INTELLIGENT AUTOMATION IN ACCOUNTING AND FINANCIAL REPORTING
Creators: name: Dr. MAZEN MOHAMMED FAREA
name: Dr. BELAL ALIFAN
name: Dr. MAGED MUSTAFA MAHYOUB AL-DUBAI
name: AHMAD Y. A. BANI AHMAD
name: RAJINA R. MOHAMED
name: Dr. AMER AHMAD HATAMLEH
Publisher: name: Zenodo
Year: 2024
Subjects: Intelligent Automation, Accounting, Financial Reporting, Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML).

description: Abstract

Introduction: As businesses face increasing pressure to streamline operations, reduce costs, and enhance accuracy, the integration of intelligent automation in accounting and financial reporting processes has emerged as a promising solution. Intelligent automation technologies, such as robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML), offer opportunities to automate repetitive tasks, improve data accuracy, and generate valuable insights for decision-making in the finance and accounting domain. Problem Statement: Traditional accounting and financial reporting processes are often manual, time-consuming, and prone to errors, leading to inefficiencies and inaccuracies in financial data. Moreover, the complexity of regulatory compliance requirements further exacerbates the challenges faced by finance professionals. These issues highlight the need for innovative approaches to transform accounting and financial reporting practices. Objective: This research aims to explore the impact of intelligent automation on accounting and financial reporting processes, with a focus on efficiency gains, accuracy improvements, and compliance enhancements. By examining the adoption of intelligent automation technologies in various organizations, this study seeks to identify best practices and key success factors for leveraging automation in finance functions. Methodology: A comprehensive review of existing literature on intelligent automation in accounting and financial reporting will be conducted to establish a theoretical framework. Additionally, case studies and interviews with finance professionals will be conducted to gather empirical data on the implementation of intelligent automation solutions. Qualitative and quantitative analyses will be employed to evaluate the benefits, challenges, and implications of intelligent automation adoption in finance and accounting. Results: The findings of this research will provide insights into the effectiveness of intelligent automation technologies in improving accounting and financial reporting processes. Specifically, the study will highlight the efficiency gains, accuracy improvements, and compliance enhancements achieved through the adoption of RPA, AI, and ML in finance functions. Moreover, the research will identify key success factors and challenges associated with implementing intelligent automation solutions in organizations. Conclusion: Intelligent automation holds significant potential to revolutionize accounting and financial reporting practices by automating routine tasks, enhancing data accuracy, and enabling proactive decision-making. However, successful implementation requires careful planning, stakeholder engagement, and ongoing monitoring to address challenges and maximize benefits. By embracing intelligent automation, organizations can achieve greater efficiency, accuracy, and compliance in their finance operations, ultimately driving competitive advantage and sustainable growth.