Many industries are finding it challenging to compile the necessary data for Extended Producer Responsibility (EPR) compliances. The root of the problem lies in the data recorded in accounting software. Traditionally, accounting systems only capture the following information regarding materials sold or purchased:
- Description of the material
- Buyer name and address
- Quantity (can be in weight or units)
- GST paid
However, the EPR portal requires additional information:
- Plastic material type
- Registration status and entity type
- Quantity (in weight only, such as kg or MT)
- Recycled content
Compiling this data can be arduous and time-consuming, especially after a year has passed. To tackle this issue efficiently, it is crucial to address the problem at the source by enhancing the data recorded in accounting systems.
To streamline data compilation for EPR compliances, we recommend that industries incorporate the following columns into their accounting systems:
- Plastic Material Type: Specify the type of plastic material to facilitate accurate reporting.
- Seller/Buyer Registration Status and Entity Type: Record the registration status and entity type of the seller or buyer to ensure compliance with regulatory requirements.
- Quantity in Weight: Always record the quantity in weight (kg or MT) to meet EPR portal specifications.
- Recycled Content: Include a column for the recycled content percentage to promote sustainable practices and fulfill EPR obligations.
Benefits of Enhancing Accounting Systems
By integrating these additional columns into accounting systems, industries can reap several benefits:
- Efficiency: Directly exporting comprehensive data from accounting software eliminates the need for manual compilation, saving time and effort.
- Accuracy: Recording detailed information at the source minimizes the risk of errors and ensures accurate reporting for EPR compliances.
- Compliance: Ensuring that all required data is captured and readily available facilitates seamless compliance with EPR regulations.
- Sustainability: Tracking recycled content promotes transparency and accountability in sustainable practices.
Conclusion
Adopting these enhancements in accounting systems will significantly expedite data compilation for EPR compliance. By addressing the problem at its source, industries can ensure efficient, accurate, and compliant reporting, ultimately contributing to a more sustainable future.
Climeto is working closely with developers of various accounting software to bring these changes in the system for the specific industry. If you are interested in taking the step today, reach out to us and make your data compliance ready.
Disclaimer: Above content does not constitute any legal advice and is only provided for educational purpose.
Climeto Sustainable Services Private Limited is an environmental consultancy. If you need any more information on the above you can contact us:
For Business Enquiry : business@climeto.com
For General Enquiry: info@climeto.com
Reach directly via call: +91 9039946410