Manage Financial Resources Research
Added on 2020-07-23
11 Pages3325 Words30 Views
MANAGING FINRESOURCES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Principles of costing..............................................................................................................11.2 To manage financial resources .............................................................................................21.3 Regulatory requirement of financial resources.....................................................................21.4 Evaluate various system to manage financial resources.......................................................2TASK 2............................................................................................................................................32.1 Diverse source of income available in health and social care...............................................32.2 Factors that may influence availability of financial resources..............................................32.3 Different type of budget expenditures...................................................................................42.4 Evaluate different approaches used at different level...........................................................4TASK 3............................................................................................................................................53.1 How financial shortfalls can managed..................................................................................53.2 What steps would be taken....................................................................................................53.3 Budgets Monitoring in health and social care.......................................................................5TASK 4............................................................................................................................................64.1 Information require to make financial decisions...................................................................64.2 Relationship between health care and expenditure...............................................................64.3 Impact of finance on individual health and social care.........................................................74.4 suggestion to improve health and social care services..........................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONThe project is all about managing financial resources related to health and social care. Itcontains essay on financial management of Silloth Nursing and residential care home which isindependent regulator in England (Adams, Litan and Pomerleano, 2010). They are responsiblefor providing safe,effective and high quality care to its patients. They also monitor and regulateservices to meet fundamental quality standards and safety to the people. Under his variousprinciple of costing are being used to explain organisation financial resources. We have also identified different sources of financial available to the home care. Byusing appropriate budget we have tried to review other approaches that help to promote effectiveteam at silloth nursing and Residential home. On the basis of the overall study about financialaspects of health care we have identified various evaluation and suggestion to overcome variousissues. All reports are prepared with proper collection of information about managing financialresource.TASK 11.1 Principles of costingAnalysis of present condition against budget and forecasting , classification and coding,job costing ,contracting costing, actual cost see to it and appointment. Costing may be describeas terminology the methods and process of ascertaining cost (Aras, Aybars and Kutlu, 2010) .The principle of costing are : Stakeholder involvement : It is the process through which an organisation introduce people whomight be affected by the decision it makes or can be causing the execution of decision making.Materiality : It is an accounting related with significance of transactions,balances and errorsthose are exist in financial operations.Consistency : For continuous techniques may require in organisation that can benefit them inmanaging their resources.Data accuracy : It is mostly depend on the quality of input data you are using in your costingapproaches .Transparency : Transactions must be transparent and accountable by the company in managingthere financial statements.1
1.2 To manage financial resources We have understand important role of planning in management of Health and Social carebudget as by monitoring budget expenditure. Such type of transparent and correct accountingdata , risk department,short and long term forecasts and auditing system are categorised asimportant part of financial resources (Conway, 2013). The main objective of financial resourcesare based on principles involve in the management. Aim of financial managers with anunderstanding of various methods and techniques of accounting system that may coordinatemore accurately with understanding financial reports of company that are related to health andsocial care. The support should be provided by the government to those organisation who are notable to get survive because of lack financial assistance to them . The external and internalsources of finance must be kept in mind while planning preparing health and social standard forthe people. Information must be needed in business to estimate costs, people income and externalinfluences.1.3 Regulatory requirement of financial resourcesAs per the health and social care is concern we have to identified various sources offinance that are available with the organisation to manage their daily business operations. Legalregulation and practices ,audit ,accountability , various polices of government that are related tomanaging finance all are basic requirements (Epstein and Buhovac, 2014). There are certainother requirement like:System : Source of income they are getting financial assistance, idea about how budget has beenset and most important thing is administration of budget controlled. Audit information : Itinclude business cost that are required while introducing plan for initial stages. It is also based onpeople,equipment , availability of funds for business, building construction of health purpose andconsumable products used by the organisation for maintaining social standard. Income streams :is associated with income of people that are used under the healthcare. And legal and externaltrends involve in managing sources of the organisation. 1.4 Evaluate various system to manage financial resourcesUnder the this section we have targeted to evaluate various system that are involve inmanaging financial resources of health and social care. It assume that resources are acquire andused effectively in fulfilment of organisation goals. However, it focused on program andresponsibility point and it is a total encompasses of all aspects of organisations operations and2
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