10 Ways To Simplify Dispensary Operations With Cannabis POS Software
With the growing acceptance of cannabis, both socially and legally, cannabis retailers are pressurized to work in a way, which adheres to all aspects of cannabis retail compliance. Right from inventory management, client management, adhering to the sales of marijuana products, along with tax remittance, cannabis dispensary has to compulsorily operate within stringent guidelines.
In such a scenario, streamlining day-to-day business operations is the need of the hour. This demands a kind of cannabis retail technology that will not just ease the job, but also allow the dispensary owners to expand their current cannabis business. Hence, to cater to the emerging and ever-changing market trends of the industry, a cannabis retail POS is important.
An efficient cannabis point-of-sale system will assist in the job of
- Managing inventory
- Processing incoming cash flow
- Help staff maximize sales
- Improve customer experience with easy cannabis touch screen menus
- Help with record keeping and
- Tackle all cannabis compliance issues at every stage of the business
Cannabis Retail POS For Dispensary Operations
Cannabis retail POS is a complete cannabis POS product, where one half of the job is handled by a software and the other half is catered by the hardware.
Typically, in a cannabis retail set-up, POS software functions
- To process sales
- As a cash register replacement
- Offers efficient inventory management tools
- Provides employee management tools
- Helps with reporting and analytics
- Has marketing and customer relationship management tools
- Integrates with other major operational functions of the business like
- Payroll systems,
- E-commerce and
Usually there are two kinds of cannabis point of sale system (software).
- Locally installed and
- Cloud based
The cloud-based ones are
- More user friendly,
- Easily available. It just requires an internet connection or logging in via the web browser.
- Standard hardware that will run easily on iPad or Android tablets and
- More affordable/less expensive.
Talking about the hardware, POS hardware is a computing device that runs the software, usually a tablet or PC.
- Barcode scanner that assists in adding products, therefore organizing and tracking inventory,
- Card reader which functions like a credit card terminal, accepting all kinds of major payment methods (EMV, debit, NFC/ contactless payments and gift cards),
- Tablet stand to neatly position the cannabis retail POS on the checkout counter and
- Cash drawer to store cash, checks and other important documents.
Related Article: How much does it cost to open a Cannabis dispensary
Simplifying Dispensary Operations with Cannabis POS Software
Now after you have learnt about what exactly goes into the cannabis point-of-sale platform, it’s important to understand, what further it will do to streamline your dispensary’s operations.
A lot goes into the day-to-day operations of a retail dispensary. The whole idea of having a cannabis POS product is to ease the job of doing it, at varied levels.
Let’s understand how exactly an effective cannabis retail POS helps in the same.
1) Cannabis POS System reduces the manual hours of dispensary employees
- An easy to use interface allows the budtenders to spend less time on getting trained and learn the details of the business. Therefore, an effective cannabis POS platform helps in saving time in training.
- It saves time by providing accurate product information to the budtenders, at the click of a button. Right from strain descriptions, conditions treated, product stock levels, prices and every other detailed information about the in-house product will be provided easily. This will help to improve a budtender performance eventually as well.
- Budtender will also save valuable time by getting access to quick customers and sales information. Right from customers’ buying history, their purchase season, their preferences and quantity of purchases, every bit of information will help them save time and help them to make favored recommendations.
2) Easy check-in improves customer experience
- An immediate sign-in feature makes a customer feel attended. A good POS will provide an easy check-in feature. Swiping customer ID (for repeat customers) will bring up their profiles, adding them to the que without a hassle. For new customers, certain integrations in the POS, will allow them to fill in their information quickly, check-in and even sign forms digitally.
- Also integrated verification services in a cannabis retail POS will verify a patient’s recommendation easily.
- An advanced point-of-sale system is able to retrieve customer information and create accurate patient profiles.
3) Inventory upkeep is prompt and accurate in dispensaries
- Marijuana dispensaries are like any other product inventory, where stock is constantly getting churned. To keep pace with the inflow and outgoing inventory, a strong retail POS platform is required.
- Features like in-built barcode scanners and integrated scales make an accurate count of stock. Adding new products becomes less challenging.
- Cannabis dispensary with POS are able to get timely alerts when inventory stocks get low, at a certain threshold limit. This saves time as the dispensary owners are able to place orders on time and keep pace with the ongoing sales.
4) Updating online and in-store menus become easy
- An efficient cannabis retail POS will ensure it has the right integrations to automatically update the online and in-store menus, with every new addition of product.
- Updating dispensary inventory through automated menu updates allows customers to be sure of the availability of their favorite products, therefore saving on time and placing instant orders.
5) POS offers complete cannabis compliance integrations
- A good cannabis POS should do hand-in-hand with cannabis compliance. A cannabis dispensary won’t function if it fails to comply with rules and regulations at varied levels of operations.
- An effective cannabis retail compliance should have a point-of-sale, which integrates with state reporting systems, thereby saving time.
- Another part of compliance should be reporting inventory and sales numbers.
- Compliance integrations in a cannabis dispensary POS ensure that the business is operating within the prescribed guidelines of law and order.
- Calculating accurate state-specific taxes, providing assistance in timely e-filing is another sign of a strong compliance-oriented cannabis POS.
6) Allows faster on-boarding of employees in dispensary
- An effective cannabis POS will ensure onboarding of new employees happens at a faster pace. A good POS will offer an easy to use interface, by way of easy-to-understand cannabis touch screen menus, which will save time and energy of the new budtenders.
- Budtenders will be able to process transactions easily and they will be able to add products in cart and complete checkout for their customers.
- Also, certain other features, like generating customer’s buying history and sales data, will save their training time and allow them to stay ahead of their sales game.
