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Managing Financial Resources
A Sample Report on Managing Financial Resources
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Table of Contents
INTRODUCTION ............................................................................................................................ 2
TASK 1................................................................................................................................................3
1.1 Principles of Costing and Business Control Systems...........................................3
1.2 Classification of costs residential home has to bear........................................... 5
1.3 Regulatory Requirement for managing financial resources..............................5
1.4 Evaluation of Accounting software.............................................................................6
TASK 2..............................................................................................................................................7
2.1 Sources Of Income............................................................................................................7
2.2 Analysis of Factors affecting availability of Finance............................................ 8
2.3 Reviewing types of Budget............................................................................................9
2.4 Decision Making ways for expenditure.....................................................................9
TASK 3 ........................................................................................................................................... 10
3.1 Preparation of Cash Budget........................................................................................10
3.2 Fraud Management........................................................................................................11
3.3 Measures to control and monitor Budgets............................................................11
TASK 4............................................................................................................................................. 12
4.1 Identification of level of service................................................................................12
4.2 Analysis of relationship between level of service and associated costs... 13
4.3 Effect of Financial considerations on residents...................................................13
4.4 Financial systems to improve the services...........................................................14
CONCLUSION.................................................................................................................................15
REFERENCES.................................................................................................................................16
Index of Tables
Table 1: Calculation of per unit cost for resident in a month.....................................6
Table 2: Functions, advantages and disadvantages for various software.............8
Table 3: Cash budget for 3 months ending December, 2016.................................... 11
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INTRODUCTION
Finance is very crucial part of business and therefore managing is the
important function. Functioning of a care home has several activities involved
and costs associated with them. This report closely deals with costs to be
undertaken and its broad classification. Further budgeting is applied and its
importance are explained in decision making. It demonstrates the budgeting in
planning expenditures and managing and controlling them to provide effective
services and maintaining existing customers. Planning is praised in
management accounting and decision making. This report further creates the
understanding the efforts of financial planning in management accounting and
reflects its contribution towards success of the residential care unit.
TASK 1
1.1 Principles of Costing and Business Control Systems
Principles of accounting
Costing is based on fundamental principles and guidelines which leads to
extract meaningful information. Major principles are explained below:
Costing follows cost effect relationship : Cost is recorded on the
basis of cause and effect relationship. Cause relationship drives the
allocation of cost on the basis of its nature. For example:
Cost is charged after the occurrence : Costing follows the principle
that cost is charged only if the product is produced . For example: normal
loss is included in cost of only those products concerned and not on all
the products to be manufactured.
Abnormal cost are charged in costing :The cost which are abnormal
or non routine in nature are not charged to the production. Since these
are not directly related with the production process of the entity. For
example: In case of care unit is fire occurs then damage cost will not be
charged to cost centres rather it will be debited to Income Statement.
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Past cost not taken into future: It depicts that cost of particular
period are treated as cost of the that period itself and cannot be deferred.
As it will unnecessary burden the future cost and display blurred picture.
However advertisement is an exception as it involves huge cost and
benefits will be derived in future as well therefore deferred in future
period as well.
Business Control System
Some of major Business control systems which assists organisation are
depicted below:
The Procurement Process
Defining the Business Need: Objectives of the requirement of the
system should be clearly communicated to the supplier. It deals with the
need which laid the comapmny to think about control system. Care unit
would like to go online for greater access therefore it defined the
need(Ndolo and Njagi, 2014).
Development of procurement strategy : Procurement strategy is to
wisely decided for application of system. There are various options
available for Care unit to apply controls such as waterfall method, pilot
method etc. which offers wide range of options to the client.
Supplier Selection and Evaluation : Selection of supplier is a tedious
task and requires lots of tests and decisions. Vendor can be selected on
basis of its past records or performing benchmarking or checklist test on
the services offered. Point scoring method can be applied to give point to
various vendors and selecting the best among the rest.
Negotiating and Awarding the contact : Once the vendor is selected
negotiations should be entered in terms of quality of services or in cost
measures to improve the efficiency of money invested(Miller and Rice,
2013). Further order and scheduled delivery of modules to be pre
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determined for care unit for effective and timely set up of systems.
Induction and Integration : Terms of delivery should be clearly
mentioned and reviewed to avoid any default on supplier side. Care unit
should also controls and check on timely basis that agreed quality is
offered and no compromises are entered with contacted terms.
Management Control System
Under management control system various resources of organisation
such as human, physical or financial are analysed under financial microscope of
organisation strategies. This includes six elements which are listed below:
Strategic Planning : As per this element of management control
system strategic planning is preformed to create a roadmap and setting
objectives to achieve organisational goals(Kerzner, 2013).
Budgeting : Budgeting involves setting standards on basis of past
records for the revenues, expenses and other items on basis of future
forecasting.
Allocation of resources : This involves allocation of human, physical
and financial resources as per the budgeted plans and achieving desired
objectives. Example: Allocating the appropriate budget to each sector
such as housekeeping, pantry etc.
Measuring Performance : Once the resources are allocated and control
system in unit starts operating performance is measured as per the
standard.
Rewards and Evaluations : Rewarding of ranks to resource allocation
and performance is evaluated and loopholes are overcome and rewards
to be given in case of exceptional situation.
Responsibility centre Allocation : Responsibility for application of
system is to be allocated to personnel for effective development and
timely adoption of system into organisation. For example: head of acre
unit is to be assigned this task.
Calculation of cost per unit for one resident in a month
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Table 1: Calculation of per unit cost for resident in a month
Particulars Amount in £
Variable Cost 1200
Fixed Cost 75000
Total cost 76200
No of beds 65
Per unit cost of resident in a month 1172.31
1.2 Classification of costs residential home has to bear
Costs can be classified into different sectors by residential home and
apportioned accordingly.
Direct cost : Direct cost refers to those cost which are directly
attributable to the prime activity and fluctuate with level of
production(Drury, 2013). For example: house keeping services are
directly related with residential home.
Indirect Cost :Indirect costs are which are not directly relatable to the
functions of residential home. For residential unit indirect unit consists of
amusement facilities and gardening. These costs are shared between
various functional departments of the residential unit.
Variable Costs : Variable cost are costs which vary with the change in
level of activity. Food and supplies for kitchen will vary according to the
persons residing. Moreover salaries to staff will depend on how much
resources are utilised or labour hours worked.
