Managing Financial Resources in Silloth Nursing and Residential Care Home

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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