Cannabis Knowledge & Insights

Cannabis Inventory Management, Costing & Cannabis Software Considerations

In this video and synopsis, our team discusses the value of cannabis inventory management, costing, and considerations for integrating cannabis business software into your operation.


All right again thank you for joining the green growth cpa’s webinar today so today we’re going to talk about the importance of inventory management for cannabis-based businesses now i have some slides i’d like to cover i think it’s like 25 to 30 minutes probably most and then i’ll explain a few things there and then we’ll hop into questions so stay around for the live after we’ll go ahead and answer your questions drop them into the chat as they come up then i can prep for them and we can go ahead and get started here with that presentation now again if you’re watching on the replay you can reach out to us via our website at greengrowthcpas.com and click that get started button on the top right corner and then you can have our team will reach out to you and see if we can help you out with your cannabis business and you can also call us at 800

800-674-9050 so with that let’s go ahead and get started and again let me pull these slides back up

so again thank you for joining our webinar today and our topic is inventory management for cannabis based businesses and this presentation is brought to you by green growth cpas now a little bit about green growth cpas before we get started we are a cannabis only tax and finance firm and we can help you with your tax preparation audits of your financials and helping defend against audits with the irs we can help with business valuations financial compliance and the regulations around those we have an outsourced cfo service that can help you really get a grip around your numbers and improve the financial performance of your cannabis business as well as get you ready to go public on the markets now we have hundreds of active clients throughout the entire united states as well as international clients and we service all verticals in the cannabis industry from cultivation manufacturing distribution processors retailers delivery services if you’re in the cannabis industry and you’re touching cash or you have some financial questions or issues then we are the firm that is able to help you get a grip on those numbers and move forward and make better business decisions for your cannabis company now before we get started i need to let you know that the information contained in this presentation is meant for guidance purposes only and not as professional legal or tax advice and further does not give any personalized legal tax investment or any business advice in general so with that out of the way let’s review what we’re going to cover in today’s webinar so first we’re going to talk about the importance of inventory management i know sometimes this can become one of those afterthoughts oh man we’ve got to count our inventory and make sure it’s going well but we’re going to talk about the importance of inventory management then we’re going to talk a little bit about inventory costing and give you an overview of that i’m not going to go through too detailed on it give you a 30 000 foot look and then we’ll move from there because next we’re going to talk about inventory software considerations there’s a lot of software out there that you can implement in your cannabis business but we’re going to give you a few considerations not the full list but enough considerations to get you started with choosing the right software or tech stack for your cannabis business and then from there we’re going to move into some miscellaneous inventory best practices things you can roll into your business and see material results right away so first why is inventory management critical the success of your cannabis business first it’s going to give an improved customer experience fresh product is always better than old stale product that was sometimes forgotten but then sold by the retailer and the supplier because they found it in the back right one of those bad interactions with your older inventory could be the last time that someone interacts with your cannabis business worst of all is if it’s the first interaction with your cannabis business so make sure that you have fresh inventory first in first out just the basic movement of the inventory is important for that customer experience but if you’re willingly offering older inventory consider adding a discount and surely make the customer or the client aware that the inventory is old or it’s discounted to account for the age of that inventory the next reason that inventory management is critical to the success of your cannabis business is that governments and regulators are watching they’re keeping that eagle eye on the cannabis industry so not only does proper inventory management techniques keep money from slipping through the cracks in your business but those techniques also protect you from major fines taking away your license by the regulators or even a potential arrest depending on the gravity of your inventory mismanagement now all states have their own regulatory frameworks but these intense and often confusing regulations do serve an important purpose in the industry so by closely monitoring cannabis inventory the local government can spot when regulated cannabis products are diverted to the illicit market or if there’s any illicit products trying to make their way into the regulated market now without these regulations regarding inventory management and tracking it it would be more likely for these cities to see cash and tax revenue diverted out of the regulated industry and not into the hands of the cities to use as they promised to their constituents when they legalize cannabis another reason that inventory management is critical to success is that it helps you find issues sooner rather than later now no matter what business you are in the cannabis industry nearly every on-boarding that we do for our clients they have an underlying inventory issue and that is likely the same case for you too it can be something very basic old inventory just aging out it’s not really that good to sell or counts that are just not done right if you’re not doing your inventory counts at all or if you’re not accounting for it properly maybe also another issue is that your value of the inventory is not booked properly and there are many other issues that you could run into but you understand that inventory is not that big in cannabis with a retailer you know you’re not dealing with millions and millions of pieces again it’s not like we’re maintaining or counting an amazon warehouse of goods so it’s not that burdensome to take it seriously but it’s still very easy to make mistakes on every local government develops robust laws regarding their inventory tracking and reporting