Quick links

• 
  Introduction
  
• 
  What is R&D Tax Credit in the US?
  
• 
  Eligibility Criteria for R&D Tax Credits in the Cannabis Industry
  
• 
  Common Misconceptions About R&D Tax Credits in Cannabis
  
• 
  Case Study: A Success Story Powered by OnCentive
  
• 
  The Importance of R&D Tax Credits
  
• 
  How OnCentive Can Help
  
• 
  Conclusion
  

Introduction

In the ever-evolving cannabis industry, innovation is key to staying competitive. Understanding and utilizing Research & Development (R&D) Tax Credits can significantly aid businesses in this sector. This blog post, powered by OnCentive’s expertise, delves into how cannabis businesses can leverage these credits effectively.

1. What is R&D Tax Credit in the US?

The R&D tax credit is a dollar-for-dollar, non-dilutive tax incentive for US-based companies that innovate. The Tax Credit was originally established in 1981. The Protecting Americans from Tax Hikes (PATH) Act of 2015, which broadened the ability of many small-to-midsize businesses to monetize the R&D credit made the credit permanent. Companies across industries can qualify, including early-stage startups and profitable companies. Qualifying expenditures generally include the design, development or improvement of products, processes, techniques, formulas or software.

As per one of the reports of OECD: Between 2000 and 2018, the number of R&D tax relief recipients effectively more than doubled in the US, from around 10,500 R&D tax relief recipients in 2000 to over 26,000 in 2018.

Over the period 2000-2013 period (for which relevant data are available), SMEs accounted for the majority of R&D tax relief recipients with a share of around 70-75% in more recent years.

2. Eligibility Criteria for R&D Tax Credits in the Cannabis Industry

To qualify for R&D tax credits, cannabis businesses must engage in activities that meet certain criteria. These include the development or improvement of products, processes, techniques, formulas, or software. Specifically, activities should involve experimentation to eliminate uncertainty, relying on science or technology. This could encompass creating new cannabis strains, developing hemp-based products, or enhancing manufacturing processes. It’s important for businesses to document their R&D activities thoroughly to substantiate their claims.

3. Common Misconceptions About R&D Tax Credits in Cannabis

There are several myths surrounding R&D tax credits in the cannabis industry. A common misconception is that these credits are only for ‘breakthrough’ innovations. However, even modest improvements in products or processes can qualify. Another misunderstanding is that R&D tax credits are only for large companies with formal R&D departments. In reality, small and medium-sized enterprises, including startups, are eligible if they engage in qualifying R&D activities.

4. Case Study: A Success Story Powered by OnCentive

Consider a cannabis client who developed creams, lotions, and food products from legal cannabis. This process involved extensive testing and development, costing over $2.8 million. With OnCentive’s guidance, the company successfully claimed an R&D Tax Credit of $370,500, underscoring the significance of innovative efforts in the cannabis industry.

5. The Importance of R&D Tax Credits

These tax credits are vital for encouraging innovation in the cannabis sector. They provide financial relief which can be reinvested into further R&D, propelling the industry forward.

Recommended Reading: What is R&D Tax Credit and How Do I Claim it?

6. How OnCentive Can Help

OnCentive’s role in navigating the complexities of R&D tax credits is invaluable. They offer expertise in identifying qualifying activities and ensure compliance, maximizing the benefits for cannabis businesses.

Conclusion

R&D tax credits are a strategic resource for cannabis businesses aiming to innovate and grow. OnCentive’s expertise in this area is a crucial asset, helping businesses to capitalize on these opportunities. For more information, visit OnCentive at oncentive.com or contact them at info@oncentive.com.

Get in touch with us for an expert-led demo to know more about UZIO all-in-one payroll software.

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Quick links

• 
  Introduction
  
• 
  Mastering Local SEO
  
• 
  Strategic Social Media Use
  
• 
  Effective Email Marketing
  
• 
  Forming Strategic Partnerships
  
• 
  Engaging with the Community
  
• 
  Prioritizing Customer Service
  
• 
  Developing a Strong Brand Identity
  
• 
  Staying Compliant
  
• 
  Utilizing Data-Driven Insights
  
• 
  Embracing Patience and Persistence
  
• 
  Conclusion
  

Introduction

Exploring local marketing strategies for cannabis dispensaries is crucial in this distinct industry. The cannabis industry is rapidly evolving, and with it, the marketing landscape for dispensaries. In today’s competitive market, it’s more important than ever for dispensaries to have a strong local marketing strategy in place. This guide offers practical tips and industry insights for effective local marketing.

