N5 BM Technology in Finance

Dropdown

​

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can be used in the finance department to produce graphs and charts of financial information.



The formulae function within the spreadsheet can be used to carry out instant calculations​

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. Formulae will also amend calculations automatically when the spreadsheet is updated.



‘​

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’ scenarios can be carried out to set up with IF statements and appropriate formulae.

Information held can be easily secured using a ​

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.



Time can be saved in the finance department by using spreadsheet ​

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for financial statements and spreadsheets can be easily amended or edited.

Categorize

Options (6)

less chance of error

Mistakes can be easily changed

Graphs and charts are easier to read and interpret

It can be costly to purchase the hardware and software

Staff need to be trained

The software and hardware can become out of date relatively quickly

Spreadsheets

Advantages

Disadvantages

Multiple Select

Choose the correct statements about Banking Apps:

• Online banking allows businesses to make payments quickly

• Business can have online access to accounts

• Easy to use due to formulae

• Payments can only be made within a specific regional area

• Forgetting the password could lock you out of the app for a period of time

Multiple Choice

Emails can be used in Finance to:

• let the marketing department know what their budget will be this year

• let customers know that there is a promotion on

• contact suppliers to order inventory

• to attach a job description and person spec to an applicant

Multiple Choice

Word processing can be used in the Finance department to:

• create a job advert

• to create a list of local suppliers

• to make a promotional flyer

• to create a report to include an income statement

Multiple Choice

Databases can be used in the Finance department to:

• keep a record of potential job applicants

• keep a record of inventory held

• create a report of payment outstanding to suppliers

• keep a record of customer's email addresses

Reorder

Reorder the following

• Powerpoint is used to integrate with a

• spreadsheet to display charts and

• information on the financial position

• of the business when

• speaking to management

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Reorder

Reorder the following

• Internet could be used to

• gain information on

• potential customers before

• deciding on

• appropriate credit terms

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Multiple Choice

EPOS stands for...

• Electronic Point of Service
• Effective Point of Sale
• Electronic Point of Sale
• Economic Point of Sale

Exam Style Questions

Multiple Choice

Justify the use of spreadsheets in the Finance department. (1 mark)

• The Finance department would use spreadsheets because calculations can be carried out automatically using formulae. 

• The Finance department would use spreadsheets because it is easy to keep a record of suppliers accounts and what they owe.

• The Finance department would use spreadsheets because staff need to be trained to use the package effectively and this involve additional costs.

• • Graphs and charts are easier to read and interpret than lots of figures​.

• It can be costly to purchase the hardware and software required.

Multiple Choice

Describe advantages of using spreadsheet software.

• Formulae can be used to calculate information 

  which allows for automatic calculation if anything changes.

• One advantage is that the software and hardware can become out of date relatively quickly and may have to be updated.

• Graphs/Charts can be created to display information 

  which makes it more difficult for comparison of complex financial information 

• All transactions can be viewed giving a more complete view of the current state of the organisation’s finances, therefore this helps with budgeting

• Spreadsheet records can be searched and sorted quickly which means critical information can be found quicker.  ​The reports can be stored and referred back to at a later date.​

Open Ended

Describe the ways that other software can be used in the finance department. (2 marks) 

DO NOT USE SPREADHSHEETS

Describe the ways that other software can be used in the finance department. (2 marks) 

• Word Processing – to create documents informing departments of their annual budget figure Word Processing – to compile the Shareholders’ Annual Financial Report  

• Database – to keep records of suppliers’ accounts due and/or debtors’ accounts owed Database – to create reports of overdue accounts  

• PowerPoint – to display financial information at the shareholders meeting  

• Internet/website/online…