The MOU signed between Xero and ACCA at WCOA 2018

posted in Uncategorized

Heather Smith is focused on helping advisors embrace the add-on marketplace ecosystem. Using her super power of ‘explanation’ she’s educated over 1 million, via her YouTube channel, her Cloud Stories podcast, an online MasterMind group, a curated eco-system newsletter – all available for free! Plus, she’s written 9 business books including the Xero for Dummies series. As a Chartered Accountant and Xero Platinum Partner, Heather believes advisors can work from anywhere, and support clients anywhere, by honing their ability to her services online.

When I was about 14, I realised if I became an accountant, I could use my brain and travel the world. In 1990 I graduated from an accounting degree and caught the next flight out from Brisbane to Heathrow. I started working as a business analyst in Cheltenham, UK. I realised to progress my career I needed a professional accounting qualification.

As an Australian in England in 1991, I looked around at the accounting associations. My requirements were reputation, international recognition and flexibility to enable me to travel. I selected the Association of Chartered Certified Accountants (ACCA). A global professional accounting body offering the Chartered Certified Accountant qualification (ACCA or FCCA). In 2018, ACCA has over 200,000 members in 179 countries.

Debits and Credits are the international languages of business. The ACCA curriculum embraced International Accounting Standards (IAS). Combined this gave me a global perspective and made transitioning between countries easier. Furthermore, I was able to take exams anywhere in the world. I walked through the snow to sit exams in England. I sat exams in an outdoor market with monkeys swinging overhead in Singapore.

Leveraging the global ACCA qualifications I worked in England, Singapore and Canada and travelled far and wide.

I returned to Brisbane Australia, launched a practice and started writing business books. In 2012, Rod Drury approached me about writing a Xero book. You’re reading this on the Xero blog – so you probably know Xero is an innovative online business and accounting platform. The analytics on my YouTube channel reveal my Xero training videos are viewed in 139 countries. That means people are learning how to use Xero in 139 countries!

Furthermore, the multi-currency feature in Xero works beautifully. Before using the multi-currency feature in Xero, I’d cringe when a client would tell me they wanted to do business abroad. If it was not set up and used correctly, the figures could be distorted and unreliable. I remember the first time I deep dived into Xero multi-currency I had tears because it worked so wonderfully and it was so easy to use and embrace. Real-time reliable multi-currency data has helped small businesses be agile and take advantage of overseas opportunities. As if it could not get any better Xero has recently released feature enhancements to multi-currency reporting.

In November 2018, the World Congress of Accountants was held in Sydney. It’s known as the Olympics for Accountants as it is only held once every four years. The theme of the congress was Global Challenges, Global Leaders. Hosted by Chartered Accountants Australia & New Zealand and CPA Australia Limited, it is a truly a global event with 5600 accountants from around the world in attendance.

At the World Congress, my accounting world’s collided as a truly Global Accounting professional body the ACCA signed a memorandum of understanding with a truly Global Accounting platform, Xero.

Robert Stone Xero’s National Partner Director for Australia and Maggie McGhee ACCA Executive Director of Governance signed the Australian MOU. Maggie kindly called me the bridge in this signing. The MOU is not just for Australia; it is a global understanding and has been signed in other jurisdictions.

At the signing ceremony, Soo Yee Leong, Director of ASEAN ANZ at ACCA expressed her excitement in how this global partnership would support the ACCA members with digital skills and next-generation technology.

Originally from Dublin, Fellow of the ACCA Kevin Fitzgerald started with Xero as the Territory Sales Manager of Victoria & Tasmania and is now their Regional Director of Asia frequently travelling between Singapore and Hong Kong and other Asian destinations. Kevin epitomises, the opportunities this MOU brings to those in the ACCA and Xero world.

He says the MOU is global, that was really important for Xero.

“The global MOU with the ACCA is a terrific opportunity for both global businesses to support their common goals, providing the latest opportunity to learn about the impact of technology and how to best capture the opportunity available for Accountants.

This MOU is an agreement between Xero and ACCA to work closer together to bring cloud accounting education to ACCA members; members will be able to take advantage of this MOU and attend training sessions hosted by Xero and ACCA.”

ACCA Australia has been an early adopter in embracing the world of cloud accounting. Between 2012 and 2014 they hosted a popular monthly webinar series I ran on how to use cloud accounting solutions and explored the add-on marketplace ecosystem. Then in 2015, the monthly Cloud Accountants MeetUp was launched in Brisbane, bringing people together to hear from presentations showcasing Xero and Cloud Apps that extend the capability of online accounting software. We’ve been fortunate to have key persons from Xero speak at the MeetUp, including Xero founder Rod Drury, Nick Houldsworth – GM Ecosystem at Xero and Bryan Williams Head of Ecosystem & Marketplace AU at Xero. The MeetUps are promotionally sponsored by ACCA Australia.

As accountants, we can be anywhere, and our clients can be anywhere, and the intersections are cloud accounting education that we can leverage from this global MOU between Xero and ACCA.

The post The MOU signed between Xero and ACCA at WCOA 2018 appeared first on Xero Blog.