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One 8 Solutions Company News

Sustainable Accounting Practices

By April 4, 2024No Comments

towards a greener future with sustainable business operations

What’s Your Green Accounting Score?

In the spirit of Earth Day and with spring around the corner, It’s a good time to look at how the accounting industry and broader business community can create a more sustainable future.

Ask anyone involved in business what traditional accounting looks like — and you’ll probably get an image of paper, paper, and more paper. Stacks of receipts, endless forms, and filing cabinets brimming with documents.

Thankfully, the tide is turning and green accounting practices are on the rise. It’s more than a significant shift, it’s a movement towards creating a brighter more sustainable future.

One 8 Solutions (O8S) is leading the way in this eco-conscious movement, operating with a 98% paperless system. This achievement and commitment highlights one of our most important collaborations with ScanSnap.

This partnership, along with our QuickBooks Online (QBO) classes, emphasizes how paperless solutions in modern accounting practices impact the green movement and the efficiency and environmental benefits of going digital. And it’s not just in the U.S., it’s worldwide.

graphic with different logos for sustainability

The Evolution of Green Accounting Practices

Accounting firms globally are recognizing that’s it’s not just a trend to go green, but an imperative to go green. An article by Boo cites examples on how your firm can go green, but a deeper dive looks at the environmental impact of paper production, the cost of handling physical documents, and the increasing demand for sustainability from clients and stakeholders. By adopting green accounting practices, it’s possible to reduce your carbon footprint, be more efficient, and build a reputation as a socially conscious business.

How Small Businesses Can Adopt Greener Practices

What do small businesses, in particular, stand to gain from adopting greener accounting practices? Let’s take a look:

Digital Document Management

The move towards digital document management is a cornerstone of green accounting. Scanning solutions like ScanSnap allow businesses to convert their physical documents into digital formats effortlessly. This transition reduces the need for physical storage and simplifies document retrieval and management, which saves time and reduces paper waste. A win for everyone in the accounting field.

Cloud-Based Solutions

Cloud-based accounting software and document storage solutions offer another avenue for businesses to be more sustainable. By storing documents in the cloud, there’s less reliance on paper, you can improve data security, and enable remote access to information. This encourages flex work arrangements that further reduce your company’s carbon footprint.

Electronic Receipts and Invoices

The use of electronic receipts and invoices also cuts down on paper use. Solutions like Dext, which offers Optical Character Recognition (OCR) technology, allow businesses to capture receipt and invoice data digitally. This technology supports the paperless movement and significantly streamlines the accounting process saving time on data entry and more error free work.

Direct Vendor Connections

Direct connections to vendors, like Dext’s software can eliminate the need for printing receipts altogether. For example, a purchase made at Home Depot can be directly linked to a business’s accounting software, with receipts automatically captured and stored digitally. Using these systems help improve sustainability efforts and simplify expense tracking and management.

Electronic Signing of Documents

Lastly, adoption of electronic signing technologies, such as Adobe DocuSign, supports the growing demand for a paperless environment. Electronic signatures eliminate the need for printing, signing, and mailing documents, streamlining the agreement process and (again) reducing unnecessary paper use. Here’s a link to DocuSign University to learn more.

The Benefits of Going Green

The shift towards green accounting practices offers clear benefits; less deforestation, cost savings by reducing the need for physical storage solutions, a reduction in printing expenses, streamlined accounting practices, and improved accessibility to information.

Another benefit which shouldn’t be overlooked is client satisfaction. Many B2B businesses prefer working with other companies that show a commitment to sustainability. A real effort backed by social proof can enhance a firm’s reputation and competitive advantage. Jonathan Bello, founder of One 8 Solutions sums it up: “People like working with people who care.”

One 8 Solutions’ Journey to Sustainability

“When we look at where we began in 2007 as an IT company — to where we are today as a fully remote firm, the change in energy consumption has been notable,” says Jonathan Bello. “In 2024, just fifteen years later, we burn almost no fossil fuels doing business. In our early years, we’d drive 25,000 miles a year meeting clients. Now, and of course with Covid, the need to be onsite decreased dramatically. Our team in 100% virtual and I’m glad to say, happier than ever.”

We’re not done yet, though. Our journey towards becoming a green accounting firm is ongoing and our transition to paperless operations and successful collaborations with ScanSnap and Dext highlight the commitment we’ve made to be more sustainable with our company’s accounting practices. We’re continuously exploring new technologies and methodologies to improve our green initiatives and encourage you to join us.

sustainable business and global economy

The Road Ahead

The transition to green accounting practices is both a responsibility and an opportunity. It’s a chance to create a more positive, healthier environment for our friends, families, and loved ones— and at the same time improve business operations and the evolving expectations of our clients. After all, they’re the ones who keep us in business.

As we celebrate Earth Day and wait for Spring (at least in the Northeast), take a minute to assess your company’s environmental impact. Are you contributing to a sustainable future through your own accounting practices?

Whether you’re a small business or a large corporation, adopting eco-conscious strategies can benefit both the environment and your bottom line. Join us in going green – with paperless operations and digital solutions to minimize our carbon footprint.

How can we help make your business greener and more sustainable? Contact us today to learn how, Let’s work together to create a brighter, greener future for generations to come.