Digital Technologies And The Finance Function

Question 1

What does Cloud computing the allow to happen for the finance function ?

Answer 1

It allows :
- flexible working hours
- collaboration
- software continuously up to date
- intergration of software
- data security

Question 2

What does Cloud computing do to help the finance function ?

Answer 2

To store software and files in a server to allow easy access

• cloud accounting helps with the provision of Accountancy software through the cloud

Question 3

How does Big data help the finance function’s work ?

Answer 3

•In financial accounting : it improves the quality and relevance of the financial info, improves transparency in reporting and enhances decision-making by stakeholders

•In Financial reporting : It supports the development of more relevant and useful information that can be used to improve future accounting standards

Question 4

How does data analytics and big data help the finance functions work ?

Answer 4

By looking at internal and external data

• Internal data : identification, quantification and management of risk
• External data : management accounting function uses this for performance management

Question 5

How does process automation help the finance function ?

Answer 5

By allowing accountants to focus on higher level activities by recording and verifying low-level transactions
This in turn :
- increases effectiveness of accountants
- improves accuracy

Question 6

How does Artifical intelligence help the finance function ?

Answer 6

It enables transactions to be processed with minimal effort input from humans

It also supports the FF by:
- improving fraud detection
- improving accuracy in forecasts
- automating simple processes
- extracting insights from real-time data

Question 7

Why does the finance function use data visualization?

Answer 7

To present the information and reports.DV allows for richer information to be provided and therefore adds more value

Question 8

How does data visualization help the finance function?

Answer 8

• it provides the ability to understand information easily
• it provides real-time processing
• it provides insight and understanding of the relationship that drives performance
• clear information allows improved decision-making and efficient use of resource response

Question 9

How does blockchain and DLT help the finance function?

Answer 9

It increases clarity and transparency in the recording of business transactions. It provides key uses regarding the measurement of the value of assets and verifying asset ownership

Question 10

What impact does blockchain have on the finance function ?

Answer 10

• security and traceability of transactions
• smart contracts
• bitcoin and other cryptocurrencies not covered by accounting standards
• allows money to cross borders easily