Upfront Conclusion
The best cannabis accounting software right now is FreshBooks and Zoho Books.
The cannabis industry has become a billion-dollar industry and other industries like agriculture, pharmaceutical, healthcare, etc. heavily rely on it. An increasing number of businesspeople and investors are joining or planning to join this industry.
However, cannabis business management is an arduous task, especially accounting and bookkeeping. The reason is that cannabis accounting is extremely complicated as compared to other industries as businesses have to comply with ever-changing legislation and other legal requirements.
Most of the cannabis businesses acquire the services of a professional accountant but that is an expensive option, especially when you need someone who is specialized in dealing with the accounting nuances of the cannabis industry. Fortunately, the good news is that there are various accounting software available now that can make cannabis accounting seamlessly easy at very affordable rates.
The best cannabis accounting software will streamline and automate your financial management system. It will help you keep your books easy to comprehend, accurate, and updated.
In this post, we are going to share with you a list of the best accounting software for the cannabis industry that is cannabis-friendly and you would love them.
Top 6 Best Cannabis Accounting Software Solutions
| Brand | Starting price | Best for |
|---|---|---|
| 1. FreshBooks | $13.5 – $45/month | Negligible knowledge accountant |
| 2. Zoho Books | $20 – $30/month | Simplicity |
| 3. Patriot | $15 – $60/month | Speed |
| 4. Xero | $20 – $40/month | Feature-rich |
| 5. Wave Accounting | Free | Simple and advance accounting |
| 6. AccountingSuite | $19 – $129/month | Financial management process |
1. FreshBooks
FreshBooks offers all the features to book first place in the list of the best accounting software for the cannabis industry. It is among the most user-friendly accounting tools available in the market and that also makes it the best option for cannabis businesspeople who have negligible knowledge of accountancy as well as computer systems. Moreover, FreshBooks offers unique invoicing features such as customizable invoice formats, recurring invoices, etc.
FreshBooks lets you do accounting activities ranging from simple to complicated activities. Besides invoicing and income/expense bookkeeping, you can reconcile your bank account, create numerous reports, manage projects, manage and track time, avail automatic payment and fess reminder, and various other remarkable features. You can also get your payment process more efficient and effective through FreshBooks’s option to pay bills through invoices.
Key features
- Enables you to generate professional invoices and also makes invoicing very easy that takes only a second.
- Organizes your income and expenses effortlessly and help you remain always ready for tax time.
- Presents insightful time tracking and generate invoices for exactly what you deserve.
- Also empowers you to manage projects as it keeps your conversations, files, and other relevant data in one place. You can also synchronize your team and projects on schedule.
- Brings automatic depositors and eliminates the chase of clients for checks.
- Ensures to make reports as simple as possible to be more understandable for you while quite powerful for accountants for professional use.
- Its iOS and Android apps empower you to remain in contact with your clients from anywhere, anytime.
- Integrates with other 100+ apps and enables you to streamline your business, connect with your customers, and run your business in a better way.
Pricing
FreshBooks offers four pricing plans to help cannabis businesspeople manage their business’s financial aspects.
- The Lite plan starts at $13.50 per month
- The Plus plan starts at $22.50 per month
- The Premium plan starts at $45 per month
- The Custom pricing plan is also available for more advanced cannabis businesses.
All four plans come with different features. You can start with the Lite plan at the very outset of your cannabis business and scale up to other plans with more advanced features when your business requires it. Overall, FreshBooks is among the best accounting software for the cannabis industry because of its remarkable features and flexible pricing plans.
2. Zoho Books
Zoho Books is another option for the cannabis industry that speeds up accounting activities. It organizes various different activities into a single timesheet workflow to make your work quick, easy, efficient, and effective. Zoho Books is also very easy to handle and user-friendly. You just have to add a customer and mention the projects you will work on for him/her in order to simply track time and expenses, create and send invoices, and manage other activities in a single place. The plus point of Zoho Books is that it is a part of the most comprehensive Zoho tools. You can choose other Zoho tools such as email hosting, CRM, project management tool, etc.
Key features
- Helps you track your expenses seamlessly. You can upload receipts to the tool, organize your expenses, and easily track where your money is being spent.
- Generates customizable invoices and helps you receive your payments faster.
- Also generates bills to track payments you owe to your service providers such as publishers.
- Offers the easiest bank account reconciliation, fetches bank transactions, and manages them effortlessly.
- Helps you manage your projects more effectively with timesheets to track every minute.
- Its client portal enables your customers to view their transactions in one place.
Pricing
Zoho Books offer three pricing plans that allow you to choose the best options for you according to your cannabis business’s needs and requirements.
- The Standard plan starts at $15
- The Professional plan starts at $40
- The Premium plan starts at $60
Zoho Books is slightly expensive as compared to its competitors but all three packages come with exceptional features. You can start with a Standard plan during the initial stages of your business and then upgrade to more advanced plans with advanced features to meet the needs of a growing business.
3. Patriot
Patriot Software provides accounting software to cannabis businesses and accountants. This accounting software is inexpensive and simple to use for non-accountants, yet it provides significant features for accountants. The Premium Accounting plan provides unlimited users with permissions at no extra charge. With Patriot, customers can be invoiced using customizable templates that match their brand.
