AI in Preparing Financial Statements: Faster, More Accurate, and Compliant
How AI accelerates the preparation of financial statements with automated closing, NLP-generated notes, and compliance checks according to RJ and IFRS.
The Financial Statement of the Future
Preparing the financial statement is an intensive process for many organizations, taking weeks to complete. AI drastically streamlines this process, ensuring that the financial statement is ready faster, is more accurate, and complies with all regulations.
Automated Year-End Closing
AI automates the steps of the year-end closing:
- Calculating automatic depreciations and provisions
- Processing accruals and deferrals
- Calculating tax latencies based on current rates
- Settling inventory valuation and work in progress
Generating Notes with NLP
Generative AI drafts concept notes for the financial statement. NLP technology generates textual analyses of financial results, equity position, and cash flow, tailored to the requirements of RJ and IFRS. This saves accountants hours of writing.
Compliance Check
AI automatically checks whether the financial statement complies with all relevant reporting standards. Machine learning compares your financial statement with thousands of published financial statements to identify missing notes or deviations in presentation.
Step-by-Step Implementation
Start by automating standard year-end closing entries. Then add AI-driven compliance checks and experiment with NLP-generated notes. The time savings in preparing the financial statement are substantial: companies report a 40-60% shorter turnaround time while maintaining quality and compliance.
