Measuring success in the cannabis industry is more complex than simply comparing sales and expenses on a company’s quarterly P&L statement. While these metrics are certainly important, cannabis business leaders examine several other Key Performance Indicators (KPIs) to get a more nuanced and accurate analysis of business prosperity and profitability. Advanced metric analysis provides a deeper understanding of business performance, helping cannabis business owners and operators make strategic decisions about the future of their companies.
Let’s take a closer look at Sage Intacct’s capabilities and how it helps cannabis businesses develop in-depth pictures of business performance.
Key Performance Indicators
Monitoring KPIs involves compiling and analyzing thorough and accurate reports, a tedious task when done by hand. Cannabis Enterprise Resource Planning (ERP) solutions make maintaining reports easier so cannabis operators can achieve real-time visibility into business performance.
Did you know? The financial dashboards from Sage Intacct provide automated analytics based on predefined metric dimensions can save operators 40+ hours per month on financial reporting and cut 75% off the time it takes to check data accuracy.
Dimensions
Sage Intacct’s Financial Dashboard is an integrated collection of various dials, meters, graphs, and other interactive performance indicator applications intended to “provide an easily digested snapshot of the status of a business.” An innovative way to organize and filter business data, Sage Intacct’s Dimensions capabilities offer highly flexible and customizable paradigms for tracking cannabis operational data.
These dimensions allow companies to integrate operational contexts into their reports, refining the data by incorporating important organizational distinctions. Data distinctions can be set to filter data broadly: for example, by department or warehouse; or, data filters can be highly narrowed, set to filter by product lines and even by individual employees.
The applications of organizing data in a highly refined manner that allows advanced analytical access is limited only by a company’s needs, as efficient and accurate operational information only makes strategic decision making easier and more effective.
Intelligent General Ledger Accounting
Another innovative feature from Intacct’s Financial Dashboard is the “Intelligent General Ledger,” an advanced accounting system powered by AI technology. This feature transforms businesses with cloud-based platforming architecture, offering state-of-the-art flexibility and adaptive efficiency while eliminating the need for on-site hardware or dedicated IT staff.
Automation powered by AI frees team members from often time-consuming routine tasks, saves labor costs, and increases overall member productivity. Sage Intacct’s Intelligent General Ledger operates continuously, giving stakeholders access to real-time insights with instant, multi-dimensional financial tracking, and reporting.
For companies operating across multiple business entities, the Intelligent GL centralizes and automates inter-entity transactions – drastically reducing errors and reconciliations. By creating inter-entity hierarchies, companies can keep important financial information separate, which is critical for maintaining state and federal regulatory compliance.
Advanced Report Visualization
Effective ERP software solutions should provide easy to interpret data reports, so stakeholders can quickly analyze the information they are looking for and make better decisions. Sage Intacct’s Dashboard provides this functionality, generating intuitive graphs, tables, and figures that don’t require an advanced degree to decipher.
For example, conditional table highlighting lets users assign colors to item rows, automated to use color indicators that change when specific metrics fall above or below predefined ranges. Conditional table highlighting helps you discover which targets have been missed or attained.
Sparklines let you look back to plan ahead by summarizing historical numbers to generate mini line graphs. These graphs illustrate long-term metric trends and offer visual representations for easier metric comparisons. Trend indicators give visual signals with colored arrows that sit alongside table data, clearly showing whether a given metric increases or decreases over time.
Visual data provided by Sage Intacct is designed to give real-time analytics at a glance so business leaders can instantly gain critical insights into business performance.
Maintaining Success
Running a successful cannabis company is a continuous effort made possible by knowing precisely where your business stands. Identifying your KPIs is the foundation of measuring your company’s health, and advanced analytics provide a deeper insight into the performance, profitability, and opportunity for growth that each cannabis business needs to capitalize on a booming cannabis market. With comprehensive ERP solutions like Sage Intacct’s Financial Dashboard, cannabis businesses can effectively analyze the state of their operations and strategically plan for a profitable future.
The Bottom Line
When you begin researching your next cannabis business management solution, think bigger and better. Avoid wasting precious time and capital on short-term fixes and partial solutions instead of a robust foundation to achieve your cannabis accounting and operational goals.
c2b teknologies offers a financial management package that delivers automation and accounting controls to keep your cannabis operation audit-ready and positioned to scale. Contact us to learn how we can bring improved business performance to your cannabis organization.
