ICT in Finance

• Online Banking:

  • Online banking can be used to transfer balances from accounts without visiting a bank branch.
  • Secure login reduces the chance of theft.
  • Payments and transfers are often instant online.
  • Banking becomes portable by using the Smartphone app.
  • Available 24/7.
• Sage Software can be purchased to help complete an organisation's accounting, payroll and payment schemes.
• BACS payments is an electronic system used to make payments directly from one bank account to another.
• E-mail can be used to email invoices to customers.
• Spreadsheets allow formulae fr calculations when preparing accounts.

  • A graph can be automatically created to compare figures on a spreadsheet.
  • Workbooks can be password protected to secure financial information.
  • Formulae calculations are carried out instantly and accurately.
  • Can use templates for financial statements.
• Databases can be used to store/search through purchases or financial records.
• Presentation Software can be used to support meetings by the Finance department to display information to more than one person.
• Internet can be used to complete self-assessment or tax forms online.
• EFTOPS - (Electronic Funds Transfer at Point of Sale) this is making payments for goods using a debit or credit card, contactless pay or Apple Pay.