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Managing Financial Resources in Health and Social Care - Assignment

This assignment is about understanding how systems are used to manage financial resources in health and social care, and the role of planning in the management of health and social care budgets.

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Added on  2021-01-02

Managing Financial Resources in Health and Social Care - Assignment

This assignment is about understanding how systems are used to manage financial resources in health and social care, and the role of planning in the management of health and social care budgets.

   Added on 2021-01-02

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Managing FinancialResources in Health andSocial Care
Managing Financial Resources in Health and Social Care - Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Principles for costing and business control system...............................................................11.2 Informations needed in financial resource management.......................................................21.3 Regulatory requirements of financial resource management................................................21.4 Evaluation of system of financial resource management......................................................32.1 Diverse source of income of Health care service providers..................................................32.2 Factors influencing availability of financial resources.........................................................42.3 Different types of budgetary expenditures............................................................................52.4 Evaluation of decisions for expenditure in CareTech plc.....................................................53.1 Management of financial shortfalls.......................................................................................63.2 Action to be taken in case of suspection of fraud.................................................................63.3 Evaluation of budget monitoring arrangements....................................................................6TASK 2............................................................................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
Managing Financial Resources in Health and Social Care - Assignment_2
INTRODUCTIONInclusion of an effective management of financial resources can help the health andsocial care organisation in results in management of smooth flow of finance in the company.CareTech plc is a London based company which is engaged in providing social care services tochildren and adults. The study includes brief summary of all the costing principles, regulatoryrequirements, management and need of financial resources, various sources of income, andvarious budget expenditures. It also includes decision making process about expenditures,management of financial shortfalls, and action to be taken for suspecting fraud. Further the studyshows a presentation of required informations in decision making process, relationship betweenhealth and social services, cost and expenditure and impact of financial consideration upon itscustomers along with some suggestions as to improve it financial system.TASK 11.1 Principles for costing and business control systemPrinciples of Costing Costing is a process of determining cost incurred by each department of company andtotal cost of the business in a particular time. There are some principles that need to be followedby CareTech plc to involve effective cost control in organisation like:Consistency: Business should maintain a consistent method of costing in order tomaintain the accuracy and transparency in costing system.Data accuracy : CareTech plc should include accurate data in calculation procedure forgetting actual results from it. Materiality : costing report should include cost incurred in all material activities ofCareTech plc.Principles of business controlInclusion of business control system leads in monitoring all the activities of company anddetection of inaccuracy (Martinez-Sanchez, Kromann and Astrup, 2015). Main business controlsystems which could provide better business control to CareTech plc are:Budgetary control: inclusion of this system helps in predetermination of cost and profitof the company. It can help CareTech plc in tracking business position and setting shortterm goals.d1
Managing Financial Resources in Health and Social Care - Assignment_3
Personal control: This system avoids high labour turnover in CareTech plc. In providescontrol over human resource management.Audit control: it leads in detection of error in overall business and help in enhancingaccuracy in the business.1.2 Informations needed in financial resource managementAll the informations related to Financial resources can be gathered from balance sheet,cash-flow and income statements. For better management of financial resources, CareTech plcplc. need to get numerous informations like amount of total assets and liabilities, totalexpenditure incurred by it and all the gains of it within a specific time. With the help of all thesestatements, company can gather all the relevant information which are needed for the financialresources management.Balance sheets of CareTech plc shows its actual financial position. It provides actualamount of assets and liabilities held by the company (Fisher, 2017). Income statement providesinformation about profit or loss gained by CareTech plc within particular time. Further, it alsoshows all the incomes and expenditures incurred by it in particular time. Cash-flow statement ofthe company helps in providing information regarding sources of inflows and outflows in thecompany and efficiency of business in maintain of flow of cash within the organisation.1.3 Regulatory requirements of financial resource managementLaw has provided some rules which have to be followed by CareTech plc whileperforming activities regarding management of financial resources. Application of theseactivities prevent company from happening of any financial crime and enhances the honesty ofemployees regarding financial resources of company (Ferry and Eckersley, 2015). Being acompany relating to health and social care activities, CareTech plc plc need to follow followingregulations:Preparation of proper financial statements: CareTech plc plc need to prepare all thefinancial statements as per the requirements provided by the financial reporting council.Maintain quality and safety in providing services : Quality of all the services providedby CareTech plc need to b e as per the Health and safety regulations.Pay appropriate amount of tax : All the incomes earned by CareTech plc need to beshown properly and calculation of tax amount should be done properly as well.d2
Managing Financial Resources in Health and Social Care - Assignment_4

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