Fixed costs : Fixed costs are costs which are irrelevant with the
activities of the residential unit. In case of residential unit fixed electricity
expenses and rent is fixed expense. Further purchasing machinery or
furniture will not affect the output of firm.
1.3 Regulatory Requirement for managing financial resources
Regulatory requirement refers to conformance with pre defined rules and
standards and measures undertaken to follow them. Financial resources being
most important part of business needs to be properly managed and utilised.
Some of them are listed below:
Payment of taxes on time: Paying accurate taxes on time will avoid
double cost one in the form of overdue penalties and interest and will
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save outflow of cash from care unit. Secondly if proper records are
maintained it will save the resources in terms of time and money and
also payment of taxes for which the residential unit is liable and nothing
more or less is paid.
Knowing costs regularly : To maintain the liquidity into business
proper idea of day to day cost should be gained and managed
accordingly. Minimum cash requirement should be kept to meet petty and
regular expenses such as buying vegetables for kitchen, wages for chefs,
salary for drivers or managers etc.
Updating Accounting records : Maintaining accounting records would
avoid extra payments to suppliers and receiving short payment from
customers. Proper accounting records reflect clear picture of residential
unit and further helps in budgeting and planning.
Adopting fair price policy : Residential unit should adopt the fair prices
policy and quality recommended by Care Quality Commission . If prices
charged are high in comparison to quality of services offered it is ethical
and illegal for residential unit whose prime focus is social service.
Authentic financial statements : Financial statements of residential
unit should be fair and present a clear picture of the unit. This will
improve image of unit perceived by investors or potential customers.
Further it should follow rules enforced by NHS Commissioning Board.
Respecting legal contracts: Agreement which re enforceable by civil
laws or Healthcare Sector Regulator Monitor should be respected by
residential unit to avoid legal repercussions and avoid fines or penalties.
Moreover the residential unit is engaged in health and social care and all
the quality standards and contracts should be respected and considered
in its day to day working(Jonathan, 2014).
Internal Auditing : Internal auditing is performed on internal operations,
controls and comment on the efficiency of risk management process engaged
into business. In case of residential unit internal audit function will check the
quality of food, safety measures in the kitchen etc.
External Auditing : External Auditing is an independent body governed by
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statutory provisions which present report commenting about fairness and
accuracy in the information presented in financial statements. For illustration:
Auditor appointed to comment upon financial statements of a residential unit.
1.4 Evaluation of Accounting software
There are several accounting soft wares with distinct qualities but
applicability differs. Some of them are evaluated below:
Table 2: Functions, advantages and disadvantages for various software
Software Function
performed
Advantages Disadvantages Conclusion
Open
accounts
Open Accounts
software integrates
the information
across the entity.
It can be
customised
easily as per
the
requirements
of the clients.
It is costly in
comparison to
paper based
methods.
Open accounts
is most
suitable for
non profit
organisation
such as
residential
care unit.
Cool care Cool care is
specifically
designed to
manage and
control activities of
care unit.
It can be
utilised on any
device
available such
as personal
computer,
laptop, android
phone etc.
It requires
extensive
knowledge
about
gadgets .
Incomplete
knowledge will
hamper the
quality and
data needs.
As this system
save time,
efforts and
money and
has user
friendly
integrating
system
therefore
should be
adopted easily
by residential
unit.
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CareSys This is fully
integrated and
easy to use
system. This
integrates all
different modules
for ease of
management.
Since the
solutions or
modules are
available on
mobile phones
therefore
information
cost can be
easily shared
between two
or more
locations
easily.
It has single
centralised
system
therefore risk
of data loss is
high as no
duplicate
records re
maintained.
This provides
efficient care
services and
saves time
and ensures
compliance
and also
comes in
modules
therefore
increasing
flexibility.
TASK 2
2.1 Sources Of Income
Performance of every function in a company depends upon the
availability of finance. Financial resources comes from various sources of
income and funds. Some of the sources are defined below:
Government grants : Government subsidy or loans are considered as
government grants with the attached conditions. On fulfilment of terms
the grant stands in the hands of applicant. Residential unit can trust this
source of income as it deals in social service which is strongly supported
by government(Vogt and Kluge, 2015).
Personal Savings : Personal savings of the entrepreneur are best and
trust worthy source with no risks and terms attached. Further investing
savings into business will create confidence amongst others and chances
of business to succeed will increase.
Venture capitalist : Venture capitalist are modern risk takers who
invest the money into new ventures and shares part of profits in return.
Residential unit is concept which attracts investors and therefore prove to
be good sources of finance.
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Self generated Income : Income generated from running residential
unit will become source for further improvements and ventures. Moreover
self generated income is best source as it has no obligation against it.
Short term loans : Cheap source of finance is raising short term loans
from financial institutions, credit agencies or relatives and friends.
However financial risk increase with more use of debt in entity. Further
overdraft or efficient working capital management will be great source of
finance.
2.2 Analysis of Factors affecting availability of Finance
Finance is influenced by several factors present in business environment.
Some of the major factors are demonstrated below:
Government Funding : UK economy is comprised of service sector and
social service being part of it. UK government spends huge amount on
people reflecting major spending. Since social service sector has human
as a major component and government spends lot on human resources of
the country. Therefore most of the capital and revenue investment in
health and social care sector are from government sources.
Priority of the project : Projects which are considered will get the
funding prior to those considered less important. For example: Projects
involving intensive healthcare unit (ICU) or cancer treatment centres will
get funding first in comparison to residential unit therefore finance is
routed in prioritised manner.
Private Funding : Not every unit gets funds from government for
functioning. Some of them are funded from private sectors funds such as
short term loans, sale of fixed assets or retained earnings etc. which have
certain implications attached such as financial implication in form of cost,
taxes and interest.
Social Deprivation Index : Geographic locations which are socially
deprived of the technological and modern amenities will attract more
grants from government and will get definite finance.
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2.3 Reviewing types of Budget
Budgets can be reviewed on different basis. Some of them are described
below:
Cost centre : Cost centre are the department in the organisation based
on which resources are allocated and costs derived. Cost centre such as
human resource or designing or research and development have
allocated tasks and associated costs which are to be strictly adhered.
