Dispensary Management Software

Dispensary management software is a tool for cannabis dispensaries to coordinate their business. It’s often used in conjunction with point-of-sale systems, inventory management systems, and even patient verification systems. Dispensary management software helps ensure compliance across all facets of the business, including lab results and patient verification.

In this guide, we review the aspects of Dispensary Management Software, Is Metrc compatible with QuickBooks, How do dispensaries do their banking, and what is mobile device management software.

Dispensary Management Software

Dispensary management software is a tool for cannabis dispensaries to coordinate their business.

Dispensary management software is a tool for cannabis dispensaries to coordinate their business. It can help with compliance, patient verification and lab results, inventory tracking, accounting, and more. The software will track what your dispensary does on a daily basis so you don’t have to worry about forgetting anything.

It can assist with functions from recording which employees are working to tracking the lifecycle of products through the shop.

Dispensary management software can assist with functions from recording which employees are working to tracking the lifecycle of products through the shop. These tools can help dispensaries manage patient verification, inventory management, employee scheduling and compliance with state laws.

Some dispensary management software takes care of these tasks by connecting directly to POS systems so that information is automatically updated in real time. Others offer features such as automatic integration with point-of-sale systems or cloud-based databases that provide users access from anywhere on any device.

Dispensary management software is often used in conjunction with point-of-sale systems and inventory management systems as well.

You’ll want to make sure that dispensary management software can integrate with other systems, like point-of-sale (POS) and inventory management. This is especially important if you run a small business where everything is done by hand. By integrating your dispensary management software with these other systems, you’ll be able to streamline your operations and save time on things like ordering new products or generating reports for the state government.

Here are some examples of other systems that can be integrated with dispensary management software:

  • POS system: A POS system allows customers to pay for their purchases through their phones or computers when they arrive at the store. It also tracks what items were sold and whether there was any money left over after paying for them all; this information can then be entered into the inventory database so that it’s available later if needed (like say when calculating taxes). The integration between these two programs helps ensure accuracy in both areas because they’re working together instead of separately—and since they’re both talking directly into one database instead of two separate ones, there will be less room for human error as well! You might also see this type of technology called “point-of sale” or just “POS.”
  • Inventory Management System: An inventory management system keeps track of what items are being stored in storage rooms around town as well as how many units exist within each category so that businesses know exactly how much stock they have left before placing another order from suppliers overseas–and again because all records are kept within one place rather than multiple places (like say three different databases), companies won’t need worry about losing information during transfers between departments either!

The software can also help ensure compliance across all facets of the business, including patient verification and lab results.

The importance of compliance:

  • It’s the law, so you need to follow it.
  • You don’t want the government shutting down your dispensary (and potentially all dispensaries) because they feel like it.
  • You don’t want to risk losing the trust of your patients—or their money!
  • You don’t want to put anyone in danger by providing them with unsafe products or services, especially not yourself and your employees!

Dispensary management software is complex, but it can be a huge help to growing businesses.

Dispensary management software is complex and will take some time to learn. It can be a huge help to growing businesses though, as it helps with compliance, patient verification and lab results.

This software manages functions from recording which employees are working to tracking the lifecycle of products through the shop.

Is Metrc compatible with QuickBooks

We have been a part of almost every program that QuickBooks (QB) has offered for over twenty years. The keys areas this expertise impacts our clients are as:

Cannabis is an interesting market for us. We have deployed various QB versions based upon the needs of the client.

No matter which version of QB you use, we can build your chart of accounts.

QuickBooks Online (QBO)

QBO was expected to be a mainstay in the cannabis industry. Many of the seed-to-sale products list connectivity to QBO. But Intuit as a company is still not endorsing the use of QBO. Additionally, QuickBooks, the company, has not endorsed any third-party products to link to QBO. We have several clients using QBO so we optimize it as we can.

QBO is a good, budget-oriented product for smaller operators.

Where it struggles is with complete inventory features. We hoped that the seed-to-sale products would handle this and in some cases they do. Workarounds are needed in this area, and if no seed-to-sale product is in place, this is a huge challenge.

Another shortfall is the tracking of the various taxes in cannabis. Traditional QBO has one tax calculation for sales tax. In cannabis with state excise and local taxes, QBO has some serious limitations.

If you are using QBO and need help, please contact us. We can probably provide enhancements.

