Cannabis Companies Turn to Cloud Accounting for Growth

The widespread legalization of cannabis across the U.S. means cannabis companies are establishing themselves and growing. With some businesses in the industry struggling to turn a profit, what are growing cannabusinesses doing to achieve their successes?

As the cannabis supply chain and businesses that operate within it become more and more complex, as do their regulatory and reporting requirements. Forward-thinking cannabis entrepreneurs are taking advantage of cloud-based systems which increase their flexibility and efficiency.

Here’s why these growing cannabis companies choose Sage Intacct for the next level in cannabis cloud accounting:

Increase efficiency

With broad financial and operational data visibility, cannabusinesses can track everything in real time. By automating business processes with Sage Intaact, managers are able run the day-to-day operations of their cannabusiness with more focus.

Easy-access from any location makes cloud accounting far more flexible than traditional cannabis accounting solutions. Automation saves time and money, as does maintaining compliance in the highly regulated cannabis industry. With Sage Intaact, avoid costly errors with robust audit controls and automatic backup recovery capabilities.

Read more about increasing accounting efficiency with Sage Intaact.

Drive Growth

Growing cannabis companies require business intelligence solutions to find the information they need to make informed decisions in a timely manner. With the ability to make rapid, informed decisions, leaders are able to remain ahead of the competition.

By eliminating manual processes, reduced monthly reporting processing time, cannabusinesses are simplifying key accounting processes to drive growth. Cannabusiness operators seeking capital are able to effectively present their business and its complexities with an industry-specific accounting solution like Sage Intaact.

Manage multiple locations

Multi-entity cannabis organizations face specific complexities surrounding centralized payables, inter-entity transactions and global consolidations. Due to the increasingly complex accounting requirements, Sage Intacct is an ideal fit for cannabis companies who are comprised of multiple entities operating from multiple locations.

User controls allow managers to restrict or grant access to employees for tasks relevant to their role and their location. Users can share vendor and customer data across entities and, if provided access, can work in multiple companies at the same time.

Global consolidations

Cannabis executives get a consolidated view of their operations with real-time access to data. Off-the-shelf solutions not designed for cannabis accounting requires excessive manual entry and workarounds. Sage Intacct gives cannabusinesses accurate, real-time reporting across entities.

Centralize payables

With a centralized payable function across locations, Sage Intaact is the cloud accounting solution for cannabis companies by eliminating the manual processes typically associated with intercompany accounting. Intaact enables cannabis companies to execute financial consolidations to close the books quickly while keeping financial statements audit-ready with visibility over interim summary figures and detailed journal entry reports.

Sage Intaact allows cannabusinesses to record bills and send payments across entities using a central screen while creating transactional data between entities.

Allocate expenses

Expense allocation is the process of allocating shared expenses across the various locations of a cannabusiness. Complex allocations done manually can take hours while managed instantly and and error-free with Sage Intacct.

With Sage Intacct’s financial consolidation tools, cannabis operators can quickly compare performance across locations or tailor each locale to local regulations. Intaact goes even further to with the capability to easily switch between consolidated and local views for further insights.

Today’s growing cannabis companies are faced with many complex business challenges and above all need automation, flexibility and visibility to make informed decisions for continued growth. These organizations turn to Sage Intacct for their cannabis cloud accounting.
Contact us at e2b to learn more about Sage Intacct. There’s a Reason Sage Intacct is the AICPA’s Preferred Provider of Financial Applications.

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