Automating financial reporting with natural language processing: A review and case analysis
1 Independent Researcher, University of Georgia.
2 Independent researcher, Chicago.
3 Independent researcher, Maryland.
4 Access Bank Plc, Nigeria.
5 Sanctus Maris Concepts Nigeria Ltd.
6 Independent researcher, Lagos, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(03), 575–589
Publication history:
Received on 19 January 2024; revised on 29 February 2024; accepted on 02 March 2024
Abstract:
In the evolving landscape of financial reporting, the integration of Natural Language Processing (NLP) emerges as a beacon of innovation, promising to redefine the paradigms of accuracy, efficiency, and compliance. This paper embarks on a scholarly expedition to explore the transformative potential of NLP within the realm of financial disclosures, navigating through the intricate interplay of technological advancements and regulatory frameworks. The study meticulously analyzes the application of NLP techniques in automating financial reporting, unraveling the complexities of implementation and the multifaceted challenges therein through a qualitative research design. Through a comprehensive review of the literature and empirical data, the paper illuminates the efficacy of NLP in enhancing the precision and reliability of financial reports while also delving into stakeholders' perceptions regarding its adoption. The findings reveal a significant improvement in reporting efficiency and accuracy, underscored by the strategic importance of addressing implementation hurdles and regulatory considerations. The study culminates in a set of cogent recommendations, advocating for the development of a robust framework for NLP applications in financial reporting, alongside a clarion call for ongoing research into sophisticated NLP models and scalable solutions. In essence, this paper not only charts a course for the future integration of NLP in financial reporting but also stands as a testament to the indelible impact of technological innovation on the financial industry. It beckons the academic and professional communities to forge a collaborative path towards realizing the full potential of NLP, thereby ushering in a new era of transparency and insight in financial disclosures.
Keywords:
Natural Language Processing; Financial Reporting; Automation; Regulatory Compliance; Stakeholder Perceptions; Implementation Challenges
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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