for cannabis businesses so you will have to regularly enforce inventory audits counting of your physical inventory in your store or in your warehouse or in your cultivation space and comparing it to the inventory reported on the state seed to sale tracking systems like metric now if there are any discrepancies or issues local governments may expect that those actually get reported to them and failure to comply will cost you money will potentially cost you money and potentially cost you your license so make sure that you’re getting all these issues remedied sooner rather than later and lastly another key point about the importance of inventory management is that inventory systems and having them in place and running smoothly will allow you to make better business choices such as should we buy more of this product how much should we buy and when or another choice you may have to make is should we increase buying third-party flour instead of producing our own to make concentrates having your inventory costing done properly and accurately can help you answer that very detailed question that could change the trajectory of your cannabis business now inventory management data is a treasure chest for actionable business insights but again in order to get these insights these numbers must be translated into meaningful reports and the data coming in needs to be accurate and complete right there’s a saying out there called garbage in garbage out if you put bad data into your inventory management system you’re going to get garbage reports coming out so make sure that these systems are running smoothly and the data going in is accurate but rather than crunching numbers on your own cannabis business owners can actually rely on inventory management software and other softwares that can actually produce high quality reports with potential actionable insights as well as when you work with a cpa whose experience in the cannabis industry they can help you make sense of all of those reports so make sure that you have the right systems in place to make smart choices for your cannabis business which can ultimately lead to a more valuable business in the end so next let’s talk about canvas inventory costing and i’ll give you an overview of this again a 30 000 foot look so inventory costing is the process of assigning value to your inventory and thus to your cost of goods sold that’s the magic in accounting for the cannabis industry cost of goods sold now though all inventory costing involves assigning a value to your cost of goods sold there are a number of costing methods you have things like fifo which is first in first out or you also have lifo which is last in first out and you also have average cost and weighted average now inventory costing also helps you answer certain questions about your business such as what is my true cost per pound as a cultivator or what is my true cost per gram of oil as a manufacturer or as a retailer what is the actual true cost of my products aside from just buying the products are there any other indirect costs that i have to incur to sell this product to an end user in the retail space but understanding the answers to these questions and allows you to understand things like your margins and your profitability right knowing how much you sell it for very very easy but accounting for all the indirect costs of the product can be quite difficult and we know this from experience we do this day in and day out but once you know it you can make intelligent choices about your cannabis business and a side note here about inventory costing it’s very very difficult and complex to measure for the cultivators and for the manufacturers you have crop inventory and work in progress or plants in progress i understand it can be very difficult to do this but it’s very very important that you get your true cost per pound and know your true cost per gram of oil or whatever you’re producing so you can make smart choices about your business now you may be asking well how does this tie to 280e that’s the one thing i know about accounting in cannabis well with 280e the goal is to reasonably allocate as many costs into cogs as possible but what if you have a huge production month or many production months and then huge selling months that don’t coincide with each other that would be large expenses with no revenue in large revenues with no expenses if you’re doing cash accounting now that can make your books look a little wonky right this means that you could have complications with taxes and getting a true and accurate representation of your business’s performance here’s a concrete example of this maybe you grow outdoor cannabis and your cogs are building up as your plants grow for many many months but you have no revenue to offset those cogs so you’re operating at a loss month after month now then you sell that cannabis in a one deal thing and after all those expenses have been occurred now you have a huge revenue with no expenses to reduce your tax exposure in the period in which you made those sales and that’s a problem especially if those straddle years now using accrual accounting can smooth out these waves and give you a more accurate view of your business so let’s get a little bit technical here so you really understand what i’m saying right there are two primary ways to do accounting there’s the cash basis and the accrual method now under cash basis accounting income is recorded only when received and expenses only when they’re paid and that’s regardless of when either is actually incurred those expenses or those revenues now this differs significantly from the accrual method in which income and expenses are recorded on your books as soon as they are incurred even if no money is received or paid out until long long afterward now these differences highlight why it is necessary to use accrual basis accounting to track inventory inventoried goods must be accounted for at the start and the end of a tax year without tracking purchases and sales on an accrual basis cash basis principles would lead to a large discrepancy between the inventory accounting and reported expenses and income and further businesses with inventories almost exclusively use accrual basis accounting to record their inventory even if they may use cash basis otherwise in their accounting and this is the same with many cannabis businesses so tying this all back to 280e let’s make a roundabout here proper inventory costing allows you to make reasonable allocations of particular indirect costs where it’s good and where you follow the guidance of 1-471 to show the true cost of your inventory which allows you to maximize your cost of goods sold in the periods in which those actually get sold and you can get a better look at your numbers now accrual accounting allows you to book expenses and income when they actually are incurred which gives you a more