ESG meets financial accounting: Simplifying CO2 emission calculation and ESRS reporting!

February 14, 2024

Challenge for tax advisory firms: European Standards for Sustainability Reporting (ESRS)

Given the enforcement of regulatory requirements such as the European Sustainability Reporting Standards (ESRS), an increasing number of tax consulting firms are facing new challenges. Their clients now require not only meaningful financial reporting but also various “ESG reports” to address inquiries from the value chain, clients, authorities, banks, and other stakeholders.

This goes beyond traditional business metrics and revenues, encompassing detailed location-based quantities differentiated by various factors such as waste amounts, as well as greenhouse gas emissions and strategies to reduce them in the future.

Those who have delved into the ESG requirements landscape realize that it is a complex and rapidly changing field. Special regulations, changing responsibilities, and expertise in data and calculations are required. This is different from new tax regulations that quickly integrate into the usual financial context.

Software solution supports: ESG Cockpit with new interface

Two established companies, sustainability software provider akaryon and consulting firm TeamWeitblick, both active in the sustainability sector for over 20 years, have joined forces in a cooperation.

The goal was to offer an intelligent software solution, specifically for tax consulting, with practical bidirectional standard interfaces from financial accounting to the ESG world and vice versa. This was implemented in 2023 and has since been successfully tested with tax offices using DATEV applications.

A user-friendly solution has been developed bridging financial accounting systems and ESG Cockpit data management.

In just a few steps, an ESG report consistent with financial data can be generated. This is not only crucial for fulfilling CSRD reporting obligations but also streamlines and expedites the overall creation of ESG information. Companies can easily leverage this, and tax advisory firms can effectively advise and support their clients on sustainability requirements with manageable time resources.

Implementation with a consulting company and two tax offices from Germany

— — —

Team Weitblick is a consulting company for sustainability strategies and reporting.

— — —

dhmp NEXT GmbH & Co. KG is among the leading firms for tax consulting, auditing, and business consulting in Baden-Württemberg. Its range of services also includes advising clients on sustainability reporting.

“The advantage is that within a very short period, initial key performance indicators (KPIs) and an initial ESG report are available. Initial results can be quickly demonstrated in line with a top-down approach. This is an optimal condition for pursuing further investigations and improvement suggestions in a consulting approach.”

dhmp NEXT GmbH & Co. KG

— — —

Kanzlei Besser is the first tax office in Berlin audited according to Economy for the Common Good.

“We firmly believe that we need to rethink our approach to business, and the Common Good Balance Sheet provides the best framework for this. Furthermore, we aim to be leaders in this field, which is why we have developed, in collaboration with akaryon, an interface between the ESG Cockpit and Datev.”

Kanzlei Besser – Tax and business consulting company

— — —

If you are interested in this feature, please contact us at esrs@esg-cockpit.com.

Published
Categorized as News