1. Mastering Local SEO

Local SEO is crucial for dispensaries to be found by nearby customers. Ensure your dispensary is listed in key online directories like Google My Business, Yelp, and Weedmaps. Creating locally relevant content, like blog posts on community events or cannabis topics, enhances your online presence.

To further understand its importance, read Moz’s guide on local SEO.

2. Strategic Social Media Use

While navigating strict marketing regulations, use social media to share informative content and engage with your audience. Promote new products and run contests while adhering to guidelines like avoiding medical claims and targeting adults over 21.

3. Effective Email Marketing

Build a subscriber list with customer consent and use email marketing to inform about new products, promotions, and educational content. This helps in dispelling myths and keeps your audience engaged with your brand.

Lendio offers great tips on email marketing that can be applied in the cannabis industry.

4. Forming Strategic Partnerships

Collaborate with local businesses to reach new customers. Partner with health stores or event companies for product launches or educational seminars, enhancing community presence.

Check out Forbes’ article on strategic partnerships for insights on their importance in business growth.

5. Engaging with the Community

Actively participate in community events, charities, or volunteer work. This not only builds goodwill but also establishes your dispensary as a trusted community member​.

Recommended Reading: Biggest pain point with Payroll and HR software

6. Prioritizing Customer Service

Excellent customer service leads to positive word-of-mouth. Train your staff to be knowledgeable and customer-centric, ensuring every visitor leaves satisfied.

Learn more about enhancing customer service from this Shopify article.

7. Developing a Strong Brand Identity

Your brand identity sets you apart. Maintain consistency in your logo, tagline, and messaging across all marketing channels, creating a memorable brand.

8. Staying Compliant

Adherence to regulations is non-negotiable. Ensure all marketing efforts comply with industry guidelines, from advertising to product labeling.

9. Utilizing Data-Driven Insights

Leverage data analytics to track and optimize your marketing strategies. Analyze website traffic, social media engagement, and email responses to refine your approach​.

Google Analytics provides useful guidance on leveraging data for business.

10. Embracing Patience and Persistence

Building a successful dispensary is a long-term endeavor. Stay consistent and adaptable in your marketing efforts, and the results will follow.

Conclusion

Effective local marketing for cannabis dispensaries involves a multifaceted approach, combining digital strategies with community engagement and compliance. By following these guidelines, dispensaries can build a robust local presence and foster lasting customer relationships.

Key Takeaways:

• Master local SEO for enhanced visibility
• Utilize social media strategically, adhering to regulations
• Leverage email marketing for customer engagement
• Form strategic partnerships for broader reach
• Engage actively in community events for trust building
• Prioritize excellent customer service for positive word-of-mouth
• Develop a strong, consistent brand identity
• Ensure strict compliance with marketing regulations
• Utilize data analytics for strategy optimization
• Embrace patience and persistence for long-term success

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Quick links

• 
  Introduction
  
• 
  Understanding the Policy Environment
  
• 
  Flexibility in Operations
  
• 
  Financial Planning for Uncertainty
  
• 
  Embracing Technology and Innovation
  
• 
  Building a Culture of Compliance
  
• 
  Advocacy and Community Engagement
  
• 
  Conclusion
  

1. Introduction

In the ever-evolving cannabis industry, where regulatory landscapes are as dynamic as the markets themselves, crafting a business model that can withstand policy shifts is not just strategic—it’s essential for survival. The National Cannabis Industry Association’s (NCIA) recent discussions, including insights from experts like John Hudak of the Maine Office of Cannabis Policy, underscore the importance of resilience in the face of change. Here’s how cannabis businesses can build a model that endures and thrives amidst the ebb and flow of policy changes.

Recommended Reading: Biggest pain point with Payroll and HR software

2. Understanding the Policy Environment

The first step in building a resilient business model is to develop a deep understanding of the current policy environment and anticipate potential changes. This means keeping abreast of both state and federal regulations, as well as international trends that could signal shifts in the industry. Businesses must also engage with policy discussions, providing feedback and data that can shape sensible regulations.

3. Flexibility in Operations

A resilient cannabis business model is one that is inherently flexible. This flexibility can be manifested in various aspects of the business, such as:

1. Diversified Product Lines: Offering a range of products can protect a business from fluctuations in market demand that policy changes might precipitate.
2. Scalable Processes: Building scalability into cultivation, production, and sales processes ensures that a business can adjust its operations in response to regulatory changes.
3. Adaptable Supply Chains: Establishing a supply chain with multiple options allows for quick pivots should a supplier become non-compliant with new regulations.

