Researching accounting software can sometimes be confusing and frustrating, especially in the cannabis industry. There are so many products to research and compare. On top of this, accounting software is not always designed with cannabis integrations in mind, so communication between track-and-track, Point-of-Sale, or Seed-to-Sale software can be challenging. It may feel easier to with your current Excel spreadsheet, or whatever sub-part accounting software you are currently using.
Don’t settle; there are other good options on the market, it is just about finding the right cannabis accounting software for your business. Because the CUE Experts spend so much time researching cannabis software and integrations, we have put together this guide to help you understand how to find the right cannabis accounting software for your business–or when it is time to switch.
What should I be looking for in cannabis accounting software?
Many cannabis business owners get bogged down in the day-to-day operations of running the company and staying compliant. Ultimately, a successful choice for cannabis accounting software is something that makes the minutia easier and takes some of the busy-work off your plate. In the end, paying a monthly software fee for a program (other than Excel) that keeps your books in order is a small price to pay for transparent and compliant record keeping.
There three or four quality accounting software companies that are currently being used within the cannabis company. Each software company will offer several plans that incorporate different levels of features and functionality. On the most basic level, accounting software will help track daily expenses, create and send invoices, track payments, record sales and provide a real-time profit and loss report.
Here are four top features to consider in cannabis accounting software:
1) Ease of Use: Especially if you are an accounting novice, has the software been designed in such a way that it will be intuitive. All software companies will provide demos so you can understand the inner-working of the software before purchase.
2) Integrations: For the cannabis industry especially, this is arguably the more important than easy of use, because double-entry can waste a lot of time. Understand if the accounting software will integrate with your point-of-sale or seed-to-sale software to avoid entering this information in multiple locations.
3) Support: Cannabis software companies offer varying levels of support. Sometimes it is only through chat or email, while others offer phone service. Decide what type of support is necessary for your business.
4) Security: This one seems pretty obvious with accounting software as you’d hope they would be secure. But it is worth asking the difficult questions about the business-to-business security and also security within a business. For example, how does the software store their data or communicate safely with a business? Additionally, within a business how do permission levels work and who has access to what data?
How do I find the right software?
As the above questions, demo some software and compare your options. Get a detailed understanding of the product so you can purchase software with the functionality that is right for your business.
Want more information?
CUE Cannabis identifies the best cannabis accounting software for growing your business, saving you time from browsing overwhelming review sites. Our Expert team meticulously researches every software category. We’ve helped cannabis businesses just like yours about their software choices. Our 30-minute free consultation is a great way to ask an expert any cannabis accounting software questions you may have, and get answers right-away without purchasing anything.