A proprietary cash to accrual toggle switch is another great feature of Patriot Accounting Software. Users can enter data on a cash basis and save it to view reports on a cash, modified cash, or accrual basis. Users can also get paid quickly by their clients if they pay with a credit card.
Key features
- Unlimited Pay Runs
- Multiple Pay Frequencies and Locations
- PTO Accruals
- Accept Credit Card Payments
- Expert Support
Pricing
- 30-day free trial available
- Patriot Basic Accounting costs $20/month
- Patriot Premium Accounting costs $30/month
Patriot Accounting is an excellent solution for cannabis businesses searching for a low-cost method of processing employee salaries. It offers affordable full-service accounting solutions. A number of other benefits are also provided for free, such as direct payments, payroll setting, professional help, and an online employee portal.
4. Xero
Xero is another feature-rich, cloud-based, and one of the best accounting software for the cannabis industry. Its interactive and user-friendly interface is highly captivating for users from different industries. Xero has become popular in the cannabis industry because they haven’t publicly announced that they would consider the use of their platform by the cannabis business as a violation of their terms of service. Furthermore, it offers remarkable features and also makes accounting activities extremely easy. Thus, cannabis businesspeople happily leave accounting and bookkeeping to Xero and focus on their business and clients.
Key features
- Has a mobile application that enables its users to handle bookkeeping activities on the go.
- Assists you in tracking and timely paying bills and also presents a clear picture of accounts payable and cash flow.
- Instantly reconciles with your bank accounts and you can get bank feeds.
- Empowers you to track projects and their timeframe, costs, and profitability.
- Generates accurate accounting reports to help you track your finances.
Pricing
Xero offers three different pricing plans and all of them cover all accounting essentials. Its three plans are;
- The Starter plan starts at $20 per month
- The Standard plan starts at $30 per month
- The Premium plan starts at $40 per month
The Starter plan is the best plan for the cannabis business during the early stages. You can easily upgrade to other plans when your business begins to grow. In a nutshell, Xero is the best accounting software for the cannabis industry because it makes complex accounting tasks extremely easy and at very affordable prices.
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5. Wave Accounting
Wave Accounting is another great option for the cannabis industry to take good care of their accounting needs. It is an award-winning accounting software yet absolutely free. You can get almost all features you need for business accounting totally free. Wave allows you to do simple to more advanced accounting activities such as income/expense recording and tracking, sending invoices, etc.
You can also avail yourself of superb features like payroll processing and scanning receipts through Wave mobile application. Wave also allows you to reconcile bank accounts and also allows you to record old expenses you failed to record in the past through uploading old bank statements.
Key features
- Offers exceptional features to handle your accounting requirements effortless, easy, more efficient, and effective.
- Enables you to create and send professional invoices within seconds.
- Empowers you to scan receipts from anywhere, anytime through Wave mobile app.
- Allows you to track unlimited income/expenses and get paid easily.
- Also makes your accounting efforts smarts and highly professional through offering to add various collaborators, accountants, and partners.
- Has all the potential to generate professional reports that clearly display due bills and invoices, profit and loss reports, cash flow reports, etc.
- Also allows you to reconcile multiple bank accounts and credit cards.
Pricing
Wave is accounting software for the cannabis industry that is absolutely free. It is among the best accounting software for cannabis not only it is free but also because of its remarkable features. It lets you scale up by presenting numerous collaborators if you want an expert to handle your accounts, manage payroll and payroll taxes, run more than one business from a single Wave account, and much more. Overall, Wave is the best option for cannabis businesspeople to handle their accounting requirements without spending a penny on software that charges a lot each month.
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6. AccountingSuite
AccountingSuite is another remarkable option for the cannabis industry. It is cloud-based and feature-rich accounting software that can transform the financial management process of your cannabis business. AccountingSuite is gradually becoming the most favorite accounting software in the cannabis industry because it is cannabis-friendly and supports the cannabis industry. Moreover, advanced inventory management software is a need of cannabis businesses and AccountingSuite comes with advanced inventory management features.
Key features
- Actively monitors your cash position and manages your cash flows.
- Automatically connects to your bank account on daily basis and also automates entries.
- Is a cloud-based software that allows you to connect all relevant parties such as accountants, investors, employees, etc.
- Also enables you to efficiently and effectively track and manage projects and also generate and send unlimited invoices.
- Its remarkable features such as electronic delivery of invoices, ever available inventory data, one-step sales orders, bank reconciliation, etc. make your accounting activities seamlessly easy.
Pricing
AccountingSuite offers four pricing plans to choose from that best suits your cannabis
business needs.
- The Start-Up plan starts at $19 per month
- The Business plan starts at $25 per month
- The Professional plan starts at $55 per month
- The Pro W/E-commerce plan starts at $129 per month
The Start-Up plan comes with basic financial management requirements such as banking, accounting, project management, time tracking, and reporting. It suits cannabis businesses during the early stages. You can scale up to advanced plans once your business begins to grow. In essence, AccountingSuite is among the best accounting software for the cannabis industry because it supports cannabis businesses and offers different affordable pricing plans to choose from.
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