Managing Financial Resources

Managing Financial Resources

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TABLE OF CONTENTS INTRODUCTION........................................................................................................................... 1 TASK 1............................................................................................................................................ 1 1.1 Explanation of the principles and business control systems in a residential care............ 1 1.2 Identification of information for successfully manage financial resources......................3 1.3 Explanation of regulatory requirement for managing financial resources....................... 3 1.4 Evaluation of computer software for manage financial resources................................... 4 TASK 2............................................................................................................................................ 7 2.1 Discussing different sources of income for new care home.............................................7 2.2 Factors affects to availability of financial resources........................................................ 7 2.3 Different types of budget which are applicable to residential care.................................. 8 2.4 Evaluation of decisions regarding expenditure for residential home............................. 11 TASK 3.......................................................................................................................................... 11 3.1 Cash budget for next three months and financial shortfalls........................................... 11 3.2 Explanation in case of suspected fraud.......................................................................... 13 3.3 Suggestion and evaluation of methods for monitor and control budget.........................14 TASK 4.......................................................................................................................................... 14 4.1 Identifying information for purpose of decision making in order to offer level of services14 4.2 Analysis of relationship among services, costs and expenditures..................................15 4.3 Evaluation of impact on individuals of financial considerations................................... 16 4.4 Recommendations which are helpful to improve services............................................. 17 CONCLUSION..............................................................................................................................18 REFERENCES.............................................................................................................................. 19

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INTRODUCTION Resources are an integral part of an enterprise without this a business cannot run in a market. It is necessary to manage financial and accounting informations in order to derive financial performance of the business. The present case is related to health and social care sector where various principles and systems are described to effectively manage its financial resources.

The report focuses on the role of planning, various sources of income as well as various factors influence the financial resources in a positive and negative manner. It describes about budgeting and expenditures in terms of its importance in the health and social care business. The present report indicates several types of financial systems as well as various processes which help the management to manage the financial resources.

TASK 1 1.1 Explanation of the principles and business control systems in a residential care For each and every element, various principles and control systems are there to manage the business effectively. In order to this, costing also has several principles to manage financial resources which are given as below:  Cause effect relationship: In a business every cost is related with particular reason and incurred to produce goods and services. (Swayne, Duncan and Ginter, 2012). According to the principle cost must be passes from a function of organisation, if not then it will not consider as a total cost of services.  Cost is charged after its incurrence: A cost which is not incurred in production process, will not be charged from the customers. For example: in company wastage are born by the production process which is normal loss for the firm but it is not considered in total cost of production.  Double entry principle: Every financial transaction had a double entry system which helps the management in reducing error at the time of preparing cost sheet. The system is important for preparing proper and correct cost sheet where all the costs are controlled by managers.

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 Past cost should not include in future cost: As per the principle, past costs of the company are not to be included in the future cost (Conway, 2013). If firm will include past cost in the future then it will lead to increase cost and price of products and services.

Business control system to manage financial resources is such as follows:  Procurement process: It is a system to obtain and purchase various equipments for business to produce goods and services. Example of the process in health care business is purchase of medical equipment which is a raw material for the firm.  Management control system: It is a system for controlling and managing financial resources where management control costs as well as expenses. In present sector, Cost of one resident per month

Amount (in £)

Average variable cost per month

£1200

Fixed cost per year

£900000 per year

Fixed cost per month

£75000 per month

Total cost per month

£76200

Number of beds

65

Cost of one resident per month

£1172.31

Procurement process: This is the process in which the company buys goods and services as a raw material in order to produce finished products and services is identified as a procurement process. In this, there are mainly three steps such as requirements of goods, tendering process and then selection with help of negotiation.

Management control system (MCS): It is a process which is used by the health and social care companies to evaluate performance of the firm. With help of MCS, the company is highly able to know performance of various kinds of organisational functions and resources.

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Different organisational resources are such as physical, human, production, operation, financial etc. and by this it able to know that all the resources are whether meet goals and objectives of the firm or not.