4. Financial Planning for Uncertainty

Financial resilience is key in an industry subject to policy-induced market swings. Cannabis businesses should:

1. Maintain Strong Capital Reserves: Having a buffer can help a business weather periods of uncertainty during policy transitions.
2. Explore Diverse Revenue Streams: Beyond product sales, consider ancillary services or educational initiatives that can generate income.
3. Plan for Taxation Changes: Stay prepared for shifts in tax laws, which can have significant financial implications.

5. Embracing Technology and Innovation

Technology can provide the tools needed to adapt quickly to policy changes. Implementing robust tracking and reporting systems not only aids in compliance but also provides valuable data that can inform strategic decisions. Additionally, investing in research and development can lead to innovative products that transcend regulatory barriers.

6. Building a Culture of Compliance

A culture of compliance within the organization ensures that every team member understands the importance of adhering to regulations and is vigilant about changes. This culture is supported by:

1. Continuous Education: Regular training sessions on compliance matters can keep staff informed and engaged.
2. Clear Communication Channels: Establishing protocols for disseminating information about policy changes ensures that all parts of the business can respond promptly.

7. Advocacy and Community Engagement

Active participation in advocacy efforts can not only influence policy outcomes but also provide early insights into potential changes. Building strong relationships with community and industry groups can lead to a collective voice that is more likely to be heard by policymakers.

8. Conclusion

In the cannabis industry, change is the only constant. Businesses that anticipate and prepare for policy shifts position themselves to navigate the uncertainties of regulation with confidence. By understanding the policy environment, incorporating flexibility into operations, planning financially for uncertainty, embracing technology, fostering a culture of compliance, and engaging in advocacy, cannabis businesses can develop a model that is not just resilient but also primed for growth in the face of policy shifts. The goal is not merely to survive the changes but to use them as a springboard to new opportunities and continued success.

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Quick links

• 
  Introduction
  
• 
  The Importance of a Systematic Approach
  
• 
  Onboarding Checklist for New Business Owners
  
• 
  Workspace Setup
  
• 
  Socialization With the Team
  
• 
  Orientation Sessions
  
• 
  Schedule Check-Ins and Training
  
• 
  Key Takeaways
  

1. Introduction

Hiring and onboarding new employees is a critical process for any business, large or small. It sets the tone for an employee’s experience with your company and can impact their long-term success and satisfaction. A bad onboarding experience can lead to confusion, frustration, and a lack of motivation among new hires. This, in turn, can result in decreased productivity and increased turnover rates, which ultimately affects the overall success of your company. Some reports show it takes approximately 11.2 months of joining an organization for employees to reach their full potential. With poor onboarding you can expect poor employee retention.

According to research employee turnover cost on average is 33% of a worker’s annual salary just to replace one employee. Additionally, low productivity due to stress and anxiety can cost your business $600 per worker annually. So you can see, for an SMB business owners’ without a dedicated HR team, it’s particularly important to create a structured onboarding program to ensure that every new hire receives the same level of attention and information. This process not only helps to reduce first-day jitters but also lays the groundwork for integrating new employees into your company culture and operations.

2. The Importance of a Systematic Approach

A standardized onboarding process ensures that all legal requirements are met and that each employee is equipped with the tools and knowledge they need to perform their job effectively. It’s not just about paperwork; it’s about making your new team members feel welcome and prepared. From setting up their workspace to explaining benefits and conducting regular check-ins, every step should be planned and executed with care.

3. Onboarding Checklist for New Business Owners

Complete New Hire Paperwork

Completing new hire paperwork is a fundamental first step in the onboarding process. It involves gathering and filing all the legal and formal documents necessary to employ someone legally and ethically. This process is critical because it ensures that your business complies with labor laws and taxation requirements. It also provides a clear contract between the employer and the employee regarding job expectations and obligations.

• Key Documents to Complete:
  • Form I-9: Verifies the employee’s legal right to work in the United States.
  • Tax Forms: Ensures the correct tax withholdings and reporting.
  • Employment Contract: Outlines the terms of employment, including salary, job responsibilities, and conditions of employment.
  • Legal Documents: Protects proprietary information and business interests.
  • Employee Handbook: Informs the employee about company policies and procedures.
  • Benefits Explanation: Details the company’s benefits programs and eligibility.
  • Job Description: Clarifies the employee’s role and expectations.

Devices and Credentials

Providing devices and credentials is essential for equipping your new hire with the tools they need to perform their job functions. This step is about more than just hardware; it’s about ensuring that new employees have access to the information and systems they need to be productive and effective.

• Essential Technology and Access:
  • Computers, phones, and other necessary devices.
  • Login information for email, intranet, and essential software.
  • Permissions for access to necessary data and communication channels.

