Are you spending a lot of time each day making sure your business is running smoothly?
Many cannabis entrepreneurs get bogged down in the day-to-day operations of running their company compliantly. The most profitable and efficient cannabis businesses have solved for this using readily available, affordable software packages. In the long run, paying monthly fees for software that keeps your books and business on track is a small price to pay for better records. In an industry that relies heavily on compliance, you can never lose out by incorporating efficient and accurate bookkeeping practices.
From working with dozens of successful cannabis companies, these are the bookkeeping software programs our experts recommend to help you get your cannabis business on track.
Cannabis Software for: Better Payroll Records
Gusto Small Business Payroll Processor
This software service is geared towards small businesses. For an affordable base price starting at $39 per month, plus $6 per month for each employee, you get unlimited payrolls, automatic tax payments and filings, W2s and 1099s, time off tracking, direct deposit, online employee setup and more. It is a cloud-based payroll service that everyone can access and openly works with cannabis companies. This software service easily integrates with time tracking software, accounting software, and supports multiple users. It also allows your CPA to access payroll reports and file all the payroll forms electronically – super handy when it comes time to file your taxes.
Cannabis Software for: Easy, Efficient Accounting
Xero Accounting Software
Xero is a cloud-based accounting software that allows for easy access anywhere, anytime. It supports and unlimited number of users (without additional costs) and works openly with cannabis businesses. Xero provides an automated banking tool that reconciles expenses and provides a tracking system that allows users to keep an eye on multiple businesses in various locations. It streamlines your accounting feed based on your class requirements – meaning you can choose the features you need for your business.
If you’re wanting for a tool that does a little more than accounting, Xero also provides access to over 600 other applications that provide services for CRM, point-of-sale, time tracking, eCommerce and more. Packages start at $9 per month but their comprehensive $70 per month package includes everything your cannabis business needs: the ability to send invoices and quotes, enter bills, reconcile bank transactions, payroll for up to ten people and can operate using multi-currency.
Cannabis Software for: Storage of Key Documents
Dropbox is by far the most reliable way to securely store large amounts of data on the cloud. It provides easy access to sharing, storing, and viewing data and documents that would normally require a lot more space and equipment to keep and share. Packages start at $12.50 per month and include up to 3 Terabytes of cloud storage and access for up to three users.
Cannabis Software for: Document Intake
Hubdoc is a cloud-based software that easily integrates with Xero and Quickbooks. It automates intake forms, reads all the information and then uploads it to your accounting software. If you have physical receipts, all you need to do is take a picture and all the information is transcribed onto your accounting software. If you have receipts on emails, all you need to do is upload the receipt onto the software and it takes it from there to your accounting software. Also, Hubdoc has the capability of organizing your receipts and invoices by vendor automatically. You can even set up additional categories that are streamlined to your business, such as “paid via cash”, “paid with bank,” and include the purchaser’s name. Hubdoc services start at $20 per month.
What to Look for in Cannabis Accounting Software
You’ll notice that all of these systems operate on the cloud, making your data readily available no matter where you are. Cloud-based tools are critical for keeping your accounting secure and compliant. It can save you time, effort, and lots of stress come tax time.
Depending on the type of cannabis business you are operating, there are specific software packages that you should get to help you keep better records and stay compliant. Some software packages for retailers are packages that track employee’s hourly time sheets, point-of-sale system tracking and reconciliation, and inventory management. For wholesalers, our experts recommend a CRM software. Manufacturers should invest in inventory management and cultivators should use crop tracking software.
There is no excuse to lose any more money and risk compliance. With all the programs available to assist cannabis businesses keep track of receipts, money, inventory and employees, bookkeeping doesn’t have to be as daunting as it used to be. There are tools every cannabis business operator can use to make his or her business profitable and compliant at affordable prices. If you have any specific questions, please reach out to one of our team members today!