1.2 Identification of information for successfully manage financial resources The management need various information to control and manage financial resources which lead to increase profitability of the firm (Farmer and et.al., 2012). In healthcare business, various needed information are such as below:  Direct costs: Costs which are directly incurred in the production process are known as a direct cost. In the healthcare business, examples of direct costs are purchase of equipments, labour costs, laboratory testing etc.  Indirect costs: A cost which not directly incurred in production process or to produce goods and services known as a indirect cost. . For example: rent of building, loss of productivity, administrative costs, depreciation on equipments etc.  Variable costs: Variable costs are those which fluctuate with production volume in the business. For example: therapeutic suppliers, wages to kitchen staff etc.  Fixed costs: The costs are not varied with the output level are known as the fixed costs.

Example of fixed cost in health and social care firm are such as salaries, maintenance expenses, utilities etc (Lee and Lam, 2012).

Short term goals are those which are framed to achieve within short period while long term goals are achieved in long time or once in a business. Long term goals of the firm are achieved with help of short term goal in a health care business. . Hence, with help of short term goal, company is able to attain long term goal of business.

1.3 Explanation of regulatory requirement for managing financial resources To manage financial resources, there are various regulatory requirements for managers.

The regulatory requirements are given as below:  Meet tax deadlines: When management fulfils its tax obligation and before deadline then it is able to manage finance very properly and effectively.

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 Keep up-to-date accounting records: Recording all accounting and financial transactions on daily basis by which financial resources can be management effectively (Ledgerwood, Earne and Nelson, 2013). In health and social care business, daily transactions are such as medicines, patients admitted, drugs etc. are examples of day to day accounting records.  Day-to-day costs: Cost is sensitive factor of a business and company need to analyze day to day costs which help to manage resources efficiently. It is key requirement of the management to analyze and evaluate total costs by which financial resources are managed.  Develop a system of risk management: To manage financial resources, the firm have to develop proper and effective system to manage risks.  Adopt fair pricing policy: Fair prices of products and services are help to increase more number of consumers by which financial resources will enhance.

(Lodha, 2016). The

company's financial performance will increase which will enhance the financial resources.

Hence, company have to adopt fair policies of pricing by which financial resources can be managed in an effective manner.

Internal Auditing: Internal auditing is done at the company level where day-to-day transactions are evaluated. All the rules and regulations of internal audit are set out by the organisations and for that company are required to pay cost. Main purpose to conduct the audit is to analyse, evaluate and improve risk management of the company which can enhance performance level.

External Auditing: External auditing is conducted by the external party that is government and it is done on an annual basis. The auditing system is conducted for the purpose of statutory. . As per the auditing, all the rules and regulation of government required to be followed by the organisation (Caplan, 2014).

1.4 Evaluation of computer software for manage financial resources Computer software plays a significant role to run the company smoothly and manage the business effectively. To manage financial resources, there are various software

such as

management control system, enterprise resources planning etc. The management is able to enhance financial performance by managing resources in an effective manner with help of the software. Various advantages and drawbacks of computer software as given as below: Avail the Best Human Resource Dissertation Topics Ideas from the Writers of Instant Assignment Help at Affordable Price.

Advantages:  Computer software are helpful to record daily financial transactions in a simple way.  It is helpful to prepare proper plan to run business smoothly.  When calculation is done from software then it will reduce errors which have occurred historically in the business.  Financial statements and reports are prepared very properly by software which helps in managing financial resources.  It helps to make payments efficiently in the business.  With software manual processing is reduced and all the transactions and data are automatically recorded in the statements.

Disadvantages:  Main drawback of using software is that, it increases cost because paper based system incur fewer costs in comparison to the software system.  Another drawback is that, management fear of losing data due to hacking system and computer viruses.  Fraud can occur in business if the company is not able to secure software which they are using for managing financial resources.

Conclusion: It can be concluded that software are helpful to the managers for preparing financial accounts as well as for keeping record of the business transactions. But on the other hand, cost will increase as well as data can be disclosed and hacked.