4. Workspace Setup

Creating a workspace that is both welcoming and functional is crucial for a new employee. A well-set-up workspace helps new hires feel valued and ready to start contributing to the team. It’s also an opportunity to demonstrate your company’s culture and values through the environment you provide.

• Components of a Well-Prepared Workspace:
  • Desk, chair, and other necessary office furniture.
  • Office supplies and equipment.
  • Welcome kit with company-branded items and a guide to the office.

5. Socialization With the Team

Socialization is a vital aspect of integrating new employees into the company culture. It involves formal and informal activities designed to introduce new hires to their colleagues and immerse them in the workplace community. This part of the process can significantly affect an employee’s ability to work well within the team and their overall job satisfaction.

• Key Socialization Activities:
  • Team introductions and a new hire announcement.
  • Social gatherings such as a team lunch or welcome event.
  • Inclusion in team meetings and group projects from the outset.

6. Orientation Sessions

Orientation sessions provide a structured way for new employees to learn about the company, its policies, and their benefits. These sessions are essential for communicating expectations, resources, and the support available to help employees navigate their new workplace.

• Essential Orientation Topics:
  • Explanation of health benefits, insurance plans, and other employee programs.
  • Detailed review of the employee handbook, safety guidelines, and technology use.
  • Assignment of a peer mentor for ongoing support.

7. Schedule Check-Ins and Training

Scheduling regular check-ins and training is crucial for monitoring the progress of new hires and providing ongoing support and education. These check-ins serve as milestones for the employee’s development and offer opportunities to give and receive feedback on the onboarding experience.

• Important Check-In Milestones:
  • Immediate feedback opportunity following the onboarding sessions.
  • Scheduled training sessions to enhance skills and knowledge.
  • Formal check-ins at one week, 30 days, 60 days, and 90 days to track progress and address concerns.

Recommended Reading: Affordable 401(k) Plans that Sync with Payroll and Benefits

8. Key Takeaways

• Complete legal and informative paperwork to ensure compliance and clarity
• Provide necessary technology and access to enable productivity
• Prepare a personal and equipped workspace for a warm welcome
• Encourage team socialization for cultural integration
• Conduct thorough orientation to align understanding of company practices
• Plan regular check-ins and training for continuous employee development

By following this comprehensive checklist, SMB business owners can create a consistent and effective onboarding process that fosters a positive work environment and sets the stage for new employee success. By following this structured approach, you’ll help your new hires to become productive, engaged members of your team from day one.

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Quick links

• 
  Introduction
  
• 
  Why Consider Switching Payroll Providers in the Fourth Quarter
  
• 
  Switching Payroll Companies – A Checklist
  
• 
  Conclusion
  

1. Introduction

Payroll is traditionally both one of the biggest operating costs and one of the heaviest administrative burdens, especially for companies that manage payroll manually. And for good reason—mistakes can result in both stiff IRS penalties and unhappy employees. As we find ourselves in the fourth quarter of the year, it’s a crucial time for small to mid-sized businesses to evaluate their payroll provider and consider making a switch if necessary. Payroll is a fundamental aspect of any business, and ensuring accuracy and efficiency in this process is paramount. In this article, we will explore why switching payroll providers now is the right move, how to identify the best fit for your business, and the steps to make a successful transition.

2. Why Consider Switching Payroll Providers in the Fourth Quarter

Your employees rely on timely and accurate paychecks, and your business depends on their satisfaction and productivity. When your current payroll provider isn’t meeting your needs, it’s time to consider a change. Here are some reasons why making the switch in the fourth quarter is advantageous:

1. Avoid Historical Data Hassles: Switching at the end of the calendar year allows you to avoid the hassle of transferring historical payroll data. Switching payroll providers often involves transferring historical payroll data, employee information, and financial records. This process can be time-consuming and costly, especially if you have a large workforce. While exact cost savings will vary depending on the size of your business and the complexity of your data, switching in the fourth quarter can save money by reducing the need for extensive data migration.
2. Streamlined Tax Processes: Changing providers mid-year can complicate tax payments and filings. Fourth-quarter switches can simplify tax processes, as you’ll start the new year with a clean slate in terms of tax reporting and filings. This can reduce the risk of errors and late filings, potentially leading to cost savings by avoiding penalties and fines.
3. Employee Payment Consistency: Ensuring that employees are paid on time and without disruptions is critical for maintaining morale and productivity. Switching providers at a time that doesn’t interfere with regular payroll schedules can help avoid any issues related to late or incorrect payments. Consider the following factors:

   1. Cost: Evaluate if you are paying more than you should for your current provider.
   2. Customer Service: Assess the reliability of your current provider’s customer service.
   3. Ease of Use: Determine if your current provider’s software is user-friendly or causing unnecessary difficulties.
   4. Customization: Ensure the provider offers services tailored to your specific business needs.

