Technology In Finance

Question 1

How can spreadsheets be used?

Answer 1

-allow for a variety of formulations and function to prepare financial records which may reduce errors made
-charts and graphs can be made easily which allows the financial info to be analysed
-‘what if’ statements can be used which allows the business to forecast the outcome of different scenarios

Question 2

How can sage software be used?

Answer 2

-package that is used by a business to manage and process financial info
-can be used to:
Generate invoices
Manage payroll
Complete tax return

Question 3

How can internet banking be used?

Answer 3

-will save the company time as it reduces the need for employees to take trips to the bank
-transfers can be made instantly and more confidently as they are completed through computers or apps

Question 4

How can BACS payments be used?

Answer 4

-used to make payments directly from one bank account to another
-allow a company to transfer money securely and quickly
- to pay staff wages or pay suppliers

Question 5

How can EFTPOS be used? (Card machine)

Answer 5

-electronic method of paying for goods
-done though : debit card, credit card, contactless
-advantageous for the finance department as there is less cash within the business meaning greater security