Managing Financial Resources | Report
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Added on 2020-01-28
Managing Financial Resources | Report
Added on 2020-01-28
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MANAGING FINANCIALRESOURCES
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Explain the principles of costing and business control systems...........................................31.3 Explain the regulatory requirements for managing financial resources................................51.4 Evaluate system for managing financial resources in HSC..................................................5TASK 2............................................................................................................................................62.1 Describing the diverse source of income that are encountered in HSC................................62.2 Analysis the factors that influencing the financial resource availability..............................62.3 Reviewing the type of budget expenditure in HSC...............................................................72.4 Evaluating how decision about expenditure are made within the HSC................................8TASK 3............................................................................................................................................83.1 Explain on how the financial shortfalls can be maintained...................................................83.2 Explain the actions to be taken in the event of suspected fraud............................................93.3 Evaluate budget monitoring arrangements in HSC...............................................................9TASK 4..........................................................................................................................................104.1 Identify the information that are needed to make financial decisions.................................104.2 Analyse the relationship among the HSC service delivered, expenditure and cost............104.3 Evaluate how financial consideration impact upon an individual using the HSC services114.4 Suggest the various ways to improvement the HSC service through changes to financialsystem and process....................................................................................................................12CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONFinancial resources are needed for the organisation for the purpose of maintaining theirday to day business operation. For this, most of the firms manage their working capital for thisthey maintain their cash, inventory, bills receivable and payable. Thereafter, most of the firmgenerating the fund from both type of sources are internal and external. It includes various suchas bank loan, debentures, retained earning, working capital, sale of an assets, venture capital,leasing and hire purchasing etc. In present research there is a study on the assignment in thecontext of Silloth Nursing and Residential Care Home. Under which there is mainly discussionon the various principles of costing and business control system. Furthermore, there is also astudy on the Identifying the information needed to manage financial resources.TASK 11.1 Explain the principles of costing and business control systemsSilloth Nursing and Residential Care Home are considering the 5 most importantprinciples of costing that are as follows-Cause- effect relationship- In which there is cause- effect relationship that are createdcost for each item. Therefore, this costing is transferred only through units that are passing underthe departments that are mainly incurred of cost. Charge cost only after it occurrence- Charging cost for only after when it occurred inwhich unit cost are involve in it only those type of cost that incurred originally. For instance,Unit cost charged in a factory only and selling cost are not to be considered as a original costafter it occurrence.Abnormal cost charge in a costing-A cost are mainly incurred in the organization whenthere is any kind of loss due to riot, theft, accident and fire. It is to be considered as an abnormalcost and it is not to be charged in the production process as it is not a part of it. Therefore, anytype of incident that are arises in the production process are to be considered as a normal cost. Business control systemBusiness control system is that type of process under which most of the organisation canable to manage their environment. Thus, it can be free from corruption and discourages
misappropriate activities through staff and management. The Silloth Nursing and ResidentialCare Home adopts business control system that are as follows-Internal control- The Silloth Nursing and Residential care adopts the internal control inwhich they go through the evaluation procedure at the time of planning stage. Thus, these aremainly involves a financial statement auditing and provide a detailed information of audittesting. Manuals- It is one of the most effective business control system under which the citedcompany utilizes manual policy which able them to gives training to the staff members in mosteffective manner. Recruitment procedure- The effective use of recruiting process by the company allowsthe employment of skilled staff worker in the workplace (Madura, 2011). Beside this, theorganization adopted the business control system that able to retaining its services for a longertime period. It able them to maintain the financial records and auditor observes staff reliabilitywhile they review the accounting records. Intangible record- The Silloth Nursing and Residential care adopts the safeguard in theorganization that preventing the entry of intruders. Thus, there are mainly two type of safeguardtangible and intangible as they are the main feature of business control system. Therefore,tangible safeguard record involves a locked on doors and intangible record are mainly involves aprogramms or computer password. 1.2 Identifying the information needed to manage financial resourcesThe Silloth Nursery and Residential care home considering various information for thepurpose of managing the financial resources which are described as follows-Transparent and accurate accounting information- It is the vital data through whichenhance the confidence among its users. The main benefits from the transparent and accurateinformation able them to taken an appropriate decision. It will directly enhance the companywelfare and it shows the clear image of a company (O'Riain, Curry and Harth, 2012). Thus, itincluded as efficiency, profitability and liquidity of the organisation that able to maintain theirfinancial resources in most effective manner.
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