3. Switching Payroll Companies – A Checklist

Here’s a checklist to guide you through the process of switching payroll providers:

• Pick the Right Time: Consider switching at the end of the year (most recommended) or the beginning of a quarter for a smoother transition.
• Determine Needed Services: Identify the payroll services (payroll, HRIS, benefits administration, etc.) that are essential for your business.  Questions to ask the potential vendor could include:
  • What is the customer service experience typically like at your company? Which representatives would I speak with? 
  • Would my applications be compatible with your current software? What integration capabilities do you have?
  • How would your organization handle the transition? What are typical timelines? What would my responsibilities be during the transition and afterward? 
  • How secure is your platform?
  • What would happen if a payroll mistake is made?
• Check Current Contract: Review the terms of your current contract, including cancellation fees and notice requirements.
• Notify Current Provider: Communicate your plans to switch with your current payroll provider to facilitate a smooth transition.
• Choose a New Provider: Research potential payroll companies and ask for references from their customers.
• Gather Information: Collect necessary information from your company to provide to the new payroll provider.  Information you will need include:
  • Employee info
  • Business info
  • Payroll Registers and/or Quarterly Reports
  • A voided check
  • Proof of FEIN (Federal Employer Identification Number) from the IRS
  • Payroll tax returns for the current year quarters
  •  Copies of payroll registers for each check date of the current quarter
  • W-2 Forms
  • Copies of a payroll quarterly report for each completed quarter for the current year
  • Copies of quarterly tax returns for the current year
  • Employee profile information including, name, address, social security number, tax withholding information (information found on the W4 form), rates of pay, recurring earnings/deductions, garnishment paperwork, and direct deposit information.
• Set Up Your Contract: Familiarize yourself with the new contract and understand your responsibilities and fees.
• Notify Employees: Inform your employees about the switch and guide them in the process for accessing their new pay information.

Recommended Reading: Affordable 401(k) Plans that Sync with Payroll and Benefits

4. Conclusion

Payroll is a critical aspect of your business, and a reliable provider is essential. If your current provider isn’t meeting your expectations, don’t hesitate to consider a switch. Doing so in the fourth quarter can save you time, effort, and potential disruptions, ensuring a smooth transition for both your business and your employees. Remember that choosing the right payroll provider is an investment in the success and satisfaction of your workforce.

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Quick links

• 
  Introduction
  
• 
  The Importance of Background Checks for Cannabis Startups
  
• 
  Types of Background Checks Available
  
• 
  Best Practices for Conducting Background Checks
  
• 
  The Checkr-UZIO Integration
  
• 
  Conclusion
  

1. Introduction

The cannabis industry is one of the fastest-growing industries in the United States. According to Statista, the cannabis industry is projected to reach $33.88B in 2023 with an annual growth rate (CAGR 2023-2028 of 14.66%)* As more and more states legalize cannabis for recreational or medical use, the demand for qualified workers is soaring. However, hiring the right people is essential for any business, and it is especially important in the cannabis industry, where compliance with regulations is paramount.

One of the best ways to ensure that you are hiring qualified and trustworthy employees is to conduct background checks. According to SHRM approximately 92% of organizations conduct background checks.  A major reason to conduct background checks is to avoid harm or legal liability of various types to employers or others.* Background checks can help you identify potential red flags, such as criminal convictions, drug use, or employment history issues. By conducting background checks, you can reduce the risk of hiring someone who could pose a threat to your business, your employees, or your customers.

This blog post provides a comprehensive guide to incorporating background checks into your cannabis startup hiring process. We will discuss the importance of background checks, the different types of background checks available, and the best practices for conducting background checks. We will also introduce the Checkr-UZIO integration, a seamless and affordable solution for cannabis background checks.

2. The Importance of Background Checks for Cannabis Startups

Background checks are important for all businesses, but they are especially important for cannabis startups. There are a few reasons for this:

• Compliance: Many states and municipalities require cannabis businesses to conduct background checks on their employees. Failure to comply with these regulations could result in fines, penalties, or even the revocation of your business license.
• Risk Mitigation: Background checks can help you identify potential red flags, such as criminal convictions, drug use, or employment history issues. By hiring trustworthy employees, you can reduce the risk of theft, fraud, and violence in your workplace.
• Customer Protection: Your customers deserve to feel safe and secure when they interact with your business. By conducting background checks, you can help to ensure that your employees are not a threat to your customers.

