Managing Finance in Health and social care: Assignment
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Added on 2019-12-03
Managing Finance in Health and social care: Assignment
Added on 2019-12-03
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Principles of costing and business control system...........................................................11.2 Information needed to manage financial resources..........................................................21.3 Regulatory requirement for managing financial resources..............................................31.4 Evaluation for managing financial resources in HSC......................................................4TASK 2............................................................................................................................................42.1 Diverse Sources of Income...............................................................................................42.2 Factors influencing the availability of finance.................................................................52.3 Review of the project budgets..........................................................................................52.4 Evaluation of decisions on expenditure on project...........................................................6TASK 3............................................................................................................................................6AC 3.1 managing the budget shortfalls..................................................................................6AC 3.2 Actions to be taken in the event of suspected fraud...................................................7AC 3.3 budget monitoring arrangements...............................................................................7TASK 4............................................................................................................................................8AC 4.1 information required to make financial decision.......................................................8AC 4.2 Health and social care service delivered, cost and expenditures...............................8AC 4.3 Impact of financial consideration upon an individual................................................9AC 4.4 Suggest ways to improve the social and health care services....................................9CONCLUSION..............................................................................................................................10REFERENCES................................................................................................................................1
INTRODUCTION In the present scenario, finance is the essential aspect that helps the different businessentities to grow and develop in a systematic manner with the proper management of finance. Inorder to be strong while carrying out the operations the business entity needs to have ampleamount of finance. Finance refers the funds that are obtained to carry out the different functions.After the funds are obtained it is necessary to manage it in order to acquire the resources that areessential for development. This report discuss about managing the finance in order to handle thedifferent issues that are faced in Health and social care.TASK 11.1 Principles of costing and business control systemAs the major issue that is faced by the Bridge Project is the mental health problem relatedof the young people. It needed to be analyzed in a proper manner to effective manage theresources in order to deal with it in an appropriate manner. The employees need to effectivelytrain to handle the mental problem. Cost centre: There is different kind of cost centres that contributes cost to the company.They are responsible for managing their cost not the revenues. It includes marketing department,human resource department, customer service department and research and developmentdepartment. Research and development cost centre at health and social care comply the researchabout the customer diseases that are increasing at higher the rates. It helps to diagnose theirhealth problems through providing required services. It also may yield innovations to thecompany. Further, marketing department includes marketing their products and services in orderto provide information to customers and aware them (Shi and Singh, 2014). However, humanresource department at HSC manage their employees and make policies for their personnel so asto improve their performance. Further, customer service department invest in public service so asto increase the number of customer. This in turn, helps to increase customer loyalty in a greatmanner. Cost control through Budget: Budget is an effective tool for managing the overall costto the company. It is because all the responsible cost centres are responsible for cutting theirexpenditures and generate unexpected revenues in order to increase the business performance.The budget is prepared here through all the estimated cash inflows and cash outflows.1
According to the presented cash budget sales department will be responsible to achievesales target. However, human resource department has to maintain the staff salaries at budgetedfigures. Research and development department maintain their expenses up to 10000. Further,marketing overhead of the business should not be more than 8000. Thus, it is clear than it helpsto establish an effective cost control mechanism. Further, in case of deviations between budgetedand actual values firm can take corrective actions so as to eliminate it. 1.2 Information needed to manage financial resourcesWhile preparing the budget plan the company is considering various factors whichdirectly affect the cost to the project and the efficient use of financial resources. The project isbased on estimated costs and financial resources used for the estimation, which is listed below.Types of CostFinancial ResourcesDirect cost: The cost that will directly affectthe project. For example labour salary, staffand employee salary, petrol exp. Forambulance, medicine expenditure, stafftraining expenditure etc.The budget is based on the resources of financelike ratio analysis, fund flow and cash flow,Profit and loss account, balance sheet, incomestatement etc. 2
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