Managing payroll is a crucial aspect of any business with employees. However, if your company operates within the cannabis industry, the process can be particularly challenging.
In recent years, many large-scale payroll providers have withdrawn their support for direct deposit and tax payment services to cannabis companies, leaving you wondering what steps to take next. However, some of the payroll challenges for your cannabis business can be addressed by implementing an in-house payroll system that provides significant control over your payroll processes and systems.
This blog will explore the numerous benefits of using in-house payroll for your cannabis business.
Ready to learn more about Greenshades’ in-house payroll solution? Schedule a demo now to see how we can elevate your cannabis business operations.
When it comes to payroll management, you have two options: in-house or outsourced. In-house payroll management means that your team takes care of all payroll matters, giving you full internal control. Your software can be tailored to your unique in-house processes, and your team manages the payroll funds, information, and processes.
On the other hand, outsourced payroll involves sending some or all of your payroll information to a third-party provider to handle on your behalf. With this option, your team has limited control over the software and processes.
Executing payroll internally affords your team the control necessary to traverse the distinctive legal landscape and regulations inherent to the cannabis industry. The paramount benefit of in-house payroll is the capacity to manage and tailor payroll procedures to align with your company's specific needs.
One of the most crucial benefits of in-house payroll is the liberty it provides businesses in managing direct deposits. This is of paramount importance in the cannabis industry, where certain banks remain apprehensive about associating with cannabis businesses due to the federal prohibition of the substance. Through in-house payroll, businesses have the flexibility to select and manage their banking relationships with direct deposits, circumventing potential roadblocks and ensuring smoother financial operations.
Opting for in-house payroll presents an opportunity for greater data protection and decreased fraud risk, given that control over critical company payroll data is exclusively with your internal team. This includes sensitive information relating to both employees and the business. Your team is solely responsible for implementing and maintaining security measures, ensuring the data remains well-protected. This level of control and security may not always be guaranteed when payroll tasks are outsourced.
In-house payroll might prove to be a more economical and efficient choice for your business. Despite the initial investment required for relevant software, the long-term savings of conducting payroll internally can be significant. Additionally, in-house payroll empowers businesses to hold onto their funds throughout the entire payroll process, no prefunding for payroll and tax liabilities. This is in contrast to outsourced payroll services, which often require prepayment with each payroll run. In summary, handling payroll internally grants cannabis enterprises the control, security, and fiscal efficiency necessary to tackle the industry's distinct challenges.
As a cannabis company, you need an in-house payroll, HR, and tax partner that can provide specialized support and ensure compliance with industry-specific regulations. Greenshades offers just that, giving you control over your operations, cash flow, and data while streamlining your payroll processes.
Here are some of the ways we can help:
Since every cannabis company is different, it's vital to choose an in-house payroll provider that meets your specific needs. You should understand how the provider can support your business structure, employee types, compliance needs, and more.
To select an in-house payroll provider for your cannabis company, you should consider several factors:
By evaluating these factors, you can choose an in-house payroll provider that is well-suited to your company's needs, enabling you to manage your payroll with greater effectiveness and efficiency.
Partnering with Greenshades means having an expert in-house payroll, HR, and tax provider that can cater to your unique needs as a cannabis company. Schedule a demo today to see how Greenshades can help your business succeed.