ALL >> Environment >> View Article
How Environmental Accounting Can Benefit Your Business
It is no great secret that businesses are created to deliver products and services in order to earn a profit. However it is important that companies think about their balance sheet in terms of whether they are in the red or the black and also the "green", too. With the growing green consumer awareness, companies are now expected to align their business strategies with environmental schemes.
Environmentally conscious businesses have already discovering that they are able to initiate strategies to help them reduce their carbon footprint, minimise their environmental impact, make the best use of natural or local resources, become more energy efficient, reduce costs, and display social responsibility - all at the same time.
More and more companies want to know how they can be part of a growing movement of doing green business and benefiting from the change. The first step is to consider green accounting into their business model.
What is Environmental Accounting?
The term, Environmental accounting, is a way of describing changes to your business practices that would be more environmentally friendly. This ...
... could be improving environmental performance, controlling costs, investing in technologies that require less energy or produce fewer emissions. Doing greener business is not about increased costs and can attract a new customer base that would have never considered you before.
Environmental Management Accounting
According to the EPA, environmental management accounting is "the identification, prioritisation, quantification or qualification, and incorporation of environmental costs into business decisions." Environmental Management Accounting uses "data about environmental costs and performance for business decisions. It collects cost, production, inventory, and waste cost and performance for business decisions. It collects cost, production, inventory, and waste cost and performance data in the accounting system to plan, evaluate, and control."
Environmental management accounting therefore represents a combined approach which provides the switch from conventional accounting to consider things such as increase material efficiency, reduction in environmental impact and risk, and reduction in costs of waste.
Implementing Environmental Accounting
When making the move to implement environmental accounting there is a lot to consider and for big businesses it makes sense to consult specialist help. You need to consider the working site, research and development, and how staff will be informed and even trained. In the past, green initiatives were hampered by lack of understanding by management, who would normally consider them to be costly and a waste of time.
Environmental accounting can help management recognise that the tax benefits, rebates and lower costs of being environmentally friendly add up to a real savings for being greener in business.
Peter Barbour has been involved in the waste industry for many years and has worked for many companies in the waste business. His latest interest in Environmental Management has made him realise how companies are changing and becoming more responsible.
Add Comment
Environment Articles
1. The Hidden Gems: Qatar's Native FloraAuthor: omar Shahat
2. Top Reasons To Choose An Online Solar System For Your Home: Convenience, Savings, And Customization
Author: Paul
3. Innovative Approaches To Fecal Sludge Management For Urban Sanitation
Author: jasmin thakkar
4. Busch Group Drives Sustainable Future Technologies
Author: Busch Vacuum Solutions
5. Human Hair Extension In Bangalore
Author: naturewigs
6. Navigating Skip Hire For Hazardous Waste: What You Need To Know
Author: Lily Jones
7. Five Great Ways To Save Energy In Your Kitchen
Author: Alicia Reno
8. Environmental Issues For Climate Change - What Should You Know?
Author: Climate Diet
9. Exploring The Beauty Of Kayaking And Mangrove Planting In The Uae
Author: Shilpi
10. Pfeiffer Vacuum Achieves Gold Medal In Ecovadis Sustainability Ranking
Author: Busch Vacuum Solutions
11. The Rise Of Sustainable Floristry: Eco-friendly Floral Practices
Author: adlerconway
12. Innovative Approaches To Municipal Sewage Treatment
Author: aaditri biswas
13. Innovative Techniques For Enhancing Sewage Water Treatment Efficiency
Author: jasmin thakkar
14. Why You Need A Novita Air Purifier In Singapore
Author: GoDigitalLock
15. A Comprehensive Guide To Skip Hire In London
Author: Lily Jones