Managing Finacial Resources Assignment. Hnd Essay

4820 words - 20 pages

SCHOOL OF HEALTH AND SOCIAL CARE (MANAGEMENT)
MANAGING FINANCIAL RESOURCES
A REPORT ON BUPA 2012 FISCAL YEAR
CONTENTS PAGE
EXECUTIVE SUMMARY
TASK 1: SYSTEMS USED TO MANAGE FINANCIAL RESOURCES IN BUPA
1.1 Principles of costing and business control systems
1.2 Main heads/amounts of income in 2011
1.3 Regulatory requirements
1.4 Systems for managing financial resources
TASK 2: ROLE OF PLANNING IN THE MANAGEMENT OF BUPA BUDGETS
2.1 Diverse sources of income
2.2 Factors that may influence the availability of financial resources
2.3 Different types of budget expenditure
2.4 Decisions about expenditure
TASK 3: IMPORTANCE OF MONITORING BUDGET EXPENDITURE IN BUPA
3.1 Managing financial shortfalls
3.2 Financial fraud actions
3.3 Budget monitoring arrangements
TASK 4: INFLUENCE OF SYSTEMS AND PROCESSES ON BUPA SERVICES
4.1 Information required in making financial decisions
4.2 Relationship between care service delivered and ‘costs and expenditure’
4.3 Impact of financial considerations on a service user
4.4 Improving care services through changes in financial systems and processes
REFERENCES
EXECUTIVE SUMMARY
This report is an explanation of the various methods used in governing the control of monetary assets in healthiness and societal upkeep.
The purpose of this report is to assess the accountability level of those responsible for the management of funds in healthiness and societal upkeep, in regard to BUPA care homes, with emphasis to their 2012 financial report as evidence.
The 2012 financial report commenced by giving a brief description of the different structures that were used in managing finances and went further to reveal the level of importance in planning and monitoring of budget expenditure. The report emphasizes the importance of monitoring these private care homes financial disbursements and to what extent the power of the structures and developments have on health care facilities.
Consequently, taking a look at the present economic situation, BUPA has managed to maintain its services to its clientele and produced pleasing figures within the financial twelve months period, with a net assets of £333,070,000, making a profits of £21,697,000 after taxation.
TASK 1: SYSTEMS USED TO MANAGE FINANCIAL RESOURCES IN BUPA
1.1 Principles of costing and business control systems
There are six principles of costing which have been developed over time from previous research, which if adopted in BUPA will help to maximise opportunities and profits. These principles are stated and explained in the below:
Principle1
Transparency: The various methods used in costing should be transparent and well documented. Applying the principle of Transparency in carrying out financial matters, not only produces exemplary records, but firmly gains as BUPA have done, whilst also increasing in reputable standing within business status ratings.
Principle 2
Data Accuracy: It is of high importance to use accurate input data so as to get an accurate output data. However, some...

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