CleanTech
CleanTech plays a crucial role in transitioning the world into a more environmentally friendly and low-carbon economy which offers benefits for both the planet’s and our own well-being.
To advance their goal of a cleaner, healthier planet and more responsible lifestyle, these CleanTech companies need trusted accountants and advisors like Withum to ease the burden of running a business by helping navigate potential risks and providing guidance on grant income, revenue recognition, inventory management and more. Withum’s CleanTech Services Team is here to help you navigate potential risks and provide assistance to focus on taking steps to create a more sustainable world.
CleanTech refers to a broad range of technological products, services, and processes that create a positive impact on the environment and promote sustainability. CleanTech companies range in space from ClimateTech, agriculture, energy, transportation, water and manufacturing, offering products using more earth friendly materials to innovative technologies that increase energy efficiency or reduce carbon emissions, and much more in between.
Who We Help
- ClimateTech
- CleanTech Consumer Products
- Advanced Materials
- Agriculture and Food
- Wind Energy
- Water
- Energy Efficiency and Storage
- Transportation
- Solar Energy
- Recycling & Waste
- Biofuels and Biochemicals
CleanTech Challenges and Trends
Risk management is crucial for CleanTech companies as they operate in a rapidly changing and evolving environment. A comprehensive risk management plan should be developed, which includes identifying and prioritizing risks, implementing measures to mitigate them, and regularly reviewing and updating the plan.
In today’s digital age, cybersecurity and data protection are imperative for all companies, especially tech companies. With cyber threats at an all-time high, businesses must implement robust security measures and protocols to protect sensitive data from cyber threats and ensure compliance with relevant laws and regulations.
CleanTech companies must adhere to regulatory and compliance rules and standards to ensure they are operating within legal and ethical boundaries, such as data privacy regulations, cybersecurity standards, and intellectual property laws. Let our professionals help your company navigate these regulations and maintain compliance.
Environmental, Social and Governance (ESG) is becoming increasingly important to investors, customers, and other stakeholders when evaluating a company’s overall success and sustainability, making it a critical component of a tech company’s business. At Withum, we can help your organization implement meaningful ESG and Corporate Social Responsibility (CSR) best practices.
Navigating tax laws can be complex and requires a deep understanding of the various tax regulations and their implications. It is essential to have a robust tax strategy in place, including identifying tax risks and opportunities, ensuring compliance with relevant tax laws, and optimizing tax structures to minimize tax liabilities. Our comprehensive understanding of tax regulations allow us to help you develop economical tax strategies and ensure your company is compliant.
CleanTech companies must follow the revenue recognition standards outlined in ASC 606, which requires companies to recognize revenue when goods or services are transferred to customers at an amount that reflects the consideration the company expects to receive. Non-compliance with revenue recognition standards can result in financial reporting inaccuracies and regulatory scrutiny. Withum can help ensure your company is properly recognizing revenue and maintaining investor confidence.
Clean energy tax credits are crucial for tech startups looking to advance sustainable development and combat climate change. As the need for renewable and clean energy sources grows, these tax credits become potent tools for incentivizing clean energy adoption and investment. By providing financial advantages to individuals, businesses, and organizations that embrace eco-friendly technologies, clean energy tax credits promote a departure from fossil fuels and encourage economic growth and job creation within the CleanTech sector. Withum can help you understand and utilize these tax credits as we work toward a cleaner, greener, and more sustainable future.
CleanTech Accounting, Advisory and Tax Services
Accounting and Attestation
- Audited Financial Statements
- Tax provision preparation support
- ASC 606 implementation consultations
- Inventory management consultation
- Navigating the cap table (i.e. Carta) and stock-based compensation reporting (ASC 718)
- Complex debt and equity accounting (warrants, SAFE notes, Secondaries, etc.)
Advisory
- M&A advisory including buy-and sell-side due diligence
- Environmental, Social and Governance (ESG) Consulting Services
- Outsourced Accounting Systems and Services
- ERP implementation
- SOC 1/SOC 2/SSAE 18 Consulting and compliance
- Cybersecurity assessments
- IT managed services
Tax
ClimateTech
ClimateTech, one of CleanTech’s largest sub-sectors, is at the forefront of the climate change crisis, using technology to mitigate greenhouse gas emissions as well as reverse and adapt the effects of this rapid shift in the climate. It plays a critical role in combating climate change, supporting the transition to a low-carbon economy, and creating a sustainable future for generations to come. At Withum, we focus on a host of ClimateTech categories including:
- Carbon Technology
- Energy
- Food and Agriculture
- Manufacturing
- Transportation and Mobility
CleanTech Industry Involvement
Contact Us
For more information or to discuss your business needs, please connect with a member of our team.
Leadership
Featured Insights
Navigating Clean Energy Tax Credits: Opportunities & Challenges
Lynn Mucenski-Keck and Joe Holman were recently featured on the CleanTech Talk Podcast, where they discussed the opportunities and challenges surrounding Clean Energy Tax Credits.
U.S. CleanTech Subsidiary Expansion 101
As the world increasingly prioritizes sustainable and environmental practices, CleanTech companies play a pivotal role in shaping a greener future. If you’re a CleanTech entrepreneur looking to expand your business […]
Understanding the Clean Energy Investment Tax Credit
Learn about the advantages of the Clean Energy Investment Credit and understand how this credit could impact you and your business. Energy property includes: Are There Additional Items That Must […]