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Managing Financial Resources in HSC - Assignment

   

Added on  2021-02-19

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Managing Financial Resources inH&SC

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................11.1 Costing principle and business control system ....................................................................11.2 Requirement of information for the financial resources by the manager..............................31.3 Requires regulation for financial resource management.......................................................4LO 2.................................................................................................................................................52.1 Assessment of diverse source of income in health and social care.......................................52.2 Analysing the various factors which impact the availability of financial resources.............62.3 Reviewing varied type of budget expenditure......................................................................72.4 Evaluation of effective decision about expenditure..............................................................8LO 3.................................................................................................................................................93.1 Management of Financial Shortfalls.....................................................................................93.2 Assessment of the actions to be considered in the event of fraud suspecting.....................103.3 Evaluation of budget monitoring arrangements..................................................................11LO 4...............................................................................................................................................124.1 Assessment of information required to make financial decisions.......................................124.2 Analysing relationship between care service......................................................................134.3 Evaluation of financial consideration consequence upon a service user............................144.4 Suggestions to improve the care service.............................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16

INTRODUCTIONHealth and care sector provide wide range of services to the patient to improve theirhealth and help them to live a better life. Different financial manager and accountant use thefinancial information to evaluate the performance of health care organisation.Care tech holdingPLC manage the financial resources to meet the demand of the equipment. The direct channel ofresources help the health system to manage the funds of the organization in a proper structureform (Singer et al., 2011). The social care sector require the need of an accountant to manage andfound the sources of funds for the organization.The different trust, foundations, companies provided the finance to the social careorganization. The record of inflow and outflow of funds in the organization help the accountantto find the strength and weakness of the care tech holding PLC. The preparation of financialstatement are necessary by the health and social care organization to evaluate the financialposition and pool the investor to get the finance to run the business.The role of finance department is to plan the budget of the organization and control thecost to accomplish the task within the proper time and sources. The control of budget help thecompany to manage the expenses and save the money for the future requirement. The reportfocuses on the system used by the health and social care PLC to manage the finance of theorganization. It also explains the different benefits of controlling the budget. They use thevarious method and system are used by the organization to manage the financial sources.LO 11.1 Costing principle and business control system Costing system is used by the organization to calculate the cost of the organizationactivity and different expenses related to the company with their sources of income (businessdictionary, 2014). The role of finance manager to evaluate the expenditure at different level likeproduction level, selling and distribution level etc. Costing system is an important tool for thenon-profit organization because due to the unstructured sources of fund the control of cost is zeroin Non-profit organization.1

According to Russel et al..., (2002), Management need to control and manage the cost oforganization to evaluate the sources of finance to efficiently run the business. Care tech HoldingPLC charge the legal and fair cost to their patient according to the contract and cost mentioned inthe contract. NHS costing guidance set the major principle of cost in the social care organization.The principles set by the NHS are :Transparency : The transparency principle of costing system reflect that the organizationhas to disclose all the cost of the organization for the evaluation of the resources and audit theaccount to manage the financial resources. Data accuracy : It reflects that all the data present by the organization must be accurateto evaluate and present the true and accurate financial position. It also helps to collect the fund torun the organization.Materiality : The concept help the organization to set a standard for the business tocompare the cost and minimize the irrelevant cost of the various events.Consistency : consistency accounting method are used by the organization whichexplains that the organization has to use the same accounting methods which was used in lastyear to compare the cost and expenses of the organization of particular accounting year. Causality and objectivity : The principles suggest the cost used and measured by thecompany is accurate and consider the cost of all relevant events in the organization.Stakeholder engagement : It is the process of involving the people in the organisationwhich affect decisions of the management team (Hollingsworth,2008). They are involved in theorganization to get the knowledge about the decision and events in the company because theyinfluence the decisions by their activities and interest.Care tech Holding PLC require the latest and up to date costing system because it is apublic funded organization. The different stakeholders of the organization such as doctors, staff,nurses, public and operative manager need to control the cost of the organization of theirdifferent motives and benefits such as public need to control the cost for minimum additionalcapital requirement, manager need to control the cost for providing better services etc. The 6principles helps the care tech Holding PLC to get the success in running the business. The consistency method provides standard to control the cost by comparing it to differentfinancial year performance which help the health care organization to evaluate the area of growthand development (Kakuma et al., 2011). For example in 2013 the cost of the sales of Care tech2

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