Accountants' Role In Leading The Sustainability Charge.

As a society, we are increasingly adopting sustainable and environmentally friendly initiatives - a trend that is rapidly spilling over into the business world.

Both employees and consumers are now strongly leaning towards businesses and organisations with strong sustainability credentials. Studies suggest that professionals are up to 65% more likely to work for an organisation that is taking sustainable practices seriously.

Similar results are seen in studies assessing the trend in consumer habits with customers more than 40% more likely to purchase from companies with a strong commitment to sustainability and social causes.

What does that mean for businesses?

This puts a stronger emphasis on businesses to adopt sustainable practices but also to report on them openly to demonstrate their impact. Increasingly professionals and customers want to know whom they're working with and what steps they are taking to tackle global issues.

The first step for businesses is to understand their wider social, economic, and environmental impact both on their own operations and their supply chains. Understanding and reporting on their impact give rise to action points to improve and keeps organisations accountable.

Frameworks like the Global Reporting Initiative comprehensively provide a reporting framework for all sustainability practices from the environment to corruption and equality.

Where do Accounting firms fit in?

Accounting firms can play a pivotal role in our move to a more sustainable and socially responsible business. Reporting on sustainability requires accurate and verified data and statistical claims which accountants are well placed to provide.

Accounting firms developing skills and qualifications in sustainability well positions them to utilise their analytical skill set, access to client financial data, and reporting frameworks. Accounting firms are trusted and responsible for reporting on company financials in a highly regulated industry - transitioning into reporting on sustainability practices, in the same manner, is a logical next step.

At CALA we are in the process of training as GRI sustainability professionals to support businesses in understanding and reporting on their wider social and environmental impacts to facilitate transparency and progression towards a more sustainable future.

As a firm I feel it's our responsibility to take the initiative and play our part where we can.