BUAW 9 - New Technology & Data Security Flashcards
Benefits of automation accounting processes (4)
1)Improved efficiency of approval
2)improved data integrity = human error reduce
3)greater internal data visibility = easy access, quickly see working well
4) quicker payments
What is meant by machine learning?
learn from data, basing their actions on past events
what is blockchain?
digital ledger of transactions- shared across the network across huge number of user. Meaning that records cannot be altered, deleted or destroyed.
why are blockchain useful in accounting systems?
1) keep data accurate
2) take on record keeping so staff carry out other work- reduce time and costs
3) certainty over ownership of assets
Simple signatures
only used by individuals- tick box
advanced signatures
application on phone to validate signature
qualified signatures
witness signature- third party
What are the 4 types of data analytics
1)descriptive=what?
2)diagnostic=why?
3)predictive=next?
4)prescriptive=action?
What is meant by Outsourcing?
use 3rd party to carry out tasks
Advantages of Outsourcing are
1) save time
2)expertise
3)business no longer have to regulate under certain regulations
Disadvantages of Outsourcing are
1)costly
2) loose expertise in business
3) not specific + quality issues if different standards
4)difficult to move it in house
5) data security
what is meant by Offshoring?
Moving operations over seas
Advantages of Offshoring
1) greater visibility for business
2) easier due to technology
what is a firewall?
barrier that sits between business internal networks and the public internet
what are the other two protections for the prevention of Cyberattacks?
1) Data Encryption= only authorised users can read
2) antivirus software= software that runs in the back
