Automation in financial reporting: A conceptual framework for efficiency and accuracy in U.S. corporations
1 Independent Researcher, Seattle, WA, USA.
2 Independent Researcher, NJ, USA.
3 College of Business, Texas A&M University-Commerce, USA.
4 Independent Researcher, Louisville, KY, USA.
Review
Global Journal of Advanced Research and Reviews, 2024, 02(02), 040–050.
Article DOI: 10.58175/gjarr.2024.2.2.0057
Publication history:
Received on 23 September 2024; revised on 01 November 2024; accepted on 04 November 2024
Abstract:
This paper reviews the role of automation in financial reporting within U.S. corporations, focusing on how advanced technologies such as artificial intelligence (AI), robotic process automation (RPA), and cloud-based systems are transforming traditional financial processes. By automating routine tasks, these technologies offer significant improvements in efficiency, accuracy, and scalability. The paper highlights key challenges, including system integration, data security, and regulatory compliance, while also discussing strategies for successful implementation, such as establishing strong technological infrastructures, ensuring data integrity, and fostering organizational readiness. Best practices for maximizing the benefits of automation are explored, emphasizing the need for continuous improvement and alignment with business objectives. Recommendations are provided for corporations looking to adopt or enhance automation in financial reporting, with a focus on strategic planning, employee training, and maintaining compliance with financial regulations.
Keywords:
Financial automation; AI in financial reporting; Robotic process automation (RPA); Cloud-based financial systems; Regulatory compliance
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0