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This year, U.S. legal medical and recreational marijuana sales are poised to top $10 billion for the first time. By 2023, analysts expect that number to be at least double. To give you a sense of just how large that market is, consider that the U.S. tea market is worth roughly $12 billion. Needless to say, when the cannabis market is larger than that of a product sold in every grocery store in the country, it’s a very big deal.
Despite the size of the market, cannabis producers, distributors, and retailers find themselves in a strange place within the landscape of American business culture. Even this far along the legalization journey, there is still some stigma attached to being in the cannabis business. That stigma manifests itself in many ways, including when it comes to finding an accounting software that works for such a particularized industry. Many accounting software companies are unaccommodating or indifferent to the cannabis industry, making no attempt to make their products and services cannabis friendly.
AccountingSuite is different. We understand that entrepreneurs in the cannabis space are reputable business owners who need and deserve tools to successfully operate in the modern marketplace. In addition to treating cannabis company owners like the serious business people they are, we want our software to be helpful within this specialized space.
The difficulties of accounting for cannabis
Given that cannabis is a controlled substance, the government requires cannabis service providers to report inventory numbers on a monthly basis. Different states use different reporting software, but all have a similar structure in place. This legal necessity forces business owners to interface with an often-clunky software that nevertheless requires pinpoint accuracy of reporting. Businesses who accurately report information can be subject to shutdown, so the stakes are extremely high.
Making matters worse is the fact that these companies often have to rely on newly developed software to meet their business needs. For example, most cannabis companies use POS software like Greenbits and Flowhub that allow for integration with state inventory services like Metric. But there’s no such dedicated option when it comes to fully functional accounting software. Instead, business owners have to decide which traditional software provider is best suited to their needs.
Why AccountingSuite is that choice
According to cannabis business website Dope CFO, “Accounting Suite is a favorite among cannabis-trained accounting professionals. Their cloud-based solution actively supports cannabis companies. Some of the key selling points are that: they are cannabis friendly, cloud based, have great customer support, are very cost effective.” Unlike other software providers who shun cannabis-based businesses, we want to create a platform that works for them.
A few features within AccountingSuite will be of particular note to those in the cannabis industry. We offer multi-entry reporting and advanced units of measure to ensure that inventory levels are accurate at all times. Our cloud-based platform means you can input and verify data no matter where you are, which is crucial for an industry that often requires daily reporting. AccountingSuite also comes with best-in-class inventory management, including the ability to use a scanner to move products in real time, as well as warehousing and multiple location features that tell you exactly where a product is located.
More than that, though, AccountingSuite offers a cannabis-friendly environment that will see you a client rather than a scourge. When you have questions, you can count on our customer service team to help. We’re also looking into possible integrations with Greenbits and other cannabis-specific POS providers.
If you’re looking for an accounting software that can meet the needs of today’s growing cannabis industry, look no further than AccountingSuite. Head to our pricing page for more information.