In the cannabis industry, QuickBooks is the leading accounting software used by both accounting professionals as well as cannabis companies. It comes in two versions: QuickBooks online and desktop. In today’s environment, most seed-to-sale companies like MJ Freeway, Weave IQ, Green Bits, and Flowhub find it easier to connect to QuickBooks online.
On the retail side of the cannabis industry, the key software is Point-of-Sale. It does many things for the retail operation including check-in, inventory management, and sales. All of the point-of-sale systems operate in real-time, a great improvement over accounting software systems of just a few years ago.
Still, retail stores in the cannabis industry like to use QuickBooks online in conjunction with their point-of-sale systems. But for multi-store operators, QuickBooks online is just not robust enough to handle all of their needs. The alternative is the move to QuickBooks Enterprise.
QuickBooks Enterprise will never be a full enterprise resource planning (ERP) solution, but it can be put together with a well-developed point of sale system to provide an economical ERP.
In the cannabis industry is very important to adapt the reporting specifically to the cannabis business. We have not seen accounting software – even QuickBooks – that has cannabis industry-specific charts of account. That’s why it is important to find an accounting professional with cannabis business expertise in order to create company reports that are specific to this ever-evolving cannabis industry.
If you have any questions, please contact me by email at Bruce@CannabisCPA.Tax or phone 818-225-8022.
