Analysis of Managing Financial Resources
Added on -2020-07-22
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MANAGINGFINANCIALRESOURCES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Costing related principles and business control systems related principles.....................11.2 Managing financial resources and information required.................................................11.3 Managing financial resources and regulation...................................................................21.4 Financial resources management in a health or care and a system ................................2TASK 2............................................................................................................................................22.1 Health and social care and its income sources...............................................................22.2 Availability of financial resources and factors influence.................................................32.3 Budget expenditure and its types in health and social care organizations......................32.4 Decisions about expenditure within Silloth Nursing and Residential Care Home..........3TASK 3............................................................................................................................................43.1 Explanation about management of financial shortfalls ..................................................43.2 Event of suspected fraud and taking actions....................................................................43.3 Arrangements in a health or social care organization related to monitor budget............4TASK 4............................................................................................................................................54.1 Financial decisions of health and social care service and required information ...........54.2 Care service delivered, costs and expenditure and relationship among them.................54.3 Individual in health and social care service and impact of finance................................54.4 Improvement in health and social care service through changes...................................5CONCLUSION................................................................................................................................6REFERENCES ...............................................................................................................................7
INTRODUCTION Silloth Nursing and Residential Care Home is one of the best care homes of UnitedKingdom. As financial resources are essential for every profitable or non profitable businessorganization. Main elements which are considered in analyzing financial resources like costingand budgeting so that forecasting can be done for future plan to get better results (Altenburg and Pegels, 2012). In the following report different resources which are foundationof income in health and social care home will be discussed. There are many factors which plays arole of game changer in getting availability of economic sources for operating business in thelong term. Some expenditures related to budget are also evaluated or audited in social careorganization like the mentioned care home.TASK 11.1 The term costing includes system and belief for determining the cost of goods andservices. There are six principles of costing and business control system to evaluate cost andresources so that effective services can be delivered by Silloth Nursing and Residential CareHome. These principles include stakeholder engagement in which clinical staff, consultants,nursing staff ,shareholders and non finance staff (Ameen, 2011). They all should involve incosting process to control any type of waste of resources. Another principle is data accuracywhich includes perfect ratio of input and their consumption. All types of expenditure or figureslike number of patients, period of stay, length of stay are mentioned in general ledger and trialbalance. Some other principles are purchasing and expenditure,budgetary control system,personnel or staff control.1.2 Management of financial resources is done by analyzing some essential information. Thein formation is gained through balance sheet which is the final account containing assets andliabilities of Silloth Nursing and Residential Care Home. This statement can be monthly,quarterly and yearly. Another information can be attained by cash flow statement in which cashinflow and outflow is calculated on daily basis. It can be done for one financial year alsocontaining investment and transactions. Financial resource can be estimated through analyzingcash from buying or selling some equipment ,cash received from service users or patients rent,1
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