Further budgeted expenditures and cost should be divided on basis of
functions performed by cost centre in achieving organisational
profitability. For example: In a residential ubit cost centre can be
formulated such as food department, health department, entertainment
department, grocery department etc. to have better control.
Project Management Budget : Project should be governed by
comparing actual with budgets and controlling the variances. However
major components are firstly base cost estimates which includes
estimating the costs of routine nature on the assumptions that
everything remains favourable. Secondly a good budget should have
space for any sort of contingency that would arise in course of action.
Contingency money is financial resources kept aside for emergency
situations. Thirdly management reserves are created for events which are
unfortunate and unforeseen such as fire in house or floods in town etc.
Outsourcing : Outsourcing is assigning the support services of entity to
outside agencies. Outsourcing reduces the cost of entity in training
activities and moreover it can lay more focus ion the prime activity of the
business. Residential unit can outsource the cleanliness services so that
it can focus on food and healthcare facilities.
2.4 Decision Making ways for expenditure
Planning the expenditure is crucial function for achieving profitability
targets for the entity.
Command : This type of decision making focuses on following the
commands given be one individual and following the command
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blindly(Zsambok and Klein, 2014). Residential unit should not apply this
model as it will make the leader a hated figure and affect the
organisational structure.
Consult : This is good strategy for decision making a sit involves the
suggestions from all the people concerned(Pettigrew, 2014). It adds the
value to decisions and involves various experts to present the
expenditure management in effective manner in a residential unit. For
managing cost consultant should be approached.
Vote : This type of decision making is applicable when options are
available and choice is to made then. People concerned are asked to vote
in favour or against and the one with majority is selected. Discussion
should be based to justify the votes and reasons explaining the action in
a residential unit. Regarding changing the food services expenditure or
menu replacement voting should be applied .
Consensus : This method is used to bring integrity and high quality
decisions s it refers to discussions until everyone concerned agrees at a
single point. It is applicable only when support from everyone is needed
or issue is complex. Suppose residential unit wants to open a new branch
then it is a complex decision and consensus method can be adopted to
plan the expenditure for the same.
TASK 3
3.1 Preparation of Cash Budget
Budgeting is an effective tool of financial planning(Hope and Fraser,
2013).
Table 3: Cash budget for 3 months ending December, 2016
October November December
Particulars Amount in £ Amount in £ Amount in £
Cash Inflows
Monthly allocation from government 150000 155000 170000
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Self generated income 20000 38000 46000
Total cash inflows 170000 193000 216000
Cash Outflows
Cash Purchases 50000 60000 65000
Credit Purchases 0 18000 24000
Rent in advance 20800 0 0
Labour cost 56000 60000 54000
Other Expenses 14000 10000 15000
Bank loan repayment 10000 10000 10000
Furniture and kitchen upgrade 23000 0 0
Semi annual insurance cost 0 20000 0
Total Cash Outflows 173800 178000 168000
Net Cash Flow -3800 15000 48000
Opening cash balance 14000 10200 25200
Closing cash balance 10200 25200 73200
Since the income is below the expenditures for the month of October
however the same is compensated by the initial cash balance available.
However residential care unit can invest the surplus cash into fixed interest
bonds as they are lying under utilised(Callaghan, Hawke and Mignerey, 2014).
Moreover cash is managed effectively and managed as per the expenses
planned. Budgeting is an important tool to provide insight into future about
future expenses and income. Self generated income can be increased by
attracting more customers and maintaining existing by improving quality of
service(Rigby and Bilodeau, 2015). Since plenty of cash is available it can
provide extra services as agreed as discount and motivate customers.
3.2 Fraud Management
Fraud is a term which address all the criminal deceptions which cause
wrongful gain to one and loss to others financially or personally. Evidence for all
the frauds should be collected and the person who has committed the offence
to be reasonably punished(Hess and Cottrell, 2016). This will avoid others to
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perform the same wrongful task.
Financial Frauds : Frauds which includes finance or money in action.
This fraud affects the residential unit adversely. In a residential unit
financial fraud such as embezzlement of cash common and if detected
should be avoided by tracking the movement of cash on regular basis.
Further maker should not be checker in case of passing vouchers for
expenses(Shi, Connelly and Hoskisson, 2016).
Accounting frauds : Frauds detected in recording transactions
magnificently or illusionary which misleads the user of financial
statements. If such frauds are detected than audit function is to be held
responsible and scope of audit is to be widened by residential unit(Chen
and et.al., 2016). Major fraud occurs when vouchers are prepare on name
sake without any evidence. Leakage of information will bring disrepute
therefore security measures should be adopted such as CCTV cameras,
details of visitors etc.
Personal frauds : Personal benefit or harassment of others is criminal
offence and once detected culprit should be handed over to police. Fraud
in terms of sexual or physical assortment is a major concern for
residential unit and should be prevented by undertaking proper measures
and controls.
3.3 Measures to control and monitor Budgets
Budgets include all the revenues, expenditures, working capital,
production , sales, income etc.. Therefore monitoring the same will lead to
effective control on cost and allocation of resources in an efficient manner
(Lauth, 2014). Budgets can be monitored in following ways:
Continual Forecasting of Budget : Budget should be forecasted
frequently and necessary changes to be incorporated. This will reflect the
clear scenario and avoid hypothetical target setting. With any change in
social patters residential unit would be affected hence budgets should be
revised accordingly(Hunter, Fitzgerald and Barlow, 2014).
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Resource utilisation : Effective utilisation of resources is must for
controlling the cost and income which forms major part of budgeting.
Allocation or deallocation of resources on demand influence financial
position of business(Mbugua, 2013). Residential unit should hire workers
on need basis as free lancing will reduce the cost of permanent workers.
Controlling income and expenditure : Residential unit should take
efforts to reduce the costs and increase revenues. Manager should
conduct activities which encourage residents to perform the household
tasks as this will reduce petty expenses and further initiatives to be taken
to manufacture handmade products in leisure time to bring extra income
to organisation and improve their creativity. Budgeting is all about
managing income and expenditure as per the available
resources(Al ,Pfahl and Ruhe, 2016).