accurate representation of your business’s real performance and lastly inventory costing is probably the most labor intensive and analysis intensive part of the accounting for cannabis business and that’s why it’s overlooked so often but again it’s incredibly important to get this right for so many reasons as we’ve previously discussed but primarily to get a true and accurate representation of your business’s real performance so we’ve talked about cannabis inventory management and why it’s critical to success we’ve talked a little bit about inventory costing and an overview of that so let’s talk about some of the software tools and considerations that you may need to think about when implementing a tech stack into your cannabis business now first you want to get something that is cannabis specific now cannabis retailers dispensaries delivery drivers cultivators manufacturers they all face a unique set of challenges related to the inventory tracking for their particular vertical now cannabis businesses have inventory management needs that traditional systems just aren’t really that equipped to handle not every basic inventory tracking system has a way to plug into metric so that’s why you need to get something cannabis specific right you’ve got that seed to sale tracking and inventory management it directly impacts your cannabis businesses profitability and compliance with tax regulations therefore it’s critical that a cannabis business uses software built specifically for their use case now when you’re shopping and looking around you may see some all-in-one software systems but most of the software suites out there will focus on one vertical they’ll do really really well in that and then they’ll add other modules to be a quote-unquote all-in-one system just look for one that works really really well for your particular vertical and if you expand verticals later down the road you can potentially add those additional modules in now finding systems or a tech stack that works well for your cannabis business is very very difficult it can be actually overwhelming so if you need help with determining the technology stack that’s best for your cannabis business and the vertical that you’re in please reach out to our team we do this day in and day out we can walk you through exactly what you’re going to need for your particular business now when selecting a cannabis inventory software you want to think about the integrations that are possible and those that are coming down the pipeline now there are three basic thoughts around integrations first does it integrate with your local seed to sale program again nearly all states require that cannabis retail stores and everybody else within the supply chain actually report their inventory and their sales transactions to that state administered seed to sale program every day or some time of period whatever that’s going to be so any inventory management system that you invest in should integrate directly with your state seed to sale program which helps eliminate any manual reporting or formatting issues and it helps you save time money and the risk of costly compliance errors so that’s number one make sure it integrates with your seed to sales software now the second consideration around those integrations is going to be hardware right manually inputting all product information or sales data is going to be a costly use of your staff and people’s time and it opens your business up to compliance risks so before investing in an inventory management software for your cannabis business which hey that could be your pos system some of them have them built in already be sure that it can integrate with any hardware right things like barcode scanners tablets computers things you already have in your business or things that you’re looking to purchase and building on that hardware does your inventory management system actually integrate with other software systems cannabis is such a young industry and you’re not going to see a full beautiful all-in-one system that supports every little use case throughout the industry so when implementing any service provider into your technology stack do your best to choose someone that either has some type of api or at least the ability to connect to other software systems via exports and imports this can help again reduce those human input errors and surely improve the efficiency with closing your books every month right your inventory management system has to talk to quickbooks at some point whether that’s automatic or manual that’s something that’s to be based on the software systems that you choose but something that does have an api that talks back and forth would be great to reduce the time to close your books every month next when you’re choosing some type of inventory software or any software in cannabis you want to consider data security and redundancy of that data meaning does it repeat other places in case something does crash you have access to that data now again this is important for everyone in cannabis but especially for the retailers so whatever inventory management system you decide for your cannabis business it’s critical and very very important to make sure that your provider can keep your data safe you don’t want any especially consumer data getting out into the wild because you could open yourself up to litigation in legal matters down the road so when evaluating a technology partner make sure they can provide secure servers and a cloud-based service that ensures that your data is going to be scalable it’s secure in the cloud and available whenever wherever you need it right sometimes hardware fails you don’t want everything sitting on one server in your office or in your retailer or in your warehouse make sure you get a cloud-based software for your cannabis business and lastly when evaluating your inventory management systems this is a bonus it’s not a requirement but see if it has the ability to produce any type of reports not only will your state require certain reports right things like sales transactions inventory audits inventory discrepancies but your inventory management system should go above and beyond your local government’s reporting requirements you know the inventory system paired with your quickbooks should be your most powerful tool for understanding the financials of your business and the performance of your business right the inventory technology you choose to use should give you some insight around key metrics including but not limited to things like your inventory turnover the product sales performance right what’s your product mix gross margin and shrinkage now again if you need help with determining a technology stack that is best for your cannabis business then please reach out to us we understand it can be an overwhelming task and that’s why we’re here to help you out now the last thing i want to cover in