QuickBooks Premier Desktop (QBPD)

QBPD has been a solid alternative to QBO. The operator has to decide if he wants to have it on a server in-house or hosted and out of the office of the operator. After that decision, QBPD has some really solid features.

We have been working with this product for many years. If you would like us to help you optimize your product, please contact us ASAP.

QuickBooks Enterprise Solution (QBES)

QBES is the big QuickBooks product. This is for operators that have multiple lines of business (like cultivation and distribution, or a full micro), or multiple locations.

We can set up the system with all licenses under one instance of QB, or break them out depending on staffing and volume.

QBES is just like Premier in that it is a desktop product which can be hosted on an in-house server or set up on a remote server.

Here are major points that make QBES so useful in the cannabis industry.

How do dispensaries do their banking

Banking for cannabis businesses is a topic surrounded with misinformation and myth.

In this post, you’ll learn everything you need to know about banking as a legal cannabis business, including why you need a bank account, where to find participating banks, and how to open your first account.

Cannabis companies can have a bank account

There are many myths around cannabis banking services, but here’s the reality:

Dispensaries can have bank accounts. You can deposit money in the bank. You can pay bills electronically. It just looks a bit differently than other industries.

According to Dan Roda, CEO at Abaca, “The industry is not unbanked, but it is underbanked.” Many attribute this to the fact that cannabis is federally illegal, but the federal government actually allows serving the cannabis industry.

“In reality, the US Treasury issued regulatory guidance in 2014 that instructs banks on how to serve the cannabis industry. I’ll spare you the details, but it boils down to a heavy compliance burden, which can be expensive or otherwise impractical for many banks to meet,” says Roda.

The federal government treats cannabis similarly to other high-risk industries — gambling, firearms, and adult entertainment.

Why dispensaries need a bank account

The benefits of banking are self-explanatory, but there’s also heavy risk associated with not having a bank account.

Theft — Managing large amounts of cash onsite makes marijuana dispensaries a target for criminals. This creates a risk not only for the business owner, but the facilities, staff, and brand reputation.

Cost — Dispensary owners have to build stronger security systems and employ guards to keep their assets, products, and cash reserves safe. And don’t forget about the time cost of counting, logging, packaging, storing, and transporting that paper money.

Efficiency — Banking allows you to pay and be paid faster than with cash. There’s operational efficiency that comes with electronic banking. This will also keep your accounting and bookkeeping much tidier, which is ideal for legal, tax, and compliance reasons.

Accept non-cash payments — To use a point of banking solution, you have to have a bank account at a bank that allows you to accept ACH payments.

Future planning — To qualify for lending, find investors, or sell your business, you’ll need to be able to prove how much your business makes. Operating in cash makes that hard to prove.

Cannabis related businesses (CRB) spend far too much time and effort transforming cash into something they can use to pay utility bills, their suppliers, etc.

Banks that serve the cannabis industry

The easier place to start is with where you can’t bank: Currently no major banking system will service the marijuana industry.

That means you’ll have to get an account from a smaller institution, like community banks and credit unions.

Compared to traditional banking, you can expect more strict compliance controls, longer timeframes, and significantly more paperwork. Companies and consultancies can help business owners find and apply for accounts with their bank partners.

According to Dunford from Green Check Verified, “There are [financial institutions] out there that are banking cannabis. They’ve usually made that decision based on a number of factors, from a commitment to serving the unbanked or small businesses in their communities to those that see a revenue opportunity associated. It’s not going to be the big national players — they don’t see how the reward would outweigh the risk when the opportunity presented by cannabis banking would be miniscule to their overall portfolio.”

The challenge is finding the banks that work with dispensaries. Many aren’t explicit about their support of mariijuana businesses. Ask other dispensary owners, accountants, or lawyers in your area what banks they use.

Be careful with newer cannabis-friendly banks. Roda has seen banks enter the space only to realize the compliance requirements aren’t worth it and shut down the program. Look for established financial institutions who have been serving cannabis for a while.

How to open a dispensary bank account

Once you have a short list of local banks, talk to each of them. Include these steps during your vetting process:

Be up front that you’re a legal marijuana business and ask if the bank would like to support you.

Assess them based on relationship and customer service.

Read the fine print. Make sure your account doesn’t have capacity restrictions, or limits on how much you can deposit or hold.

Consider the cost. Dunford encourages resisting the temptation to focus on the monthly account maintenance fees. Look at the additional fees like wires, payroll, checks, debit cards, access to online banking, etc. that could quickly add up.

