Managing Financial Resources in Silloth Nursing and Residential Care Home

This study focuses on the management of financial resources in Silloth Nursing and Residential Care Home. It discusses the costing and business control principles, identifies the required information for managing financial resources, explains the regulatory requirements, evaluates different systems, and analyzes budget expenses. It also discusses diverse sources of income, factors affecting financial resources, ways to make expense decisions, and ways to manage financial constraints and eliminate financial frauds. Finally, it evaluates budget monitoring arrangements and the information needed for making financial decisions.

MANAGING FINANCIAL
RESOURCES

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INTRODUCTION
In the firm there are several kinds of resources are available and among all those financial
resources having a key role and place at the workplace of every business entity. In addition to
this, it is highly necessary to administer all the financial resources in the better way along with
utilizing in optimum manner. The current study is based on the health and social care and due to
this Silloth Nursing and Residential Care Home is selected which operates in the UK's health and
social industry. The study presents about the various systems as well as processes which are used
by the Silloth in order to manage financial resources. In the second part planning aspect is to be
considered and analysed that how planning helpful for the company for managing the whole firm
as well as prepared the budgets in fruitful way. There are various kinds of expenses comes under
the firm and due to this how to monitor the budget expenditures is to be described at over here.
In the last part of the report there are several kind information which are helpful to take financial
decisions in Silloth care home are explained.
TASK 1
1.1 Explaining costing and business control principles
Break even point: The point which indicate the situation and condition of business entity such
as no loss as well as no profit and margin is called as BEP point. With the help of respective kind
of principle the management of Silloth care able to determine that how much amount of cost
incur within the firm and along with this sales and revenue is there up to which extent (Honan,
2016).
Competition analysis: By doing the analysis of competition in the industry of health and social
care the company able to control over the firm for make it more and highly profitable. By this the
management of Silloth can know that which are the conditions there in the market and in
accordance to that decisions for making costs and expenses along with the pricing for the
services delivered by it are taken in fruitful manner.
Financial data: Other one of the best principle of the respective things is financial information
which helps to the company for determine that for making as well as producing the services of
health care there are how much cost incurred (Bates and et.al., 2014). Apart from this, if Silloth
found that cost incur at the higher, then frame strategies for overcoming problems along with
control the business in profitable way.
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1.2 Identifying required informations at the time of managing the financial resources
When the health care home such as Silloth going to manage as well as administer the
resources on which discussion is done at here then several numbers of information are required
and needed up to the greater extent. Finance as well as competition level are must identify and
taken into account by the firm when it takes decisions to raise the capital at the working
environment. In order to this, legal conditions and regulations are also one of the best and highly
significant for the firm because it provides a proper framework (Borkowski, 2015). Cost is one
of highly important along with the sensitive factor of the Silloth and when there is such aspect is
higher, then firm needs to take care because by this overall performance and reputation in the
industry comes down. Moreover, if there are number of competitors are high and in this case the
firm required to know that which are factors are responsible for the situation. Hence, such all the
informations as well as elements must known by Silloth for administer the respective roots.
1.3 Explaining regulatory requirements to administer financial resources
In every business entity regulatory frameworks as well as legal aspects playing a key role
and these are necessary to adopt and execute at the working environment. In case of handle the
financial resources then Silloth home care highly require to know about the legal laws and
legislations where important kind of rules are framed by the authorised party. Apart from this,
auditing is one of the high as well as key concept for the every firm no matter that it operates in
health and social care or any other segment (Flynn, 2012) By taking consideration to the audit
process management able to assess that financial transactions are whether properly and
effectually transacted as well as recorded in the books of account or not. In this regard, there are
different number of financial data are must require which helps to know that Silloth performing
in positive way or adverse manner. If the management of chosen home care not consider
regulatory things and laws then cannot handle and utilise the financial resources in profitable
ways.
1.4 Evaluation of different systems
At the working environment for manage different number of financial resources then
variety of systems are necessary to adopt in Silloth home care. Key and basic system is like as
budget statement by which the management of business entity determine and assess that how
much number of amount will be require in the forthcoming fiscal period. When Silloth enterprise
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know the future values of the firm then can make the strategies which helps to utilise available
resources along with taking financing decisions (Francesca and et.al., 2011). In this regard, if
firm founds that there are more amounts will be require in terms of expenditures then make
decisions and find resources for generate income. By considering the level of sales as well as
turnover system Silloth assess that up to which extent it will perform within the segment of
health and social care. In case the firm not taken into account variety of systems as well as
approaches then Silloth home care will not capable to use and handle the financial resources.
