Automated Financial Reporting and Enhancement of Efficiency of Accounts

Abstract

The incorporation of automation elements in the preparation of financial statements has greatly affected the accounting profession in The considerations towards efficiency, accuracy as well as decision making impacts in the accounting profession. The following research paper looks at how efficient automation has become in improving accounting efficiency, and the set Industrial Robotics and Automation Dataset is used to analyse automation trends and productivity as well as its effects on accounting. This is because different industries have implemented automation to different degrees with industries like manufacturing, healthcare and logistics in a position to provide some insights into the impact of automation on financial processes. Some of the areas where the study points out that automation contributes to the reporting processes include omitting errors that are occasioned by people, increase in accuracy of the results as well as real time reports. It also lays down automation’s impact on organizational productivity with a focus on the number of reporting cycles and strategic planning. There are some issues that organizations face when implementing the automation one of them being adaptation of the employees, other issues include; security of the data and then the issue of compliance. This paper highlights and supports, by drawing on the data trends and reviews of industries the potential when automation is treated as key, of turning financial reporting into a more effective practice. It also contains suggestions of measures for managing risks linked to workforce changeovers as well as legislative compliance. This paper contributes to existing literature on the effects of automation on accounting professions and provides a guideline to positive adoption of automation in an era where accounting services are rapidly being automated.