Add Row

Add Element

update

Kozi Checks & Balances
Media Site Home

update

Add Element

Categories

Add Row

Add Element

update

Kozi Checks & Balances TaxTactics News

update

December 18.2024

2 Minutes Read

Embracing ESG: How Ethical Investments Drive Shareholder Value and Sustainability

Attendees engaged in sustainable investment seminar, modern conference.

Understanding ESG: A New Wave of Sustainable Business

Have you ever wondered how businesses can thrive sustainably and responsibly? Enter ESG—Environmental, Social, and Governance—principles, a game-changing framework that not only boosts a company's ecological and social standing but also drives economic success. From minimizing carbon footprints to promoting transparency and worker safety, ESG shows us that doing good is also good for business. An impressive 82% of corporate leaders in 2024 believe ESG will significantly impact performance, highlighting its growing importance.

The Business Case for ESG: Why It Matters

Imagine ESG as not just a checklist, but a strategy that aligns ethical practices with shareholder interests. ESG investments are directly linked to better efficiency and cost savings, which can translate to increased value for shareholders. Companies adopting these principles often find themselves enhanced in resilience, competitiveness, and profitability. This shift is particularly compelling for health-conscious consumers who increasingly align their purchasing decisions with companies committed to sustainable and ethical practices.

Inspiration and Practical Tips

Real stories of change can inspire us. Take, for example, a local business that turned to ESG practices by reducing waste and integrating community wellness activities. Their journey not only improved the environment but deepened their customer relationships, showing tangible value in everyday life. For those considering a more proactive approach to sustainability in their own lives or businesses, starting small—like minimizing waste or supporting businesses that prioritize ESG—can lead to significant positive impacts.

Audit-Proofing Strategies

0 Comments

Write A Comment

Related Posts All Posts

02.01.2026

Stop Budgeting Like It’s 2019: Why Accounting Firms Must Invest in Technology for Sustained Growth

Update Why Technology Investment is Key for Accounting FirmsAs we delve into the evolving landscape of accounting, it’s clear that traditional budgeting is no longer sufficient. A shift is occurring where accounting firms are recognizing the necessity of reallocating their resources from staffing to technology—an insight supported by recent survey findings. Technology investment is increasingly seen as the cornerstone for sustainable growth, especially in a climate beleaguered by staffing shortages and ever-rising client expectations.The Shift in Accounting Firm BudgetsHistorically, accounting firms allocated the bulk of their budgets towards human capital, often disregarding technology's integral role in operational efficiency and client satisfaction. However, according to Thomson Reuters, technology now represents 21% of firm budgets, reflecting a growing trend. The increasing proportion reveals an acknowledgment that robust technological infrastructure significantly enhances productivity and reduces operational costs. In the coming years, more than 60% of firms are planning to ramp up their IT budgets.Why Larger Firms are Leading the ChargeInterestingly, larger firms are at the forefront of this technological transition. Based on the findings from the Accounting Today report, larger accounting practices spend an average of 30 times more on technology than smaller firms. This disparity is alarming and showcases how smaller firms may be missing opportunities as large practices aggressively invest in innovations like artificial intelligence.The Pressure of Labor ShortagesThe ongoing issue of labor shortages has propelled many practices to re-evaluate their operational costs. According to survey results presented by Thomson Reuters, 2025's top priorities for tax firms now center around increasing efficiency and technology. A report from the AICPA illustrates that in 2024, the number of U.S. accounting graduates hit a low point, signaling a looming crisis in talent acquisition. As firms adapt to this reality, technology becomes not only a productivity enhancer but also a critical tool for survival.The Benefits of Embracing AutomationAs technology permeates the tax workflow, processes that once seemed overly manual are now becoming automated, giving professionals the freedom to focus on higher-value advisory roles. This represents a decisive shift from repetitive tasks towards a more strategic approach, emphasizing the necessity for modern firms to embrace automation at all levels. From the allocation of time towards more productive areas to delivering enhanced services to clients, the benefits are multi-faceted.Forecast for Accounting TechnologiesWhat can we predict for the future of accounting technologies? Trends indicate a pronounced shift toward cybersecurity, cloud adoption, and compliance. According to data compiled by Omega Systems, 2026 will see significant investments in advanced infrastructure and automation tools focused on risk mitigation and operational resilience. As accountants brace for an uncertain financial landscape, those who invest cautiously yet strategically in technology will likely see considerable returns.To succeed in this rapidly changing environment, firms must move from viewing tech expenses as mere costs to recognizing them as essential investments that foster growth, trust, and competitive advantage. The mantra of budgeting like it’s 2016 no longer holds value. Instead, firms should leverage technology to enhance firm capacity and client services, paving the way for future success.