Open Accounts: It is a one type of open software in which the management is able to record all the transactions in a proper manner at the free of cost. By this, the firm is highly able to know financially performance of the company.

Advantages:  It is created as well prepared by the highly skilled and talented people or engineers.  The software is cheaper in comparison to other accounting softwares.

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 It helps to the firm for become more flexible and reliable for the management.

Disadvantages:  The open account software does not provide extensive report to the management.  It is not user friendly software.  In such software, there are no commercial versions.

Cool care: It is also one of the most used software by the new care home which helps to manage accounts and financial resource in a proper way.

Advantages:  Helps the new care home to manage financial resource.  By this, it is able to allocate financial resource in an adequate manner to the every organisational functions and activities.  Along with this, it is beneficial for the firm to control the extra expenses.

Disadvantages:  It takes higher cost by which profitability affects in a negative manner.  Required talented person who has knowledge about respective software and can run it easily.

CareSys: The software i.e. CareSys is the complete and highly effective technology for the health and care services firms. In this, the company is able to apply all the systems for operating the firm in smooth way. The software includes various models and gives information about time and attendance, finance, HR, Payroll of employees, income and expenses, care scheduling, maintaining equipments in a proper manner etc.

Advantages:  It provides proper and reliable information of each and every sector of the care home.  It is cost effective software by which the firm do not bear extra expenditures.  It helps in growth of the firm and interacts with various databases.

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Disadvantages:  Highly skilled and technical employees is required who takes higher wages and salaries.  Further, management are afraid from losing data if hacking system is used by the hacker.

TASK 2 2.1 Discussing different sources of income for new care home In every business, income is a compulsory part which is earned by several sources.

Different income sources are as below:  Public: Income is generated by public sources in health and social care organisations. It includes sources such as government, commercial banks, financial institutions etc.  Voluntary: Other sources of income are voluntary where various charitable trusts, angel investors etc. are involved (Borgelt, Anderson and Illes, 2013).  Private: Private sources of income are helps to new care home in order to raise capital.

The sources are such as organisations operating on large scale, private banks etc.  Sales: the main and key source of income for the new care home is selling of the services offered to the customers. Further, by selling the care services the company is able to generate sales and revenue of income in the company.  Capital gains: The company is able to earn income from capital which is gain in its business. The new care home can use the profit and capital which is gain in the business process is to be utilized for investment which provides return that is income for the firm.  Investment: As per the source the management or new care home make an investment in different available avenues. The investment lead to provide profit and return which is one type of income for it.  Royalties: Another source of income is royalty which is earned by the company in order to provide creative, innovative as well as differentiate services compare to its rivalry firms. Hence, it is also the best source of income.

2.2 Factors affects to availability of financial resources In a health and social care home there are various factors which influence to the availability financial resources. The several factors are given as below: Avail the Best Human Resource Dissertation Topics Ideas from the Writers of Instant Assignment Help at Affordable Price.

 Government funding: It is a financial resource which help to non government agencies and companies in terms of funding. It helps to the business in order to raise fund as well as it influence to financial resources in positive manner. In order to this a fiscal policy is to be used by government where taxation and various rules and regulations are settled by government. It provides fund to the respective firms which lead to increase capital investment and revenue as well as company able to provide more number of facilities to the consumers.  Priority of the project: As per the factor company or government give priority to a project which is the most important (Mistarihi, Hutchings and Shacklock, 2013). When finance will be allocate to that particular project then overall financial resources are influenced. For example, in health care sector there are two projects such as replacement of new medical equipment and another is renovation of building. Here first project is important so fund will be allocate to this which lead to affect finance for another project.  Private funding: It is not necessary that all the health and social care enterprises are raising funding through only government, instead of this company raise fund from several private sources as well. It influences to availability of finance in the business in a positive manner and helps to entity for capital investment. Examples of private funding are such as New Wave Ventures company, Aberdeen private equity fund limited etc.  Social deprivation index: Deprivation means area which are not developed and government has to give fund for develop that area which influence to financial resources of social companies (MacDonald, 2012). It impacts to health care business in negative term because fund which has to allocate firms, is given to undeveloped geographical areas. Hence, the financial resources are greatly affected by social deprivation index.

