F Technology in Finance

Question 1

Spreadsheets Benefits (Finance)

Answer 1

• Formulae and functions are used which reduces error
• What if scenarios can be created to aid decision making
• Can create templates to ensure consistency throughout company
• Can change format to graphs and charts, easy to deliver figures

Question 2

Spreadsheet disadvantages (Finance)

Answer 2

-Requires training

Question 3

Internet Banking (Finance)

Answer 3

• Saves time as balances and payments can be checked without going to the bank
• Can use to import banking details to accounting software without manually inputing information, again saving time

Question 4

Databases

Answer 4

-Use to sort, store search employee records

Question 5

Accounting Software

Answer 5

Software suge as SAGE and quickbooks can be used to easily generate invoices, manage payroll, complete tax returns.

Question 6

BACs payments

Answer 6

BACS payments is an electronic system that allows a company to transfer money securely and quickly between bank accounts. They are used by the finance department to pay staff wages or to pay suppliers.

Question 7

EFTPOS

Answer 7

Electronic funds transfer at point of sale
Eg Apple pay, contactless
Reduces the need to handle cash, increasing security