Sample Report On Managing Financial Sources in Health and Social Care by Instant Essay Writing

Sample Report
On
Managing financial sources in

health and social care
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Table of Contents
introduction ..................................................................................................................................... 1
task 1 Systems that can be used for management of financial resources in health and social care 1
1.1................................................................................................................................................ 1
1.2................................................................................................................................................ 2
1.3................................................................................................................................................ 3
1.4................................................................................................................................................ 3
Task 2 Role of planning in procedure of budgeting for health and social care organizations ........ 4
2.1................................................................................................................................................ 4
2.2................................................................................................................................................ 4
2.3................................................................................................................................................ 5
2.4................................................................................................................................................ 6
Task 3 Significance of monitoring of budget expenditure.............................................................. 7
3.1................................................................................................................................................ 7
3.2................................................................................................................................................ 8
3.3................................................................................................................................................ 8
Task 4 Procedures and systems for managing influences of sources of finance ............................ 9
4.1................................................................................................................................................ 9
4.2.............................................................................................................................................. 10
4.3.............................................................................................................................................. 11
4.4.............................................................................................................................................. 11
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Conclusion .................................................................................................................................... 12
references ...................................................................................................................................... 13
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INTRODUCTION
Management of financial sources is essential to balance financial health of business. It is
considered in primary activity of business which is done for effective operations. It is done by
effective combination cost and managerial accounting.Report will be comprises of principles and
techniques of costing and financial sources which are required for organizations. Along with this
there will be discussion of methods of budgeting and monitoring. Last but not the least
recommendation will be made for CareTech that how they make improvement in their operations
for having strong financial positions.
TASK 1 SYSTEMS THAT CAN BE USED FOR MANAGEMENT OF

FINANCIAL RESOURCES IN HEALTH AND SOCIAL CARE
1.1
Principles of costing which can be incorporated by CareTech holding Plc is as follow-
Stakeholder engagement- For the effective costing by business it is required that efforts
should be given be entire stakeholders which are comprises of non- financial staff. Effort by
financial team is not only sufficient (Lam, 2010). By integration of financial and non-financial
team better results can be attained.
Consistency- Techniques and methodology used in accounting of cost should be
continuous periodically. This make statistical and financial results more viable and comparable
for the decision makers.
Data accuracy- Data inserted for the computation of cost are mandatory to be accurate. It
is essential because exactness of derived information is based on quality of data inserted as input.
Materiality- Costing should be done by providing focus on materialistic cost and
activities.
Transparency- Information and transactions of Cost accounting are required to be reliable
and transparent (Hacklin, and Wallnfer, 2012). Decision makers can easily rely on information
derived from such for making their decisions.
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1.2
Information required by CareTech holding Plc in 2013 for management of financial resources
CareTech holding Plc is an organization dealing in sector of health and social care.
Therefore for effective operations they are required to manage their available financial resources.
Information which will be required for such management can be categorized into two parts that
are as follow-
Information related to cost and income of business
Such information is financial in nature which is comprises of managerial and financial
accounting information (Winand and et. al. 2012). Managerial information includes budgetary
data, forecasting statement of inflow and outflow of cash, data of costing and pricing and
statement showing variances in standard and actual performance of business. Accounting
information includes annual report of business which are comprises of main financial statement
of business.
Information related to environment and external influences of business-
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These kind of information is considered non financial in nature. It is comprises of
policies of business related to internal and external environment. In this analysis of trend is done
to determine efficiency of business. Modifications in existing policies and competitive factors of
organizations are measured by management for decision making. Legal requirements which are
mandatory for business to apply are also included in such information.
1.3
CareTech Holding Plc is a public organization which is accountable to stakeholders
including government and public for reporting. They get partial funds by government hence they
are under obligation to optimum utilization of sources (Weygandt, and et. al., 2009). They are
under partnership with Care commission for the objective of innovation of new services. Due to
it their responsibility has been increased, that their related parties should get proper return on
their investments. Principles introduced by authorized organizations such as ICAEW and GAAP
should be followed by CareTech Holding Plc. By incorporation of such principles in their
accounting they can be able to make information more reliable and comparable with other
organizations. It is mandatory for them to get their operations checked by Quality commission to
achieve objective of transparency.
1.4
Management of CareTech Holding Plc is carrying out their operations on its divisional
structure. They have been focused on successful reconfigurations for the objective of growth and
development of business. Reason behind their strong financial position is, that there major
arrangements of financial resources is through the banking arrangements. Comparatively they are
able to maintain lower leverage by strategy of backing of freehold asset (Hofmann, 2007). They
are maintaining balance between care and commercial sense and had ensured their stakeholders
for continuation of it. Proper methods are followed by them for cost and managerial accounting.
Annual report for the financial year 2013 is updated and comprises of all materialistic
information which are essential for stakeholders for the objective of decision making.
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TASK 2 ROLE OF PLANNING IN PROCEDURE OF BUDGETING FOR
HEALTH AND SOCIAL CARE ORGANIZATIONS
2.1
Generation of revenue is important for all business organizations. Impact of revenue is
directly linked to the profit of business. For making enhancement in capacity of earning
company can select additional options that are as followed-
Stakeholders and voluntary organizations- To earn extra revenue by business, CareTech
Holding Plc can raise funds from various stakeholders. They can use grants and funds from
leasing which can be utilized in beneficial projects.
Improvement in existing services- CareTech Holding Plc is focused on their innovative
services by which they can earn additional revenue (Luong, and Weinthal, 2010). They are
having four care pathways that are Adult learning disabilities, mental health, Young people
residential services and Foster care. Hence by effective operations in existing path organization
can increase their earnings.
Additional services- By providing ancillary services which are related to primary,
CareTech Holding Plc can earn extra revenue. This will be opportunity for business to expand
their operations.
2.2
Several factors which are linked to internal and external environment of business are
capable to influence sources of finance. Organization operating in sector of health and social care
are required to raise and allocate their financial funds according to policies of government. As
per fiscal regulations financial policies of business is determined. Controversial issues in current
government affects the managerial decisions related to finance (Hacklin, and Wallnfer, 2012). It
is also known as political sensitivity. Negotiation powers of CareTech Holding Plc with the
regulatory authority affect the availability of sources of finance. It is based on convincing power
and effectiveness of strategy which will be approved by government.
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2.3
For managing business with efficacy financial planning is important of business.
Numerous expenditures are incurred by business for completion of operational activities. If
resources are used in such expenses without appropriate planning there will be risk of
ineffectiveness in benefits of it. For the financial planning of expenditure in business most
suitable tool is budgeting. It can be categorized into two parts which are as follow-

