Stay Compliant and Efficient: Why Cannabis Operators Need a Cloud-Based Expense Management Tool
CannaBlog by Cory Parnell, COO and Principal at Bridge West CPAs and Advisors to the Cannabis Industry
As the cannabis sector evolves and expands, managing operational expenses effectively and efficiently becomes a growing concern for industry operators. To meet this need, cloud-based expense management tools have emerged as an invaluable solution. Here’s why every cannabis operator should consider using these innovative tools.
One of the biggest advantages of cloud-based expense management tools is their capability for real-time expense tracking. With this feature, cannabis businesses can monitor their financial status continuously and efficiently. The tools’ ability to automate manual procedures – like expense categorization, report generation, and data import from credit cards or other sources – saves significant time while reducing the likelihood of mistakes and oversights.
The use of cloud-based expense management tools also helps optimize workflows. By handling many manual expense-tracking and management tasks, these tools allow cannabis operators to concentrate on more strategic activities, such as data analysis and decision-making. Additionally, many of these tools come with mobile applications, enabling easy and convenient submission of expense reports by employees, even when on the move.
In an industry as regulated as cannabis, staying compliant with tax laws is essential. Cloud-based expense management tools can assist cannabis operators with this daunting task, thanks to their built-in compliance features. Features like automated receipt capture and storage, expense policy enforcement, and real-time audit trails can reduce compliance risks and make audit preparation easier.
Cloud-based expense management tools offer cannabis operators a pathway to potential cost savings. By automating several manual tasks related to expense management, these tools save both time and resources. Further, they provide real-time visibility into expenses, which can highlight potential areas for cost reduction.
Harnessing Data Analytics
The data analytics capabilities of cloud-based expense management tools cannot be overstated. These tools allow operators to scrutinize expense data and identify trends, patterns, and anomalies. Such insights can help cannabis operators understand spending habits, reveal cost-saving opportunities, and alert them to potential compliance risks.
Cloud-based expense management tools offer a wide range of benefits for cannabis operators. They deliver real-time tracking, workflow optimization, improved compliance, potential cost savings, and robust data analytics capabilities. If you are a cannabis operator seeking a better way to manage your expenses, a cloud-based expense management tool could be the solution you need.
Questions? Interested in learning more? Schedule a consultation with Cory Parnell and register for our upcoming webinar on August 3, 2023!