the webinar today is going to be miscellaneous inventory best practices these are things that we’ve seen from the field that work that could and should be implemented in your cannabis business first and foremost you want to assign someone as the inventory manager someone that is going to be the last person that has a say in how the inventory is managed and everything that has to do with the inventory and this is especially important for the dispensaries now this inventory manager can oversee the flow of your merchandise the inventory audits the reconciliations of those pieces of data the procedures and training around the procedures of inventory management and much much more they’re that last person that has to make all the choices and hold the responsibility now they’ll need to work closely with other departments including your compliance department your accounting department your purchasing department as well as your front of house sales people you don’t want this task of inventory management just floating out there in the ether and no one taking responsibility for it make sure that someone is responsible for inventory and they know they’re responsible for inventory next you should consider mapping out your whole inventory flow in the process of the movement of your inventory right this includes things like the steps from receiving inventory to auditing the inventory before it comes in how you monitor your stock levels reordering procedures and criteria around that who is responsible for each of these tasks and much much more when you start to map it out you see how big and pervasive the inventory management process is and how integral it is to the entire business and then once you get it mapped out you can see what can be automated such as maybe kicking off a report in a software that then sends an email to a manager to do an inventory room walkthrough in an audit or reconciliation right things like that look for those efficiencies and once you see your business operations and steps on your paper you can actually also find points of failure where can this process go wrong and cause issues for us or look for ways to compress certain steps or see if there’s a proper division of duties you don’t want someone collecting the inventory counting the inventory and auditing the inventory because inventory will somehow find legs and walk out of the building it’s just how this stuff happens no matter what the industry is next you want to make sure that you’re doing your month end counts now this seems so basic but there are so many companies that we work with and when we onboard them into our cfo service we realize and see that they’ve not done any counts of inventory at all maybe they’ve done an annual count but you need to do a month end count because with inventory it’s a snapshot in time and i’m not sure if you knew this but we can’t go back in time and get those numbers right we can estimate it but it’s not an accurate representation of the business’s true performance and not counting will hold back the closing of all your financials for that month or for that period especially if you’re doing annual financials so make sure that someone is doing a physical walkthrough checking the products their age and their quality or whatever type of requirements your regulations force you to do but at least those and lastly here consider changing from cash basis to accrual basis accounting now you cannot represent your books or your business properly in the best way possible if you’re not doing an accrual basis for your books and in most cases accrual accounting adjustments or the basis on a method of accrual accounting is not something that your 25 an hour bookkeeper can handle but surely they can assist in the matter now this is where green growth cpas comes in your bookkeeper can maintain the books and the activity the basic journal entries here and there and then we come in with our team every month review your books make any accrual adjustments and then you’re on your way to getting a more accurate representation of your financial performance during that period and here’s a reason why you should consider moving to the accrual basis for your accounting since ebitda which is earnings before interest taxes depreciation and amortization that ebitda is based on accrual accounting figures and it doesn’t accurately represent cash that the company has collected but just what it’s earned on paper but this is how many investors measure your financial performance for the period when they’re looking at three or four different investments they may compare ebitda for each of those companies to see where they want to place their money and a second example of this is if you want to match expenses and revenues together for a look at your profitability then you’re gonna need to move to accrual accounting to take costs from inventory and flush them through cogs when you sell that product at the period that you sell that product now because as we said before you may spend lots of money building up your inventory and then months later you’re gonna sell that inventory so in a cash basis you’ll never have a clean p l to see how you actually perform during a period if you have those big gaps right lots of production months and then later some selling months you’re gonna have to wait for a full aggregate annual p l to see how your company’s doing and also when you go to sell your business potential m a partners are going to want to see the books for your business from an accrual standpoint so it’s best to just be ready and not have to you know do a whole book overhaul when you go to sell the company because again you’re not going to be able to go back in time to reconcile the numbers and make sure that things are lining up properly so hopefully this webinar has provided you with some value and helped you to better understand the thoughts and considerations around inventory management procedures the software and a few best practices that you can roll into your business right away now if you need help with inventory management for your cannabis business then please reach out to us via our website at greengrowthcpas.com or give us a call at 800.674.9 again we help hundreds of clients every year work with their accounting systems make sure that things are being booked properly moved properly accounted for properly so that they can get a real grip on the financial performance of their cannabis business so again if you need help with inventory management maybe you need an outsourced cfo or you need help with any other accounting matters related to your cannabis business then please reach out to us via our website at greengrowcpas.com or give us a call at 800-674-9050 and thank you again for taking the time to join for today’s webinar i’m going to pull these slides down and go and answer any questions that you have before we close the session today

