Effective Management of Financial Shortfalls in St. Pattricks Home

This report examines the management of financial shortfalls within St. Pattricks Care Home, highlighting the significance of effective strategies to address funding deficiencies and maintain financial stability. It discusses various methods for managing shortfalls, including working within guidance, secu...Read More

TASK 3

Introduction
Financial shortfalls can be defined as situation in which
funds are not sufficient to meet financial requirements of
business. Such situation can reduce efficiency and can affect
profitability in adverse manner. Provided presentation is
focused on evaluation of this issue in order to provide
justified recommendations to solve it.

3.1 Ways in which shortfalls can be managed
◦ It is essential for business to calculate the financial shortfalls and
implement effective ways through which it can be managed effectively and
efficiently.
◦ For instance, in certain businesses such shortfalls arise due to poor
bookkeeping. Therefore, it is essential for management of St. Pattricks care
home to manage the financial shortfalls by adopting different methods
remedies can be effectively overcome.
◦ Also, it is significant for business to use environment that helps in
transferring the funds between budgets and thus allocating proper
resources so that desired outcomes can be attained.
◦

Following are the different methods that helps in managing the
financial shortfalls by minimizing the expenditure and thus
monitoring the budget within HSC-
◦ Working within guidance
◦ Additional allocations from local government
◦ Loan undertaken by approved institutions
◦ Charity donations

Fraud and its types
Fraud can be defined as deliberate act done by
individual from the intention to make injury to the other
party. Following are the different types of fraud:
 Payroll fraud
 Financial manipulation
 Stock manipulation

3.2 Actions to be taken in the event of suspected fraud
◦ It can be stated that it is essential for St. Pattricks care home to undertake
proper actions in the event of suspected fraud so that malpractice can be
overcome.
◦ Business is required to involve different agencies both internal and
externals so that fraud can be detected and person involved in that should
be penalized or punished.
◦ However, it is essential for the care home to obtain secure evidence
regarding the detected fraud so that best control can be done over the
person.
◦ Involving forensic accounting and police involvement helps in identifying
the loopholes determined in the financial accounts of the care home.

Role and function of the regulator and
other agencies
◦ Regulatory authorities are required to recruit internal and external auditors
in the care home assists business to determine the loopholes in the
bookkeeping.
◦ Therefore, it helps organization to undertake best actions and thus suspend
the perpetrators so that they can identify the reason of mis-management in
accounts.
◦ Hence, it is crucial for St, Pattricks hospital to take proper actions in the
event of suspected fraud so that malpractices or maladministration can be
overcome and smooth flow of work can be executed in the organization.

Conclusion
By considering this part of the study conclusion can be drawn that financial shortfalls
are essential to be managed. For this aspect, management of health care entities
are required to use suitable financial tools and techniques.

References
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Sons.
◦ Gibson, C., 2012. Financial Reporting and Analysis. Cengage Learning
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reputation: Toward common management principles for managing corporate
reputation. Corporate Communications: An International Journal. 15(1). pp.68 – 82.
◦ Stolowy, H. and Lebas, M., 2006. Financial Accounting and Reporting. Cengage
Learning
◦ Stomierowski, P. and Lorette, K.. 2011. How to Open & Operate a Financially
Successful Personal Financial Planning Business. Atlantic Publishing Company