Financial Resources Management PDF
Added on 2021-04-17
11 Pages3336 Words73 Views
Finance
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Health careAssignment title: Task 1 – How systems are used to manage financial resources in HscScenario 1.i.Principles of costing and business control systemsCost is always linked to the cause and it si clear from the association that cost is directly linked to the case. The collection, as well as evaluation of the figure is done in tune to the relationship. Further, abnormal cost is chargeable in costing. The cost that happens due to abnormal activities such as fire, theft, etc is termed as abnormal cost. The normal cost that is linked to production or services is charged to the cost centers.The principle of business control system lies in the fact that the recruitment process enables the selection of the staff that is competent and employs that person only. This ensures that thebusiness is performed in an efficient manner.ii.Information needed to manage financial resourcesFinancial resources can be managed by having all the relevant details of the inflow and outflow of cash. This will shed light on the progress and the way in which the funds are treated. Further, an exposure to the overall operations of the company is needed to manage the financial resources because then only it can be ascertained the quantum of financial sources needed. The budget is an important element that helps in knowing where the funds are flowing. It is only through budget that the different department can be tamed in a proper manner. For, example if the figures are available then the financial resources can be managed in an effective manner.1.3 Computation of Annual Budgeted annual Expense for the year 2018ParticularsAmount ($)Amount ($)Expected Fees3,00,000 2
Health careMarketing Expenses - Fixed Advertising Expenses7,000 - Variable Advertising Expenses13,000 20,000 Financial Expenses - Interest Paid15,000 - Bank Charges3,00018,000Administration Expenses - Accounting Staff Cost90,000 - Stationary3,500 - Depreciation of Office Equipment7,500 - Depreciation of Motor Vehicle12,000 - Rent20,000 - Travelling Expenses18,000 - Work Cover1500 - Superannuation7,500 - Telecommunication10,000 1,70,000TOTAL EXPENSES 5,08,000iii.Regulatory requirementsIn the given case the company is required to adhere with Health and Social Act 2012. All thefinancial regulations of any health company are guided by this act. A company is required toabide by the accounting standards in order t mage its financial statements. Also it is necessaryfor the heath companies to abide by the quality standards so that no compromises with thegeneral population are made. Following the regulatory requirements helps the companiesprevent fine and penalties and also they help in cost savings and improved opportunities(Field & Brown, 2007).3
Health careiv.Evaluate systems for managing financial resourcesIn order to evaluate the systems for managing financial resources in a health care organisationit is important that the system meets with the expectations of both the company and thepeople requiring its services. The systems are regulated in such a manner that the resourcesare allocated among all the health centres so that they can be used wherever needed. It isimportant to take into consideration management policies also. Proper allocation leads to costreduction, which helps to provide better care to large group of people.M1. The alternative system that the health care can follow is that of the proper software andrecording that will help in management of financial resources. Once the entry is properlydone and recording happens in a correct manner, the resources will be automatically in thedesired manner. Hence, the use of technology and proper recording is the alternate systemM2. The number skills are an important consideration because the proper evaluation can bedone with the help of numbers. The number skills help in prediction together with theanalysis. Ratio computation can be done with the help of numbers that can shed light on theperformance of the health care. D1. Budget planning and information technology can be best described as the system for the evaluation of the financial resources. Budget planning is undoubtedly, the best system that will help in the proper evaluation by dealing with the numbers of the organization. The best system for assessment of financial resources is as follows. First is the investment management system that can allow an organization to maintain its portfolio, thereby facilitating in reflecting the number of risks surrounding the organization. Besides, the company can also introduce a central treasury department that can allow it to manage all its investments. The second method is funding management system that can be implemented in an organization so that it can gain access to several short-term and long-term sources of finance in order to maintain its requirements of liquidity position and investments. Therefore,a company can undertake such system within its framework to ensure interest cover and gearing ratios are maintained within required limits (Ferris et. al, 2010). The most suited system will be funding management system because it altogether covers the requirements of an investment management system and key ratios like gearing and interest cover can also be maintained, thereby enhancing organizational efficiency.4
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