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Short term budget

This are prepared for daily operations of business. In this estimation is made for revenue
and expenditure on the basis of trend analysis. Usually for such expenses flexible budgets are
prepares so there can easy implication of modification in budget (Gustafsson, 2006). It is
prepared to ascertain needs of working capital which will be required for daily operations of
business. By merging the entire operational activities master budget is prepared which represents
overall position of business.
Long term budget
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In such budgets forecasting is done for long term projects which required huge amount of
investment. These are particularly prepared for specific project so all elements can be assessed
by business. It is estimated by proper strategic planning and considering entire risks in the
project. These are done for expenditure which is of capital nature. Fixed budget are prepared for
it, in which modification can be done in only extreme situations.
2.4
Management of CareTech Holding Plc is required to take daily decision related to
operations of business. Following are the elements which are required to be assessed while
decision making in sector of health and social care-
Availability of funds- According to available financial resources with business planning is
done by them for investment projects (Weygandt, and et. al., 2009). There are several options
with business from which funds can be availed but selection of it is based on financial position of
CareTech Holding Plc. Organization has sufficient profit and having strong bank arrangements
hence they should preferred debt financing for business.
Place of business- Location of business is major factor which affects demand and
expenses of business (Hacklin, and Wallnfer, 2012). CareTech Holding Plc is dealing in
industry of providing housing services hence there head office should be allocated in such place
by which they can easily manage their operations. On the basis of location of business projects
are taken and expenditure on it is allocated.
Regulations of central and local government- CareTech Holding Plc are public sector
organization therefore are required to incorporate and follow policies determined by government.
It also includes legal regulations which are mandatory to comply (Weil, 2012).
By incorporation the following described points in evaluation decision is taken by
CareTech Holding Plc. By proper assessment of such point will provide them strategy for better
operations by which they will be able to attain financial goals and objectives. By following
regulators of government CareTech Holding Plc will be able to prevent legal contradiction and
unwanted restrictions are hurdles in operations.
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TASK 3 SIGNIFICANCE OF MONITORING OF BUDGET
EXPENDITURE
3.1
In certain situations business has to face threat which there is lack of sources of finance
which is required by business. These are situation which are unlikely to arise. CareTech Holding
Plc is dealing in services which are partially controlled by government and their partner care
commissions. Hence there is continuous risk for business as modification or their adverse
decisions which will directly operations of business (Lam, 2010). Complete remedy is not
possible to avoid such kind of threats but following are the strategies that can be adopted by
CareTech Holding Plc to manage financial shortfall-

