365 Cannabis chosen as Canada's Top Cannabis ERP Software Choice for Biological Asset Tracking for cultivation & production and ACMPR Health Canada Compliant
LAS VEGAS, Aug. 27, 2018
LAS VEGAS, Aug. 27, 2018 /PRNewswire-PRWeb/ -- 365 Cannabis has been chosen as the top Cannabis ERP Software solution in Canada for its ability to track Biological Assets, Work-in-Progress and Cost Per Gram for cultivation and production.
365 Cannabis is honored to be selected as a top Cannabis ERP Software solution by MG Magazine and recognized as ACMPR Health Canada Compliant.
According to the magazine, "365 Cannabis is the ultimate seed-to-sale experience, powered by Microsoft Dynamics. 365 Cannabis integrates seamlessly with Office 365, so email, calendar and files merge seamlessly with data, reports and business processes to improve workflow and efficiency." The biggest feature and greatest benefit of 365 Cannabis to Canada's License Producers, is the Biological Asset Tracking and Work-in-Progress Tracking for cultivation and production.
Under International Financial Reporting Standards (IFRS), marijuana producers must use an accounting practice unique to the agricultural sector that pre-books income for crops as they grow.
The "biological asset" rule credits the value of product that is growing at fair value minus selling costs and reports that figure on the income statement. The changes in fair value are not counted as revenue, but as a reduction in the cost of sales, which as a result boosts the bottom line.
That means a company can report net income in a quarter in which they grew or harvested marijuana, but had no sales to speak of.
"If you polled the LPs almost every single one would say they prefer not to do it," says Maruf Raza, national director of public companies at accounting firm MNP, who gave a presentation on how to navigate the complex agricultural accounting standards to some 30 licensed producers.
"A lot of these rules are actually creating an accounting burden on these LPs because they have to spend time to value (the crops), to hire experts."
This is where 365 Cannabis ERP software comes in for its ability to track Biological Assets, Work-in-Progress and Cost Per Gram. 365 Cannabis is a comprehensive vertically integrated cannabis solution built on the Microsoft Dynamics platform (http://d365cannabis.com).
In MG Magazine's August 2018 feature story "A Closer Look at Tech-Savvy Cannabis" the magazine takes a look at leading companies offering innovative products that are taking cannabis into the future.
According to MG Magazine, "Cannabis is bringing out the techie in everyone – and for good reason. In the hottest growth industry in the nation, technological superiority could spell the difference between success and failure, especially with scaled cultivation."
365 Cannabis is the #1 cannabis ERP software solution in Canada and the United States that bears watching.
Canadian License Producers may contact 888-609-6766 or info(at)365vertical.com to start using 365 Cannabis ERP software at their organization.
SOURCE 365 Cannabis