Utilizing Drones in Long-Term Construction Projects: the Impact on Cash Flow Management

Abstract

Artificial intelligence, robotic process automation, and big data are profoundly reshaping the accounting profession. Studies exploring these areas are currently examining utilizing drones as tools to conduct certain accounting and auditing tasks. This study extends prior studies by discussing the advantage that this technology provides to improve cash flow management of construction companies. The paper is theoretical in nature proposing a framework on the applicability of utilizing drones in long-term construction projects to improve cash flow management. According to the proposed framework, the drone will be utilized as a supplementary tool to conduct project site inspection remotely to assess and monitor the construction progress. The framework addresses the percentage of completion method to recognize revenues from long-term contracts. The paper addresses the additional benefits provided when using drones in this regard including, collecting improved data quality, cost and time efficiency with improved effectiveness, and increasing safety during site inspection.