The Tezos Southeast Asia (TSA) has today partnered with the Association of Chartered Certified Accountants (ACCA) to explore the application of the Tezos blockchain in the accounting industry.

The TSA is a non-profit organization which is dedicated to promoting the adoption of Tezos blockchain in the Asian region. ACCA on the other hand is a leading global accounting organization that provides certifications and training for accountants.

According to the report, both parties are going to benefit from this partnership. The ACCA will support TSA by sharing their knowledge of accounting standards with them. The TSA on the hand will also support the ACCA to explore and implement the applications of the blockchain technology in the accounting field to solve the various challenges in the space.

Going forward, the TSA and ACCA will develop educational materials, training courses and partnership programs for members. This is to aid them gain a better understanding of the blockchain technology and further promote the adoption of blockchain.

Commenting on the partnership, the head of ACCA Singapore, Reuter Chua, said that the potential applications of blockchain technology in the accounting sector are extensive. He said the technology can be applied to improve the validation procedures in the auditing to speed up settlement times for transactions. Adding that, its application can also help in automating and streamlining compliance processes.

The President of TSA, Caleb Kow also said that information held on the blockchain exists as a shared and continuously reconciled store across several computers. He said they believe that their partnership with the ACCA could lead to a mutual understanding to find solutions that could help reduce pain points within the accountancy sector.

This deal is one of the recent partnerships that has taken place between blockchain-based companies and companies in the accounting industry. Recently, a blockchain-based software and tax services company, Lukka, partnered with the 5th-largest U.S accounting company RSM. Their partnership was to enable Lukka to provide RSM with crypto taxation software for both individuals and businesses.