TASK 2
2.1 Discussing diverse source of income for Silloth Home care
In the chosen and selected industry when the Silloth operate then it has motive to earn
income along with maximising the profit. There are different kinds of sources and ways of
income which are diverse are discussed as below:
 Public sources: Such type of source is highly and mostly adopted by the firm in which
government helps and provides amount or sum of money to Silloth home care. In this,
taxation which is taken by government from the public as well as amount generated form
national health insurance firm is considered one kind of income within the workplace of
Silloth home care (Frisse and et.al., 2012).
 Private sources: In this health insurance firms as well as institutions provide amount
which are taken by the customers is provided to respective firm. Apart from this, key as
well as statutory kind of private income is insurance amount. There are such kinds of
sources take amount from the people as well as society.
 Services: Apart from this, one of the best and always available income source is such as
providing and delivering services to the customers. The charges as well as amount of
service delivering taken from the consumers and patients are the income for Silloth.
Proportion of the amount and level of income is lower in this case as compare to public
sources (Hafner and Shiffman, 2013).
 Investment: The sum of profit which is invested in various number of avenues give
return to the Silloth home care which turns and consider as income. Hence, the amount
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which is invested provide return and it countable as well as seen as income of the
respective home care.
2.2 Factors affecting financial resources
In the company when there are various financial resources are available then several
elements impact upon it up to higher extent. Among them some factors are described as below:
 Priority given to particular project: Very initial factor which affect to such resources is
regarding the priority. When at the workplace of Silloth home care two or more number
of projects is there and between them if any particular as well as specific kind of project
must undertake then big amount diversify towards that. Due to this factor available
money affected and total capital reduces from the workplace (Harrison, 2013).
 Funding by private: Other factor due to which the capital of company influence is like
as fund which provided as well as raised using the private entities as well as trustees.
Because of such reason level of capital as well as fund raise and improve in the Silloth
home care which is not an adverse situation.
 Funding by government: The government of country allow to the home cares in terms
of giving sum of money for various purposes and due to this financial resources enhance
in the Sollith nursing and residential home care (Kakuma and et.al., 2011).
2.3 Analysing several budget expenses in Silloth Home care
In the company different numbers of expenditures are to be made for that several things are
to be analysed as well as evaluated by the managers. By adopting as well as considering the
project management techniques and tools the Silloth home care determine that how much
amount will be need for the particular product or health care service. In this context it shows that
at which activity or phase how amount and sum of money require for the Silloth. In context to
thus, there are outsourcing is also the key aspect under which specialised of the budgeting
section as well as different business problems are hire from the external party. Behind this the
hired and recruited external party charge sum of money as well as salary for at higher level due
to having deep and special knowledge of the specific aspect or disease etc (Ku and et.al., 2011).
In addition to this, after taking analysis about responsibility centre such as cost and expenses the
budget is evaluated in the appropriate direction and profitable way.
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2.4 Evaluating ways for making expense decisions
While making the judgment for doing expenses in the Silloth home care then different types
of things are highly evaluated which are always associate with the internal business process. in
this context main concern of very firm behind making expense is that it will be whether
profitable or not and if it beneficial then up to which level. The company found that there are
more and greater scope then in this case make the expense in higher way. When talking about the
customer’s perspective then at the time of making investment it has been clearly analysed that
level of satisfaction of individuals and patients will be improve or reduce as well as up to the
which kind of level (McColl-Kennedy and et.al., 2012).
TASK 3
3.1 Ways for managing financial constraints from the workplace
For manage business entity in terms of financial and eliminate those problems which are
come under the firm regarding financials there are different methods utilised by the Silloth home
care. The management very first needs to analyse about the expenses which are made in the
entity. By this, it has been assessed that which are the causes by which the firm facing problems
of cost increasing. Other best strategy is to provide higher quality of treatment along with cheap
prices lead to improve as well as attract higher number of patients for taking treatment from
Silloth (McHugh and et.al., 2011). By this technique total amount of the revenue and sales will
enhance at the higher level. Further, when the sales improve along with cost reduction then
various number of financial problems resolve in easy way.
3.2 Actions which are helpful to eliminate financial frauds
At the time of suspecting malpractices and frauds at the workplace in terms of financials
then there are to take actions against it is the highly compulsory. In this case, managers of Silloth
home care requires to aware the employees and workers about the fraud and provide depth
information to them along with its affects and influences on firm. Apart from this, to analyse the
financial transaction within specific period of time also lead to reduce such kind of frauds
(Singer and et.al., 2011). Moreover, the Silloth home care must require to adopt and execute the
auditing process for check out the financial accounts and statements.