01.31.2026

Engage Clients Year-Round: Masters of Proactive Financial Planning

Update Transforming Your Tax Practice: A Proactive Approach As the year draws to a close, tax professionals are faced with an important question: Are we merely reacting to clients’ inquiries, or are we genuinely guiding them through effective year-end planning? The shift from a reactive to a proactive advisory model not only strengthens relationships with clients but also allows practitioners to stand out in a competitive environment. This year, let’s explore the importance of continuous engagement in tax strategy, focusing particularly on retirement accounts and the role of health savings accounts (HSAs). Understanding the Changing Landscape of Tax Planning The traditional definition of the tax season is evolving. In the past, busy seasons were predictable, focusing heavily on preparation and filing at year’s end. Today, practitioners must manage multiple timelines and heightened client expectations throughout the entire year. This shift presents an invaluable opportunity: by anticipating client needs, practitioners can provide deeper value and ensure they remain relevant long after April 15. Crafting an ongoing dialogue about year-end planning enhances client trust and demonstrates your commitment as a trusted advisor. Maximizing Tax Benefits Through Standardized Advice One significant strategy for enhancing your advisory practice is to standardize discussions about retirement accounts, particularly HSAs. Clients often overlook HSAs, despite their triple tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. Integrating discussions about HSAs into regular client check-ins will not only ensure they take full advantage of this opportunity but also elevate your practice’s perceived value. Navigating Health Insurance and Retirement Planning Another key consideration in tax planning is the interplay between health insurance options and retirement accounts. Decisions made regarding health insurance can impact HSA eligibility and contribution limits. By proactively educating clients on how these elements connect with their tax strategy, you emphasize your role as a knowledgeable resource. An informed client is more likely to appreciate the significance of the advice they receive. Looking Ahead: Continuous Engagement is Key The evolution of tax planning means those in the industry need to embrace year-round conversations with clients. This proactive engagement not only helps ensure clients are maximizing their financial strategies but also fosters a supportive environment where questions can be addressed promptly and thoroughly. As practitioners, we can differentiate our practices by being there for our clients throughout the year—not just during peak tax season. Remember, every conversation is an opportunity to enhance client relationships.

01.30.2026

How to Effectively Measure Tax Automation ROI for Your Firm

Update Unlocking the Power of Tax Automation ROI CalculationIn today's fast-paced business environment, ensuring the financial health of a firm requires more than just traditional accounting practices. As tax and accounting automation becomes a necessity rather than a luxury, quantifying the return on investment (ROI) from such technologies has emerged as a central challenge. By understanding the financial, operational, and strategic benefits of these tools, decision-makers can lay the groundwork for a compelling business case to justify their investments.What is Tax Automation ROI?Tax automation ROI refers to the measurable financial benefits realized from automating tax-related tasks when contrasted with the associated costs of these technologies. Effective ROI calculations must go beyond simple profit analysis, accounting for various factors including labor savings, error reduction, and new revenue opportunities. For instance, a tax firm might experience annual labor savings of $60,000, an increase in advisory revenue of $25,000, and total automation costs of just $25,000, yielding an impressive ROI of $2.40 for every dollar spent.Key Metrics to Measure Financial BenefitsThe path to accurate ROI quantification is paved with reliable metrics. Here are several financial benefits that organizations can and should measure:Cost Reductions: Implementing tax automation can drastically lower costs associated with manual workflows. By automating repetitive tasks, firms can track labor cost reductions, administrative expenses, and even decrease peak-season overtime expenses.Error Reduction: Human errors in tax filings can have severe repercussions. Tracking the time and costs saved from improved precision allows firms to analyze their ROI on a deeper level. Additionally, firms can monitor compliance risk to avoid potential penalties.Scalability: Automation enables firms to handle increased workloads without the need to proportionately increase staff, making it a financial boon during labor shortages.Identifying Common Pitfalls in ROI QuantificationWhile measuring ROI is crucial, certain pitfalls can complicate the process. It's vital to avoid inflating benefits by double-counting savings or projecting speculative future gains. Calibration is also important; keeping consistent methodologies throughout the evaluation phase prevents misinterpretation of data. Incorporating multiple stakeholder perspectives can enrich the analysis. While CFOs might prioritize cost efficiencies, partners could focus more on enhanced client service.Embracing Technological SolutionsLeading tax software solutions such as SurePrep automate time-consuming tasks, allowing in-house teams to concentrate on more strategic activities. In fact, studies suggest that using SurePrep can reduce preparation time by 39% and review time by 29%, which translates to significant financial savings for firms.Looking Forward: The Future of Tax Automation ROIInvesting in tax technology is not just a matter of immediacy; firms need a long-term strategy. Organizations that can effectively measure and track ROI will find themselves in a better position to adapt to the rapidly evolving tax landscape. In a world where precision and compliance are paramount, positioning technology investments as not only costs but as strategic assets will be essential for future success.ConclusionIn a landscape where effective tax and accounting practices dictate business success, understanding how to properly quantify ROI for tax automation technologies provides strategic advantages. With clear frameworks for measurement, organizations can not only justify their technology investments but also use these insights to optimize their operations continuously. Getting ahead in tax compliance means embracing technology and understanding its true value.

Embracing ESG: How Ethical Investments Drive Shareholder Value and Sustainability

Understanding ESG: A New Wave of Sustainable Business

The Business Case for ESG: Why It Matters

Inspiration and Practical Tips

Terms of Service

Privacy Policy

Core Modal Title