In a previous article, we have seen how seed-to-sale software promises to make life easier for cannabis business owners by helping them organize their operation digitally, according to the specific requirements of every state and county. In this article, we are going to focus on how compliance and financial integration through cannabis finance software can help “ganjapreneurs” achieve financial freedom through their business.
Achieving Financial Freedom for Your Cannabis Business
It is impossible to keep up a business without a substantial amount of effort. Leveraging the resources and effort you possess is critical for your business maintain financial freedom. Using Software As A Service (SaaS) can provide this leverage by increasing profits while simultaneously reducing costs, creating a perpetually sustainable business model in the cannabis industry.
A financial plan and a detailed budget are paramount to your success, as they give you a clear picture of your income and expenses. However, we understand that doing long-term planning in the nascent cannabis industry is a bit harder, with local authorities breathing down your neck because of state regulations.
In order to earn financial freedom, you must keep track of everything. Be aware of what money goes in and what money goes out. In the marijuana industry, it is also imperative to protect yourself against all possible contingencies. Even a small amount of mismanagement and all your hard work can go to waste. A proper management system can get you a long way. That's where seed-to-sale software comes into the picture.
The Need for Specialized Software
Commercial cannabis growers and retailers are required to keep track of everything that goes on within their business. And we do mean everything. The level of detail includes tracking every detail well before than plants sprout (seed) and after a bag of cannabis is sold (sale). If you are growing cannabis, you are required to keep tabs on each plant, including its origins, strain, use (medical/recreational) and placement within the growing facility. An average commercial grower keeps about 600 plants at any given time, each one of which must be accounted for, in detail.
You don’t even have to do the math to understand that this is much more strenuous than keeping a regular inventory. Back in the day, businesses were spending hundreds of work hours of manual labor keeping track of their sales and plants. The need to expedite this process, led to the emergence of software solutions that would take care of tracking and logistics, replacing pen and paper methods.
Cannabis financial software like our very own seed-to-sale solution helps cannabis businesses where a conventional full ERP (Enterprise Resource Planning) system is found lacking. Contrary to standard software solutions, Viridian Sciences has a workflow system customized for the cannabis industry. Built with compliance and growing in mind, Viridian Sciences offers full financial integration for marijuana businesses of all types. Let’s look more into the financial aspect of the software.
Financial Integration Features in Seed-to-Sale Software
The term financial integration can have many interpretations depending on the context. In politics, financial integration benefits include more efficient capital allocation, better governance, profitable investment, and growth. In the cannabis industry, the pros are still the same but the process is quite different.
Through a suite of services designed specifically for cannabis business owners of all sizes and budgets, Viridian Sciences covers all essential parts of your financial integration, from PoS solution to real-time data and statistics regarding sales. These valuable insights can not only make the day-to-day running of your business easier, but they also can help you achieve your financial goals faster through more efficient management.
By slashing micromanagement you can be more focused on the bigger picture that is financial freedom. Below, we will present some of the most important financial features that you should look for in your cannabis finance software (spoiler alert: Viridian Sciences has them all!).
Point of Sale functionality is essential in an excellent cannabis financial software. PoS features allow you to manage all aspects of sales, including product tracking, discounts, and online ordering.
You can automatically apply discounts and include them in your detailed report.
Avoid selling more for less by generating prices automatically based on the weight and price of your products.
You can set up automatic bulk discounts based on weights and prices of your choosing. When the weight of a product is measured for purchase, the price corresponding to that weight range will automatically be applied.
Custom Product Labels
Create custom product labels showing name, weight, additives, THC content, etc.
Create custom fields on your point-of-sale screen.
Customers can arrange an order online for delivery or in-store pickup.
Real-Time Transaction Data
No matter where you are or what device you are using, a great cannabis finance software should provide you with a live feed with transaction data from your business. Aside from the convenience factor, accumulated data is extremely useful in making informed decisions to increase your business' profits.
Although not explicitly tied to revenue tracking, plant management is especially useful for commercial growers. In an industry where the tiniest mistake can cost you your business license, your plants must have their very own identity, along with their genetics. Your plants must be traceable at all times to ensure seamless growth for both them and your operation!
By assigning a tag to every plant, you can follow the product from the day the seed is placed in the pot until it is consumed. Records are kept in your software and helpful data will be stored on our secure servers. There are similar functions available for retailers as well, that allows you to track a seed's origin at any point during the sale process.
Compliance With Local Laws
Compliance with local regulations is the single biggest headache of marijuana businesses. Whether your business is required to use a custom API (according to your jurisdiction) or you need direct collaboration with your legal representatives, a great seed-to-sale software offers a complete solution that minimizes risks.
A good cannabis finance software offers a complete cannabis business solution that keeps all your data in one place, minimizing effort and errors. Although the complexity of some compliance rules does not allow for complete integration, the software will take care of the most important -measurable- ones. When you are in the market for a seed-to-sale software, keep an eye on a system that will notify you if anything is out of order.
Compliance is the backbone of your company, so trying to turn in a profit without strengthening the basis is not a good idea. Make compliance a part of your standard business best practices and be sure to choose a cannabis finance software that has got you covered so you can focus on growing your business.
Regulations are constantly changing in all states, so make sure that your software is always updated and in sync with the flow of the rules and regulations. You do not want to be locked into a system that does not have the ability to adapt to the needs of these dynamically changing market.
Seed-to-Sale or Cannabis Finance Software?
Generally, a good seed-to-sale software should also be a good finance software by default. However, since the point of this article was to explain how proper accounting management and compliance can increase profits, we focused more on the financial side of things. Our advice is to choose a flexible and reliable software that is open to the specific needs of your operation but has deep ties with the cannabis industry itself as well.
Growers, retailers, and delivery services have different needs. Whatever kind of business you run, the potential for achieving financial freedom is unlimited in this multi-million dollar emerging market. All you need to do is to have a sound financial plan, support it with a specialized cannabis sale software and stick to it. It is not easy, but it is definitely doable!
Why Viridian Sciences?
Our platform is an all-in-one business management software, built on the framework of SAP Business One, the leading business management software for small to medium enterprises. Our mission is to make sure that your company remains secure and compliant with all the local laws. Offering automated inventory management, resource planning, seed-to-sale reporting and financial oversight, Viridian Sciences gives you a cutting-edge toolset for growing your business.
Ask Our Experts About a Plan That Is Customized to Your Needs
Financial freedom through financial integration is not some kind of get-quick-rich scheme. It involves a lot of hard work on your part and our (the developer’s) part. Actually, the basic premise is applicable to all businesses: keep track of your income and expenses, have a financial plan and be compliant with authorities. Although the last part is considerably more important in cannabis businesses, a great cannabis finance software can slash the time you spend on micromanagement and paperwork.
Here at Viridian Sciences, we want to provide the best all-in-one business management software solutions for cannabis industry business owners. Our software is built on the framework and security of SAP Business One, so you can rest assured that your company remains secure and compliant with all state laws.