Start with New Accounting

Are profits from risky and polluting enterprises for real?

Safety and environment conservation awareness is a distinguishing feature of this Millennium. A business that has got away with major risks and negative impacts in the past, can afford to lose no time in cleaning up its act.

Which function should lead this revolution? Consider the perspective at the following address:

http://www.sciencealert.com.au/news/20090501-18613-4.html

Accountants are not well-versed in the technical aspects of a business. That is why old methods of accounting and audit are truly obsolete.

New ways of measuring costs will lead to viable competitive strategies for the future.

A business in generics is most vulnerable, because competition can force a Gross Margin to the bone. No one in an industry wants to be the first to bell the cat of risk management. Regulations may not be comprehensive in safety and re-mediation terms.

Do you pay taxes on fictitious profits, and distribute wealth that does not exist?

Here are some key actions with which you can start this week:

1. Commission a HAZOP covering operations outside production as well.
2. Take a fresh look at your product and service pricing.
3. Press your industry association for joint and pro-active steps to promote safe business operations.
4. Review your contingent liabilities and insurance cover for product liabilities.
5. Put your emergency response procedures to the test.

Post below or write to SafetyBrigade@gmail.com if you need help, or if you care to share your opinion and experience.