Technology in Finance

Question 1

What technology can be used in the finance department?

Answer 1

Spreadsheets
Presentation software
Email
Local area networks (LAN)
Internet banking
Accounting software and apps (e.g. Sage and Quickbooks)
EFTPOS (Electronic Funds Transfer Point Of Sale)

Question 2

How are spreadsheets used in the finance department?

Answer 2

To prepare financial statements.

Question 2

What are the advantages of spreadsheets?

Answer 2

Greater accuracy using formula, reducing the margin for error.

Formula can be replicated, saving time.

‘What if?’ statements can be used to forecast the outcome of different scenarios.

Charts and graphs can be made easily, allowing the information to be analysed and presented.

Question 3

How is presentation software used in the finance department?

Answer 3

To engage audiences when presenting information through the use of animations and colour.

Question 4

How is email used in the finance department?

Answer 4

To circulate financial information quickly.

Question 5

How are local area networks used in the finance department?

Answer 5

To share documents so that different employees can assess and share information.

Question 6

How is internet banking used in the finance department?

Answer 6

To make payments or check balances quickly.

Question 7

How are accounting software and apps used in the finance department?

Answer 7

To keep track of payments and income and to send invoices to customers.

Question 8

How is EFTPOS used in the finance department?

Answer 8

To receive money from customers instantly e.g. through contactless payment or Apple Pay. This reduces the need for handling cash.