3. Types of Background Checks Available

There are a variety of different types of background checks available. The most common types of background checks for cannabis employees include:

• Criminal background checks: These checks search for criminal convictions and arrests.
• Drug testing: These tests screen for recent drug use.
• Employment history checks: These checks verify the applicant’s previous employment and identify any red flags, such as termination or disciplinary action.
• Reference checks: These checks involve contacting the applicant’s previous employers and references to get their feedback on the applicant’s performance and character.

4. Best Practices for Conducting Background Checks

When conducting background checks, it is important to follow best practices. Here are a few tips:

• Get consent from the applicant. Before conducting a background check, you must obtain the applicant’s consent. This consent should be in writing and should clearly explain the types of background checks that will be conducted.
• Use a reputable background check company. There are a number of companies that offer background check services specifically for the cannabis industry. Choose a reputable company that has experience working with cannabis businesses.
• Comply with all applicable regulations. Many states and municipalities have specific regulations regarding background checks for cannabis employees. Be sure to comply with all applicable regulations.
• Treat applicants fairly and consistently. Treat all applicants fairly and consistently throughout the background check process. This means using the same background check company for all applicants and conducting the same types of background checks on all applicants.

5. The Checkr-UZIO Integration

Checkr, an industry leader in background checks, has partnered with UZIO, a SaaS-based payroll software provider for small and medium-sized businesses (SMBs), to provide cannabis businesses with a seamless and affordable way to conduct background checks.

• Transparent Pricing Model: Checkr introduces a transparent pricing model where businesses are charged per background check, inclusive of pass-through fees, eliminating the need for long-term contracts or hidden fees.
• Digitization of Processes: The partnership heralds the end of cumbersome paperwork and manual verifications. Businesses can initiate checks and receive results directly through the Checkr Dashboard, streamlining the entire process.
• Leveraging Automation: Checkr employs machine learning to enhance accuracy and efficiency. This includes validating identities, providing precise estimated turnaround times, and effectively interpreting the nuances of report findings.

With the UZIO-Checkr integration, cannabis businesses can easily order background checks for new hires and existing employees directly from their UZIO account. The results of the background check are then automatically delivered to the UZIO account, making it easy for businesses to review the results and make hiring decisions.

The Checkr-UZIO integration is a great solution for cannabis businesses of all sizes. It is affordable, easy to use, and compliant with all applicable regulations.

Recommended Reading: Affordable 401(k) Plans that Sync with Payroll and Benefits

6. Conclusion

Background checks are an essential part of the hiring process for any business, but they are especially important for cannabis startups. By incorporating background checks into your hiring process, you can reduce risk, protect your business, and create a safe and secure workplace for your employees and customers.

If you are a cannabis business owner, we encourage you to learn more about how the UZIO-Checkr integration can help you with your background check needs. Visit the UZIO website today to get started.

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Quick links

• 
  Introduction
  
• 
  QuickBooks Payroll Versus UZIO Payroll Pricing
  
• 
  Conculsion
  

1. Introduction

QuickBooks® is an industry leader in accounting software, offering an array of features that make bookkeeping easier and more efficient for small businesses. However, when it comes to payroll services, QuickBooks might not be the one-size-fits-all solution that many businesses need. Here’s why:

High Monthly Base Prices

QuickBooks Payroll has several service plans: Core, Premium, and Elite. While the platform’s monthly base price is higher than that of most competitors, it offers a lower per-employee fee. That might seem appealing initially, but if you’re a small business with a limited budget, the upfront costs could be a deterrent. Unlike other services like UZIO, which has a base monthly cost of just $50, the cheapest QuickBooks Payroll plan starts at $45, plus an additional $5 per employee.

Limited HR Features in Lower-Tier Plans

If your business needs robust Human Resources Information Systems (HRIS) features, be prepared to pay for QuickBooks’ more expensive plans. HR capabilities like benefits administration and time tracking are only available in the Premium and Elite plans. On the flip side, platforms like UZIO offer these features at a more budget-friendly per-employee cost, giving you the flexibility to scale your HR capabilities without breaking the bank.

Scaling Issues for Larger Businesses

QuickBooks Payroll’s pricing structure might look attractive to small businesses with a small number of employees. However, as your business grows, you’ll quickly find that the platform doesn’t scale as efficiently. The more employees you have, the more you’ll be nudged towards the higher-tier, more expensive plans to accommodate them. This lack of scalability makes it less ideal for larger businesses or those with rapid growth trajectories.

Maximum Number of Users Is Plan-Dependent

Another consideration is the cap on the number of users, which depends on the plan you choose. If you exceed this limit, you’re automatically pushed to a more expensive plan. In contrast, some competitors offer more flexible arrangements that allow you to add an unlimited number of users without immediately jumping to a higher pricing bracket.

