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Managing Financial Resources in Health & Social Care - Assignment

   

Added on  2020-12-18

11 Pages3065 Words377 Views
FinanceLeadership Management
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Managing FinancialResources in Health andSocial Care
Managing Financial Resources in Health & Social Care - Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 The principles of costing and business control systems........................................................11.2 Information needed to manage financial resources...............................................................21.3 The regulatory requirements for managing financial resources............................................21.4 Evaluation of systems for managing financial resources in health and social care...............32.1 Diverse sources from where income may be encountered ....................................................42.2 Factors which influences the availability of financial resources...........................................52.3 Different types of budget expenditures..................................................................................52.4 Decisions about expenditures are made.................................................................................6CONCLUSION ...............................................................................................................................7REFERENCES................................................................................................................................8
Managing Financial Resources in Health & Social Care - Assignment_2

Managing Financial Resources in Health & Social Care - Assignment_3

INTRODUCTIONFinancial resources includes all financial funds available with the companies. Money heldwith firms to operate the daily activities, liquid securities and managing credit limits (Braveman,2016). Proper management of available financial resources is very important for attaining theefficiency along with effectiveness. For understanding the management of financial resources inheath and social care, NHS England is selected. The selected organisation was founded in 2013and performs its operations under Department of Health and Social Care having head quarters atLeeds, UK. The report includes principles of costing and business control systems, informationneeded to manage financial resources, regulatory requirements for managing financial resourcesalong with evaluation of various systems used for managing financial resources. In addition, thediverse sources if income that may be encountered, the factors which may influence theavailability of financial resources in health and social care, different types of budgetexpenditures, decisions about expenditure are made within a health and social care organisation.TASK 11.1 The principles of costing and business control systemsCosting: It is a technique which helps in assigning various costs involved in theproduction a product or service. It plays a crucial function to identify the associated costs todistinct elements in health and social care for catering their services. For developing the effectivecosting systems, NHS England follows such principles:Principle of data accuracy: the principle says that all the data must be recorded on time and inaccurate manner to improve the confidence of keeping records (Finkler, Smith and Calabrese,2018 ). The managers of selected firm ensures that data is accurately recorded and used toimprove the costing system to maintain the consistency.Principles of transparency: the principle states that all the operations performed must betransparent, clear and easy to understand to others. The performers of the firm provide clear andopen information of the costs associated in providing distinct services.Business control system:It includes the principles, plans as well as policies used totrack and monitor the organisational resources performances to achieve the objectives. Variousbusiness control systems adopted by the respective company are the following:1
Managing Financial Resources in Health & Social Care - Assignment_4

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