{"id":10898,"date":"2023-09-06T08:55:03","date_gmt":"2023-09-06T08:55:03","guid":{"rendered":"https:\/\/www.accountex.co.uk\/insight\/?p=10898"},"modified":"2023-09-06T08:55:03","modified_gmt":"2023-09-06T08:55:03","slug":"why-finance-teams-need-to-get-serious-about-esg-reporting","status":"publish","type":"post","link":"https:\/\/www.accountex.co.uk\/insight\/2023\/09\/06\/why-finance-teams-need-to-get-serious-about-esg-reporting\/","title":{"rendered":"Why finance teams need to get serious about ESG reporting"},"content":{"rendered":"<p>Upcoming European rules on environmental, social and governance (ESG) reporting are expected to impact 50,000 companies. A new report by Payhawk shows the urgent need for finance teams to take action and understand the role they have to play.<\/p>\n<p>The\u00a0<a href=\"https:\/\/payhawk.com\/ebooks\/esg-reporting-guide-for-finance-teams?utm_medium=organic&amp;utm_source=pr&amp;utm_campaign=en-uk_ebook_esg-ebook\">ESG reporting: Priorities for Finance Teams<\/a>\u00a0ebook by Payhawk, outlines the critical role that finance professionals have in integrating ESG considerations into financial decision-making, risk management reporting, stakeholder engagement and best practice within their companies.<\/p>\n<p>The release of the ebook comes as the Corporate Sustainability Reporting Directive (CSRD) takes effect, which updates existing rules and requires companies operating in the European Economic Area to publish data in 2025 from the 2024 financial year. The ESG reporting rules will initially target firms with over 500 employees, and ultimately could affect\u00a0<a href=\"https:\/\/www.europarl.europa.eu\/legislative-train\/theme-a-european-green-deal\/file-review-of-the-non-financial-reporting-directive\">50,000 companies<\/a>. The aim of these legislation is to bring standardisation and transparency on how companies report their ESG metrics, much in the same way they report their financial results for the benefit of investors and other stakeholders.<\/p>\n<p><em>\u201cTraditionally finance teams have been focused on maximising profits and accurate reporting of their financials. These upcoming regulations represent a step change for the industry, and finance professionals will have to adapt to reporting on every activity and investment associated with ESG reports. That\u2019s why we have created this ebook \u2013 to guide them on that journey,\u201d<\/em>\u00a0said\u00a0<strong>Hristo Borisov, CEO and Co-Founder of Payhawk.<\/strong><\/p>\n<p>The ebook outlines the importance and relevance of the upcoming ESG reporting rules and how finance teams will have increased responsibilities in terms of risk management, delivering cost savings, improving access to capital, ensuring regulatory compliance, and managing stakeholder expectations.<\/p>\n<p><em>\u201cThe ebook highlights the need for finance teams to have a plan and a timescale to meet these new requirements,\u201d<\/em>\u00a0said Borisov.\u00a0<em>\u201cFinance teams will need to evolve their function to achieve a high level of ESG reporting. Without the right tools in place, this task will be almost impossible.\u201d<\/em><\/p>\n<p>Corporate spending is critical to ESG reporting and many companies are relying on outdated systems that can\u2019t answer key questions about the sustainability of suppliers or certain purchasing decisions, for example. ESG is an evolving field and the best action finance professionals can take is to make measuring and reporting as easy as possible with intelligent technology and smart planning.<\/p>\n<p>Get the full\u00a0<a href=\"https:\/\/payhawk.com\/ebooks\/esg-reporting-guide-for-finance-teams\">guide<\/a>\u00a0to learn more.<\/p>\n<p><strong><a href=\"https:\/\/exhibitormanual.accountexmanchester.com\/directory-exhibitor_li\/listing\/payhawk-limited\/\">Payhawk<\/a>\u00a0will be exhibiting at Accountex Summit Manchester on the 19th September 2023 on stand C8.<\/strong><\/p>\n<p><strong><a href=\"https:\/\/eventdata.uk\/Visitor\/AccountexSummitManchester2023.aspx?TrackingCode=ASM229\">You can register for a free ticket here.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Upcoming European rules on environmental, social and governance (ESG) reporting are expected to impact 50,000 companies. A new report by Payhawk shows the urgent need for finance teams to take action and understand the role they have to play. The\u00a0ESG reporting: Priorities for Finance Teams\u00a0ebook by Payhawk, outlines the critical role that finance professionals have [&hellip;]<\/p>\n","protected":false},"author":8794,"featured_media":10899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[444],"tags":[681,602,9,747,707,746],"class_list":{"0":"post-10898","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-environment","9":"tag-esg","10":"tag-finance","11":"tag-governance","12":"tag-reporting","13":"tag-social"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why finance teams need to get serious about ESG reporting - Accounting Insight News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accountex.co.uk\/insight\/2023\/09\/06\/why-finance-teams-need-to-get-serious-about-esg-reporting\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why finance teams need to get serious about ESG reporting - Accounting Insight News\" \/>\n<meta property=\"og:description\" content=\"Upcoming European rules on environmental, social and governance (ESG) reporting are expected to impact 50,000 companies. A new report by Payhawk shows the urgent need for finance teams to take action and understand the role they have to play. 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