Question

4. List the advantages of computerized financial planning models over “ pencil-and-paper” calculations?

Answer 1

Modern time is time of computerised financial planning over percil and papare calculations. in todays time where volume has grown so much pencil and paper calculations can not handle these. Below are the major advantages of computerised financial planning:

1	Calculation in Computerised software are accurate
2	Computerised financial model helps to process large data
3	It helps in processing and maintaining complex data
4	It make decision making fast. The reports and data can be extracted quickly at the click of buttons
5	Data can be access anywhere by multiple people through web based softwares.
6	Data can be veiw in different format, tables and graphs to have more visualise and interactive
7	Maintaing data compuperised is cost effective as well. Computerised financial systems provides various automated reports that helps in prepartation of various returs like GST, taxation which can be directly filed from software to Government departments portal
8	Data can be stored digitally in multiple back up files which helps in security, restoration plans in case natural calmities. In case of sudden disasters data can be restored quickly to start operations
9	Processing data computerised minimised the scope of manual and mathematical errors
10	Data can be stored for any number of years as there is no chance of destroying like in per -papers accounting due to wetting, lightening of ink etc
11	Compuerised accounting helps in completion of business cycle quickly in genration of purchase orders, purchases, generation of billing
12	Computerised financial helps in controlling the business process like inventory and Accounts receivable controls
13	In Modern time Computerised financials planning helps in being a well organised organisation