ACCA (the Association of Chartered Certified Accountants) Hong Kong, the global body for professional accountants, together with Xero, the global small business platform, have formed a partnership and signed a memorandum of understanding to help accountants navigate today’s digital transformation.
Through this partnership, accountants will learn how to leverage technology to grow their businesses and that of their SME clients.
With the evolution of the accounting industry, education and industry support will play a pivotal role in ensuring the competitiveness of accounting firms. The partnership between ACCA and Xero will create a platform where financial professionals can stay abreast of technological transformations and receive the necessary training to remain future-ready.
Jane Cheng, head of ACCA, Hong Kong, says, “The rise of technology such as artificial intelligence and automation is revolutionising the landscape of the small and medium-sized businesses as well as the accountancy sector.”
She adds, “The ever-changing business world needs strategic forward-thinkers who can anticipate and accommodate emerging demands more than ever. ACCA has introduced key innovations to its qualification to develop the next generation of accounting professionals with the essential digital capabilities, ensuring our members can benefit from this technological wave and shine in the future world.”
Together, ACCA and Xero will organise joint CPD workshops and trainings to help SMEs and small and medium practices (SMPs) to develop digital skills and venture into new and innovative services. Accountants can also look forward to joint initiatives on upskilling digital skills for the next generation and enhancement of professional mobility.
Based on Xero’s Accounting Industry Report 2019, Hong Kong accounting firms are quicker to adopt technology when compared to their counterparts in Singapore, where a larger number of accounting practices in Hong Kong (59.5%) are using data automation apps compared to their counterparts in Singapore (25.8%).
Kevin Fitzgerald, regional director, Asia for Xero, says, “Our recent Hong Kong Accounting Industry Report revealed that practices with tech-enabled accountants make around 20% more revenue than the industry average, doubling in total advisory revenue, whilst the cost to serve a single business client is around 80 hours less. This depicts a significant shift into technology-driven practices backed by data insights.”