technology

Question 1

what are six technologies used in finance?

Answer 1

• spreadsheets
• financial software
• BACS
• EFTPOS
• online banking
• databases

Question 2

what is the use of spreadsheets in finance?

Answer 2

• to automate calculation
• formulae function within the spreadsheet can be used to carry out instant calculations accurately, while minimising human error.
• cash budgeting is one of the main functions where a spreadsheet supports financial planning

Question 3

what is the use of financial software in finance?

Answer 3

• Financial software (such as SAGE) is commonly used to manage and process financial information, eg: generating invoices, managing payroll and completing tax returns.
• Finance apps: allow for portable accounting software, eg Sage and QuickBooks

Question 4

what is the use of BACS in finance?

Answer 4

• electronic system used to make payments directly from one bank account to another.
• enables a business to transfer money securely and quickly between bank accounts.
• commonly used to pay staff wages or to pay suppliers

Question 5

what is the use of EFTPOS in finance?

Answer 5

• Electronic funds transfer point of sale (EFTPOS) is an electronic method of paying for goods.
• This can be done through debit card, credit card, contactless and app payments such as Apple Pay

Question 6

what is the use of online banking in finance?

Answer 6

Finance departments can use online banking to import banking information into their accounting software. Increased computer security is required to safely process information and banking can only be processed if the technology is working

Question 7

what is the use of databases in finance?

Answer 7

Can be used to sort large quantities of information on suppliers and customers