3.3 Evaluating budget monitoring arrangements in Silloth home care
In the financial department there are numbers of aspects available and plays key role and
among these all budget is the highly important factor due to delivering the future financial
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performance to the Silloth home care. Among this time factor is also one of the significant factor
which is needs to take care while arranging the budget. The reason is that budgeting process
takes ling time and in opposite to that provide information for the short term. Apart from this,
due to having integral place of costing at the workplace it is requires to analyse as well as
evaluate that up to which level amount of the expenses are incurred. If the firm Silloth home care
analyse that because of increasing expenses consistently financial performance goes week then at
the time of arranging and monitoring budget appropriate actions are taken (Stenberg and et.al.,
2014). Furthermore, to handle as well as analyse about the cash flow is also highly requires for
Silloth home care because it helps to improve the business performance in the segment of health
and social care.
TASK 4
4.1 Information needed for making the decisions related financials
At the time within workplace for making decisions about the financial aspects such as
expenses and etc. different types of information must require and necessary for Silloth home
care. One of the most things which must analyse and know is that level and extent of chosen
health care entity in terms of generating the profit. Moreover, different parties such as internal
and external also require and analyse information where common and basic data needs to assess
is regarding the profitability and liquidity position of Silloth home care. When the internal
parties like as doctors, nurses, physicians, druggist, nutritionists, pharmacists, physiotherapist
etc. then looks towards firm in form of profit because higher the financial performance lead to
provide more salary and wages (Yip and et.al., 2012). In this regards, external parties like
stockholders, patients, users etc. also come in the firm if it give higher return and better quality
of service at the cheap price respectively. These kinds of things are possible when the
management of Silloth home care generate more amounts of sales along with the higher level of
profitability ratio within the overall industry.
4.2 Relationship among service, costs as well as expenses in health and social care
In generally, when any particular company make higher amount of the expenses within
firm then generate return in different forms like as sales, improving quality etc. By making more
expenses as well as costs the company able to produce and provide more number of services
along with using updated and innovative techniques, treatments and instruments. Apart from
such things, Soillth home care organise the campaigns by which it able to aware to the local
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community of the greater level regarding diseases and initiatives which can be taken (Peirson
and et.al., 2014). Moreover, due to making expenditures behind the potential and new employees
in terms of giving motivation, arranging training and development programs, providing
allowances etc. level of services can be enhance. The reason is that employees become more
skilled and highly talented and along with this interest of them to deliver the fruitful treatments
and health care services will improve. It can be said and analysed that at the workplace of Silloth
home care there are positive as well as direct relation between such both aspects like as services
or product and expenses.
4.3 Evaluating financial considerations which affect to the individuals
When the company of health and social care taken into consideration to make the financial
expenses then it impacts on the patients as well as individuals in different ways. Further, main
concern after making investment of firm are two which are like as improve product range as well
as quality. Moreover, influences on the individuals is given as below:
Access of nursing and residential care services: After using the more number of financial
resources the Silloth home care highly capable to manufacture and produce better range of health
care services (Rampini, Sufi and Viswanathan, 2014). Along with this, it will be capable for
purchasing highly better kind of medical instruments which affects to the individuals and
patients in the positive and favourable manner.
Quality of nursing and residential care services: By considering the higher financial resources in
the company management of Silloth can make the higher quality of services which are like as
nursing as well as residential. When there are such kinds of the services provided and delivered
along with the higher quality with the low selling prices then local community and patients wants
to take treatment from Silloth home care only. Hence, financial consideration which are taken in
the Silloth care firm affctes to the individuals in favourable manner.
4.4 Suggestions for improving health as well as social care services
For improving the nursing as well as residential services delivered by the Silloth home care
there are more amount of financial resources are required. Due to this, at very initial the
management needs to reduce and control to the production and non production expenses in better
way (Rossi, 2014). Further, after giving the effectual kind of training programs to the employee
they will be capable to give fruitful treatment to the patients by which services improve up to the
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greater level. Along with this, the Silloth home care should start to provide medical and health
insurance services also which lead to attract the wide range of patients and consumers.
CONCLUSION
It can be articulated from the current report of managing financial resources that such kind
of resources are highly and required to manage along with utilising in the optimum ways. If the
Silloth home care not capable to manage and handle the financial resource properly then cannot
improve the business performance in the health and social care segment. There are several
methods and techniques are provided for eliminate the financial frauds as well as shortfalls in the
present analysis. It can be concluded that budget is the key and significant aspect of the Silloth
home care by which it able to take better decisions for financial considerations and improve the
reliability of individuals towards it.
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