TASK 4
4.1 Identification of level of service
Decision making is a core factor and enables entity to generate profits
and reach unexplored levels. Decisions integrate the efforts of all the levels of
organisation and march them towards achieving organisational
goals(Fitzsimmons and Fitzsimmons, 2013). Valid information and data are the
most required platform based on which management takes decision therefore
residential unit should base its decision on information collected from following
sources :
Management Accounting : Information about cost and price
relationship provides the price to be charged to residents for services and
hence helps in determining the quality of services to be
offered(Bjørnenak and Kaarbøe, 2013). Level of services aspired by users
is to be determined to evaluate the profits margins or income and
expenditures to be incurred.
Current and Forecasted Demand : Residential unit should design its
service package according to the demand in market. As changes in social
behaviour patterns of customers will demand more services therefore
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market survey should be conducted and results analysed to derive a
clear graph of demand of service in market(Christopher, 2016). However
quality of service is not be compromised and should be in accordance
with Healthcare Quality Commission.
Actual Budget : There are various types of budgets one among them is
standard budget which is based on past performance and forecast future
expenses and income. Actual budget present the clear picture in flexible
manner(White and Miles, 2015). Residential unit should follow the actual
budget as it will closely examine the expenses and income and present
clear picture for deciding level of service.
Further human being the crucial part of economy is focussed by government.
Therefore Care quality Commission is formed by government to regulate the
quality standards in the sector. Hence residential unit should work in
conformance with the standard and guidelines demonstrated by Care Quality
Commission to avoid disrepute and increase confidence among customers.
4.2 Analysis of relationship between level of service and associated costs
Quality of services and associated costs are into direct proportion with
each other. However the relationship between them depend on several factors.
Accountability : Since the residential unit is dealing with social service
sector therefore it is accountable to society as a whole. Further price of
service should do justice with with the quality of service. Since
accountability is high quality of service should be high therefore raising
the cost to maintain the same.
Cost benefit : Cost benefit analysis plays major role in deciding the
quality of service. How efficient each penny is utilised depicts the
benefits derived and quality of service. More benefits reflects better
quality(Burke and Ryan, 2014).
Compliance : Compliance requirement depicted by various regulatory
authorities guide the relationship between cost and quality. Quality
suggested by them is to be strictly adhered and therefore raising the cost.
Pricing Policy : Pricing policy is most crucial factor. High quality
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services such as AC rooms in unit will increase the cost and thereby high
prices for privileged customers. Moreover luxury services will influence
high cost and prices(Blais, 2015).
Transparency with stakeholders : As it is universal truth that cost
increase with increase with quality. Customers are major stakeholders
and quality of service should present the cost that would have been
incurred behind the quality delivered. Customer should able to feel the
worth of each penny paid by them.
4.3 Effect of Financial considerations on residents
Financial Considerations refers to adding a angle of financial perspective
in decision making. It refers to considering capital and surplus
requirements(Financial Considerations
,2017). Some of the financial considerations affecting the customers in
healthcare sector are listed below:
Quality of service: Quality of service is a major cost driver and affects
the customers widely. With the increase in quality of services the
customers satisfaction in the residential unit will increase and they will
refer the unit to their relatives and friends. Quality will increase the
popularity of the unit(Goetsch and Davis, 2014).
Access to service : Wide access to service by opening various branches
or extending helping hands to crowd will stimulate the residents of the
unit and service mobility will increase their level of satisfaction. This will
increase the cost despite improving revenue and increased market share.
Withdrawing or reducing services : Withdrawing some of the services
from the package without reducing the cost will adversely affect the
goodwill and customers will feel cheated. Therefore withdrawing service
affects business and residential unit should considerer this. For example
before removing chauffeur suggestions from customers need to be taken
or services regarding weekend picnics need to be driven by customer's
opinion.
Change in staffing level : Before employing additional staff or
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removing existing ones customers perspective to be studied. Further
proportion between number of residents and staff is to be maintained for
effective and on time services(Mary and Rowan, 2014). However this
adds to cost therefore residential unit should take appropriate measures
to review the requirement.
4.4 Financial systems to improve the services
Financial system and process assists every organisation in improving the
quality of service and its brand image. Performance of the residential unit
depends on several factors but financial system guides it towards earning
calculated profitability through following manners:
Assessing value for money : By assessing the value of each penny
paid by customer, residential unit should provide service that make
customers feel that the services are worth the charge. Further this will
increase profitability through mouth publicity and unit becoming popular
therefore attracting more customers.
Cost and unit estimations : Through assessing the cost and prices per
unit, residential centre should fix the price and thereby improving the
quality if final price comes to be reasonable.
Management consultants : Residential unit should visit management
consultant for gaining the expert advise regarding the market trends and
ways to improve the profitability and market share and bringing financial
stability.
Prioritising : Prioritising the crucial services is an important task. Major
task such as quality food is more important in comparison to
entertainment services offered. Therefore resource allocation is to be
guided by priority list.
Reassessing expenditures : Expenditures incurred on rendering
services should be reviewed and control measures should be adopted
with increasing experience. Further suppliers providing high discounts
with specific quality should be approached for better profit margin
without compromising on quality standard(Groenewald, Wright and
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Palermo, 2015).
CONCLUSION
The above report covers the management of financial resources for
residential unit in a comprehensive manner. It can be concluded that budgeting
is an effective tool for planning and forecasting the future expenses and
revenues. Types of budget are described for their adaption into residential unit.
Further diverse sources of income are available for residential unit however
government grants are considered best source. Suspected frauds are
addressed, explained and their reporting is suggested for better management
of unit. Moreover relationship between level of service and cost associated is
described for making effective decision making and progressing towards
profitability. Further report explains the financial information systems and their
applicability into organisation.
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REFERENCES
Books and Journals
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Bjørnenak, T. and Kaarbøe, K., 2013. The dynamics of managment accounting
and control systems. M. Falconer, H. Nørreklit, & M. Jakobsen, The
Routledge Companion to Cost Management. pp.163-173.
Blais, K., 2015. Professional nursing practice: Concepts and perspectives.
Pearson.
Burke, L.A. and Ryan, A.M., 2014. The complex relationship between cost and
quality in US health care. The virtual mentor. 16(2). pp.124-130.
Callaghan, S., Hawke, K. and Mignerey, C., 2014. Five myths (and realities)
about zero-based budgeting. McKinsey October.
