The cannabis industry is highly regulated and so it should come as no surprise to learn that cannabis inventory audits will be an essential part of your standard operating procedures. Inventory audits are just one component of inventory management but may be one of the most important. This remains true whether you are a dispensary, cultivation, manufacturing, or distribution business.
Prepare
Depending on your seed-to-sale software and individual circumstances, there are a number of ways in which a cannabis inventory audit can be performed. As a result, it is important to have a good plan of attack. This is the stage where you might print out your inventory list and plan what order to count things in. Break the project into bite size pieces. For instance, you can plan to focus on counting inventory in one location at a time.
Count
Counting the inventory can be more difficult than you might think. It can be easy to lose your place and have to start over. Focus on following your plan. Be efficient but don’t rush. Keep diligent records of each item counted as you go. You may experience some frustration at first but you will get faster as your knowledge grows and you gain confidence.
Update
Once the counting is done you will need to update your seed-to-sale system to match the counted numbers. It is important that your seed-to-sale system match your actual inventory numbers so this should be done immediately before inventory numbers change.
Report
Keep records of your inventory audits and adjustments. It is the law, you know? Cannabis businesses, like all businesses, that hold inventory are required to maintain detailed and accurate inventory records for tax purposes.
Adilas420 can help!
Let us help you make a cannabis business inventory control plan and execute it. Adilas420 offers cannabis business consulting that puts our years of experience to work for you! Contact us today to get the help you need.
