| what types of technology can be used in the finance department | spreadsheets, databases, word processing, email, online banking, EPOS |
| what are spreadsheets used for in the finance department | can be used to prepare financial documents such as income statements and cash budgets |
| what are the advantages of using spreadsheets | formula can be used to ensure calculations are performed accurately
graphs can be generated so information can be interpreted more easily
IF statements can be used to predict profit/loss in different scenarios |
| what are databases used for in the finance department | can be used to store customer banking information for invoicing |
| what is word processing used for in the finance department | can type up an invoice to send to customers
can prepare financial reports for showing board of directors |
| what is email used for in the finance department | can contact suppliers to negotiate a better deal for cost of raw materials |
| what is online banking used for in finance | can send electronic payments to suppliers |
| what is EPOS used for in the finance department | electronic point of sale (EPOS - Barcode scanning) can automatically update the financial records as products are scanned at the checkout (eg. sales totals, break even point) |