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Creation of reserves- Part of profits and earnings are required to be retained by business
as reserves. This part of profits can be used by organization in situation of emergency where
funds are not easily available.
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Prioritization of expenditure- When business has to face situation where there are limited
funds for operations then amount incurred on the basis of priority of expenses. Most essential
cost should be incurred first or kept aside as per time element. In such circumstances business
should plan their expenses in such a manner which move towards need to desire.
Additional earnings- CareTech Holding Plc can provide ancillary services from which
quick revenue can be generate that can be used in operations of business. In this option
management is required to be careful that there main focus be on primary activities so quality
could be maintained in it (Keller, 2013). Charitable programs can be arranged by them in which
voluntary donations are invited that can be used by them.
Proper planning- Most suitable option that can be opted by CareTech Holding Plc is
adequate planning for expenditure. Planning should be done with the mark up strategy. So
additional margin can be used in situation of threats,
3.2
For effective management of financial resources it is required to prevent fraud in
business. Financial fraud includes embezzlement of cash and making improper utilization of
availability sources of finance. If there are event of fraud in CareTech Holding Plc, management
should immediately look forward to it. Initially evidence should be collected to support the event
of fraud. It is not logically ethical to blame someone without adequate evidence. Committee
should be setup for detection of fraud (Shahwan, 2008). Police should be involved if there is
serious situation. Detection committee should be comprises of member who are eligible for their
work and give decision without any biasness. An example should be created for further
employees to prevent such kinds of events in future. For more conclusive solution CareTech
Holding Plc should prefer financial forensic accounting. It is established for providing litigation
for anticipated disputes in business organizations.
3.3
Budget is estimation of financial operational activities of future. It works as a map for
implementation of strategy in operations of business. Implementation is not last stage of
budgeting it is also important to monitor (Peterson, and Series, 2004). Objective behind
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monitoring of procedure of budgeting is to attain actual output according to standard output.
CareTech Holding Plc can use the following technique to imply monitoring in their organization-
Internal audit
Internal audit refers to the checking by internal management of business. It is an ongoing
process which is in continuation with operations of organizations. It is done to maintain quality
and standard in work of sub ordinates (Hacklin, and Wallnfer, 2012). This is done to check
whether policies are properly implemented or not. Aim of internal audit to discover loop holes in
planning and make modification to prevent it.
External audit
Procedure of checking by experts which are owned by business is known as external
audit. It is mandatory for entire public organizations. In this auditor is appointed by regulatory
authority determined by government (Osborne, and Gaebler, 2003). Aim of external audit is to
check transparency and to determine whether transactions are fair or not. This makes information
more reliable for stakeholders for decision making.
Benchmarking
By using strategy of benchmarking target can be set by organizations for completion of
operations. This will be divide whole work in steps. It will make procedure of monitoring easy
and efficiency.
CareTech Holding Plc can use either of these options or can use combination of these
techniques. It will help business is proper evaluation and attaining better outcome from
operations.
TASK 4 PROCEDURES AND SYSTEMS FOR MANAGING INFLUENCES

OF SOURCES OF FINANCE
4.1
Financial decisions are important for business as it determines leverage and obligation of
it. For making decisions related to sources of finance both financial and non financial
information is required. In the context of CareTech Holding Plc financial information is
comprises of their annual reports of previous years. It will help in analysis of financial position
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and future forecasting for business (Winand, and et. al. 2012). Non financial information of
business includes trend and policies which are implemented to achieve financial objectives.
Demand and expectations of stakeholders is also considered while decision making of financial
sources. Incorporation of standards described by Care Quality Commission (CQC) is required in
evaluation. It is mandatory for CareTech Holding Plc to comply legal requirements and do not
contradict legal frame work by their decisions. Modification in policies of current government
and political dictate is also well thought-out by business so they can also update their policies.

