Financial Control and Budgeting - Assignment

   

Added on  2020-12-30

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Financial Controland Budgeting
Financial Control and Budgeting - Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a) Challenges faced by NHS and the recent developments....................................................1b) The Usefulness of alternative funding options...................................................................2c) Identification of the key stakeholders within the social care sector and ways ofcommunication.......................................................................................................................3TASK 2............................................................................................................................................4a) Break Even capacity usage rate of ABC care home ltd.....................................................4b) Calculation of the Targeted profit at 90% and 95% of the total usage capacity................5c) Uses of Break Even analysis in short term and long term decision making......................5TASK 3............................................................................................................................................6A. Advantages and disadvantages of different budgeting approaches...................................6B. Discussion of particular difficulties encountered when budgeting in public sectororganisation............................................................................................................................7C. Preparation of cash budget for a health and social care organisation................................8D. Awareness on the impact of financial constraints, costs and budget on health and socialcare service managers, their clients and stakeholders............................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONFinancial controlling and budgeting plays an important role in the preparation of thefinancial accounts (Lins, Volpin and Wagner, 2013.). It also helps the company to measure itsefficiency and strengths and see the inflows and outflows from the company. Budgeting givesthe earlier report which helps the managers to take necessary decisions to overcome thoseproblems due to which it was not able to achieve its target. Financial controls help the managersto control the expenses to maximize their profit. These reports help the mangers to makemeaning full decisions for the company. Financial control gives the total control of the incomeand expenses of the company. Budget reports helps the mangers to see the growth and take makenecessary decisions for the continuous growth of the company. To understand the importance of financial control and budgeting this report contains a casestudy on UK National Health Service which states the importance of financial control andbudgeting in decision making. This case study highlights the certain questions which help us tounderstand the problems faced by the National Health Service on their 70th anniversary and howthey resolved it with the help of financial controlling and budgeting.TASK 1a) Challenges faced by NHS and the recent developments.NHS is UK based health service which helps the people around the country to get themedical treatment at reasonably low prices (Piercy, 2014). The problem faced by the NationalHealth Services is to properly manage the funds raised by the ministers to settle the additional20bn per year for the development of the National Health Service by the year 2023. The biggestproblem is to properly utilize this huge amount of fund to the right place in the development ofthe health care given to the people using the UK National Health Service. Financial control helpsthe mangers of the National Health Service to find the proper way to utilize these funds. In thepast 20 years the health numbers are fallen according the data given in the case study 10385 lesspeople died due to the heart attack, the number of people dying from the strokes haven fallen by8390 persons a year and the people dying from cancer has fallen by 634 people. The overallproductivity growth in the treatment of people dying from certain disease is averaged at 1.4% ayear recorded during the last five years.1
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