Manuscript Number : SHISRRJ236160
A Framework for Automating Financial Forecasting and Budgeting in Public Sector Organizations Using Cloud Accounting Tools
Authors(5) :-Adegbola Oluwole Ogedengbe, Solomon Christopher Friday, Maxwell Nana Ameyaw, Temitayo Oluwaseun Jejeniwa, Habeeb Olatunji Olawale This study proposes a comprehensive framework for automating financial forecasting and budgeting processes in public sector organizations through the integration of cloud accounting tools. Traditional public sector budgeting and forecasting models often suffer from inefficiencies, limited agility, and susceptibility to human error. With increasing demands for transparency, fiscal accountability, and data-driven governance, there is a critical need to modernize financial planning infrastructures. This paper presents a conceptual and practical framework that leverages the scalability, real-time data processing, and collaborative capabilities of cloud-based accounting solutions to address these systemic challenges. The framework integrates predictive analytics, dynamic budgeting, automated variance analysis, and real-time financial reporting within a secure, cloud-enabled environment. It is designed to improve forecasting accuracy, enhance budget responsiveness, and support evidence-based decision-making across government entities. The methodology includes a multi-stage model development approach incorporating system analysis, tool selection criteria, data integration protocols, and implementation roadmaps aligned with public financial management regulations. Drawing insights from case studies and implementation pilots across selected government agencies, the study demonstrates the potential of cloud accounting tools to streamline budgeting cycles, reduce manual workload, and improve compliance with statutory financial reporting. Key components of the framework include centralized data repositories, machine learning-based forecasting algorithms, customizable dashboards for stakeholder engagement, and role-based access for enhanced control. The framework also addresses concerns around data security, regulatory compliance, change management, and inter-departmental coordination. The findings underscore the strategic value of digital transformation in public finance and offer actionable guidelines for policy-makers, financial managers, and IT professionals aiming to enhance public sector financial governance. This framework contributes to the evolving discourse on digital public administration by offering a replicable model that aligns with global trends in cloud computing and fiscal modernization. Future research should explore AI integration and cross-agency interoperability to further enhance forecasting capabilities.
Adegbola Oluwole Ogedengbe Financial Forecasting, Budget Automation, Cloud Accounting, Public Sector Finance, Digital Transformation, Predictive Analytics, Government Budgeting, Financial Governance, Fiscal Modernization, Cloud-Based Tools. Publication Details Published in : Volume 6 | Issue 4 | July-August 2023 Article Preview
Independent Researcher, Alberta Canada.
Solomon Christopher Friday
PwC Nigeria
Maxwell Nana Ameyaw
KPMG, USA
Temitayo Oluwaseun Jejeniwa
United Nations African Regional Centre for Space Science Technology Education English (UN-ARCSSTEE), Ife, Nigeria
Habeeb Olatunji Olawale
Independent Researcher, University of Ilorin, Nigeria
Date of Publication : 2023-08-30
License: This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 196-223
Manuscript Number : SHISRRJ236160
Publisher : Shauryam Research Institute
URL : https://shisrrj.com/SHISRRJ236160