technology and finance

Question 1

what technology is used by the finance department?

Answer 1

-Spreadsheets, e.g. Microsoft Excel
-Word Processing, e.g. Microsoft Word
-Presentation Software, e.g. Microsoft Powerpoint
-Databases, e.g. Microsoft Access
-E-mail, e.g. Microsoft Outlook
-Online Banking
-Accounting Software
-Electronic Payment Systems, e.g. Apple Pay

Question 2

why would spreadsheets be used by the finance department?

Answer 2

Spreadsheets, like Microsoft Excel are used to:
-Calculate profit using formulae,
-Create accounts such as income statements - templates may be used which make this less time consuming for the user,
-Create charts/graphs which allow the business to show profit levels over time,
-Copy and paste data into other software such as Microsoft word,
-Change figures easier when compared to paper-based documents, e.g. formulae will automatically update values,
-Perform ‘what if’ scenarios by temporarily changing data to see the effects,

Question 3

how would the finance department use Word Processing?

Answer 3

Word Processing software, e.g. Microsoft Word would be used to:
-Create financial reports for shareholders,
-Create letters to send to customers reminding them to pay their bills on time,

Question 4

how would the finance department use Presentation Software?

Answer 4

Presentation Software, e.g. Microsoft Powerpoint would be used to:
-Create presentations to show financial performance to shareholders,

Question 5

how would the finance department use Databases?

Answer 5

Databases, e.g. Microsoft Access would be used to:
-Store contact details of customers to remind them of their payment dates

Question 6

how would the finance department use E-mail?

Answer 6

E-mail, e.g. Microsoft Outlook would be used to:
-Remind customers of their outstanding payments.

Question 7

how would the finance department use Online Banking?

Answer 7

Online Banking would be used to:
-Pay bills online, e.g. electricity,
-Transfer money to a customer or receive payment from a customer,

Question 8

how would the finance department use Accounting Software?

Answer 8

Accounting Software would be used to:
-Create final accounts such as income statements,

Question 9

how would the finance department use Electronic Payment Systems?

Answer 9

Electronic Payment Systems, e.g. Apple Pay would be used to:
-Receive payment from customers,