Chapter 7 Technology (Task 1) Flashcards
Data visualisation
What is it?
What do you need to consider:
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
Dashboard
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.
Cloud Computing
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
Software as a service (saaS)
Infrastructure as a service (IaaS)
Saas - cloud based software such as sage, subscription
IaaS - part of IT infrastructure such as data storage, online model renting
disadvantage of cloud accounting
reliance on technology - no connection no use
Automation
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
Machine learning
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.
Artificial intelligence
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
how may you use AI in finance
Forecasting
Accounting Entries
Fraud detection
data analytics
collecting, organising and analysing volumes of data to discover patterns and meaningful new info
use logic, reasoning and critical thinking
adv of data analytics
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
4 types of data analytics
Descriptive - what happened?
diagnostic - why it happened?
predictive - what happens next?
prescriptive - what to do about it?
Risks to data
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
Advantages of cloud computing
-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
Cloud accounting
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
Benefits of cloud accounting
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.
Control of data
How do we make sure that only authorised users can access our data?
Use of logins and passwords.
Good because external users like accountants can also access live data.
Control of data
How do we make sure that data is accurate when multiple users can edit it.
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.
Benefits of machine learning
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.
Limitations of machine learning
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
Artificial intelligence – effect on accounting system
Reduction in accounting staff - existing staff may switch to more value adding tasks
Reduction in error rates
Increased implementation and running costs.
Cyber security
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
Cyber-Risks
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.
Risks to data
Cyber Attacks
Attempt to steal, alter or destroy data by hacking into a system.
Risks to data
Phishing
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.
Risks to data
Malware
This is short for “Malicious software”.
This could be:
Viruses
Ransomware
Spyware
Risks to data
Denial of service attack
DOS attacks
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.
Risks to data
Unauthorised access
Can be remotely or physically.
When a computer is left unlocked or unattended.
Risks to data
Physical loss
Theft of the computer itself.
Data issued in error
For example, sending sensitive information to the wrong customer by accident.