Chen, J., Cumming, D., Hou, W. and Lee, E., 2016. Does the external monitoring
effect of financial analysts deter corporate fraud in China?. Journal of
Business Ethics. 134(4). pp.727-742.
Christopher, M., 2016. Logistics & supply chain management. Pearson Higher
Ed.
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Managing financial resources

  • 1. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. Managing Financial Resources A Sample Report on Managing Financial Resources To Buy Complete Assignment: Contact us: Phone No.: +44 203 8681 671 Mail us: help@instantassignmenthelp.com Website: https://www.instantassignmenthelp.com
  • 2. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. Table of Contents INTRODUCTION ............................................................................................................................ 2 TASK 1................................................................................................................................................3 1.1 Principles of Costing and Business Control Systems...........................................3 1.2 Classification of costs residential home has to bear........................................... 5 1.3 Regulatory Requirement for managing financial resources..............................5 1.4 Evaluation of Accounting software.............................................................................6 TASK 2..............................................................................................................................................7 2.1 Sources Of Income............................................................................................................7 2.2 Analysis of Factors affecting availability of Finance............................................ 8 2.3 Reviewing types of Budget............................................................................................9 2.4 Decision Making ways for expenditure.....................................................................9 TASK 3 ........................................................................................................................................... 10 3.1 Preparation of Cash Budget........................................................................................10 3.2 Fraud Management........................................................................................................11 3.3 Measures to control and monitor Budgets............................................................11 TASK 4............................................................................................................................................. 12 4.1 Identification of level of service................................................................................12 4.2 Analysis of relationship between level of service and associated costs... 13 4.3 Effect of Financial considerations on residents...................................................13 4.4 Financial systems to improve the services...........................................................14 CONCLUSION.................................................................................................................................15 REFERENCES.................................................................................................................................16 Index of Tables Table 1: Calculation of per unit cost for resident in a month.....................................6 Table 2: Functions, advantages and disadvantages for various software.............8 Table 3: Cash budget for 3 months ending December, 2016.................................... 11
  • 3. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. INTRODUCTION Finance is very crucial part of business and therefore managing is the important function. Functioning of a care home has several activities involved and costs associated with them. This report closely deals with costs to be undertaken and its broad classification. Further budgeting is applied and its importance are explained in decision making. It demonstrates the budgeting in planning expenditures and managing and controlling them to provide effective services and maintaining existing customers. Planning is praised in management accounting and decision making. This report further creates the understanding the efforts of financial planning in management accounting and reflects its contribution towards success of the residential care unit. TASK 1 1.1 Principles of Costing and Business Control Systems Principles of accounting Costing is based on fundamental principles and guidelines which leads to extract meaningful information. Major principles are explained below: Costing follows cost effect relationship : Cost is recorded on the basis of cause and effect relationship. Cause relationship drives the allocation of cost on the basis of its nature. For example: Cost is charged after the occurrence : Costing follows the principle that cost is charged only if the product is produced . For example: normal loss is included in cost of only those products concerned and not on all the products to be manufactured. Abnormal cost are charged in costing :The cost which are abnormal or non routine in nature are not charged to the production. Since these are not directly related with the production process of the entity. For example: In case of care unit is fire occurs then damage cost will not be charged to cost centres rather it will be debited to Income Statement.
  • 4. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. Past cost not taken into future: It depicts that cost of particular period are treated as cost of the that period itself and cannot be deferred. As it will unnecessary burden the future cost and display blurred picture. However advertisement is an exception as it involves huge cost and benefits will be derived in future as well therefore deferred in future period as well. Business Control System Some of major Business control systems which assists organisation are depicted below: The Procurement Process Defining the Business Need: Objectives of the requirement of the system should be clearly communicated to the supplier. It deals with the need which laid the comapmny to think about control system. Care unit would like to go online for greater access therefore it defined the need(Ndolo and Njagi, 2014). Development of procurement strategy : Procurement strategy is to wisely decided for application of system. There are various options available for Care unit to apply controls such as waterfall method, pilot method etc. which offers wide range of options to the client. Supplier Selection and Evaluation : Selection of supplier is a tedious task and requires lots of tests and decisions. Vendor can be selected on basis of its past records or performing benchmarking or checklist test on the services offered. Point scoring method can be applied to give point to various vendors and selecting the best among the rest. Negotiating and Awarding the contact : Once the vendor is selected negotiations should be entered in terms of quality of services or in cost measures to improve the efficiency of money invested(Miller and Rice, 2013). Further order and scheduled delivery of modules to be pre
  • 5. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. determined for care unit for effective and timely set up of systems. Induction and Integration : Terms of delivery should be clearly mentioned and reviewed to avoid any default on supplier side. Care unit should also controls and check on timely basis that agreed quality is offered and no compromises are entered with contacted terms. Management Control System Under management control system various resources of organisation such as human, physical or financial are analysed under financial microscope of organisation strategies. This includes six elements which are listed below: Strategic Planning : As per this element of management control system strategic planning is preformed to create a roadmap and setting objectives to achieve organisational goals(Kerzner, 2013). Budgeting : Budgeting involves setting standards on basis of past records for the revenues, expenses and other items on basis of future forecasting. Allocation of resources : This involves allocation of human, physical and financial resources as per the budgeted plans and achieving desired objectives. Example: Allocating the appropriate budget to each sector such as housekeeping, pantry etc. Measuring Performance : Once the resources are allocated and control system in unit starts operating performance is measured as per the standard. Rewards and Evaluations : Rewarding of ranks to resource allocation and performance is evaluated and loopholes are overcome and rewards to be given in case of exceptional situation. Responsibility centre Allocation : Responsibility for application of system is to be allocated to personnel for effective development and timely adoption of system into organisation. For example: head of acre unit is to be assigned this task. Calculation of cost per unit for one resident in a month