The Future of QuickBooks Desktop Payroll Is Uncertain

If you’re one of the businesses still relying on QuickBooks Desktop for payroll, it’s time to reconsider. QuickBooks has announced that they are discontinuing this service, forcing users to transition to other solutions, either within the QuickBooks ecosystem or externally. This change could be disruptive, especially if you’ve tailored your payroll processes around the Desktop version.

Recommended Reading: Biggest pain point with Payroll and HR software

2. QuickBooks Payroll Versus UZIO Payroll Pricing

This grid offers a simplified view. For a more detailed understanding, you would ideally compare additional features, customer support options, user reviews, and more.

Note: The information in this table is based on the pricing details you provided and may be subject to change. Always check the latest pricing and features before making a decision.

3. Conclusion

While QuickBooks remains a strong contender in the accounting software realm, it may fall short for businesses that require a comprehensive, cost-effective, and scalable payroll solution. Before you commit to any payroll service, assess your business needs carefully and consider alternatives that might offer more flexibility and value for your money.
By examining each option closely, you can choose a solution that not only meets your accounting needs but also delivers on the payroll front, giving your business the comprehensive support it deserves.

Get in touch with us for an expert-led demo to know more about UZIO all-in-one payroll software.

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Quick links

• 
  Introduction
  
• 
  The Importance of a 401(k) Plan
  
• 
  The Cannabis Stigma: Breaking Down Barriers
  
• 
  Conclusion
  

1. Introduction

The concept of a 401(k) plan is hardly foreign to most American businesses. Recognized as a cornerstone of employee benefits, the retirement savings plan serves not only as a perk for workers but also as a mechanism for companies to attract top-tier talent. However, if you’re operating within the cannabis industry, you might think that offering a 401(k) plan is not feasible due to regulatory complexities. This perception could be costing you valuable employees and undermining your competitiveness. Here’s why 401(k)s are crucial and why being in the cannabis sector shouldn’t disqualify you from offering one.

2. The Importance of a 401(k) Plan

Employee Attraction and Retention

In a job market that has increasingly become candidate-driven, offering a 401(k) can be the deciding factor for a prospective employee comparing offers from multiple companies. The absence of a 401(k) plan can make it more difficult to attract experienced professionals.

Financial Wellness and Productivity

Studies have shown that employees who are not worried about their financial future are generally more productive. A 401(k) plan allows your team to invest in their future, fostering a sense of security and well-being.

Tax Advantages

Both employers and employees can benefit from the tax advantages associated with 401(k) plans. Contributions are typically tax-deductible, and the financial gains made on these contributions grow tax-deferred until withdrawal.

3. The Cannabis Stigma: Breaking Down Barriers

Regulatory Hurdles

While it’s true that the cannabis industry is saddled with federal regulatory challenges, various providers specialize in offering 401(k) services to cannabis businesses. Yes, there’s a higher administrative burden, but it is entirely possible.

Banking Relationships

One of the most significant challenges for cannabis businesses is establishing a banking relationship due to federal restrictions. However, progress is being made in this area, and a handful of banks and financial institutions are now willing to work with cannabis businesses.

Public Perception

The stigma attached to the cannabis industry often acts as a deterrent for businesses thinking of offering a 401(k). But it’s important to remember that public opinion is changing rapidly, and as legislation evolves, so too will the opportunities for standard business practices like 401(k) plans.

Recommended Reading: Affordable 401(k) Plans that Sync with Payroll and Benefits

4. Conclusion

Offering a 401(k) plan is a critical tool for attracting and retaining top talent, regardless of your industry. For cannabis business owners, the road might seem more complicated, but it’s far from impassable. The perceived barriers should not deter you from providing a benefit that can significantly impact your business positively and secure your employees’ financial future.

So, if you’re in the cannabis industry, it’s time to look beyond the stigma and consider offering a 401(k) plan. The benefits far outweigh the challenges, and your employees—and business—will be better for it.

Interested in learning about 401K companies that would serve your business?

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Quick links

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  The Changing Landscape of Skills-Based Hiring
  
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  The Skills Gap Challenge
  
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  Bridging the Gap: An HR Plan for In-House Training
  
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  Some Additional Tips
  
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  Key Takeaways
  

1. The Changing Landscape of Skills-Based Hiring

The workforce is undergoing a seismic shift as more companies opt for skills-based hiring instead of traditional degree requirements. A recent survey by ZipRecruiter found that 45% of respondents have dropped degree prerequisites for specific roles, and 72% prioritize skills over certificates and degrees. Industry leaders such as Condoleezza Rice, Satya Nadella, and others stress the importance of skills-based hiring as an equitable, efficient alternative to traditional hiring methods. The U.S. Chamber of Commerce also supports this by saying 95% of executives and HR heads find that non-traditional candidates perform as well, if not better than, degree holders.

