When an opportunity is born, it often paves the way for collaboration and partnerships. It is in this vein that the Barbados Chamber of Commerce & Industry (BCCI) and the Association of Chartered Certified Accountants, Caribbean (ACCA Caribbean) have signed a Memorandum of Understanding (MoU).

The aim of this MoU is to foster stakeholder relationships between both bodies as they seek to develop and build the technical, professional skills and financial capability of their memberships. This partnership will see the development of key initiatives that will provide technical assistance and knowledge sharing on a number of subject areas.

On 8th October 2019, during the ACCA Caribbean’s first Annual Members Conference, members of the ACCA fraternity witnessed the ceremonial signing of the agreement.

The Barbados Chamber of Commerce is the leading Business Support Organization in Barbados. With a range of value-added services and benefits, the Chamber seeks to facilitate a more enabling business environment for members as a means of advancing the social and economic development of Barbados and the Caribbean Single Market and Economy (CSME).

Accounting plays a vital role in running a small business because it helps to track income and expenditures, ensure statutory compliance, and provide investors, management, financial institutions and government with quantitative financial information which can be used in making better business decisions. The ACCA is one of the leading certifying accounting bodies globally. It has a focus on bolstering transparent, efficient accounting practice in efforts of contributing to the growth of global economies. Through their training programme, individuals, entrepreneurs and companies can ‘get a good idea’ of where their business is at right now and some of the critical decisions it will soon have to take.

Executive Director, BCCI, Mrs. Misha Lobban Clarke stated that, “The establishment of a MoU with the ACCA, will provide ample prospects for BCCI members to access knowledge resources, technologies and markets. This partnership will see the development of key initiatives that will provide technical assistance and knowledge sharing on a number of critical subject areas for both our organisations. It would generate opportunities for micro, small and medium enterprises (MSMEs) to learn lessons from more established counterparts and create a platform for the sharing of experiences towards greater learning and capacity building.”

She noted that the Chamber values the importance of collaborations and therefore seeks to leverage opportunities through MOUs such as this for the benefit of its members. Such collaborations and partnerships are particularly important in today’s fast-paced world where the challenges are becoming too complex for one entity to manage on its own, Mrs. Lobban Clarke stated.

The Chamber looks forward to this worthy partnership and the highly anticipated results to come.