  • 6. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. Table 1: Calculation of per unit cost for resident in a month Particulars Amount in £ Variable Cost 1200 Fixed Cost 75000 Total cost 76200 No of beds 65 Per unit cost of resident in a month 1172.31 1.2 Classification of costs residential home has to bear Costs can be classified into different sectors by residential home and apportioned accordingly. Direct cost : Direct cost refers to those cost which are directly attributable to the prime activity and fluctuate with level of production(Drury, 2013). For example: house keeping services are directly related with residential home. Indirect Cost :Indirect costs are which are not directly relatable to the functions of residential home. For residential unit indirect unit consists of amusement facilities and gardening. These costs are shared between various functional departments of the residential unit. Variable Costs : Variable cost are costs which vary with the change in level of activity. Food and supplies for kitchen will vary according to the persons residing. Moreover salaries to staff will depend on how much resources are utilised or labour hours worked. Fixed costs : Fixed costs are costs which are irrelevant with the activities of the residential unit. In case of residential unit fixed electricity expenses and rent is fixed expense. Further purchasing machinery or furniture will not affect the output of firm. 1.3 Regulatory Requirement for managing financial resources Regulatory requirement refers to conformance with pre defined rules and standards and measures undertaken to follow them. Financial resources being most important part of business needs to be properly managed and utilised. Some of them are listed below: Payment of taxes on time: Paying accurate taxes on time will avoid double cost one in the form of overdue penalties and interest and will
  • 7. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. save outflow of cash from care unit. Secondly if proper records are maintained it will save the resources in terms of time and money and also payment of taxes for which the residential unit is liable and nothing more or less is paid. Knowing costs regularly : To maintain the liquidity into business proper idea of day to day cost should be gained and managed accordingly. Minimum cash requirement should be kept to meet petty and regular expenses such as buying vegetables for kitchen, wages for chefs, salary for drivers or managers etc. Updating Accounting records : Maintaining accounting records would avoid extra payments to suppliers and receiving short payment from customers. Proper accounting records reflect clear picture of residential unit and further helps in budgeting and planning. Adopting fair price policy : Residential unit should adopt the fair prices policy and quality recommended by Care Quality Commission . If prices charged are high in comparison to quality of services offered it is ethical and illegal for residential unit whose prime focus is social service. Authentic financial statements : Financial statements of residential unit should be fair and present a clear picture of the unit. This will improve image of unit perceived by investors or potential customers. Further it should follow rules enforced by NHS Commissioning Board. Respecting legal contracts: Agreement which re enforceable by civil laws or Healthcare Sector Regulator Monitor should be respected by residential unit to avoid legal repercussions and avoid fines or penalties. Moreover the residential unit is engaged in health and social care and all the quality standards and contracts should be respected and considered in its day to day working(Jonathan, 2014). Internal Auditing : Internal auditing is performed on internal operations, controls and comment on the efficiency of risk management process engaged into business. In case of residential unit internal audit function will check the quality of food, safety measures in the kitchen etc. External Auditing : External Auditing is an independent body governed by
  • 8. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. statutory provisions which present report commenting about fairness and accuracy in the information presented in financial statements. For illustration: Auditor appointed to comment upon financial statements of a residential unit. 1.4 Evaluation of Accounting software There are several accounting soft wares with distinct qualities but applicability differs. Some of them are evaluated below: Table 2: Functions, advantages and disadvantages for various software Software Function performed Advantages Disadvantages Conclusion Open accounts Open Accounts software integrates the information across the entity. It can be customised easily as per the requirements of the clients. It is costly in comparison to paper based methods. Open accounts is most suitable for non profit organisation such as residential care unit. Cool care Cool care is specifically designed to manage and control activities of care unit. It can be utilised on any device available such as personal computer, laptop, android phone etc. It requires extensive knowledge about gadgets . Incomplete knowledge will hamper the quality and data needs. As this system save time, efforts and money and has user friendly integrating system therefore should be adopted easily by residential unit.
  • 9. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. CareSys This is fully integrated and easy to use system. This integrates all different modules for ease of management. Since the solutions or modules are available on mobile phones therefore information cost can be easily shared between two or more locations easily. It has single centralised system therefore risk of data loss is high as no duplicate records re maintained. This provides efficient care services and saves time and ensures compliance and also comes in modules therefore increasing flexibility. TASK 2 2.1 Sources Of Income Performance of every function in a company depends upon the availability of finance. Financial resources comes from various sources of income and funds. Some of the sources are defined below: Government grants : Government subsidy or loans are considered as government grants with the attached conditions. On fulfilment of terms the grant stands in the hands of applicant. Residential unit can trust this source of income as it deals in social service which is strongly supported by government(Vogt and Kluge, 2015). Personal Savings : Personal savings of the entrepreneur are best and trust worthy source with no risks and terms attached. Further investing savings into business will create confidence amongst others and chances of business to succeed will increase. Venture capitalist : Venture capitalist are modern risk takers who invest the money into new ventures and shares part of profits in return. Residential unit is concept which attracts investors and therefore prove to be good sources of finance.
  • 10. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. Self generated Income : Income generated from running residential unit will become source for further improvements and ventures. Moreover self generated income is best source as it has no obligation against it. Short term loans : Cheap source of finance is raising short term loans from financial institutions, credit agencies or relatives and friends. However financial risk increase with more use of debt in entity. Further overdraft or efficient working capital management will be great source of finance. 2.2 Analysis of Factors affecting availability of Finance Finance is influenced by several factors present in business environment. Some of the major factors are demonstrated below: Government Funding : UK economy is comprised of service sector and social service being part of it. UK government spends huge amount on people reflecting major spending. Since social service sector has human as a major component and government spends lot on human resources of the country. Therefore most of the capital and revenue investment in health and social care sector are from government sources. Priority of the project : Projects which are considered will get the funding prior to those considered less important. For example: Projects involving intensive healthcare unit (ICU) or cancer treatment centres will get funding first in comparison to residential unit therefore finance is routed in prioritised manner. Private Funding : Not every unit gets funds from government for functioning. Some of them are funded from private sectors funds such as short term loans, sale of fixed assets or retained earnings etc. which have certain implications attached such as financial implication in form of cost, taxes and interest. Social Deprivation Index : Geographic locations which are socially deprived of the technological and modern amenities will attract more grants from government and will get definite finance.
