Use of technology in managing finance Flashcards
What can be used in managing finance?
- Spreadsheets
- Presentation software
- Local area networks (LAN)
- Internet banking
- Accounting software and apps
- EFTPOS (Electronic Funds Transfer Point of Sale)
What can spreadsheets be used for?
Spreadsheets can be used to prepare financial statements.
What are the advantages of using spreadsheets?
- Greater accuracy using a 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.
What can presentation software be used for?
Presentation software can be used to engage audiences when presenting information through the use of animations and colours.
What can emails be used for?
Emails can be used to circulate financial information quickly.
What can local area networks be used for?
Local area networks (LAN) can be used to share documents so that different employees can assess and share information.
What can internet banking be used for?
Internet banking can be used to make payments or check balances quickly.
What can accounting software and apps be used for?
Accounting software and apps such as Sage can be used to keep track of payments and income and to send invoices to customers.
What can EFTPOS be used for?
EFTPOS (Electronic Funds Transfer Point of Sale) can be used to receive money from customers instantly, e.g. through contactless payments or Apple Pay. This reduces the need for handling cash.
