International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 7, Issue 1 (January-February 2025) Submit your research before last 3 days of February to publish your research paper in the issue of January-February.
Submit Research Paper Join as a Reviewer

Plagiarism is checked by the leading plagiarism checker TurnItIn

Call for Paper

Volume 7 Issue 1
January-February 2025

Submit your research paper

Indexing Partners
Academia Advanced Sciences Index Bielefeld Academic Search Engine CiteSeer DRJI Google Scholar Independent Search Engine & Directory Network ISI (International Scientific Indexing) Issuu Mendeley Research Networks
RefSeek ResearcherId - Thomson Reuters ResearchGate Scirus Scribd Semantic Scholar UTeM - Universiti Teknikal Malaysia Melaka Wiki for Call for Papers WorldCat Zenodo

The Future of Financial Close: Leveraging AI and Machine Learning for Faster, More Accurate Financial Reporting

Author(s) Muddassir Farooq
Country Saudi Arabia
Abstract Abstract - Financial closing process is part of corporate accounting which was critical providing account reconciliation, preparation of journal entries, and preparation of the financial statement. Conventional processes in the resolution of these tasks are challenging, time consuming and susceptible to several errors, however with the help of integration of Artificial Intelligence (AI) and Machine Learning (ML), these processes are considerably improved. Since use of AI/ML automates the ample routine tasks, there is less chance of an error, more efficient and faster preparation of financial reports. In this paper, real-life application of AI and ML has been discussed with particular reference to its relevance in the financial close process where AI and ML are capable of actualizing data validation, journal entry management and fast-tracking the preparation of the financial statements. Further, it discusses how businesses can benefit from the solutions such as better decision-making capability, increased compliance, and shifting focus from administrative work to the creation of added value.
Keywords Financial Close Process, Artificial Intelligence (AI) in Accounting, Machine Learning (ML) for Financial Automation, Predictive Analytics in Financial Management
Field Mixologist
Published In Volume 7, Issue 1, January-February 2025
Published On 2025-02-02
Cite This The Future of Financial Close: Leveraging AI and Machine Learning for Faster, More Accurate Financial Reporting - Muddassir Farooq - IJFMR Volume 7, Issue 1, January-February 2025. DOI 10.36948/ijfmr.2025.v07i01.36379
DOI https://doi.org/10.36948/ijfmr.2025.v07i01.36379
Short DOI https://doi.org/g83xwk
View / Download PDF File

Share this



E-ISSN 2582-2160
CrossRef

CrossRef DOI is assigned to each research paper published in our journal.

IJFMR DOI prefix is
10.36948/ijfmr

Downloads
Research Paper Format Copyright Permission Form and Undertaking Form Cover Page Vol 7 Isu 1Cover Page Vol 6 Isu 6Cover Page Vol 6 Isu 5

All research papers published on this website are licensed under Creative Commons Attribution-ShareAlike 4.0 International License, and all rights belong to their respective authors/researchers.

CC-BY-SA Open Access

About IJFMR
Fees & Payment
Current Issue
Publication Archive 		Submit Research Paper
Track Submission Status
Publication Guidelines
Publication Ethics
Peer Review & Plagiarism 		Join as a Reviewer
Editors & Reviewers
Reviewer Referral Program
Get Reviewer Membership Certi. 		Website/Journal Policies
Usage Policy
Content Policies
Privacy Policy
Contact Us +91-9687-828-838 editor@ijfmr.com