  • 11. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. 2.3 Reviewing types of Budget Budgets can be reviewed on different basis. Some of them are described below: Cost centre : Cost centre are the department in the organisation based on which resources are allocated and costs derived. Cost centre such as human resource or designing or research and development have allocated tasks and associated costs which are to be strictly adhered. Further budgeted expenditures and cost should be divided on basis of functions performed by cost centre in achieving organisational profitability. For example: In a residential ubit cost centre can be formulated such as food department, health department, entertainment department, grocery department etc. to have better control. Project Management Budget : Project should be governed by comparing actual with budgets and controlling the variances. However major components are firstly base cost estimates which includes estimating the costs of routine nature on the assumptions that everything remains favourable. Secondly a good budget should have space for any sort of contingency that would arise in course of action. Contingency money is financial resources kept aside for emergency situations. Thirdly management reserves are created for events which are unfortunate and unforeseen such as fire in house or floods in town etc. Outsourcing : Outsourcing is assigning the support services of entity to outside agencies. Outsourcing reduces the cost of entity in training activities and moreover it can lay more focus ion the prime activity of the business. Residential unit can outsource the cleanliness services so that it can focus on food and healthcare facilities. 2.4 Decision Making ways for expenditure Planning the expenditure is crucial function for achieving profitability targets for the entity. Command : This type of decision making focuses on following the commands given be one individual and following the command
  • 12. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. blindly(Zsambok and Klein, 2014). Residential unit should not apply this model as it will make the leader a hated figure and affect the organisational structure. Consult : This is good strategy for decision making a sit involves the suggestions from all the people concerned(Pettigrew, 2014). It adds the value to decisions and involves various experts to present the expenditure management in effective manner in a residential unit. For managing cost consultant should be approached. Vote : This type of decision making is applicable when options are available and choice is to made then. People concerned are asked to vote in favour or against and the one with majority is selected. Discussion should be based to justify the votes and reasons explaining the action in a residential unit. Regarding changing the food services expenditure or menu replacement voting should be applied . Consensus : This method is used to bring integrity and high quality decisions s it refers to discussions until everyone concerned agrees at a single point. It is applicable only when support from everyone is needed or issue is complex. Suppose residential unit wants to open a new branch then it is a complex decision and consensus method can be adopted to plan the expenditure for the same. TASK 3 3.1 Preparation of Cash Budget Budgeting is an effective tool of financial planning(Hope and Fraser, 2013). Table 3: Cash budget for 3 months ending December, 2016 October November December Particulars Amount in £ Amount in £ Amount in £ Cash Inflows Monthly allocation from government 150000 155000 170000
  • 13. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. Self generated income 20000 38000 46000 Total cash inflows 170000 193000 216000 Cash Outflows Cash Purchases 50000 60000 65000 Credit Purchases 0 18000 24000 Rent in advance 20800 0 0 Labour cost 56000 60000 54000 Other Expenses 14000 10000 15000 Bank loan repayment 10000 10000 10000 Furniture and kitchen upgrade 23000 0 0 Semi annual insurance cost 0 20000 0 Total Cash Outflows 173800 178000 168000 Net Cash Flow -3800 15000 48000 Opening cash balance 14000 10200 25200 Closing cash balance 10200 25200 73200 Since the income is below the expenditures for the month of October however the same is compensated by the initial cash balance available. However residential care unit can invest the surplus cash into fixed interest bonds as they are lying under utilised(Callaghan, Hawke and Mignerey, 2014). Moreover cash is managed effectively and managed as per the expenses planned. Budgeting is an important tool to provide insight into future about future expenses and income. Self generated income can be increased by attracting more customers and maintaining existing by improving quality of service(Rigby and Bilodeau, 2015). Since plenty of cash is available it can provide extra services as agreed as discount and motivate customers. 3.2 Fraud Management Fraud is a term which address all the criminal deceptions which cause wrongful gain to one and loss to others financially or personally. Evidence for all the frauds should be collected and the person who has committed the offence to be reasonably punished(Hess and Cottrell, 2016). This will avoid others to
  • 14. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. perform the same wrongful task. Financial Frauds : Frauds which includes finance or money in action. This fraud affects the residential unit adversely. In a residential unit financial fraud such as embezzlement of cash common and if detected should be avoided by tracking the movement of cash on regular basis. Further maker should not be checker in case of passing vouchers for expenses(Shi, Connelly and Hoskisson, 2016). Accounting frauds : Frauds detected in recording transactions magnificently or illusionary which misleads the user of financial statements. If such frauds are detected than audit function is to be held responsible and scope of audit is to be widened by residential unit(Chen and et.al., 2016). Major fraud occurs when vouchers are prepare on name sake without any evidence. Leakage of information will bring disrepute therefore security measures should be adopted such as CCTV cameras, details of visitors etc. Personal frauds : Personal benefit or harassment of others is criminal offence and once detected culprit should be handed over to police. Fraud in terms of sexual or physical assortment is a major concern for residential unit and should be prevented by undertaking proper measures and controls. 3.3 Measures to control and monitor Budgets Budgets include all the revenues, expenditures, working capital, production , sales, income etc.. Therefore monitoring the same will lead to effective control on cost and allocation of resources in an efficient manner (Lauth, 2014). Budgets can be monitored in following ways: Continual Forecasting of Budget : Budget should be forecasted frequently and necessary changes to be incorporated. This will reflect the clear scenario and avoid hypothetical target setting. With any change in social patters residential unit would be affected hence budgets should be revised accordingly(Hunter, Fitzgerald and Barlow, 2014).
