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ICT in Finance

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ICT in Finance Credit Control Credit control is a database and it tells the company when payments need to be made. By implementing a credit control procedure manual Boots are enforcing the company's individual characteristics. They are showing they have management and company values that will inform their customers that they have presence, confidence, diligence, and that they are prepared. Companies that have these values are less likely to suffer from late payment or bad debt (aged debts). Controlling their company's credit, when they no longer control their debtors the cost of financing their company's cash flow is at the mercy of those very same debtors. Boots need this because it tells them when their debts need to be made so they wont get into deeper debts. If they didn't use this method the company could go bankrupt in a few months. Forecasting Boots need to use forecasting when they seeing what products will be needed in the season because they will not buy furry body warmers for babies in the summer, these will be used in winter time this will make sure that boots do not lose any customers to other rivals Supplier Payments Supplier payments are payments that need to be paid to the company they bought their stock of. ...read more.


Boots would use this when they owe money to the suppliers because they have bought their food from them like the sweets the drink they sell. Boots needs this because when they pay the creditors by cheques they can get lost so the creditors will think that they haven't paid causing the company to go into debt with the creditors. Payroll Payroll is a special program to calculate the monthly payroll and it prints out payslips automatically. So Boots would use this at the end of the month when they want to pay their staff so the computer knows whether to send the money directly to the staff's bank, give the staff it in cash or give them it in a cheque. It is needed so there is no confusion on who gets what money and no one will need to add all the money out it is done for you automatically. Description of ICT system used in finance The hardware that is needed to perform the tasks above is monitors, keyboards, mouse's, random access memory, a processor, and cables (see previous pages). The software that boots use in finance is Microsoft Excel and Microsoft Word (see previous pages). ...read more.


So all the tasks on the computer that are to do with finance like payroll and budgeting you wouldn't be able to do. Cables need to be used in finance because the cables provide the electricity to the computer so without them the computers wouldn't work. So tasks on the computer that involve finance you wouldn't be able to do. Boots use Microsoft Word and Microsoft Excel as their software for finance because with Microsoft Excel they will use this to create spreadsheets for budgeting. You can also create graphs from your information very easily. Boots use Microsoft Word in finance because they will use this to create Word documents to send to the suppliers telling what they want and how much they want. The hardware and software above does do all the things needed to be done by that department as described in finance because if it didn't their finance would be in jeopardy because all the calculations would have to be done by hand so this would take lots of time so other operation wont get done. Supplier payments wont get paid and bankers automated clearing system wouldn't work properly so this could lead into a decrease in profit and eventually the company could go bankrupt. Scott Holden ...read more.

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