Once you’ve decided on your bank, the process of opening accounts is generally the same as you’ve done personally or for other businesses, but will require more time and paperwork.

Here are some tips for opening your dispensary bank account:

“Be thoughtful in naming your entity — don’t misrepresent the nature of your business, but also don’t create unwanted attention,” says Roda. This means avoiding words like Bud, Green, High, Grass, Wellness, Extracts, Smoke, Joint, 420, MMJ, CBD, Cannabis, Dispensary, Provisioning, etc. in your legal business name. If you really want to use one of these terms, talk to your lawyer about setting up a DBA (Doing Business As) for your store name.

Compile your business documents, like operating agreement or bylaws to establish ownership, and decide who your bank signatories will be. You’ll also want to document your sources of business funds, and have a certificate of good standing. Your bank will tell you what other documents you’ll need to provide.

Your bank may require a physical site visit/inspection. This is normal and nothing to be concerned about.

Financial services providers must adhere to regulations around anti-money laundering. This means you’ll need to be able to demonstrate that every dollar going into your account is from a state-legal sale, using reports from your POS to how customers weren’t sold over the purchase limit, they were of age, and that your total sales were in line with your competitors.

Always be honest and transparent with your bank.

If you open a bank account but don’t indicate that you’re in cannabis, inevitably the bank is going to find out and shut down your account. No matter how hard you try to conceal the nature of your business, sooner or later something is going to raise a red flag, whether it’s a check from a suspiciously named company or too many cash deposits.

Once your accounts are open, maintain ongoing communication with your bank to make sure they have what they need to keep your account in good standing. You may have account-specific requirements as well.

For example, Dama Financial requires that you transact monthly, keep a minimum balance, and maintain current business documents.

Can dispensaries get loans/other banking?

Simple banking is one thing, but more sophisticated financial services for marijuana-related businesses is another.

Financial technology companies, specifically serving the cannabis industry, are popping up around the country, ready to solve the cannabis business problem, including lending, payment processing, payroll, invoicing, and paying taxes.

Read Next!

How to Get a Loan for Your Dispensary

Giving out loans to cannabis businesses is still new because it adds risk.

“To control risk, they may require you to have a bank account with them before they’ll be willing to lend so that they know you have the funds available to do so,” says Dunfold. “You’ll also have to think about what you can offer as collateral because the most valuable asset of your business might be marijuana, and that’s not something that a financial institution can repossess should you default on your loan. CRBs often have to collateralize the personal property (homes, cars) of their owners if there’s no machinery or other non-marijuana-specific assets available.”

what is mobile device management software

In recent years, mobile devices have become ubiquitous in enterprise use. Businesses and their workforces rely on mobile devices such as smartphones, tablets and laptops for a wide assortment of tasks. And as working remotely has become essential, mobile devices have become an integral part of most organizations — vital tools for productivity and efficiency.

But because enterprise mobile devices access critical business data, they can threaten security if hacked, stolen or lost. So, the importance of managing mobile devices has evolved such that IT and security leaders are now tasked to provision, manage and secure mobile devices within their respective corporate environments.

With a mature MDM platform, IT and Security departments can manage all of a company’s devices, no matter their type or operating system. An effective MDM platform helps keep all devices secure while keeping the workforce flexible and productive.

A common question on the web is: “Is mobile device management a piece of software?” The short answer is “yes” and “no.” MDM is a solution that uses software as a component to provision mobile devices while protecting an organization’s assets, such as data. Organizations practice MDM by applying software, processes and security policies onto mobile devices and toward their use. Beyond managing device inventory and provisioning, MDM solutions protect the device’s applications, data and content. In this sense, MDM and mobile security are similar. However, MDM is a device-centric approach, whereas mobile security and unified endpoint management have evolved to a user-centric stance.

In an MDM program, employees can receive a dedicated work device, such as laptops or smartphones, or have a personal device remotely enrolled. Personal devices receive role-based access to enterprise data and email, a secure VPN, GPS tracking, password-protected applications, and other MDM software for optimal data security.

MDM software can then monitor the behaviors and business-critical data on enrolled devices. And with more sophisticated MDM solutions, they can be analyzed by machine learning and AI. These tools ensure devices are kept safe from malware and other cyberthreats. For example, a firm might assign a laptop or smartphone to a staff member or consultant, pre-programmed with a data profile, VPN and the other necessary software and applications. In this scenario, MDM offers the most control to the employer. With MDM tools, enterprises can track, monitor, troubleshoot and even wipe device data in the event of theft, loss or a detected breach.

