Tezos Southeast Asia — a non-profit organization is defended to promoting the adoption of the Tezos blockchain in the region — has inked a deal with the Association of Chartered Certified Accountants on April 13.

According to a press release, the partnership between the ACCA and TSA will explore the applications of the Tezos blockchain in the bookkeeping industry. The ACCA is a major global accounting organization that provides certifications and training for accountants.

A give and take relationship

The ACCA will help TSA by sharing their knowledge of accounting standards with the business firm. Conversely, the TSA volition help the ACCA explore and implement the applications of blockchain technology in the accounting sphere to free it of various shortcomings.

As a next stride, the TSA and ACCA will develop educational materials, training courses and partnership programs to assistance people proceeds a better understanding of the technology and further promote the adoption of blockchain. Reuter Chua, caput of ACCA Singapore, said:

"The potential applications of blockchain technology in the accounting sector are all-encompassing, ranging from amend validation procedures in auditing to accelerating settlement times for transactions, and automating and streamlining compliance processes."

Blockchain in accounting is on the ascent

Blockchain and crypto are making fast progress in the accounting manufacture. Cointelegraph before reported virtually the partnership of the fifth-larget U.Southward. bookkeeping firm RSM and blockchain-native software and tax services visitor, Lukka. The blockchain visitor volition provide RSM with crypto taxation software for both individuals and businesses.

Despite becoming more commonplace in certain industries, Big Iv bookkeeping firm Deloitte and the World Economic Forum recently stated in a joint whitepaper that blockchain notwithstanding lacks the interoperability required for mainstream enterprise apply.