Financial Information

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How can a company use information technology to make its company financial plans?
Information technology offers a great depth of knowledge to many companies when making financial plans. Information system helps businesses to gather and share information which is vital in financial planning of any kind of business enterprise, for instance customer’s preferences, and business environment. That’s why is recommendable to have in depth knowledge of your business so as to make of the right kind system that will improve your business, without being a burden to the entire organization. One of the major applications of IT and computers in business is keeping and managing financial records. Majority of large and smaller companies have installed programs in their computers that are capable of keeping, sharing and maintaining their employee’s records in large database, for instance a workers clocks in at Exxon Mobile facility in Baton Rouge, and his time is transmitted to the payroll at the headquarters in West Virginia The IT plays a big role as the information is disseminated from different subsidiary to the corporate headquarters and can be used to plan on how much resource, wages and salaries to plan for each an individual subsidiary. Similar programs and databases are used in such business planning such as supply chain, by tracking when goods were shipped out, to the expected arrival date of the goods to the end users. The same programs can also track down the payments made and when is supposed to be received. In fact, it has become a formality in the 21st century as many companies transform themselves to the new era of technology advancements; in order to remain competitive and be able to carry on business smoothly they need computers and information technology. This transformation has been seen in many businesses be either small or large, where they have replaced what a used to be a cash register with a point-of-sale (POS) terminals, for instance at Chick-A-Fil. These

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