2. The Skills Gap Challenge

However, the adoption of skills-based hiring has brought its set of challenges. Employers report a significant skills gap, struggling to find candidates with key skills like time management, professionalism, and critical thinking. About a quarter of employers find it hard to fill roles due to this gap, impacting both large and small businesses.

Here are some of the most common challenges with skills-based hiring:

• Identifying the right skills. The first step in skills-based hiring is to identify the skills that are essential for the job. This can be difficult, especially for complex or specialized roles.
• Assessing skills accurately. Once you have identified the right skills, you need to find a way to assess candidates accurately and objectively. This can be difficult, especially for soft skills such as communication and teamwork.
• Overcoming bias. Skills-based hiring is designed to reduce bias, but it is not entirely immune to it. For example, unconscious bias can influence how you assess candidates or how you interpret their responses to questions.
• Finding qualified candidates. In some industries, there is a shortage of skilled workers. This can make it difficult to find qualified candidates, especially for highly specialized roles.
• Changing the mindset of hiring managers. Many hiring managers are used to evaluating candidates based on their education and work experience. It can be difficult to change their mindset and convince them to focus on skills instead.

Despite these challenges, skills-based hiring is a valuable tool that can help organizations to hire the best candidates for the job. By taking the time to identify the right skills, assess candidates accurately, and overcome bias, organizations can overcome the challenges of skills-based hiring and reap the benefits of a more skilled and productive workforce.

3. Bridging the Gap: An HR plan for in-house training

To tackle this challenge, organizations should invest in comprehensive in-house training programs aimed at equipping their employees with the skills that are most in demand.

Step 1: Skill Assessment- The first step involves identifying the critical skills gaps within the organization. Conduct a thorough audit to understand where the disconnect lies between available skills and job requirements.

Step 2: Curriculum Development- Develop a curriculum focusing on the most lacking skills. Whether it’s time management, professionalism, or critical thinking, ensure the program is tailored to meet these specific needs.

Step 3: Utilize Existing Resources- Before bringing in external trainers or materials, assess the resources already available in-house. Senior employees or managers could conduct workshops or training sessions, thereby cutting costs and utilizing internal expertise.

Step 4: Blended Learning- Combine traditional classroom-based training with online courses and on-the-job training. This approach offers flexibility and caters to different learning styles.

Step 5: Monitoring and Feedback- Constant monitoring is essential for the program’s success. Use regular assessments and feedback mechanisms to gauge the effectiveness of the training.

Step 6: Update and Adapt- The business landscape is ever-changing, and skills that are relevant today might be obsolete tomorrow. The training program should be dynamic and should adapt to the evolving skill requirements.

Recommended Reading: Biggest pain point with Payroll and HR software

4. Some Additional Tips

Here are some additional tips for overcoming the challenges of skills-based hiring:

• Use data to identify the right skills. Analyze your job postings and performance reviews to identify the skills that are most important for success in your organization.
• Use a variety of assessment methods. No single assessment method is perfect. Use a variety of assessment methods, such as skills tests, work samples, and behavioral interviews, to get a complete picture of each candidate’s skills and abilities.
• Be aware of your own biases. Everyone has biases. Be aware of your own biases and take steps to mitigate them. For example, use blind resumes to remove unconscious bias from the hiring process.
• Partner with educational institutions and industry groups. Educational institutions and industry groups can help you to find qualified candidates for your open positions.
• Educate hiring managers about the benefits of skills-based hiring. Help hiring managers to understand the benefits of skills-based hiring and how to implement it effectively.

5. Key Takeaways

Skills-based hiring is a valuable tool that can help organizations to hire the best candidates for the job, but it is important to be aware of the challenges and take steps to overcome them.

One of the biggest challenges is identifying the right skills for the job. This can be done by analyzing job postings and performance reviews to see what skills are most important for success in the organization.

Another challenge is assessing skills accurately and objectively. This can be done by using a variety of assessment methods, such as skills tests, work samples, and behavioral interviews.

It is also important to be aware of your own biases and take steps to mitigate them. For example, you can use blind resumes to remove unconscious bias from the hiring process.

Finally, it is important to partner with educational institutions and industry groups to find qualified candidates and educate hiring managers about the benefits of skills-based hiring.

By taking these steps, organizations can overcome the challenges of skills-based hiring and reap the benefits of a more skilled and productive workforce.

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