Is the Accounting Industry Chomping at the Bit for the Cannabis Industry?

The cannabis industry is flourishing and it is providing a unique and exciting opportunity for accountants. This new, niche industry is heavily regulated and demands highly skilled accountants to navigate and lead. This industry isn’t for the faint of heart.

Accountants in the cannabis space are expected to be knowledgeable in a number of facets of the industry, such as farming, retail, food production, and chemical manufacturing. Accountants also must operate within tight federal and state regulations. With a prediction that the U.S. cannabis market will reach $70 billion by 2021, accountants need to quickly catch up to speed to lead the charge or else the cannabis companies they service risk steep penalties or shutdown.

Accountants looking to succeed in this market will need to build a solid base for their team, heavily educate themselves, and seek out intel from cannabis CEOs.

A solid team is a necessity. Your clients will likely be looking for a one-stop shop. Many of them are start-ups and don’t necessarily have the resources to outsource to multiple vendors. Providing them with an educated team including bookkeeping, controllership, and tax prep and planning will be a very attractive and lucrative deal.

Specialized education is a must. You likely never studied the cannabis market in school, so continuing education, workshops, and personal research is a necessity. There are lots of complex accounting rules in place and with such a new industry, things are likely to change rapidly, so staying up to date on all the changes is incredibly important.

Gather intel from CEOs in the space. While you can study and read and take workshops and classes, the best education might be in the field. Pay attention to what leaders in the space are saying, and mold your business to suit theirs. 

Flexi offers accounting solutions to fit any industry

Flexi is here to help you succeed in any venture, including the cannabis market. 

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance and highly rated support, all at an attractive total cost of ownership.

Submit your information and get a demo of the Flexi suite today. 

How Healthcare is Rethinking Their Accounting Process

Healthcare accounting is complex, and there is a major disruption in the industry right now. As healthcare finance experts wrestle with value-based payments, fee for service models, price transparency, and more, the waters are muddied further by insurance companies, Medicare/Medicaid, and the sheer number of patients (44 million Americans) that are currently uninsured. 

Healthcare Accounting

A healthcare accounting office is tasked with not only collecting payments from patients but also ensuring that patient’s insurance companies pay their bills. If those funds aren’t coming in, then a healthcare organization is very quickly unable to make ends meet, meet payroll obligations, or continue to remain in business to do the important work of diagnosing and treating patients. The system can easily collapse if the right measures are not put into place at the outset. 

It is incredibly important that healthcare accountants are:

  • Properly educated and trained on accounting processes
  • Able to communicate well in peer-to-peer scenarios
  • Following workflow protocol 

Think of revenue cycle optimization as a supply chain: if one administrative staff member codes incorrectly, fails to perform a task, or makes an error in data entry, the entire chain suffers. 

Potential Losses

Substantial loss of revenue can occur when accounting duties are not performed adequately in any industry, but healthcare accounting is extremely volatile. Note these frightening statistics: roughly 26 percent of claims are rejected, and up to 40 percent of those claims are simply never resubmitted. 

To get back on track and to ensure the health of your healthcare organization’s finances, accounting staff should be trained on and follow a workflow to confirm patient eligibility, insurance status, and co-pay amounts, and staff members should be mindful of checking for missing charges and following up on claims.

Flexi can help your healthcare organization succeed

Streamline and automate labor-intensive financial management functions with Flexi’s easy-to-use accounts payable, general ledger, project management, and fixed asset solutions for various healthcare industries.

Throughout hospitals and across integrated delivery networks (IDN), Flexi’s solutions increase efficiency, improve accuracy, and reduce labor cost. When implemented as part of an integrated hospital system, there are added efficiencies and cost savings to help optimize your business operations. Try Flexi’s healthcare accounting software today to:

  • Prevent shortfalls and missed margins with powerful analytic tools
  • Improve information flow through multi-entity processing and a faster closing process
  • Enhance regulatory compliance and security
  • Eliminate duplicate data entry
  • Reduce costs through enhanced project management and analysis.

Submit your information and get a demo of the Flexi suite today.