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Managing financial resources : CareTech Holding Plc

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Added on  2020-01-28

Managing financial resources : CareTech Holding Plc

   Added on 2020-01-28

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MANAGING FINANCIALRESOURCES
Managing financial resources : CareTech Holding Plc_1
EXECUTIVE SUMMARY Managing financial resources play most crucial role in organization as it is associatedwith the growth and development of the business in the market. The present report being carriedout is based on CareTech holding plc which operates in health care sector. Further, Costing isregarded as a system of assigning costs to an element of organization. Further, assignment can bedone in the form of fixed or variable cost. Its different principles are stakeholder engagement,data accuracy, consistency etc. Moreover, Employees working in CareTech holding plc requiresdifferent type of information for managing financial resources. CareTech holding requiresinformation regarding income and expenses of the firm. Apart from this, Different laws have been introduced by government in healthcare sectorwhich CareTech holding plc has to comply with. CQC is one of the main body which hasintroduced guidelines and as per the regulations it is required for CareTech holding to ensure thatfinancial resources within the firm are present in appropriate manner. Different sources ofincome are present which CareTech plc can consider for satisfying its financial need and itallows business to operate efficiently such as sales, share capital etc. Further, factors which canaffect availability of financial resources within CareTech Plc are type of service delivered,geographic location etc. Caretech holding has two type of expenditure which involves revenueand capital. Revenue expenditure is the one which is associated with food, utility, staff etc andcapital one is linked with investment. The entire study carried out has supported in understandingthe need of finance in healthcare and this can bring favorable results for business. CareTechholding carries out overall operations on wider basis due to which financial needs of company islarge.
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explain principles of costing and business control systems (180)........................................11.2 Information needed to manage financial resources...............................................................21.3 Regulatory requirement while managing financial resources...............................................21.4 Evaluation of systems for managing financial resources......................................................32.1 Sources of income available to CareTech Plc.......................................................................32.2 Analyze factors that may influence availability of financial resources.................................42.3 Review different type of budget expenditure........................................................................52.4 Evaluate how decisions about expenditure can be made.......................................................53.1 How financial shortfalls can be managed..............................................................................63.2 Actions to be taken in event of suspected fraud....................................................................63.3 Evaluation of budget monitoring arrangements....................................................................74.1 Information required for making financial decisions............................................................74.2 Relationship between health and social care service delivered, cost and expenditure..........84.3 Evaluate how financial considerations impact upon individual............................................84.4 Ways to improve health and social care service....................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONManaging financial resources play most crucial role in organization as it is associatedwith the growth and development of the business in the market. Further, it is well known factthat finance is one of the most crucial resource of organization without which it is not possiblefor company to accomplish desired goals (Diefenbach, 2006). Moreover, to satisfy financialneeds various sources are present with company through which it becomes easy for firm to carryout overall operations in the market and acts as development tool. Apart from this, differenttypes of costs are present which are associated with the firm such as fixed, variable etc.Moreover, budgets are prepared for determining present performance of business in the market.For conducting the present study organization chosen is Care Tech Holdings Plc which operatesin health care sector. Further, business delivers large number of services to its target market asper their expectations. Various tasks have been covered in the study which is principles ofcosting, regulatory requirement while managing financial resources, different type of budgetsetc. TASK 1 1.1 Explain principles of costing and business control systems (180)Costing is regarded as a system of assigning costs to an element of organization. Further,assignment can be done in the form of fixed or variable cost. Main reason behind costing is forinternal as well as external reporting (Drake and Fabozzi, 2012). Top authorities of company usecosting to gain information regarding cost of operations and in external reporting costs areallocated as per the inventory recorded by business. Further, different principles of costing arepresent which CareTech holding plc has to follow and they are as follows:Stakeholder engagement: it is regarded as one of the main principle which states thatcosting requires input from different type of stakeholders which takes into considerationfrontline staff along with departments who are indulged into practices of deliveringhealthcare services to the patients.Consistency: This approach to costing is being required within and across the business.With the motive of pricing along with benchmarking it is necessary for CareTech holdingto undertake consistent approach (Hung and Subramanyam, 2007). 1
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