You have got everything you need to launch your new dispensary — a decent business premise, skilled employees, and your first inventory. But do you have the necessary software tools to streamline your business’s operations?
Whether you are a new dispensary owner or are an already existing entity in the industry, you need to invest in cannabis software tools that can help streamline the processes inside your shop, from inventory management to product tracking. Here are the six must-have software tools that you need to stay ahead of the game.
Point of Sale Software
The core of your dispensary technology stack lies in your point of sale software. Cannabis POS software is in charge of your transaction process and takes care of inventory management, check-ins, compliance capabilities, and integration with your State’s track and trace system.
To link other software and tools, the point of sale software needs to have an open API that other tech providers can access or have native built-in integrations.
For a POS system to be effective, it needs to have the following features:
- Simplifies the sales process.
- Verifies the customer’s data, such as age and ID.
- Tracks the customer’s purchase limits.
- Streamlines inventory auditing.
- Monitors employee activity.
- Applies discounts and deals automatically.
- Processing payments, both cash and no cash options.
Another great tool that cannabis dispensaries should have is e-commerce software. This goes without saying, especially since online shopping has become a thrill for most people lately. And therefore, an e-commerce software is necessary to provide a platform for dispensaries to understand their customers’ buying habits. Below are some of the key features of an e-commerce software, including:
- Improved customer satisfaction.
- Inventory synchronisation in real-time.
- Product description and information that is accurate.
- High-quality product images.
- Price information for cannabis items that are up to date.
- Offers convenience to customers.
- Reduces long waits in stores and maximises in-store efficiency.
Some examples of e-commerce tools that blend well with cannabis dispensaries include Olla and Jane.
Human Resources and Payroll Software
If you want your business to succeed, you need to manage your employees well. This is where human resources and payroll software comes in. It provides you with an environment that your staff needs to thrive by integrating Human Resources processes such as productivity, absenteeism, and payroll.
While certain mainstream software providers may be suitable for your company, it is always better to go for cannabis-friendly software platforms to avoid any future issues.
Some standard features of a Human Resources software include:
- Employee recruitment.
- Posting job openings.
- Managing the employment process and keeping track of candidates.
- Keeping track of staff expenses.
- Scheduling of employees.
- Filing payroll taxes at the federal, state, and municipal levels.
Cultivation, Manufacture, and Distribution Software
If you grow your own flower, you will require software to help you manage the whole process from cultivation to extraction to testing and distribution. The right software will make it easier to track your product through the supply chain process and find more efficient ways to streamline the production. The software should also integrate with other tools, such as track and trace systems. Some of the tasks performed by this type of software include:
- It keeps track of everything that happens in the supply chain.
- It organises and manages the whole supply chain.
- It scans the RFID tags.
- It can integrate hardware such as scanners and scales into the system.
- It improves the efficiency of the supply chain.
- It provides valuable data, such as clone forecasting, crop yields, and cost.
Security is a crucial priority for any dispensary owner. Protecting your business is essential, not just because it is a legal requirement, but because the safer your business is, the more investors you will attract.
However, before contracting with a security provider, ensure you find out whether they are comfortable working in the cannabis sector. This can make it easier to integrate other tools with your security system. Security software often comes with motion detectors, alarm systems, and security cameras. A sound security system should:
- Ensure employees and customers are safe at all times.
- Provide a detailed log for review at any given time.
- Maintain your business compliance.
- Keep away thieves and suspicious people.
- Promptly contact local police in case of an issue.
- Monitor both the exterior and interior of your premises.
You can do some scouting in your area to find out which are the best security-providing firms before committing to purchasing a security system for your dispensary.
Bookkeeping can be an uphill task for a dispensary owner if they don’t have any knowledge of accounting. While it may be easier to hire a professional, investing in accounting software can help you cut costs and increase efficiency in your business.
With the right software, you can easily keep track of your revenue, expenses, and capital assets. It will also help you manage your cash flow, produce P&Ls, pay bills, and track overdue invoices without having to depend on spreadsheets. Some features you should look for in accounting software include:
- It should easily integrate with bank accounts.
- It should help manage cash flow.
- It should be able to send purchase orders.
- It should ensure tax compliance.
- It should streamline expense reconciliation.
- It should automate financial management.
- It should feature payment tracking to vendors.
- It should invoice clients and vendors.
Quickbooks, Wave Accounting, Xero, and FreshBooks are good examples of software that can provide value and streamline your accounting process.
The Bottom Line
Getting a dispensary up and running isn’t easy, but the process is often gratifying. You can automate many processes and significantly reduce labor costs with different dispensary software.
The right tools increase the efficiency of the supply chain process. However, their pricing can vary widely, and therefore you should research before settling on one. You should also choose the tools that match the size of your dispensary because some are more appropriate for large-scale businesses, and others are designed to work for small-scale dispensaries.