technology

1. Spreadsheets

Spreadsheets can be used in the finance department to automate calculations.
The formulae function within the spreadsheet can be used to carry out instant calculations accurately, while minimising human error.
Charts/graphs can be generated to help analyse financial data.
Templates can be set up, eg, for financial statements.
Cash budgeting is one of the main functions where a spreadsheet supports financial planning.
‘What if’ scenarios can be carried out using spreadsheets set up with IF statements and appropriate formulae.

2. Financial Software

Financial software (such as SAGE) is commonly used to manage and process financial information, eg: generating invoices, managing payroll and completing tax returns.
Finance apps – allow for portable accounting software, eg Sage and QuickBooks.

3. BACS

BACS is an electronic system used to make payments directly from one bank account to another.
It enables a business to transfer money securely and quickly between bank accounts.
Commonly used to pay staff wages or to pay suppliers.

4. EFTPOS

Electronic funds transfer point of sale (EFTPOS) is an electronic method of paying for goods.
This can be done through debit card, credit card, contactless and app payments such as Apple Pay Google Pay and Stripe.

5. Online Banking

Online banking (via the Internet) means there is less cash within the business, leading to greater security.
Saves the business time as it reduces the need for employees to take trips to the bank.
Fund transfers can be made instantly and more conveniently as they are completed through phone apps or by using computers.
Finance departments can use online banking to import banking information into their accounting software. Increased computer security is required to safely process information and banking can only be processed if the technology is working.

6. Databases