So, what are mobile device management policies? MDM policies answer questions about how organizations will manage mobile devices and govern their use. To configure and publish their policies and processes, enterprises will ask questions, such as:

– Do devices need passcode protection?

– Should cameras be disabled by default?

– Is wifi connectivity important?

– What customization options will the device provide?

– Do certain devices need to be geo-fenced?

Click here to learn about Android device management, why it’s important and how it works. Also learn about Android security threats and specific vulnerabilities.

Device tracking

Each device enrolled with or issued by an enterprise can be configured to include GPS tracking and other programs. The programs allow an enterprise’s IT professionals to monitor, update and troubleshoot the device in real time. They can also detect and report high-risk or non-compliant devices and even remotely lock or wipe a device if lost or stolen.

Mobile management

IT departments procure, deploy, manage and support mobile devices for their workforce, such as troubleshooting device functionality. These departments ensure each device comes with the needed operating systems and applications for their users — including applications for productivity, security and data protection, backup and restoration.

Application security

Application security can involve app wrapping, in which an IT administrator applies security or management features to an application. Then that application is re-deployed as a containerized program. These security features can determine whether user authentication is required to open an app; whether data from the app can be copied, pasted or stored on the device; and whether the user can share a file.

Identity and access management (IAM)

Secure mobile management requires strong identity and access management (IAM). IAM allows an enterprise to manage user identities associated with a device. Each user’s access within an organization can be fully regulated, using such features as single sign-on (SSO), multifactor authentication and role-based access.

Endpoint security

Endpoint security encompasses all devices that access a corporate network, including wearables, Internet of Things (IoT) sensors and non-traditional mobile devices. Endpoint security can include standard network security tools such as antivirus software and network access control and incident response, URL filtering and cloud security.

Bring your own device Bring your own device (BYOD) means employees use their personal mobile devices for work instead of company-issued devices. Applying enterprise security to a personal mobile device is more challenging than simply providing such devices. But BYOD is popular, especially among younger workers. Organizations make this compromise to increase employee satisfaction and productivity. BYOD can also make the mobile workforce more affordable because it eliminates the need to purchase extra hardware.

Enterprise mobility management Enterprise mobility management (EMM) describes a broader form of mobile device management. Going beyond the device itself, its user and its data, EMM encompasses application and endpoint management and BYOD. EMM solutions are highly scalable, and with new security features powered by AI analytics, these solutions can offer real-time insights and alerts about thousands of behaviors and activities coming in from multiple sources at once.

Unified endpoint management Unified endpoint management (UEM) represents the integration and evolution of MDM and EMM. It solves more challenges associated with IoT, desktop or other mobile device security. UEM solutions can help enterprises secure and control the entire IT environment and its endpoints, such as smartphones, tablets, laptops and desktops. UEM solutions can also help secure their users’ personal data, apps, content and enterprise data. With an agile UEM system, enterprises can choose scalable solutions based on needs, whether those enterprise are covering a single operating system or various devices across different platforms, such as Apple iOS iPhone, Android, Microsoft Windows, macOS and Chrome OS. Mature UEM solutions are powered by machine learning and AI, which can help an enterprise’s IT department make quick security decision based on real-time data and analytics.

Whether a cloud-based or on-premises model, an MDM solutions should allow an organization to see endpoints, users and everything in between. A good mobile device management software solution will:

Here are three best practices to consider in selecting an MDM solution:

Automated reports

Be sure the reporting and inventory tool consolidates all enrolled devices and associated information into easy-to-follow reports. Daily updates should be generated automatically without manual input.

Automatic updates

Beyond the advantages of instant accessibility afforded by cloud MDM, there should be no hardware to buy, install or maintain — and no associated fees. The platform should be automatically updated with new features at a company’s disposal.

Easy search

The ability to search for anything and everything is key to a cloud-based solution. An organization should be able to access its devices, integrations, reports, apps and secure documents easily.

Mobile device management (MDM)

Get full visibility, manageability and security for running iOS, macOS, Android and Windows. And take advantage of seamless over-the-air (OTA) device enrollment for easy, rapid deployment.

Mobile security solutions

Whether you support a single operating system type or have a mixed variety of devices, IBM mobile security offers the most secure, productive and intuitive solution on the market. IBM harnesses the power of AI technology to help you make rapid, better-informed decisions.

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