Chapter 7 Technology (Task 1)

Question 1

Data visualisation

What is it?
What do you need to consider:

Answer 1

communication of data in a user-friendly, diagrammatic way to facilitate understanding. concerned with communicating key info from data in ways which can be understood

consider:
-audience,
-timing,
-interactivity,
-required outcome

Question 2

Dashboard

Answer 2

a type of graphical user interface which often provides at-a-glance views of key performance indicators.

-A dashboard provides a comprehensive snapshot of business performance and shows a lot of data that is up to date and reliable in a visual format.

-Data can be seen ‘at-a-glance’ and the data will be linked to performance indicators relating to business performance/objectives.

-Business dashboards are a way of simplifying complex data, very much like a progress report, that is easy to understand for all users.

-Dashboards can be linked to multiple systems to give an overall view.

Question 3

Cloud Computing

Answer 3

use of internet to carry out processes that were traditionally done on localized hardware.

may be online document editing and date storage that is is run from a remote location provided that there is a internet access

Question 4

Software as a service (saaS)
Infrastructure as a service (IaaS)

Answer 4

Saas - cloud based software such as sage, subscription

IaaS - part of IT infrastructure such as data storage, online model renting

Question 5

disadvantage of cloud accounting

Answer 5

reliance on technology - no connection no use

Question 6

Automation

Answer 6

The use of software to carry out low level tasks. Software is used to perform repetitive rules based tasks.
costs saved on staff performing same function

human has to create the rule for the automation

Question 7

Machine learning

Answer 7

Provides systems the ability to automatically learn and improve from experience without being explicitly programmed.

Machine learning focuses on the development of computer programs that can access data and use it to learn for themselves.

Question 8

Artificial intelligence

Answer 8

Does not need historic data
no rules/ does in real time

used to make decisions that historically required human intelligence

takes in wide amount of factors to make judgement / decision

no bias / creativity

better & faster than humans

Question 9

how may you use AI in finance

Answer 9

Forecasting

Accounting Entries

Fraud detection

Question 10

data analytics

Answer 10

collecting, organising and analysing volumes of data to discover patterns and meaningful new info

use logic, reasoning and critical thinking

Question 11

adv of data analytics

Answer 11

processes are quicker - better decision making

new patterns being discovered in vast quantities of data - better decision making

businesses to work smarter, focus and prioritise

reduce fraud, detecting unusual patterns

Question 12

4 types of data analytics

Answer 12

Descriptive - what happened?
diagnostic - why it happened?
predictive - what happens next?
prescriptive - what to do about it?

Question 13

Risks to data

Answer 13

Cyber attacks - hacking into a system

Phishing - disguising oneself as trustworthy

Malware - malicious software, such as viruses, ransomware and spyware

denial of service attack - make system unavailable to disrupt the service

Unauthorized access - remotely or physcially

physical loss - loss of the asset itself

data issued in error - sending sensitive info to wrong person

Question 14

Advantages of cloud computing

Answer 14

-Enables the business to compete in a wider market

-Flexibility : Easy to access anywhere with access to a computer an internet connection

-Environmentally friendly: Limited carbon footprint. Removes need to travel to work

-Collaboration: We can share information and documents with anyone, anywhere in the world

-Backup: As information is stored on the cloud, there is automatic disaster recovery

-Security: Data is securely stored with no risk of transferring documents physically

Question 15

Cloud accounting

Answer 15

Has the same functionality as traditional computerised accounting.

The difference is there is no desktop application

Online data is always up to date

Stored on a cloud server

Question 16

Benefits of cloud accounting

Answer 16

Access to accounts from anywhere (remote access)

Real time information

Allows access to more than one person at a time (shared access)

Allows collaboration on tasks

Live bank feeds to allow automatic posting of transactions to simplify posting and reconciliation

Software always up to date, no need to install updates

Allows secure access. Businesses can allow access to their accountants

Can connect to online payment apps to allow easy collection or payment of funds.
Environmentally friendly, can work from home.

Question 17

Control of data

How do we make sure that only authorised users can access our data?

Answer 17

Use of logins and passwords.

Good because external users like accountants can also access live data.

Question 18

Control of data

How do we make sure that data is accurate when multiple users can edit it.

Answer 18

The software records amendments in real time and the data is stored remotely.

This means that data is always up to date and there is no need to worry about backing up and losing data.

Question 19

Benefits of machine learning

Answer 19

This provides systems the ability to automatically learn and improve from experience without be specifically programmed.

It is the development of computer programs that can access data and use it to learn from themselves.

Capacity for processing large amounts of data (more than humans can)

Machines can identify patterns that a human may find difficult to spot.

Machines do not get bored.
Machines do not get tired.
Machines do not show bias.

Question 20

Limitations of machine learning

Answer 20

Machines can only work with the data that has been input. This would come from a human source and may contain bias. The machine cannot remove this bias

A machine may not have access to all relevant data to make the required decision

Question 21

Artificial intelligence – effect on accounting system

Answer 21

Reduction in accounting staff - existing staff may switch to more value adding tasks

Reduction in error rates

Increased implementation and running costs.

Question 22

Cyber security

Answer 22

The protection of computer systems and networks from the theft of or damage to their hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide

Question 23

Cyber-Risks

Answer 23

Any risk associated with financial loss, disruption or damage to the reputation of an organisation from failure, unauthorised or erroneous use of its information systems.

Question 24

Risks to data

Cyber Attacks

Answer 24

Attempt to steal, alter or destroy data by hacking into a system.

Question 25

Risks to data
Phishing

Answer 25

The fraudulent attempt to obtain sensitive information or data such as:
Usernames
Passwords
Credit card details

This is done by disguising yourself as a trustworthy entity in an electronic communication.

Question 26

Risks to data
Malware

Answer 26

This is short for “Malicious software”.
This could be:
Viruses
Ransomware
Spyware

Question 27

Risks to data
Denial of service attack

DOS attacks

Answer 27

Looks to make the system unavailable by disrupting the service.
This could be done by flooding the system with a huge volume of requests to overload it.

Question 28

Risks to data
Unauthorised access

Answer 28

Can be remotely or physically.
When a computer is left unlocked or unattended.

Question 29

Risks to data

Physical loss

Answer 29

Theft of the computer itself.

Question 30

Data issued in error

Answer 30

For example, sending sensitive information to the wrong customer by accident.