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4.2
CareTech Holding Plc is dealing in sector of health and social care organizations so it is
important for them to behave ethically by following all legal and ethical requirements. They
should be fair and transparent while dealing with their stakeholders. Financial and costing
statements should be prepared by them by considering all policies and principles determined by
GAAP and IFRS (Moeti, and et.al., 2007). They are involved in agreement of partnership hence
all clauses of their deed is needed to be complied by them. CareTech Holding Plc is partially
funded by government hence they should make adequate use of resources so they can attain
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better output. Such organizations are under obligation to publish their annual accounts
periodically which should be audited by external experts.
4.3
CareTech Holding Plc is engaged in providing services in sector of housing. Impact of
their financial considerations is directly linked to their service users. As there will be increase in
financial burden it will increase the price charged from service users (Mclean, 2003). They are
engaged in operations of providing innovative services if there will be any loop hole in strategy it
had to be beer by service users. Alteration in policies of CareTech Holding Plc will influence the
demand of customers.
There is cause and effect relationship between service users and financial considerations
of CareTech Holding Plc. There increase revenue shows increasing demand of their consumers
which shows efficiency of business. Capacity of organization in delivering services is making
increase in their market share.
4.4
For making modifications for making improvement in financial position of business
CareTech Holding Plc can adopt updated technology in accounting. Organizations are good in
their operations so they can go for personalized software which has all tools of accounting. By it
time for accounting will be reduced and better information can be derived. Facts from such
software will be error free as computations in it not done manually (Glasby, 2012). So there are
fewer chances of errors. For cost effectiveness in strategy elimination can be done for expenses
which are providing fewer benefits as per their cost. It will simultaneously make reduction in
cost and increment in profits of business.
By using techniques of internal and external audit CareTech Holding Plc can easily
monitor their operations. By this better outcome can be attained by them. Continuous monitoring
in project will increase the quality and standard which will enhance reputation of business. For
pricing and financial decisions strategies should be properly implemented by them so they can
easily achieve objectives of business (Frredman, and Media, 2014). Performance models can be
used by CareTech Holding Plc for more qualitative performance and satisfaction of their
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stakeholders. By incorporating following techniques grooming will be done for overall
operations of CareTech Holding Plc.
CONCLUSION
Present research report was based on management of financial resources in CareTech
Holding Plc. Conclusion can be made from present project report is principles of costing are
important to apply for reliability of information. For effective cost accounting engagement of
both financial and non financial parties is important. For effective operation is requiring
monitoring budgeted expenditures to prevent variances (Baker, and Riddick, 2013). To manage
financial shortfalls adequate planning and prioritization of expenses is important. Proper actions
are required to take in event of suspicion of fraud and committee should be established to resolve
dispute. Improvement in financial position can be attained by CareTech Holding Plc by
incorporating updated techniques.
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REFERENCES
Baker, H. K. and Riddick, L. A., 2013. International Finance, Oxford University Press.
Frredman, J., and Media, D., 2014. why management accounting is important in decision
making. [Online] Available through: <http://smallbusiness.chron.com/management-
accounting-important-decisionmaking-53947.html> [Accessed on 7th July 2014].
Glasby, J., 2012. Understanding Health and Social Care. The Policy Press.
Gustafsson, V., 2006. Entrepreneurial decision-making. Edward Elgar Publishing.
Hacklin, F. and Wallnfer, M., 2012. The business model in the practice of strategic decision
making: insights from a case study. Management Decision. 50(2). pp.166 - 188
Hofmann, P. K., 2007. Psychology of decision making. Nova publishers.
Hussey, R. and Ong, A., 2005. A substantive model of the annual financial reporting exercise in
a non-market corporate. Qualitative Research in Accounting & Management. 2(2).
pp.152170.
Keller, A., 2013. Finance and financial management. GRIN Verlag.
Lam, W. 2010. Funding gap, what funding gap? Financial bootstrapping: Supply, demand and
creation of entrepreneurial finance. International Journal of Entrepreneurial Behaviour &
Research. 16(4). pp.268-295.
Luong, J. P., and Weinthal, E., 2010. Ownership structure. Cambridge university.
Mclean, A. R., 2003. Financial Management in Health Care Organizations. Cengage Learning.
Moeti, K. and et.al., 2007. Public finance Fundamentals. Juta and Company
Osborne, D. & Gaebler, T., 2003. Reinventing government-How the entrepreneurial spirit is
transforming the public sector. Reading, Mas: Addison-Wesley P. C. Inc.
Peterson, P. P., and Series, F. J., 2004. Capital budgeting. John wiley& sons.
Shahwan, Y., 2008. Qualitative characteristics of financial reporting: a historical perspective.

Journal of Applied Accounting Research. 9(3). pp.192 202.
Weil, L. R., 2012. Financial Accounting. 14th edition. Cengage Learning.
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Weygandt, J. J. and et. al., 2009. Managerial Accounting: Tools for Business Decision Making.
Managerial Accounting: Tools for Business Decision Making.
Winand, M. and et. al. 2012. A financial management tool for sport federations. Sport, Business
and Management: An International Journal. 2(3). pp.225-240.

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Managing financial sources in

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Task 3 Significance of monitoring of budget expenditure.............................................................. 7

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TASK 1 SYSTEMS THAT CAN BE USED FOR MANAGEMENT OF

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