- Features like daily sales alerts are another add-on in the budtender hat, who gets immediate notification if any customer exceeds the purchase limits. These preventative features in-built in a retail POS ease the budtender’s job of staying compliant at all times.
7) Easy to track expenses, sales reports and security checklists
- A good cannabis retail POS will always keep track of daily expenses and give detailed analysis of expense data, to help owners manage their expenses.
- A detailed analysis of sales reports, based on previous sales history, product-wise and region-wise, will help the dispensaries plan their revenue pitch and marketing game.
- Security checklists by way of age-verified customer database and providing 100% customer data security are crucial to ensure that the dispensary’s customer database is private and safe.
- Also, software reliability, in terms of access and backups is another security feature of a POS system for cannabis dispensary.
8) Provides data analysis for business insights
- Data analytics is another crucial feature of an effective cannabis retail POS. The feature allows owners to fetch detailed sales, inventory, operational expenses and non-operational expenses like excise and sales tax data, to plan a budget and revenue plan.
- Access to daily sales reports, receipts and returns allows the owners to track every transaction, plant and product on a day-to-day basis.
- Data analytics feature also helps in keeping tabs on any kind of external and internal fraud, customer interface issues and inventory shortages. Tracking transactional data allows the owners to identify spurious or suspicious activities.
- Analysis of data is helpful in planning for newer profit margins. It helps to understand the potential customers, from a potential region or with a particular problem. Analysis helps in gaining a better perspective about the profitable and not-so profitable products on the shelf.
- Data analysis is also an efficient benchmark to gauge budtender’s performance. It can determine the budtender’s service speed, order size, final sale value etc.
- Data analysis speaks a lot about regulatory and tax compliant nature of a dispensary. Data analysis help in providing checks and imbalances in compliance (if any). The seed-to-sale tracking system is an efficient feature to ensure about any compliance issue. The compliance features and alerts associated with them, are a sure-shot way of keeping a check on inventory, monitor cannabis state-specific tax requirements and illegal sales.
9) Completely automates tax reporting
- Cannabis retail POS automates tax reporting to further ease dispensary operations.
- A cannabis retail POS should be able to calculate applicable (state-specific) cannabis taxes to invoices, store cannabis sales and excise tax in tandem with record-keeping requirements in cloud, generate official government approved tax filing documents, file taxes on time on behalf of the cannabis taxpayer (with multiple jurisdictions). Unfortunately, not many are able to integrate this aspect of cannabis retail technology into their cannabis compliance feature of POS.
10) Reduces operational costs by streamlining operations
- Integrations save time by increasing the efficiency and accuracy of a transaction.
- Inventory and sales reporting makes it easy for the owners to keep a tab on the details of a sale, track any kind of discrepancy caused in the patterns of sales and inventory and keep any kind of cannabis compliance violations in check.
- It phenomenally reduces the time to track inventory. It feeds in details, right from the time a product enters the inventory of a dispensary (with batch and time details) till the time it is sold to the customer.
- A lot of precious time gets saved, in terms of creating and managing customer profiles, handling finances, monitoring employee performance, inventory management, online ordering of stock, tax reporting, etc.
Zencanna Cannabis Dispensary POS System
Zencanna is one of a kind of cannabis dispensary POS that takes credit for being different than the leading players in the cannabis POS software industry.
Let’s see how Zencanna provides an edge in simplifying business operations of a cannabis dispensary.
- Zencanna provides a host of cannabis compliance tools for all kinds of business do-ers in the entire cannabis business chain, like cultivators/producers, distributors/wholesalers and retailers/dispensaries.
- Automated visitor management feature is an intuitive and easy to use feature to verify new as well as repeat customers. This helps patients, to verify their state medical card and physician’s written recommendation quickly. Special features allow patients to schedule and make their dispensary visits, thereby getting them queued without making them wait.
- The Zencanna’s cannabis retail POS software automates the rewards and recognition plan of the dispensary, by effectively communicating about discounts and rewards to the customers and saving dispensary’s time.
- Zencanna’s cannabis dispensary POS has a user-friendly POS interface, which requires minimal training by the in-house staff. From adding products to cart by scanning barcodes, maintaining inventory records, availing customer data, making and keeping track of the last sale, everything can be done at the easy touch of screen.
- The Cannabis retail POS platform is efficient in generating real-time inventory status through vendor’s status (in terms of approval for product). It also automates vendor payment and tracks vendor shipments. It conveniently syncs in the information further, to the dispensary’s accounting system as well.
- Special integrations sync in with the dispensary’s accounting and payroll system, to clock easy shift management timings for the budtenders. It has an easy to follow clock-in and clock-out time feature, giving a correct picture of each and every budtender’s time.
- Zencanna’s offers a unique cannabis point-of-sale that automates tax calculations and remittance, thereby keeping dispensaries tax compliant always. This is a plus in its cannabis compliance features.
- It provides real time tax rates with automated filing and remittance features. You can avail pre-filled accurate tax forms to initiate your e-filing process.
- It also generates historical data of all your previous tax filings to the latest one, to help the cannabis retailers stay aware and alert of its tax expenses.
In a crowd of cannabis POS systems, it’s difficult to boil down to one, especially when more or less all of them have similar features.
While there are plenty, choose a cannabis retail POS, that works in sync with your business dynamics, comes at an affordable cost, covers the essential features as mentioned above and most importantly, helps you stay in sync with the regulatory bodies, in short compliant.
At the end of the day, you don’t want to be paying penalties for failing to be compliant. So, choose a POS, which eases your job of cannabis compliance, primarily tax compliance.
Choosing Zencanna will be more than helpful because its integrations make it highly tax compliant and its cannabis retail POS ensures that you don’t have to worry about filing taxes on time, but get adequate and optimal time to focus on your business.