In a press release issued on April 13, 2020, the Association of Chartered Certified Accountants (ACCA) and Tezos Southeast Asia (TSA) announced that they had inked a Memorandum of Understanding (MoU) to explore applications of Tezos blockchain in the accounting industry.
ACCA and Tezos to Explore Blockchain Use in Accounting
Blockchain technology’s use in the finance industry has surged exponentially in the past few years. From automated bot-trading to quick international remittances, distributed ledger technology (DLT) not only promises a highly secure way of conducting business but also ensures cost and time efficiency.
Now, in a bid to explore the promising technology’s potential in the accounting industry, the ACCA – in partnership with TSA – has hinted that it will be working to explore possible use-cases of the Tezos blockchain for accounting.
Specifically, through the newly formed alliance, the two parties will bring together their expertise in their respective domains to build cutting-edge blockchain solutions to help streamline long convoluted operations and processes in the accounting industry.
ACCA will contribute their knowledge on accounting standards, while TSA will offer technical integration advice on blockchain technology to address key points of concern in accounting. The two organizations, reportedly, will jointly develop strategies and education initiatives to encourage blockchain adoption among each other’s network.
Per sources close to the matter, the two entities seek to organize training courses on the fundamentals of DLT towards the end of 2020 or by early 2021. The two organizations are reportedly also aiming to collaborate to develop a workgroup to develop blockchain-based solutions for accounting.
Focus on Automating Accounting Chores
Commenting on the development, Reuter Chua, Head of ACCA Singapore, said:
“The potential applications of blockchain technology in the accounting sector are extensive, ranging from better validation procedures in auditing to accelerating settlement times for transactions, and automating and streamlining compliance processes.”
“We are thrilled to work with Tezos Southeast Asia to explore the potential of the blockchain technology that is applicable in the accounting environment that will enhance our members’ workflows and better prepare them in this challenging environment.“
In similar news, BTCManager reported in December 2019 that the American Institute of Certified Public Accountants (AICPA) had unveiled practices to simplify crypto-asset accounting.