Technology in Finance

Question 1

Technology

Answer 1

• Email - quickly circulate financial information
• EFTPOS - receive money from customers instantly
• Financial software - manage and process financial information
• Internet banking - make payments and check balances quickly
• Databases - sort large quantities of information on suppliers and customers
• Spreadsheets - prepare financial statements

Question 2

Spreadsheets

Answer 2

Advantages:
- Greater accuracy using formula, reduces human error
- Formula can be replicated, saving time
- What if statements can be used to forecast the outcome of different situations, aiding decision making
- Charts and graphs can be made easily, allowing information to be analysed and presented