6 Key Factors When Looking for a Reliable Cannabis Payroll Provider
Are you a cannabis business that is tired of being dropped by your payroll provider and is looking for someone who is reliable? Finding the right fit for your business can be a challenge. You don’t want to feel left behind or neglected, especially when it comes to paying your employees on time and correctly. Here are a few things that you should look out for when searching for a new cannabis payroll provider.
1. Do they have the right banking relationships?
Since marijuana is still illegal at the federal level, traditional banking services and products aren’t always an option. Make sure you have vetted your vendor and verified that they are transparent and have partnerships with compliant financial institutions. Cannabis businesses have unique legal issues due to the product still being illegal at a federal level. Be sure that your provider can properly manage your payroll process.
2. Do they have options that are more than just payroll?
Look for an integrated solution that offers compliant add-ons that help you run your business smoothly, like timekeeping and onboarding. When it comes to payroll, keeping track of all of your employees, forms, and information is important to be sure that you are properly administering payroll. A provider with more than just payroll services, like recordkeeping and reporting, can help your business be more efficient.
3. Who can you turn to and trust with your business?
Many payroll providers have high turnover or a global customer service team. Instead, opt for a provider who has dedicated personnel that can get to know your business inside and out.
Do they have history and experience? While being a payroll provider for cannabis businesses is a relatively new concept, providing payroll to businesses is not. Make sure that your payroll provider knows what they are doing and how to properly handle the required services for your business.
Even if you outsource, the burden of payroll and tax compliance is ultimately with the employer. Choosing a trustworthy provider will help keep the experience as stress-free as possible.
4. Are they familiar with 280E?
Just because a company can process payroll, doesn’t mean they can process payroll for a cannabis business. Look for a payroll company that specializes in the cannabis niche or is backed by a CPA firm of cannabis experts. With 280E, you need to capture every dollar spent on the cost of goods sold. The laws regarding cannabis businesses are ever-changing. Make sure your provider is aware and up to date with the latest iterations.
5. Can they handle your business growth?
Don’t outgrow your payroll company, as it is a headache to keep switching. Find a trustworthy company that checks your boxes, and can handle the ebbs and flows of the continuously growing cannabis industry.
6. Who have your peers turned to?
If you are unsure of who to trust, seeing others in your industry in action and functioning with their payroll provider is a good place to start. Whether it is reading reviews or asking for references, turning to trusted industry leaders can help guide you down the right path.
Abacus Payroll is a trusted payroll provider in the state of New Jersey, ready and able to navigate your cannabis business through the many regulations. Our professionals are educated and experienced in servicing the cannabis, hemp and medicinal marijuana industry, helping business owners be compliant and efficient in this unique and complex niche. Contact an Abacus Payroll specialist today to learn more.
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