The widespread legalization of cannabis continues to expand all across the U.S. Outlawed jurisdictions are taking the first steps toward medical legalization, while other states where medical marijuana is legal are now trending toward adult-use (or recreational) legalization.
It appears it’s only a matter of time before cannabis is legal, period.
Learn more: See a MAP of cannabis legalization by U.S. state.
With the expansion of the market continuing to unfold, so too does the massive flood of new businesses and investors looking to capitalize on this once-in-a-generation opportunity often referred to as the Green Rush.
With an increasing number of new cannabis businesses popping up in the supply chain each year, it is increasingly vital for every cannabis operator to give themselves the best chance at a competitive advantage.
A cannabusiness with a seed-to-sale ERP system gets just such an advantage.
What is seed-to-sale ERP?
Seed-to-sale ERP systems integrate all business data from different pipelines under a single software umbrella. Cannabis accounting software, cannabis industry software, seed-to-sale ERP software, these names are often used interchangeably.
ERP systems, in general, are known for exposing operational inefficiencies through advanced data comparison and tracking, ultimately streamlining work processes and creating cost-saving opportunities.
Due to the extraordinarily complicated process of cannabis compliance, accounting, customer service, and inventory tracking that many cannabis small businesses face, seed-to-sale accounting systems have become more robust to cater to the particular needs of the industry.
What impact will ERP have for a cannabusiness?
The benefits of cannabis accounting and ERP systems are much the same as the benefits of ERP for other industries. ERP systems create phenomenal levels of information transparency within businesses by pulling all financial, inventory, manufacturing, and logistics information under the same software solution.
Real-time insight for compliance, reporting, accounting, and more…
ERP helps improve workflow efficiencies by exposing redundant or inefficient job processes through detailed data tracking and reporting. All data processes that can be automated are made easy through the seed-to-sale ERP, and updates to data happen in real-time.
Management gets complete access to the best possible business data at any given moment to make the most informed business decisions. In an industry this volatile and competitive and where the ability to make the right call for a business requires tremendous agility, present market comprehension, and accurate data for forecasting, full access to cannabis insights and business intelligence is invaluable.
ERP systems are also extremely useful in tracking manufacturing conditions and processes, which can vary wildly in the cannabis industry. By monitoring the methods used in the formulation of specific products, cultivation practices, strains, and much more, ERP systems help cannabis operators standardize their products and dial in their work processes to make them perfect.
Designed for cannabis companies, these highly flexible and robust financial management solutions adapt to your unique workflows and reporting requirements and easily integrates with many industry-specific solutions to give you a customized system.
- Inventory management with batch & lot control
- Consolidated financial reporting & analytics
- Multi-entity support
- Lot traceability
- Detailed by strain and product costing
- Web services API integration with states’ compliance tracking systems
- Scalable as your business grows!
Contact us to find out which of our cannabis accounting solutions is the right fit for you.