ICT in Finance :: ICT Essays

Credit Control==============Credit control is a database and it tells the bon ton when wagess neediness to be made. By implementing a credit control outgrowth manualBoots atomic number 18 enforcing the companys individual characteristics. They beshowing they keep back wariness and company values that provide inform theircustomers that they hold back presence, confidence, diligence, and thatthey atomic number 18 prepared. Companies that have these values are less likely tosuffer from late salaryment or bad debt (aged debts). Controlling theircompanys credit, when they no longer control their debtors the compriseof financing their companys cash flow is at the mercy of those very uniform debtors. Boots need this because it tells them when their debtsneed to be made so they routine sign into deeper debts. If they didnt usethis method the company could go bankrupt in a few months.ForecastingBoots need to use forecasting when they seeing what products lead beneeded in the se ason because they will not demoralize furry body warmers forbabies in the summer, these will be used in winter time this will makesure that boots do not lose any customers to other rivalsSupplier PaymentsSupplier payments are payments that need to be paid to the companythey bought their stock of. So if Boots needed to pay supplierpayments this would mean that whatever supplier Boots bought theirfood and drink of these are payments that are to be made to thesupplier. Boots set abouts sent an aged creditors report, this tells themthe aged debts, will show the Finance Department who the company owesmoney to. This helps boots because they wont get behind with payingmoney they own to different people, so they wont get into deeper debtand thats why Boots needs this type of method.BACS (bankers automated clarification system)BACS operator that you burn now pay the creditors directly into their own bank accounts. more and more suppliers are receiving payment directly into their Bank A ccount via BACS, the automated clearing system. This means that cleared funds are available on the daylight you are paid - unlike the time delay associated with cheques, there is no possibility of cheques getting lost or delayed in the post, you are saved the time and trouble of paying cheques into your bank account, accounting procedures are simplified and administrative costs reduced. 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 havent paid do the company to go into debt with the creditors.