Traditionally, business owners, managers, and accountants have always eyed on the profit numbers as their top-most priority. But due to increasing awareness amongst the common people, and depleting resources, the scenario has improved.
Businesses have become noticeably responsible towards environmental, social and corporate governance (ESG), especially after European Union (EU) policymakers have made an ambitious legislative push towards a sustainable economy. So, to thrive your business in today’s time, you need to focus on both financial and non-financial sustainability.
For this, you need to upgrade to the best UK bookkeeping software which not only digitalizes your accounting operations but also promotes your business’s sustainability efforts.
Here we shall learn in what ways UK bookkeeping software can help enhance your company’s sustainability efforts.
1. Environmental Data Accounting
With UK bookkeeping software, you get all the assessments derived from already established and verified environmental data relevant to your business. The software uses an integrated reporting framework, which discloses both the financial and non-financial information in an exclusive report format. This makes it easier for your business to communicate with the stakeholders in a better way.
You don’t need to worry about hiring a team for data extraction, or collaborating with an agency for environmental data as the software itself follows an EU compliant data collection from recognised and approved agencies, and delivers it to your system for analysis.
2. Calculate Accurate Costs Of The Impact
You also get the benefit of calculating actual costs of the environmental impact of your business activities. The UK bookkeeping software allows you to measure and calculate accurate impact costs in a standardized reporting format.
This way you don’t need to worry about the sorting of data, checking the correctness, and you can be confident about your performance.
3. Encourage ESG Goals Implementation
Your UK bookkeeping software prepares reports in a EU ESG compliance format and updates the future activities for the same. Well, not only ESG but it also takes into account established Sustainable Development Goals (SDGs) into account while calculating the company’s environmental performance and suggesting implementation strategies accordingly.
4. Identify Rewarding Ways For Sustainable Policies
Building a culture of environmental sensitivity amongst the employees not only increases employee satisfaction, but also leads to better employee retention rate as the mindset goes like a company focused on sustainability will provide mutual growth to its employees.
You can achieve this by setting targets for achieving the highest form of sustainability in business operations for employees and reward them for the same with extra remuneration, holiday tours, or what better can be than a promotion.
5. Build Communicable Reports For Stakeholders And The Communities
Your UK bookkeeping software goes a step further and translates detailed environmental information into a common language that the stakeholders and the general public can understand and connect with.
You can also transform your company’s sustainability assessments into a robust sustainability marketing strategy to stand out your organization in the marketplace, with a competitive advantage for doing the right for the world.
This not only builds trust within the company’s culture but creates a positive road map for other companies to follow.
Elevating your bookkeeping business to a digital platform with a UK bookkeeping software is not enough anymore, unless it provides a sustainable and eco-friendly roadmap for your company’s growth. With the UK bookkeeping software, you can calculate and monitor environmental costs of your business and also prepare mitigating ways to compensate for the resource losses.
Let us know how your bookkeeping software adapts to the changing environmental issues and addresses the impact of your business on the same.