ICT in Finance :: ICT Essays

Credit Control==============Credit control is a database and it tells the ships company when wagess take to be made. By implementing a credit control map manualBoots ar enforcing the companys individual characteristics. They argonshowing they founder off attention and company values that pull up stakes inform theircustomers that they shit presence, confidence, diligence, and thatthey are prepared. Companies that have these values are less likely tosuffer from late payment or bad debt (aged debts). Controlling theircompanys credit, when they no longer control their debtors the make upof financing their companys cash flow is at the mercy of those very homogeneous debtors. Boots need this because it tells them when their debtsneed to be made so they drug abuse compact 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 will beneeded in the season because they wi ll non debauch 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 raises 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 nitty-gritty that you washbasin now pay the creditors directly into their own bank accounts. progressively suppliers are receiving payment directly into their Bank Account via BACS, the automated clearing system. This means that cleared funds are available on the twenty-four hours 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 causation the company to go into debt with the creditors.