Global Memorandum of Understanding signed between Xero and ACCA at World Congress of Accountants

MoU highlights the importance of the cloud based economy to the accountancy profession

SINGAPORE,Nov.8,2018 -- ACCA (the Association of Chartered Certified Accountants) and Xero signed a global Memorandum of Understating (MoU) today at the World Congress of Accountants in Sydney.

Maggie McGhee,executive director-- governance at ACCA signed the agreement with Rob Stone,National Partner Director,Xero Australia.

Speaking of the agreement,Maggie McGee said: "Building upon the existing strong relationship ACCA enjoys with Xero in the UK,Singapore and Australia,the global MoU strengthens our work with an organisation that makes a difference to the accounting profession and to businesses globally. We know that the future will see a range of new technologies that will influence the way in which professional accountants work,and this is why digital is one of our seven vital skills for the future.

"Our MoU is signed against a backdrop of an increasingly global and cloud-based economy,where small businesses need to be empowered with affordable,accessible technology that helps them grow their business and allows them to bring benefits for their clients," she said.

Rob Stone from Xero added: "Businesses are becoming increasingly connected by trade and technology,and so platforms such as Xero,are creating new and exciting opportunities for accounting professionals and their clients to work across the globe.

"Our Xero Small Business Insights data shows us there is a correlation between businesses on our platform that are embracing digital connectivity and increased revenue and employment. Therefore,driving increased uptake of digital technology creates a huge opportunity to really grow the global economy. However,to do that really effectively,we know we need global partners who share our vision. We are looking forward to working closer with the ACCA to help our accounting partners and their clients navigate the evolving digital landscape."

ACCA and Xero's MoU will:

support ACCA members to prepare for the digital advances ahead,focussing on the digital skills agenda for the next generation of accountants including cloud accounting education and skills and enhancing members' competitive edge and professional mobility globally

enable ACCA's partners in the small-and-medium practices (SMP) sector benefit from gaining access to business solutions and resources to help grow their business. Support for Small and Medium Practices' (SMP) development of advanced digital skills and adoption of next generation technology to enable them to create new value-added services to grow domestically,regionally and globally.

explore other potential areas where cooperation would be of mutual benefit to both parties,including events,research and development work.

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants,offering business-relevant,first-choice qualifications to people of application,ability and ambition around the world who seek a rewarding career in accountancy,finance and management.

ACCA supports its 208,000 members and 503,000 students in 179 countries,helping them to develop successful careers in accounting and business,with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide,who provide high standards of employee learning and development. Through its public interest remit,ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued,up to date and sought-after accountancy professionals globally.

Founded in 1904,ACCA has consistently held unique core values: opportunity,diversity,innovation,integrity and accountability. More information is here: www.accaglobal.com

About Xero

Born in the cloud,Xero is a beautiful,easy-to-use platform for small businesses and their advisors. The company has 1.4 million subscribers in over 180 countries and a thriving ecosystem seamlessly integrating with 700+ apps. On the inaugural 2018 Financial Times FT1000 High-Growth Companies Asia Pacific list,Xero was the fastest growing tech company in the $200 million+ segment. Xero won Technology Provider of the Year at the British Small Business Awards in 2016 and was rated by Canstar Blue as Australia's best accounting software four consecutive years,2015-2018.