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Week 6

TermDefinition
Advantages of technology Increased speed and volume for processing Minimal errors Generation of specific documents and reports
Disadvantages of technology Vulnerability
Small business Business with less than 20 employees
Common software MYOB, Xero, Quickbooks
Designer software for large businesses SAP, Oracle, Microsoft
AI Seeks to teach computers how to think, learn from past behavior and use information to solve problems
Natural learning processing (NLP) Uses software to analyze text data which is essential for accounting as a huge amount of information is presented in written text
Robotic process automation (RPA) Ability to automate the repetitive and predictable activities of a business using bots
Blockchain Distributed database where data is spread across many different computers, and changes are confirmed by multiple members of the system and being stored forever
Advantages of blockchain External auditors not required for third party authentication
Created by: tacoloco135
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