all right so hopefully you guys enjoyed that presentation there there may be some questions that you have so go ahead drop them into the chat whether you’re on webinar jam or you’re on youtube and we’ll get to those questions here so just let us know and again if you need help with any of the things we covered in inventory management accounting finance anything cash and cannabis our firm can help out with so let us know if we can help you out with that again drop any questions in there good the goat tree said here from youtube very informative you know thank you very much i appreciate it i think you’ve joined a few of our live streams here so thank you for joining and being consistent with it you know this education side of thing with cannabis being such a new and young industry there’s a lot of things that develop you know every quarter every month sometimes every day and every hour but thank you for joining on that live stream consistently appreciate it all right so uh adriana gomez asks here you know do you help set up a chart of accounts for the accounting department that’s exactly one of the tasks we do for our cfo service so a chart of accounts is integral and pretty much the most important thing when you start your accounting how you book your transactions how you you know classify transactions all these things are very very important so yes we do offer help with the chart of accounts for your cannabis business you can reach out to us you can do just an ad hoc engagement for just that or we have the brief onboarding of kind of you know tying up the entire accounting system

ongoing service so if you’re interested in getting a chart of accounts for your cannabis business or need help with the outsourced cfo service go ahead visit our website greengrowthcpas.com click that get started button fill out a form either adam or sean or lawrence will reach out to you we’ll get that conversation started also on youtube we have a video specifically on chart of accounts it’s not like hey here’s the um excel file for the chart of accounts but go ahead and check out that video if you want any more information on that and then we can go ahead and give you help with that so good question thank you for that i appreciate it all right let’s go and see if there’s any other questions on youtube also if you have any other questions aside from specifically inventory management if there’s any other cannabis industry questions let me know we can jump into those here i don’t mind waiting you know getting into it instead of waiting till the end how we do the monthly update which our update this month is going to have a very very special guest a um would you say politician in the tax base in california uh someone we’ve worked with i think in the past so it’s going to be very very informative and helpful for you that’s coming up in two weeks here so again if you have any other questions drop them into the chat and we can go ahead and get those answered

