Managing Financial Resources in Health and Social Care Assignment (Doc)

Added on - 04 Oct 2020

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Managing FinancialResources In Health andSocial Care
Table of ContentsINTRODUCTION...........................................................................................................................1LO3..................................................................................................................................................13.1Explaining the management of the financial shortfalls..........................................................13.2Explaining the steps to be taken in the event of suspected fraud...........................................23.3Evaluating the budget monitoring arrangements in the health and the social careorganization................................................................................................................................2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONManaging the financial resources aims at facilitating an understanding of techniques andprinciples of the accountancy to the practicing managers so that they can communicate withmore ease and better understanding can be generated by them. In a health or social careorganization financial resource management refers to the achieving the effectiveness and theefficiency in the business. Various effective systems are implemented by such companies inmanaging its resources. The present report is based on the Queen Victoria foundation,established in East Grinstead, known as the specialist in reconstructive surgery center.Furthermore, the study explains the ways in which the financial shortfalls can be managed andthe steps for suspecting the frauds. Budgeting monitoring arrangements of the company are alsodiscussed in this report.LO3.3.1Explaining the management of the financial shortfalls.Shortfalls in the funds occurs when the liability of the enterprise is due and does not havethe capability to pay off its obligation. Increased cost has to be bear by an organization at thetime of financial shortfall. For example- failure in meeting the repayment of the bank loan canattract higher penalties and interest payment (Rodrigues and Glendinning, 2015). This affects thecredit rating of the company which in turn results in facing the challenges by the firm in thefuture for further investment. Therefore, it is very important for the Queen Victoria to manage itsfinancial shortfall efficiently and effectively. There are various ways for managing the financialshortfalls as follows-Priorities- It means some the aspects are most important for the enterprise and kept as thepriority goal from the another aspects. The three basic financial priorities that are most crucialfor Queen Victoria foundation are keeping aside the living expenses for at least up-to 6 monthsin a secure and the liquid account of an organization so that in any emergency this fund can beused and financial shortfalls need not be faced. Secondly, Establishing the insurance forreplacing the income of the organization so that sufficient savings can be accumulated formeeting the shortfalls at a specific time period (Sønderstrup-Andersen and Bach, 2018). Thirdly,Eliminating and avoiding the debt which reflects that high debt may lead to greater obligation onthe firm and at the time of losses it cannot meet its obligation adequately so lower the debt,company could efficiently manage its financial obligation.1
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