Importance The article discusses how the automated accounting procedure is set up in the entity. Objectives The research proposes the corporate balance sheet formula as an algorithm for setting up the automated financial accounting process so to exclude human factor and manual processing of accounting transactions, reduce costs for setting up the accounting process, increase productivity, make the accounting process interactive and similar to information logistics, prepare financial statements and automatically manage finance. Methods There should be such an accounting procedure that introduces data of source accounting documents and generates complete financial statements. The accountant should not be necessarily involved since there are no accounts and postings. The computational module will allocate accounting resources among electronic ledgers and journals in line with the balance sheet formula and corporate passport, and automatically generates financial statements after each accounting transaction. Results Such financial statements include payroll and dividend accrual and payment sheets, reports on changes in inventories and overheads, interactive schemes of cash flows and operational stock-takes, balance and combined financial report. Conclusions and Relevance Financial statements that are automatically generated are free from errors and abuses, uprofitability and insolvency, and secured with controlling options and embedded audit, being a simple and cheap accounting technique. Informative, analytical, interactive, legible financial statements provide users with necessary and sufficient automated tools to systemically manage production and finance, plan financial operations and corporate governance
Keywords: automated financial reporting, balance sheet formula
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