nice all right no questions yet i’ll wait around for a minute i need to take a drink of water been talking for a while

all right drop the questions in y’all i got a lot of good things i can answer here if you need help with anything i think one thing i saw at least on another private question on youtube here is you know what software is there for my particular vertical and one thing i want to just kind of explain here is that everyone’s situation is going to be different right you may be a pure just retail or you may be a pure manufacturer maybe you’re pure distro or you’re vertically integrated and you have every vertical or you have a little bit of this and a little bit of that now just some softwares to put it out there i had um look through this you know and we recommend before i even recommend any softwares and these are not endorsements or recommendations just things to look at so you can see what softwares are out there but before we jump into those just understand that everyone’s situation is going to be different right you’re going to have a unique budget a unique use case a unique business structure and setup things that you folk sorry verticals that you focus on primarily versus you know some secondary or tertiary verticals so just dispensary software things you can look at and it depends on if your storefront or if your delivery you’ve got trees web joint indica mj freeway kova flow hub i’m sure i’m missing some more but those are some basic ones to get started at least researching and make them compete for your business right don’t just take the first one that does the nice presentation make sure that you’re actually pressing them on the issues we talked about earlier one of the most important ones is going to be integrations you know pushing them hey does it integrate with this i have this software i have this hardware does it integrate with this or if not when is that coming down the pipeline so i know that hey we’re going to be secure after 90 days things like that now for manufacturers and cultivators there’s lots of softwares out there for this but you can look at grow hub trellis flow hub i think also does for manufacturers and cultivators not 100 sure but also an mj freeway so look into those that may be some softwares you can explore but again if you need help building your entire technology stack right things from your pos system to your accounting software to your inventory management your um cultivation management software your erp system right there’s all these little pieces you got to put together we understand it can be very overwhelming so reach out to us we can walk you through the process in the framework of picking the right tech stack for your cannabis business for your use case and reach out to us again via the website greengrowthcpas.com or give us a call at 800-674-9050 now i don’t see any of the questions jumping in uh to either the chats here so let me check again oh we got one right here gotri asks is a bit off topic and an opinion request all right let’s see what he’s got if you go with solar or wind power for your operations do the tax benefits offset the cash outlay you get conflicting answers this is an amazing question i appreciate this question so pretty much when you go for solar right there are going to be different tax credits depending on your location you’re going to have three levels of tax credits and even a fourth level you’re going to have your state or so your federal tax credits your state tax credits potentially local municipality tax credits and a credit potentially it’s not a tax credit but a credit from the person who is actually or the business that’s supplying your solar stuff now a few ways to take this it’s all going to depend on where you’re located for those particular tax credits so i can’t give you a yes or no on that but we met with outpost cannabis and i believe what jeff had said is that santa barbara outfits the county or the city that requires this but they require a certain amount of power being drawn on solar compared to being pulling off their actual grid so when you go for licensing look at these type of requirements for infrastructure if you’re required for solar infrastructure then look at the tax base or sorry the tax uh credits and benefits for that particular um you know solar requirement if they have that right now to step back and look at maybe another 25 000 foot look at it your cannabis company cannot take any credits or deductions because of 280e so when you go to implement solar you may want to whip up a new entity that purchases that solar implements it installs it does all of that stuff and then they lease that technology or the use of that technology to your cannabis company now look i haven’t explored this in full detail looking at regulations looking at particular uh specifics on anything like that but that’s just one thing that jumps to top of mind right 280e very explicitly says no credits or deductions should be allowed for anyone trafficking a schedule 1 or schedule 2 controlled substance so look into that now if you’re again really looking into solar reach out to us we can do a quick back of the envelope for you based on your specific municipality this is a great great engagement for a quick consultation one hour consult give you that good back of the envelope calculations right it’s not going to be to the penny but at least we can give you that gut check and that acid test and say all right this is going to be net positive by a long margin or it may break even or it may be a net negative so a lot of different options to look there again goat tree thank you very much for that question so if you have questions about solar reach out to us and we can walk you through that

