Spreadsheets - Formulae can be used to automatically calculate figures such as Gross Profit and Profit for the Year, reducing the risk of human error., BACS Payments - A system which facilitates payments between banks, and can be used to set up regular payments to suppliers and staff, ensuring they are paid on a certain day each month. , Internet Banking - Used to easily check a businesses finances on a daily basis without having to go into a bank. Can also be used to transfer cash between accounts and apply for loans. , EFTPOS - Used to collect funds from customers. Reduces the risks of cheques bouncing as funds are checked at point of sale before transferring. , SAGE/Accounting software - A way for businesses to effectively manage their finances as all information on sales, revenue, suppliers, expenses and other costs is held together. Templates can be set up which allows for budgets, financial statements and reports to be automatically produced. ,

Use of Technology in the Finance Department



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