Table 5 Professional accounting and tax services perceived as most needed by participating cannabis-related businesses and Certified Public Accountants
Accounting and tax services most needed by the cannabis industry | Reported by participant type | ||
|---|---|---|---|
Cannabis-related business owners count (%) | Certified Public Accountants that serve industry | Certified Public Accountants that do not serve industry | |
Certified Public Accountant must know industry in detail regardless of services provided | 7 (70%) | 3 (60%) | 0 |
Tax compliance | 5 (50%) | 5 (100%) | 5 (55%) |
Accounting and tax advice | 6 (60%) | 3 (60%) | 2 (22%) |
Function like a CFO/Controller to help management make business decisions | 5 (50%) | Â | 3 (33%) |
Accounting and bookkeeping | 0 | 3 (60%) | 7 (77%) |
Consulting on areas such as business valuations, M&A, internal controls | 0 | 1 (20%) | 5 (55%) |
GAAP financial statement audits | 0 | 1 (20%) | 3 (33%) |