all right i haven’t seen any other questions here on um webinar jam i’ll wait on one more thing i’m going to say one more question or one more statement here about things that we want to share but go ahead drop any other questions in so one thing we are hiring another cpa we’ve been hiring pretty much a new person every like two weeks here at green grove cpa since the beginning of the year so like amazing growth but it’s very hard to find quality cpas so if you or somebody you know wants to become a cpa in the cannabis industry or is a cpa and would like to move into the cannabis industry look introduce them to us reach out to us have them go to our website click on you know the green girl cps website at the top it says careers you can scroll through that page learn a little bit what it’s like to you know work at green grove cpas what our benefits packages are and then you can see all the open positions i believe that the second one down is going to be the cpa position click on that read the requirements then head down to the bottom of the job and you can apply for the job right on our website it’s not like monster where you got to fill out 100 different things it’s very easy who you are how to contact you upload your resume and then our hr team sarah will reach out to you and she’ll get get that moving forward for you and put you through the interview process if you fit the qualifications for that so again if you’re looking for a job or want a new job or someone you know wants a new job as a cpa reach out to us and there’s also other positions i believe that we’re looking for a technical licensing writing application person so if you are into writing applications the technical side of it pairing the regulations with particular sops and working on that we’d love to have you for that and any other position that’s on the job on the website there i’m not sure what all of them are i believe we’re hiring for four people right now so go ahead and check that out all right so joseph asks here what software is great from a cloud perspective i wrote in the presentation here and i talked about that you need to have a great amount of how would you say uh flexibility and how to access your data and you need that data security so pretty much every software that is out there and else i’m just going to go out the limb i’ll say by the top 10 pos softwares or any of the top five manufacturing cultivation management softwares are going to be uh cloud-based right they know that you have many terminals but one of the things you’re going to run into is that with cloud-based softwares they may charge you a per terminal fee and that’s going to be with most pos services they’re going to charge you like hey a monthly service fee per terminal and you’re also going to run into potential um we call them like how they call hot seats or licenses right each group or so each person using the software is going to need their own license an example this is like hubspot right we have our own uh amount of licenses for hubspot that’s just a basic crm software but just to get an idea that

recommendations specifically because i don’t want to endorse any particular group out there um just i don’t want to do that but um you know from a cloud perspective pretty much any of the top five or ten specifically the ones that are well funded i didn’t bring this up and i should have i think i brought this up in a prior video when you go to look at softwares as well one of the things is i like how long has the software been around and how long will it be around and the first one how long has it been around easy to look at the founding date and how long they’ve been around but how long will they be around that is a function of many things but a lot of that has to do with how well they are funded so you look at groups like flow hub they’ve raised like 20 some 30 some million dollars they’re probably going to be here for the long haul at least for the next couple years unless something catastrophic happens so look at groups that are well-funded because that kind of puts you in two positions here or two perspectives to look at um they’re gonna be around for a while they’re probably gonna build more functionality and they’re gonna attract great talent to build a better product so just be thoughtful on hey yes someone may give you a cheaper rate per month as a pos software promise you the world and then in six months they cannot deliver the product that they promised to you so you know another thing to look at when you’re going for softwares is look at you know success cases and spotlights do they have clients that are willing to talk to you and tell you how great their software is how it’s improved their business that’s i think critical as well you know getting recommendations from people that are local in your area talk to other operators within your specific vertical and then have them tell you all right hey i use this this and this i like this part here but this one could be improved uh get feedback from real users every company is going to tell you how great they are they’re not going to tell you about hey we have these limitations or this nuance detail that you need to have we don’t have that yet it’s not going to be in production for another you know 65 days just be thoughtful around that so hopefully that helps out there with explaining which is the best cloud that there’s really not the best cloud i don’t want to give an endorsement all right george hey good to see you george is um working with us it’s good to have you on the live stream here george thanks for joining all right well i don’t see any more questions being dropped in here so we’ve done a great presentation i think for 40 minutes or so here so again thank you for joining our webinars hopefully these pre you know provide you with some value you understand things and a little bit different perspective you know not trying to be salesy and anything but give you that information that can make you and empower you to make better business choices for your cannabis business now if you have any questions about accounting finance anything cash and cannabis please reach out to us via our website at greengrowthcpas.com or give us a call at 800-674-9050 so we’re going to sign off now again thank you very much for your time have a great rest of your wednesday and have a great rest of your week and we’ll talk to you soon thanks again

 

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