It does not have to be that way. An ERP built for cannabis turns year end reporting from panic mode into a process you can actually trust. The right system will even keep you from burning the midnight oil and crying at your laptop.* 

*results may vary 

Why Year End Reporting is a Nightmare Without ERP 

Cannabis businesses have a unique kind of reporting pain: 

• Compliance rules that never take a holiday: Regulators expect every gram, dollar, and SKU to tie back to state systems like Metrc or BioTrack. Good luck doing that with scattered spreadsheets and disconnected apps. 

• Inventory math that feels like a trick question: Valuing cannabis inventory is a juggling act. Raw materials, trim, extracts, finished goods, and perishables all have to be counted and costed correctly. One wrong formula and the whole report collapses, and that is before you even try to build out a bill of materials with labor costs included. 

• Revenue streams that do not get along: Cultivation, manufacturing, wholesale, and retail each have their own quirks and payment methods. Reconciling them manually is the definition of busywork. 

• Audits waiting to pounce: Year end is prime time for audits. Manual processes leave you more on edge than cutting edge. As Snoop once said, it is better to stay ready than get ready. 

How ERP Turns the Chaos into Clarity 

Instead of digging through silos, ERP brings finance, compliance, and operations into one system. The result is year-end reporting that does not require caffeine fueled marathons. 

• Automatic compliance syncs keep numbers aligned with state systems. No surprises, no drama. 

• Real time inventory valuation tracks costs across every stage so you are not rebuilding the math at the last minute. 

• Finance and operations actually talk to each other in ERP. No more chasing down mystery numbers; everything connects by design. 

• Audit ready reports are baked in. What used to take days now takes minutes. 

• Multi location roll ups let operators see the big picture instead of piecing it together like a jigsaw puzzle. 

The Part Nobody Talks About 

End of year reporting isn’t just about filing taxes or proving compliance. It’s also your team’s chance to learn from the year, and for an accurate analysis you need a single source of truth. ERP gives cannabis operators visibility to spot what worked, what flopped, and where next year’s growth should come from. Without that clarity, you are not planning, you are guessing, and those guesses get expensive and dangerous. 

Close the Books Without Losing Your Mind 

End of year reporting will never be fun, but it should not feel like punishment. With ERP, cannabis operators step into reporting season with confidence instead of chaos, accuracy instead of anxiety. 

Ready to swap late night spreadsheet misery for stress free reporting? Talk to 365 Cannabis and make this year the one you finish strong. 

The post How ERP Saves Cannabis Operators From End-of-Year Reporting Chaos appeared first on 365 Cannabis.

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.

1. 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.

2. 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.

3. 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!

The post 3 Things You NEED in a Cannabis Accounting Software appeared first on 365 Cannabis.

With the current state of the world, many businesses are struggling to stay afloat. Business owners are checking their company finances hourly–adjusting and readjusting.

With this in mind, we asked fellow business owners, “What are you currently doing to help manage your budget and maintain any remaining profits?”

Here’s what they had to say.

Mind Your Evolving Priorities

During these uncertain times, we are making it a top priority to stay within our tightened monetary margins. We have also been in constant communication with our clients to ensure that their software can assist them with the new challenges that COVID-19 brings. Overall, it is about sticking to your budget, eliminating unnecessary costs and ensuring that your product is malleable enough to still assist clients in these unforeseen times. 

Megan Chiamos, 365 Cannabis 

Freeze Unnecessary Services

From an office management standpoint, we froze as many services as we could and brought the vendors we could not freeze down to minimum spend.

Adrienne Collins, Workplace Experience Manager

Spend on Advertising

Before the pandemic, we had planned on bringing more people in, but for now, hiring is on hold. I don’t want to be in a situation where I give someone a job, only to realize that we can’t afford to pay them and then be forced to let them go. We’re understandably not really investing right now, per se, because we don’t know if we’ll need that money to cover payroll. Innovation is on the back burner, you can afford to take risks when things are stable, but right now, maintenance is more valuable than the possibility of growth. I see a lot of companies cutting advertising budgets and I think it’s a mistake. We’ve been putting some money towards keeping advertising up on Facebook, and we’ve been having success with conversions, so not all investments are a bad idea. 

Sean Nguyen, Internet Advisor

Project Your Future Planned Costs

Project the planned costs, contracts and spend renewals, then remove them to create a more flat spend over time as the business cash flow will take time to recover, this eases pressure on those precious dollars. Make sure your clients know your value and have your emotional support and time so you keep relationships priority #1, even in the face of difficult business decisions.

Noah Wisnia, Head of Talent

Cultivate Calm

Our energy plays a big role in our wellbeing in all aspects of life. Try your best to stay calm. Limit your news consumption. If you are homebound, stay physically and mentally active. Get outside and embrace the fresh air! Maintain your social life while respecting social distancing – even if that means virtual meetups. Lastly, know that you are not alone!

Galit Tsadik, Tsadik G Management

Work Remotely

To maximize profits while we can, we have all sales, customer service and processing staff setup from home, or are fully operational – wherein the business can run at about 90% efficiency compared to pre-pandemic and lockdown.

John White, CNBS

Cut Costs Where You Can

As a small business owner, it is crucial to cut costs when you can. We decided to forgo all office costs and transition into working remotely. It has been a lifesaver during times when business isn’t certain. We have also been sticking close to our budget and keeping our staff size relatively small. 

Brett Farmiloe, SaaS SEO Company

The post 7 Ways To Manage Your Budget and Increase Profitability appeared first on 365 Cannabis.

The post HIPAA and Cannabis appeared first on 365 Cannabis.

The post The Cannabis Industry and 280E appeared first on 365 Cannabis.