The International Arab Journal of Information Technology (IAJIT)

..............................
..............................
..............................


A Proposed Model to Integrate Drone Technology in Accounting for Long Term Contracts: A Cash Flow Management Perspictive

The accounting profession is undergoing a significant transformation due to the impact of artificial intelligence, robotic process automation, and big data. One of the latest areas of research in this field is exploring the potential use of drones for accounting and auditing tasks. However, this study takes a different approach by proposing a theoretical framework that utilizes drones for cash flow management in long-term construction projects. The proposed framework suggests that drones can be utilized as a supplementary tool to remotely conduct project site inspections and monitor construction progress. The framework addresses the percentage of completion method for recognizing revenues from long-term contracts and highlights the benefits of using drones, such as improved data quality, cost and time efficiency, increased safety during site inspections, and overall effectiveness.

[1] Al-Chahadah A., El Refae G., and Qasim A., “The Use Of Data Mining Techniques In Accounting And Finance As A Corporate Strategic Tool: An Empirical Investigation on Banks Operating in Emerging Economies,” International Journal of Economics and Business Research, vol. 15. no. 4. pp. 442-452, 2018. https://doi.org/10.1504/IJEBR.2018.092149

[2] Al-Chahadah A., Qasim A., and El Refae, “GFinancial Inclusion Indicators and Their Effect on Corporate Profitability,” AAU Journal of Business and Law, vol. 4, no. 2, pp. 08-23, 2020.

[3] Appelbaum D. and Nehmer R., “Using Drones in Internal and External Audits: an Exploratory Framework,” Journal of Emerging Technologies in Accounting, vol. 14, no. 1, pp. 99-114, 2017. https://doi.org/10.2308/jeta-51704

[4] Boyle M.J., The Drone Age: How Drone Technology Will Change War And Peace, Oxford University Press, USA, 2020.

[5] Christ M., Emett S., Summers S., and Wood D., “Prepare For Takeoff: Improving Asset Measurement and Audit Quality with Drone- Enabled Inventory Audit Procedures,” Review of Accounting Studies, 2021.

[6] Ciampa E., De Vito L., and Pecce M.R. “Practical Issues on the Use of Drones for Construction Inspection,” Journal of Physics: Conference Seriese, vol. 1249, no. 1, pp. 1-11, 2019. doi:10.1088/1742-6596/1249/1/012016

[7] Issa H., Sun T., and Vasarhelyi M.A., “Research Ideas For Artificial Intelligence In Auditing: The Formalization of Audit and Workforce Supplementation,” Journal of Emerging Technologies in Accounting, vol. 13, no. 2, pp. 1- 20. 2016. https://doi.org/10.2308/jeta-10511

[8] Mary B., Burns and Amy Igou. “Alexa, Write an Audit Opinion,”: Adopting intelligent virtual assistants in Accounting Workplaces,” Journal of Emerging Technlogies in Accountinh, vol. 16, no. 1, pp. 81-92, 2019. https://doi.org/10.2308/jeta- 52424

[9] Oksana D., Volodymyr M., and Oleg S., “Accounting Automation in Agroindustrial Enterprises Using Drones (Uavs),” in Proceedings of the 11th International Conference on Advanced Information Technologies, Deggendorf, pp. 337- 341, 2021. DOI: 10.1109/ACIT52158.2021.9548424

[10] Qasim A. and Kharbat F., “Blockchain Technology, Business Data Analytics, and Artificial Intelligence: Use in the Accounting Profession and Ideas For Inclusion into the Accounting Curriculum,” Journal of Emerging Technologies in Accounting, vol. 17, no. 1, pp. 107-117, 2020. https://doi.org/10.2308/jeta-52649

[11] Qasim A. Elrefae G. and Eletter S. “Utilizing Drones In Long-Term Construction Projects: The Impact on Cash Flow Management,” in Proceedings of the 23rd International Arab 484 The International Arab Journal of Information Technology, Vol. 20, No. 3A, Special Issue 2023 Conference on Information Technology, Abu Dhabi, 2022. 10.1109/ACIT57182.2022.9994144

[12] Qasim A., El Refae G., and Eletter S., “The Application Of Drone Technology in Construction Projects: A Risk Management Approach,” CESARE Conference Publications, 2022.

[13] Qasim A., El Refae G., Issa H., and Eletter S., “The Impact of Drone Technology on the Accounting Profession: the Case of Revenue Recognition in Long-Term Construction Contracts,” in Proceedings of 22nd International Arab Conference on Information Technology, Muscat, 2021. 10.1109/ACIT53391.2021.9677226

[14] Qasim A., Issa H., El Refae G., and Sannella A., “A Model to Integrate Data Analytics in the Undergraduate Accounting Curriculum,” Journal of Emerging Technologies in Accounting, vol. 17, no. 2, pp. 31-44, 2020. https://doi.org/10.2308/JETA-2020-001

[15] Seo J., Duque L., and Wacker J., “Drone-Enabled Bridge Inspection Methodology and Application,” Automation in Construction, vol 94. pp. 112-126. 2018. https://doi.org/10.1016/j.autcon.2018.06.006

[16] Zafar Z., Awais M., Abdul Jaleel., and Majeed F., “A Distributed Framework of Autonomous Drones for Planning and Execution of Relief Operations during Flood Situations,” The International Arab Journal of Information Technology, vol. 18, no. 1, pp. 16-24, 2021. https://doi.org/10.34028/iajit/18/1/3