An Enterprise resource planning (ERP) system is an integrated software application that helps companies manage their day-to-day operations.
An enterprise resource planning (ERP) system is a comprehensive business management tool that can streamline and automate many tasks for your company’s success.
The cannabis industry is increasing in North America. As the cannabis industry continues to grow, businesses in the space will require software solutions to help them manage their operations and stay compliant with regulations.
A comprehensive ERP system for cannabis cultivation management will provide your business with automated accounting, inventory control, and other operations management functions.
How does it impact ERP in the cannabis industry?
ERP systems for cannabis cultivation, tracking, and inventory management are growing in popularity. These enterprise resource planning solutions help cultivators manage every aspect of their businesses, including finance, manufacturing, sales, and more.
A sound ERP system will combine multiple aspects of your business into one centralized ecosystem, helping you achieve safety, compliance and transparency. By tracking plants and products from seed to sale, dispensaries can avoid running out of inventory; by having real-time data on inventory levels, bookkeepers have an up-to-date financial picture of the business; and so on.
The tracking system is designed to ensure businesses pay taxes on all their products and accurately track the quantity of cannabis they sell. The system also helps prevent black market activity and illegal sales of cannabis products.
Modules and their functions
Acumatica Cloud ERP modules help cannabis businesses manage the production, sale, and tracking of plants and products. These systems typically include accounting modules, cultivation management systems, product tracking software, regulatory compliance software, inventory management software, etc.
Accounting
Accountants handle the firm’s payments, receivables, and fixed assets. Additionally, they calculate and track the firm’s tax liability for all cannabis products sold.
Cultivation management
Cultivation management concerns itself with cultivating cannabis plants from their inception to sale, monitoring each stage of their development and movement through the supply chain. It also ensures that growing space is used efficiently, monitors plant performance, forecasts crop yield, and calculates crop yield.
Product tracking
With a traceability system, you can monitor the progress of your crops from seedling to harvest, processing, and point of sale.
Regulatory compliance
Regulatory compliance requires that a company ensure that all its products are sold according to state and federal laws.
Inventory management
Inventory management monitors the availability of each product across different locations and channels, such as storage facilities, wholesalers, distributors and customers.
Customer relationship management (CRM)
Customer relationship management (CRM) systems store and manage customer and prospect data, allowing companies to track interactions with customers and prospects.
Analytics and reporting
Business intelligence tools provide organizations with the information they need to make better decisions and improve performance.
Why is Acumatica Cloud ERP essential to your business?
Here are some reasons why implementing an Acumatica Cloud ERP is essential for your business.
1. Comply with regulations
The system can help companies comply with regulations by tracking their seed sales.
2. Automate tasks
It can perform many critical tasks for your company, such as accounting, sales orders, and materials management.
3. Save time and money
A database application can save you time and money by integrating all the tasks required to run your business.
4. High level of mobility
Remote access is an advantage of having a cloud-based system.
5. Gives real-time visibility
It offers a comprehensive overview of the operation and will help you get a more accurate picture of how your business is doing.
Acumatica ERP systems provide essential functions for businesses in the cannabis industry, including inventory and production tracking, compliance, and customer relationship management.
Sangeetha brings 20 years of experience in Information Technology which includes Solution architecting, building micro services, research, and evaluation of business applications, integrating apps.