Essay For Management Accounting

Essay For Management Accounting-58
Due to this reason, not all managers choose to include environmental research into the mix as they believe it might cost more.

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These changes will be sure to significantly reduce the cost of operation, in favour of the business bottom line.

A sustainable business with also invest into retaining and recruiting eco-conscious employees (Costanza, n.d.).

The conventional management accounting system is quickly becoming out dated due to the increase in environmental issues.

since it is not a compulsory practice there are no regulations set on what information needs to be included in the analysis (Burritt, Hahn & Schaltegger, n.d).

The other reason a company may implement sustainability is for income.

Sustainability has allowed for endless opportunities where income can be made, it is a forever growing field of business and people have started to realise this and take advantage of the fact (Costanza, n.d.).Relevant costs will show future profitability and what actions can be taken to reduce these environmental costs.Environmental costs should be viewed either as the costs of environmental protection or as the cost of material and energy flows that could be reduced through an increased level of environmental protection.For information to be relevant and reliable in this day and age, environmental information must be incorporated into the conventional (Schaltegger & Burritt, 2000).Some main aspects of eco- efficiency are to reduce energy, water and raw material use, waste and pollution.In this case, a non-sustainable company will not survive for very long if they do not meet the needs of stakeholders who themselves are sustainable and have a significant stake in the company.Sustainable businesses will also have the luxury of receiving tax incentives (Bebbington, Unerman & O' Dwyer, n.d.).A sustainable business will have a great image and reputation, having a good sustainable business image will result in many advantages (Friendman, 1970).The main advantage of being a company known to be sustainable is that It will attract ecoconscious shareholders; in the long run, being sustainable will increase the companies share values and ultimately, increase income.Another example is to provide recyclable coffee cups for staff to use.These actions not only add to the company’s reputation but it also saves them money as staff are happy, and have no intention of leaving any time soon (Costanza, n.d.).

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