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Managing Financial Resources in Health and Social Care Report

   

Added on  2020-07-23

10 Pages3354 Words34 Views
Managing Financial Resourcesin Health and Social Care
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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...............................................................11.3 Regulatory requirements for managing financial resources..................................................21.4 Measurement of system for managing financial resources in health or care organisation...22.1 Different sources of income that may be encountered in health and social care..................32.2 Factors which affect the availability of resources in health care organisation......................32.3 Review of various type of budget expenditure.....................................................................32.4 Evaluation of decision about expenditure made with in a health and social care sector......4TASK 2............................................................................................................................................43.1 How financial shortfalls can be managed.............................................................................43.2 Action to be take for suspected fraud....................................................................................53.3 Budget monitoring arrangements in a health or social care organisation.............................54.1 Information required to make financial decision..................................................................54.2 Relationship between health and social care service delivered, cost and expenditure.........64.3 Impact of financial consideration upon an individual using the health and social careservice.........................................................................................................................................64.4 Ways to improve the health and social care service with the changes to financial system. .6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONCost accounting is one of the branch of managerial accounting. Cost accounting andbusiness control system in organisation explained in this report. Importance of financialresources and what are the reforms and regularity followed in organisation defined in health andsocial care sector (Swayne, Duncan and Ginter, 2012). System for managing financial resourcesin health and social care organisation also described in organisational context. Availability offinancial resources and how they are allocated in organisation outlined subject to case scenario.Importance of monitoring budget expenditure and what are the action taken in case of suspectedfraud also highlighted. Essential financial informations are defined in this context subject tofinancial decisions. TASK 11.1 Principles of costing and business control systemCost analysis is one of the prime work of cost accountants in organisation. Costaccounting system woks around four major principles such as cost remain always associated withcauses, abnormal costs are considered in costing, costs need to be changers when it incurred inoperations and management (Simonovic, 2012). There is one traditional principle followed inevery organisation that past costs are not considered in cost accounting for adjusting future cost.Business control system is adapted by the organisations to make discipline in the actionsand ethical manner to determine the cost. This system provides a systematic structure to costaccountants for detailed analysis. Business control system is the system made of variousmanagement principles and concepts. It helps to organise and manage the departments anddivisions of organisation. It is a system helps to align the business resources such as financial,human resources and tangible and intangible resources in disciplined manner. 1.2 Information needed to manage financial resourcesFinancial resources are the prime sources of an organisation to run operations andactivities. Informations related to financial resources are used as a tool to manage the plan ofallocations of financial resources (Shim, Barber and Serido, 2010). Financial resources helps tomange all other subsidiary resources such as material, labour and inventories. Financialinstitution, banks, comparative unions are the bodies which provide financial sources to theorganisation. Various type of financial informations are used to get financial help form financialparties. It is important to ensure stakeholders and financial institution about the financial position1
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