  • 15. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. Resource utilisation : Effective utilisation of resources is must for controlling the cost and income which forms major part of budgeting. Allocation or deallocation of resources on demand influence financial position of business(Mbugua, 2013). Residential unit should hire workers on need basis as free lancing will reduce the cost of permanent workers. Controlling income and expenditure : Residential unit should take efforts to reduce the costs and increase revenues. Manager should conduct activities which encourage residents to perform the household tasks as this will reduce petty expenses and further initiatives to be taken to manufacture handmade products in leisure time to bring extra income to organisation and improve their creativity. Budgeting is all about managing income and expenditure as per the available resources(Al ,Pfahl and Ruhe, 2016). TASK 4 4.1 Identification of level of service Decision making is a core factor and enables entity to generate profits and reach unexplored levels. Decisions integrate the efforts of all the levels of organisation and march them towards achieving organisational goals(Fitzsimmons and Fitzsimmons, 2013). Valid information and data are the most required platform based on which management takes decision therefore residential unit should base its decision on information collected from following sources : Management Accounting : Information about cost and price relationship provides the price to be charged to residents for services and hence helps in determining the quality of services to be offered(Bjørnenak and Kaarbøe, 2013). Level of services aspired by users is to be determined to evaluate the profits margins or income and expenditures to be incurred. Current and Forecasted Demand : Residential unit should design its service package according to the demand in market. As changes in social behaviour patterns of customers will demand more services therefore
  • 16. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. market survey should be conducted and results analysed to derive a clear graph of demand of service in market(Christopher, 2016). However quality of service is not be compromised and should be in accordance with Healthcare Quality Commission. Actual Budget : There are various types of budgets one among them is standard budget which is based on past performance and forecast future expenses and income. Actual budget present the clear picture in flexible manner(White and Miles, 2015). Residential unit should follow the actual budget as it will closely examine the expenses and income and present clear picture for deciding level of service. Further human being the crucial part of economy is focussed by government. Therefore Care quality Commission is formed by government to regulate the quality standards in the sector. Hence residential unit should work in conformance with the standard and guidelines demonstrated by Care Quality Commission to avoid disrepute and increase confidence among customers. 4.2 Analysis of relationship between level of service and associated costs Quality of services and associated costs are into direct proportion with each other. However the relationship between them depend on several factors. Accountability : Since the residential unit is dealing with social service sector therefore it is accountable to society as a whole. Further price of service should do justice with with the quality of service. Since accountability is high quality of service should be high therefore raising the cost to maintain the same. Cost benefit : Cost benefit analysis plays major role in deciding the quality of service. How efficient each penny is utilised depicts the benefits derived and quality of service. More benefits reflects better quality(Burke and Ryan, 2014). Compliance : Compliance requirement depicted by various regulatory authorities guide the relationship between cost and quality. Quality suggested by them is to be strictly adhered and therefore raising the cost. Pricing Policy : Pricing policy is most crucial factor. High quality
  • 17. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. services such as AC rooms in unit will increase the cost and thereby high prices for privileged customers. Moreover luxury services will influence high cost and prices(Blais, 2015). Transparency with stakeholders : As it is universal truth that cost increase with increase with quality. Customers are major stakeholders and quality of service should present the cost that would have been incurred behind the quality delivered. Customer should able to feel the worth of each penny paid by them. 4.3 Effect of Financial considerations on residents Financial Considerations refers to adding a angle of financial perspective in decision making. It refers to considering capital and surplus requirements(Financial Considerations ,2017). Some of the financial considerations affecting the customers in healthcare sector are listed below: Quality of service: Quality of service is a major cost driver and affects the customers widely. With the increase in quality of services the customers satisfaction in the residential unit will increase and they will refer the unit to their relatives and friends. Quality will increase the popularity of the unit(Goetsch and Davis, 2014). Access to service : Wide access to service by opening various branches or extending helping hands to crowd will stimulate the residents of the unit and service mobility will increase their level of satisfaction. This will increase the cost despite improving revenue and increased market share. Withdrawing or reducing services : Withdrawing some of the services from the package without reducing the cost will adversely affect the goodwill and customers will feel cheated. Therefore withdrawing service affects business and residential unit should considerer this. For example before removing chauffeur suggestions from customers need to be taken or services regarding weekend picnics need to be driven by customer's opinion. Change in staffing level : Before employing additional staff or
  • 18. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. removing existing ones customers perspective to be studied. Further proportion between number of residents and staff is to be maintained for effective and on time services(Mary and Rowan, 2014). However this adds to cost therefore residential unit should take appropriate measures to review the requirement. 4.4 Financial systems to improve the services Financial system and process assists every organisation in improving the quality of service and its brand image. Performance of the residential unit depends on several factors but financial system guides it towards earning calculated profitability through following manners: Assessing value for money : By assessing the value of each penny paid by customer, residential unit should provide service that make customers feel that the services are worth the charge. Further this will increase profitability through mouth publicity and unit becoming popular therefore attracting more customers. Cost and unit estimations : Through assessing the cost and prices per unit, residential centre should fix the price and thereby improving the quality if final price comes to be reasonable. Management consultants : Residential unit should visit management consultant for gaining the expert advise regarding the market trends and ways to improve the profitability and market share and bringing financial stability. Prioritising : Prioritising the crucial services is an important task. Major task such as quality food is more important in comparison to entertainment services offered. Therefore resource allocation is to be guided by priority list. Reassessing expenditures : Expenditures incurred on rendering services should be reviewed and control measures should be adopted with increasing experience. Further suppliers providing high discounts with specific quality should be approached for better profit margin without compromising on quality standard(Groenewald, Wright and
  • 19. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. Palermo, 2015). CONCLUSION The above report covers the management of financial resources for residential unit in a comprehensive manner. It can be concluded that budgeting is an effective tool for planning and forecasting the future expenses and revenues. Types of budget are described for their adaption into residential unit. Further diverse sources of income are available for residential unit however government grants are considered best source. Suspected frauds are addressed, explained and their reporting is suggested for better management of unit. Moreover relationship between level of service and cost associated is described for making effective decision making and progressing towards profitability. Further report explains the financial information systems and their applicability into organisation.
  • 20. Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order. REFERENCES Books and Journals Al Alam, S.D., Pfahl, D. and Ruhe, G., 2016. Monitoring and Controlling Release Readiness by Learning Across Projects. In Managing Software Process Evolution (pp. 281-303). Springer International Publishing. Bjørnenak, T. and Kaarbøe, K., 2013. The dynamics of managment accounting and control systems. M. Falconer, H. Nørreklit, & M. Jakobsen, The Routledge Companion to Cost Management. pp.163-173. Blais, K., 2015. Professional nursing practice: Concepts and perspectives. Pearson. Burke, L.A. and Ryan, A.M., 2014. The complex relationship between cost and quality in US health care. The virtual mentor. 16(2). pp.124-130. Callaghan, S., Hawke, K. and Mignerey, C., 2014. Five myths (and realities) about zero-based budgeting. McKinsey October. Chen, J., Cumming, D., Hou, W. and Lee, E., 2016. Does the external monitoring effect of financial analysts deter corporate fraud in China?. Journal of Business Ethics. 134(4). pp.727-742. Christopher, M., 2016. Logistics & supply chain management. Pearson Higher Ed. A Sample Report on Managing Financial Resources To Buy Complete Assignment: Contact us: Phone No.: +44 203 8681 671 Mail us: help@instantassignmenthelp.com Website: https://www.instantassignmenthelp.com