long-term solution.
Replacing disparate systems every year or two can become a burden on your staff and wallet. Investing in a cannabis software that is an all-in-one solution will ultimately save you mass amounts of time and money.
To get started, here are 3 things to look for in a cannabis accounting software.
Audit Trails & Granular Tracking
A cannabis accounting software should go far beyond basic transactions – it should provide granular financial tracking at every level.
One of the most important features to look for is the ability to track and assign costs. This would include rent, utilities, supplies, labor, and job hours, with the ability to apply these costs based on an individual plant, batch of plants, or an entire room.
With the right cannabis accounting software, these calculations should be completely automated and extremely flexible.
Transparent and detailed audit trails allow you to justify every expense.
Multil-Language and Multi-Currency Capabilities
Whether you’re a single-state operator with no intention of growth or already have a 10-year plan with multi-country on the docket, either way, you should always be prepared. With an enterprise-level cannabis accounting software solution, you’ll be future-proofed no matter the trajectory of your cannabis operation. Sinking costs into a solution that can’t cross borders greatly hinders your scalability and budget.
Although many systems will claim to have multilingual and multi-currency capabilities, it is crucial to determine how realistic and cost effective the solution will be.
Proprietary systems (ones built from the ground up) will likely have to custom build all the translations and currency capabilities out from scratch. This can be extremely expensive, not to mention can take years to complete. A cannabis ERP system built on a platform deployed around the world, like Microsoft Dynamics 365 Business Central, has language and currency option out of the box.
When shopping around for a new software vendor, be sure to ask what platform they’re built on. Better yet, see if they’re a true cannabis ERP.
Fully Integrated Cannabis Software
Any time you’re transferring data from one system to another there is room for error. Using a disparate cannabis accounting software can be detrimental to your bottom line.
A fully integrated ERP solution brings all your processes and activities into one place. As you set up a new job in the system – assigning labor, materials, space, etc – the costs involved are already connected to your finance system.
Furthermore, a single solution immediately automates dozens of processes, reducing errors, saving time, and increasing productivity.
There are many benefits to using an ERP with a fully integrated cannabis accounting solution for your operation, even if you aren’t quite there today. If you’re currently using seed-to-sale software and a few other disparate systems, it’s time to future-proof your cannabis business with an ERP solution that will grow with you.
Ready to for an all-inclusive ERP with a built-in cannabis accounting software? Contact us today to see how – your wallet will thank you!