Investing in the future
International Accountants Day – yes, really, it’s a thing
Accountants around the world celebrate International Accounting Day on 10th November. Commemorating the date (well year) the Accountant and Mathematician Luca Pacioli published his book on double-entry bookkeeping in 1494.
It’s a day to pay tribute to the vital role accountants play in the financial health of businesses and economies.
Accountants are awesome
Working together
This got us thinking about the role accountants play, or could and sometimes do play in the health of our planet and people through the organisations they support.
Often it is the finance team we interact with, as they grapple with new information requirements to meet sustainability objectives. Even in small businesses, sustainability often comes under the umbrella of the finance function, and they will inevitably be involved as data requirements grow.
Our experience echoes the market sentiment, as we’ve spent a lot of time this year writing courses on sustainability for accountants, aimed at those in small to medium sized practices.
Does size make a difference?
The Small Bang
Small to medium sized practices can have large to larger sized impacts.
Accountants play a crucial role in the transition to sustainability. They are uniquely positioned to influence and implement sustainable practices within their clients’ operations.
By integrating the following considerations:
- environmental
- social and
- governance (ESG)
considerations into financial reporting and advisory services, accountants can help businesses identify cost-saving opportunities through:
Accountants – people in the know
Measuring up
Accountants expertise in financial analysis and reporting makes them essential in measuring and communicating the financial impacts of sustainability initiatives, facilitating informed decision-making that aligns with long-term sustainability goals.
Accountants can also motivate and guide their clients to go beyond mere compliance and the next tender, by encouraging them to align their operations with more regenerative solutions.
The bigger picture
Knowledge is key
Accountants in small to medium-sized practices often have close relationships with their clients, which allows them to drive change at a grassroots level.
They can offer tailored advice on how to integrate sustainability into business strategies, ensuring that even smaller enterprises can contribute to broader sustainability goals.
By staying updated on the latest sustainability standards and regulations, these accountants can help their clients comply with legal and customer requirements and leverage incentives for sustainable practices.
This proactive approach not only enhances the sustainability performance of individual businesses, but also collectively contributes to Scotland’s broader agenda for a resilient and sustainable economy.
Walking the walk
Setting the standards
An example of an accountants leading the way are Brett Nicholls Associates,. They exemplify how a mid-sized accountancy practice based in Scotland, can lead the sustainability agenda.
As a B Corp certified firm, they are committed to high standards of:
- social and environmental performance
- transparency and
- accountability
They aim to achieve net zero emissions by 2045 and are a Living Wage employer.
Their B Corp certification reflects a serious intent to continually improve their sustainability practices. With significant reductions in:
- electricity consumption
- business travel and
- a commitment to renewable energy
Brett Nicholls Associates demonstrates how accountancy practices can integrate sustainability into their operations and influence broader change.
As we celebrate International Accounting Day, we can acknowledge and encourage the evolving role of accountants in driving sustainability. Scottish SME accountants are not only keeping businesses financially healthy, but are using their expertise to ensure a sustainable future.
How can Accountants get started?
Training is a catalyst that can transform lives…
To get started, accountants in small to medium-sized practices can:
- improve their own operations
- focus on specific staff training
Training staff is crucial; accountants can pursue specific courses in:
A helping hand
The major accountancy bodies such as:
all offer relevant training programs.
ACCA’s Certificate in Sustainability for finance, ICAS’s sustainability resources, and ICAEW’s Certificate in Sustainability provide valuable insights. Additionally, Carbon Literacy training can offer a basic grounding in environmental impacts.
What next?
By embracing these steps, Scottish accountants can not only enhance their own sustainability practices but also, importantly, serve as trusted advisors. In doing so, they will help their clients navigate the path toward a more sustainable and responsible future.
For more information please contact Jayne Saywell, one of Business Advisors. Her knowledge, experience and ideas can help your company thrive in a wellbeing economy, and find joy in a sustainable future.
