The Changing Interaction of Finance, Information, and Technology

Introduction

This paper gives an introduction to the need and impact of information technology in the field of finance. Subsequently, we describe the current situation and relationship between finance and information technology both in the United States, as in other Latin American countries. We analyze the impact it has had the new Sarbanes-Oxley in the use of information technology in the area of finance (Anand, pp 100 - 118). In the third section of this article describes recent examples and practices of companies worldwide that have been used with success the systems financial technology to perform their duties day and for competitive advantage by using these systems (Alessandrini, Fratianni & Zazzaro, pp 98 - 108). Information technology is also used by public bodies such as International Exchange Securities. The financial aspects of the area in which this article focuses are: budgeting and planning, analysis financial financial closing of the month, treasury, management of inventory, credit and collections and accounts payable. At the end of this article presents a conclusion of the benefits and value added of using information technology in the area of finance (Seese, Schlottmann & Weinhardt, pp 670 - 675).

Discussion

The need for timely and accurate information has been greater than in the past. These executives may have up to 20 years in prison if you have financial statements that do not conform to reality (Alessandrini, Fratianni & Zazzaro, pp 98 - 108). It is worth mentioning that the information technology plans must always be aligned with the business strategy of the company. For example, one of the objectives of the Strategic Directorate General for Informatics of the Ministry of Finance Government of the Federal District is "to design, develop and implement medium-term oriented System Transparent Collection and Financial Management Online (SORTAF).

Companies today need to manage risks, ensure that controls are working properly and monitor the integrity of transactions. This monitoring needs to be constant and the only way is through technology (Pour, pp 870 - 891).

As the audits to detect fraud in financial statements are the order of the day, companies spend large amounts on solutions technology. Previously, the auditors only took a sample of data to check that financial transactions were correct. Now, with the use of this financial software detection fraud can easily check the transactions using a sample of 100% (Seese, Schlottmann & Weinhardt, pp 670 - 675).

Currently, there is a number of software focused on the area of finance. In the department of treasury, the comptroller of the great complexity companies face in office to do their jobs in a global environment and real time. Treasurers need fresh ideas for managing your funds, investment decisions and cash management. Some of the data used in the system are price per transaction cost of the line of credit and returns on existing investments (Alessandrini, Fratianni & Zazzaro, pp 98 - 108).

In the area of administration of inventories, which is a very important area in the field of finance, there ...