Yokoy and SQUAKE: A strategic partnership for advanced CSRD-reporting
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Global Head of Channel Partnerships & Alliances, Yokoy
Zurich, June 19, 2024 – Yokoy, provider of an AI-powered spend management platform for mid-sized and large enterprises, has announced a strategic partnership with Squake. This collaboration brings together Yokoy’s zero-touch spend management platform with SQUAKE’s advanced carbon management solutions, making ESG compliance easier than ever.
Driving ESG Compliance and Sustainability
In today’s business landscape, ESG (Environmental, Social, and Governance) compliance is more critical than ever. Our partnership with SQUAKE is the next step in ensuring that businesses can meet these standards seamlessly. By integrating SQUAKE’s carbon management capabilities into Yokoy’s platform, we make it easier for businesses to achieve their ESG goals and enhance their sustainability efforts.
Understanding CSRD Reporting
The Corporate Sustainability Reporting Directive (CSRD) is a significant regulation introduced by the European Union aimed at improving and standardizing the sustainability reporting of companies. It replaces the Non-Financial Reporting Directive (NFRD) and expands the scope to cover more businesses, including all large companies and listed small and medium-sized enterprises (SMEs).
Impact on Businesses
The CSRD mandates that companies provide comprehensive and reliable sustainability data. This means that businesses need to implement robust systems for tracking and reporting ESG metrics. Failure to comply with CSRD can lead to legal repercussions and damage to a company’s reputation. Therefore, integrating efficient sustainability reporting mechanisms is essential for businesses to remain compliant and competitive.
The Benefits of Integrated Financial and CSRD Reporting
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- Streamlined Processes
By integrating financial and sustainability data into a single platform, companies can streamline their reporting processes. This reduces the complexity and administrative burden associated with managing separate systems for financial and ESG reporting.
- Enhanced Accuracy and Consistency
An integrated approach ensures that financial and sustainability data are aligned, leading to more accurate and consistent reporting. This reduces the risk of discrepancies and enhances the reliability of the data presented to stakeholders.
- Data-driven Decision-Making
Access to comprehensive financial and sustainability data in one place enables more informed and data-driven decision-making. Finance teams can better understand the impact of their financial operations on sustainability goals and make strategic decisions that align with both financial performance and ESG objectives.
- Increased Transparency
Integrated reporting provides a holistic view of a company’s performance, enhancing transparency for stakeholders. This builds trust with investors, customers, and regulators by demonstrating a commitment to sustainability and responsible business practices.
Simplifying Reporting and Decision-Making
This partnership simplifies financial and CSRD reporting, boosting data-driven decision-making. Businesses will be able to track, reduce, and compensate their carbon footprint through Yokoy’s integrated spend management solution. With real-time financial and CO2 data, comprehensive auditable reports, and access to high-quality emission reduction projects, companies are empowered to make informed and sustainable financial decisions.
Looking Ahead
Together, Yokoy and SQUAKE are committed to driving sustainability in corporate spend management. We believe that this partnership will not only benefit our clients but also contribute to broader environmental goals by making sustainable financial practices more accessible and efficient.
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