logo

Managing Financial Resources in HSC Assignment

   

Added on  2020-06-03

14 Pages4914 Words76 Views
Managing financial resourcesin HSC

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1: Principal of costing and business control system ..........................................................11.3: Regulatory requirements for financial resources.............................................................21.2: Identification of information needed to manage sources................................................21.4: Evaluating managing financial resources........................................................................3TASK 2............................................................................................................................................32.1: various sources of income...............................................................................................32.2: Factors that influence the availability of financial resources..........................................42.3: Different types of budget expenses.................................................................................42.4: Evaluation of approaches which is used in level of development...................................5TASK 3............................................................................................................................................53.1 Management of financial shortfalls..................................................................................53.2: Activities to be taken in event of suspected fraud ..........................................................63.3: Monitoring budget...........................................................................................................7TASK 4............................................................................................................................................84.1: Information required to make financial decision............................................................84.2: Analysis of relationship among service delivery ...........................................................94.3: Analysis about financial consideration as affected by service users...............................94.4: Recommendation to improve care service ...................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONIn business, it is essential that funds shall be managed in an appropriate manner as thenonly, it is possible that success can be achieved. For this, cash shall be kept as most of the day today expenses are made in terms of cash only (Ding, 2010). In health and social care, variousexpenditures are made on equipment and staff as they are to be trained properly so that propertreatment is made. For this, it is required that understanding shall be gained in relation to allaspects which are included in this sector which can be done with the help of report presentedbelow.TASK 11.1: Principal of costing and business control system Principle of costing: Costing can helps the managers to determine total amount ofresources available at their disposal. There are various types of cost which is associated withhealth-care are variable, semi variable, direct or indirect costs. There are six principle which areused are as follows:Consistency Data accuracyStakeholders engagementMaterialityCausality ObjectivityResources shall be maintained in proper manner and for this various systems can be used.It is needed that principles that are related to cost shall be taken in consideration. All the costwhich are made are for some or other cause so it is important to identify it and then it shall becharged to that purpose only (Goldman, 2010). In addition to this, some expenses are such whichare not related to any product and are known as abnormal cost such as fire or theft and there is noneed to include them or charge them with the product. The addition which is made to cost forvarious expenses shall be done only when it is incurred and not before it. In order to determinethe correct cost all these principles shall be kept in mind and also any amount which wasincurred in past shall not be added while calculating price in future. 1

Business control system: It is known as system which is collected and uses information toanalyse the performance of health-care like physical condition, human actions and financialplanning. All these are related with the development of the organisation as a whole.1.3: Regulatory requirements for financial resourcesTo manage the funds various systems can be undertaken such as control shall beestablished so that all the operations can be monitored and for this budgets can be made bywhich cost will be controlled and also purchases and sales will be made in accordance with setstandards. For examining the whole framework, rules and regulations which are made bygovernment and other authorities shall be followed. There are various laws which specifiesprovisions to be followed by health and social care sector and so it is to be complied and anexample of it is preparation of accounts which is to be done by all. All other principles that areset in GAAP for accounting are to be incorporated so that financial management is madepossible (Financial management resources, 2017). In this matching principle, full disclosure andother factors are there which will be considered. There are various legal requirements that arerequired to be linked in order to manage financial resources ofSilloth Nursing and residentialcare Home are as follows: It is more helpful in order to determine internal as well as external auditing committeethat are regulated in proper manner.Lawful insurance of the company is required to done in effective manner so that tocontrol financial risk.1.2: Identification of information needed to manage sourcesIn order to do this and achieve the targets which are specified in this regard, there is needof relevant information that is to be collected. Firstly the cost which is incurred can be classifiedin various categories and it involves direct and indirect cost. In the health sectors there are manysuch services and product cost which are provided on per patient basis and for that the amountthat is charged is covered in this (Kabra, Ramesh and Arshinder, 2015). Some of the examples inthis in care home are the charges for bed or food which is provided to individual person. Anotheris indirect cost which is incurred in total and cannot be determined for an individual person butwill be apportioned in equal manner among all. These included expenses which are fixed such asrent, salaries and other common expenses. After all this is done then it is needed that all tools andsoftware which are used shall be evaluated. For management it is required that all work shall be2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Managing Financial Resources in Health and Care: Assignment
|19
|5717
|393

Managing Financial Resources in Business Assignment
|18
|6760
|395

Managing Financial Resources in Silloth Home Care
|14
|4437
|395

Managing Financial Resources | Report
|15
|5512
|33

Health and Social Care Services : Report
|13
|4336
|200

Managing Financial Resources in Health and Social Care
|15
|4205
|41