How accountants can help companies be more sustainable

Businesses worldwide are actively looking to operate more sustainably in light of mounting pressure due to the ever-increasing threat of climate change.

Accountants are probably not the first people you think of when it comes to sustainability, but we can provide a surprising amount of insight into how to go green without your business’ finances being negatively affected. In fact, sustainable practices can result in improved financial performance in the long run.

Here are just some of the ways accountants can help create a more sustainable business:

Provide corporate information

Being able to collect, report on and analyse information within non-financial and sustainable topics is a highly sought-after skill, as is the ability to incorporate sustainability into long-term business goals. This is something your accountant can provide with their already-refined knowledge of data collection and complex financial information.

Detailed corporate reports link both financial and non-financial information (such as social and environmental issues) in order to provide insight and assurance on business practices as well as summarising the benefits of improving environmental impact.

Guide you in setting attainable sustainability goals

The skills mentioned above can be applied to judging the non-financial side of a business to ascertain where to integrate sustainable practices. By working with sustainability experts and independent auditors, accountants can find weaknesses in business strategies that lead to negative environmental effects.

Your accountant will then work together with you to set achievable improvement goals that focus on long-term (rather than short-term) sustainability and avoid greenwashing, while also advising on new and existing legislation to ensure your business is following and adapting to legal obligation.

Contribute costs to negative environmental impacts

Every corporate action will have an environmental cost. Accountants can help businesses integrate greener practices and reduce inefficiencies while improving prospects for long-term growth: committing to sustainability can increase business profits and value due to the resiliance and openness to development.

Your accountant can also provide reports for stakeholders that outline strategy and costs in comparison to benefits and added value. Resilience increases when both risks and rewards are investigated for their effects on a business.

Accountants have an important and multifaceted role in modern companies which is likely to become even more important in the future; taking advantage of the accountancy skillset to increase sustainability efforts is only going to become more commonplace as new environmental legislation is written.

Here at Ellis & Co. we are highly experienced in supporting businesses and their sustainability efforts. Want to find out more? Speak to our team today to find out how we can help you!