By Higher Accounting | Resources | March 31, 2021
By now you are breathing easy, you have some more time to file your personal income tax. Oh wait, let us not forget about the upcoming reporting date,
April 30th. Since the announcement of Metrc inventory tracking, we have been left wondering: When, where, and how?
OMMA announced the details in late February. Metrc is the seed-to-sale tracking software that is now required for Oklahoma inventory reporting.
It is now coming close to the time you must have all your inventory input into Metrc for reporting.
Also, keep in mind that you must go through training and get credentialed before you have access to Metrc reporting platform.
Metrc reporting is not for the inexperienced. Inventory control is critical in your cannabis business in more ways than one.
Metrc will not warn you for errors, so incorrect inputs will be recorded and tracked until you correct them.
Reduce your risk!
Do not expose your business to the fines and the consequences for non-compliance.
If you do not have experience with inventory management, seek professional assistance.
Keep good records.
Do regular physical inventory audits
Have inventory control procedures and processes and follow them!
Plan. Whatever your goal, prepare because “something always comes up”. Be ready for surprises along the way.
A good system with a team that can help you manage your inventory will give you time to work on your business and not in it.
Our team at Higher Accounting Services specializes in inventory management and cannabis bookkeeping.
We can help you meet your goals by maintaining the workflow for your everyday needs.
Do you have in-house talent? We can also work with you to train your own employees to manage your systems and grow your business.
Whatever you choose, make sure you are on track to the April 30th deadline. If you have not already started, your behind!
Get to it.