A Buyer’s Guide to Carbon Accounting & Sustainability Reporting Software
With the introduction of AASB S2, which mandates climate-related financial disclosure in Australia, sustainability reporting has shifted from being a voluntary framework to a mandatory compliance requirement for Australian companies. This shift demands well-designed and transparent tools that meet disclosure requirements and help achieve climate-related goals. Here’s a guide to six key tips for selecting the right software for your company.
1. Alignment with standards
Compliance starts with selecting a software built in alignment with recognised frameworks like AASB S2, GHG Protocol and other global standards. Alignment with standards provide several benefits, such as:
Credibility: Ensure your reports meet regulatory expectations and align with industry benchmarks, enhancing trust with stakeholders seamlessly compare performance across companies.
Regulatory compliance: Ensure the software supports the reporting of key metrics in line with regulatory requirements like AASB S2, which mandates disclosures such as Scope 1, 2, and 3 emissions and climate-related risks and opportunities.
Financial reporting integration: Ensure the software supports the linking of sustainability metrics with financial disclosures, allowing you to demonstrate the financial impact of environmental factors like carbon emissions, energy consumption and climate risks.
Beyond compliance, alignment with standards helps meet industry benchmarks and build trust with stakeholders.
2. Data collection and monitoring
Data collection should be as comprehensive as possible — the solution should simplify and automate data collection, ensure transparency and robust data governance.
Strong governance ensures that the data you’re collecting is audit-ready and compliant with regulatory standards. Consider softwares with the following capabilities:
Streamlined and centralised data management: Look for tools that streamline data collection while consolidating information across multiple departments or locations onto a single software.
Data governance and auditability: Ensure your data is traceable, well-documented and ready for compliance reviews.
Customisable dashboards: Opt for softwares that allow you to customise your data dashboards, enabling you to tailor data views, monitor key metrics in real-time and generate reports specific to your business needs for multiple stakeholders.
This approach ensures your data is accurate, accessible and easily understood, making it simpler to meet reporting requirements and make data-driven decisions.
3. Rigorous QA/QC for methods and libraries
A software with robust quality assurance and quality control (QA/QC) processes for calculation methods and libraries is critical for accurate and reliable data analysis. When evaluating a software, focus on these key aspects:
Inbuilt libraries and standardised methods: Look for a software that comes with inbuilt calculation libraries and standardised methods to ensure consistency across various analysis. These pre-configured tools help streamline workflows, reduce errors and maintain accuracy.
Local relevance: Ensure the methods and libraries are region-specific and suited to your business operations.
Standard compliance: Verify that the methods and libraries meet regulatory standards to ensure your reporting is accurate and compliant.
A strong QA/QC process, along with inbuilt libraries and compliance, ensures that your data is accurate and reliable.
4. Efficiency and scalability
Efficiency is key to managing growing volumes of data as reporting demands increase. Look for features like:
Transaction-level tracking: Seek out a software that tracks individual activities to help identify emission sources and improve accuracy.
Cross-department collaboration: Choose a solution that facilitates easy collaboration across different teams by allowing them to access and input data, track tasks, and monitor progress collectively. This ensures that all teams are aligned and can contribute effectively to sustainability goals.
Smart integration: Look for a solution that connects with your existing systems to update data automatically for real-time insights.
An efficient and scalable solution accommodates to the growing needs of your business, easily integrating with existing systems and growing with the company.
5. Beyond carbon reporting
The right software should provide the flexibility to cover a wide range of sustainability metrics that align with your company’s goals and regulatory requirements.
Versatility: Choose a software capable of managing diverse sustainability metrics such as water usage and waste management.
Customisation: Ensure the solution fits the size and industry-specific needs of your company. A customisable software helps you focus on the metrics that matter most to your company and stakeholders.
Stakeholder Engagement Features: Select a software that includes features for reporting and communicating your sustainability performance to key stakeholders.
A versatile and customisable software will position your company to meet future reporting requirements beyond carbon accounting.
6. Local and ongoing support
When choosing a solution, prioritise tools that provide reliable, local and long-term customer support.
Local support teams: Benefit from teams that understand your region's specific regulatory requirements and can respond quickly to your queries.
Data security: Check that your data is stored locally or in a region with strong data protection laws to comply with privacy regulations and ensure security.
Configuration Time: Choose a platform with quick and easy configuration to minimise setup disruptions.
Proof-of-value trial: Before committing, consider requesting a proof-of-value trial to assess how well the platform aligns with your business needs.
Ready to get started?
Powered by Greenbase, Envago stands as one of the pioneer platforms in non-financial accounting and reporting. We offer end-to-end carbon accounting and sustainability reporting capabilities with all these principles in mind.
With over 30 years of local experience, our platform is designed to simplify carbon accounting and sustainability reporting to ensure compliance with standards like AASB S2. With Envago, users have access to the following features and support:
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Envago features a centralised data management platform, allowing seamless integration and data collection from various departments or locations onto a single system.
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Envago comes equipped with inbuilt methods and libraries, ensuring that your calculations are consistent and standardised across all reports.
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Envago offers customisable dashboards, providing real-time data views that allow you to track key metrics and generate insights tailored to your specific needs and stakeholders.
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We take a collaborative approach, working closely with your team to tailor the platform to your needs and ensure smooth implementation.
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We offer a proof-of-value trial, allowing you to experience the platform's benefits firsthand before committing fully.
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Our in-house experts are dedicated to providing quick and prompt assistance, resolve issues efficiently and effectively.
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With data securely stored in Australian data centres and a platform designed to scale as your business grows, Envago offers a flexible, reliable solution that future-proofs your sustainability strategy, ensuring compliance and driving long-term business value.
Envago is as robust as it is precise. As a pioneer, the web-based platform already serves over 100 Australian and international mining companies and is being instrumental in the annual reporting for more than 200 of Australia's most significant industrial and infrastructure facilities.
Contact us today to book a free demo with one of our Environmental Specialists.
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