Report On Caretech Plc - Management Of Financial Resources
15 Pages4672 Words76 Views
Added on 2020-02-05
Report On Caretech Plc - Management Of Financial Resources
Added on 2020-02-05
ShareRelated Documents
Managing FinancialResources in HSC
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Principles of Costing which can be applied in the Caretech plc..........................................11.2 Information needed to manage financial resources...............................................................21.3 Regulating requirement of managing financial resource......................................................31.4 System for managing financial resource...............................................................................3TASK 2............................................................................................................................................42.1 Diverse sources of income available to Care tech ...............................................................42.2 Factors that influences the availability of Financial resources.............................................52.3 Types of expenditure budget in Health and Social care industry..........................................62.4 Expenditure decision in health and social care ....................................................................7TASK 3 ...........................................................................................................................................73.1 Financial shortfall in CareTech PLC and explanation about how this situation could bemanaged......................................................................................................................................73.2 Action that can be taken on investigation financial fraud in organisation............................83.3Evaluation of budget monitoring arrangements in CareTech Plc..........................................8TASK 4 ...........................................................................................................................................94.1 Information required for making financial decisions ...........................................................94.2 Relationship between care service delivered and cost and expenditure ..............................94.3 Evaluate how finance consideration impact upon a service user........................................104.4 suggest ways to improve the care service provide by Care Tech PLC through changes toits financial system and processes............................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONThere are several ways through which an entity can maintain its financial resources.Caretech Plc being an entity dealing in sector of health and social care. There are several sourcesof finance but all these are limited up to a certain amount because of this reason it is necessary tomanage them in a way so that would not lead to a situation where managing authorities canmanage their activities with efficiency and accuracy(Aktaruzzaman and Clement, 2011). Thecompanies which are dealing in health and social care sectors requires to provide services tothose who are in need of treatment. In this report there are several principles of costing have beenmentioned. Further this report also consists some of sources through which entity can generatefunds. These sources are classified in external and internal category as per their roots from whichthey can be acquired. Caretch Plc was founded in year 1993 and it was established at UnitedKingdom.TASK 11.1 Principles of Costing which can be applied in the Caretech plcConsistency : Consistency principle of cost accounting said that once the enterpriseadopt a method of doing the work that that method should be used by the enterprise forgetting good results . Like the enterprise when making budget take some assumptions formaking the budget than it is advisable to the enterprise to use same assumptions all thetime when making budget otherwise every time the results will be different . So it issimply advisable to the enterprise use the same technique for making the budget a cancan be acceptable or can be done when there is a new version is available or whenmaking changes become necessary .Data accuracy : The data accuracy principle of cost accounting said that all the datawhich is used in the budget should be accurate. Inaccurate data will give inaccurateresults so for getting accurate results the data must be accurate .Materiality : The materiality principle of cost account said that all the data used inaccount should be relevant(Al-Dhaafri, 2014). If the account department use relevant datathan results that will come will show the more true picture of that what is really going onin the enterprise.1
Causality and Objectivity : Causality and Objectivity means that all the activities whatis being done by the enterprise should have some object that why the particular activity isbeing done by the enterprise.Transparency :Transparency simply means that all the activities of the the enterpriseshould be transparent . There should not be any hidden activity done by the enterprise.1.2 Information needed to manage financial resourcesThe information needed the health care care tech based on the financial management.The information of in available in financial social health care(Amararachchi, Perera andPulasinghe, 2013). The health and care enterprise the company balance sheet company profit andloss account ,company business ratio and company trading account. The profit and loss accountdefined the company profit and lose. Trading accountTrading account defined the gross profit and gross lose . Gross profit is company profitand gross lose is company is lose. Trading account includes the many transaction like openinginventory, sales ,purchase, and closing stock.Profit and lose accountprofit and lose account of PLC is make the the health care profit and lose .The health carecompany take short and long term profit and lose. The profit and lose account includes the manytransaction like expenditure and income statement. Profit account show the company profit andincludes the company capital. Profit and lose account make he company liabilities and assets.Balance sheetBalance sheet is a important resource of the financial statement. Balance sheet is laststatement of the firm. Balance sheet includes the company's liabilities and assets. Firm liabilitiesdefined the firm the creditors and assets defined the debtors. Balance make the proper data ofthe firm. Creditors debtors and debts (Buchanan, 2012). Balance sheet make the issue capital ofthe company. Balance sheet is company liabilities and company asset. It is a last statement of thefirm.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Managing Financial Resources in Health and Social Care - Sample Assignmentlg...
|22
|5951
|30
Managing Financial Resources in Health and Social Care - Assignmentlg...
|11
|3178
|367
[PDF] Managing financial resources in health and social care assignmentlg...
|5
|1023
|27
Managing financial resources : CareTech Holding Plclg...
|14
|4788
|77
Managing Financial Resources in Healthcare and Social Care TABLE OF CONTENTS INTRODUCTION 1 TASK 11lg...
|23
|6796
|58
Managing Financial Resource and Decisions in HSC Assignmentlg...
|17
|4388
|162