Most deprived areas of the UK are such as Oldham, Walsall, West Bromwich, Liverpool, Middlesbrough etc.

2.3 Different types of budget which are applicable to residential care In financial term there are different types of budget which helpful to management in order to forecast income and expenses for upcoming years. Various budgets are such as below:

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 Cost centre: It is a type of responsibility centre in a business which plays a significant role to analyse costs of production. Manager of the cost centre is responsible for different types of cost incurred in an organisation to produce goods and services. In a budget cost and expenditures are included and prepared on the basis of past financial data in residential care firm (Simmons and de Jonge Oudraat, 2012). The manager is not responsible for revenue generated by firm as well as using assets to generate sales. From the responsibility centre budget data and actual data both are compared and analysed that whether firm is performing well in the industry or not. Both profit and cost centre are interrelated in business which are responsible for cost and profit, incurred and generated by management respectively. Examples of cost centre are such as research and development costs, accounting department, IT department etc.

Advantages:  The cost centre helps the new care home to derive total cost of production and services process in proper manner.  With help of cost centre price is decided of products and services and helpful for profit centre.  Helps to improve management and control over the costs and expenditures.

Disadvantages:  Lead to enhance paperwork as well as burden on the administration department.  By this the company is unable to allocate financial resources and overheads effectively.  Project management: It is a process of planning, organizing, controlling as well as closing the work to achieve particular goal and objective of the business. It is very important tool in order to prepare and analyse budget by which health care organisation can know financial position for upcoming year. It has majorly three elements which are given as below: Advantages:  It helps the new care home services to make effective plan for completion of project as well as particular objective.

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 By the project management, the company is able to reduce total time duration for complete the project.  Firm able to deliver services in more effective manner.  Helps to increase satisfaction level of consumers.

Disadvantages:  Cost is to be increase which is unable to afford by some companies.  Highly talented and skilled employee are required who have specialization in project management.

The base cost estimate: The element is related to various costs which are incurred to produce goods and services (Bahn, 2015). In order to this component there are basic four types of costs such as direct cost, indirect cost, variable cost and fixed cost.

Contingency: Another component of project management is contingency where some amount of money is kept as reserve to respond risks and uncertainty occurred in business. Risks as well as uncertainty are can be occurred or possible but unable to predict for particular risk.

Management reserve: It is sum of an amount which keep aside in business for purpose of control the management.

Outsourcing: It is process in which the company takes help of external sources or companies to complete the tasks. It transfers the tasks and works to another party rather than doing such task on internal basis.

Advantages:  It helps the firm in order to reduce cost of production.  Helpful for complete tasks in an appropriate manner.  By outsourcing firm able to take help of expertise and experiences employees.

Disadvantages:  Hidden costs are to be incurred which beard by the firm.  Problems occur in terms of quality.

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 Control over the management is diluted with external party.

2.4 Evaluation of decisions regarding expenditure for residential home As per the view of Patterson, Grenny, McMillan and Switzler to make decisions related to various expenditure there are some common ways, which are enumerated below:  Command: It is a style of decision making related to expenditure in a business of health and social care. In this the decisions are taken by the top manager of firm and not involve to any other junior managers or employees. According to the command decision is to be made by a manager only which is sometimes good but not better for employees.  Consultant: It is process where decision maker consult with employees and junior managers of the firm and take several ideas. Consulting is an effective process of decision making because here manager of residential care firm is able to know different ideas and opinion from others which more helpful to take decisions for expenditures.  Vote: Another style of decision making is voting, where decision maker organize a voting system to get opinions of the employees as well as consumers in residential home. The method is a time saver and provide proper informations in order to make decisions effectively.  Consensus: As per the method manager is discussing with employees until all are come and agree to a particular decisions (Jansen, Simsek and Cao, 2012). When all the employees are not at a one point then decision is not made, in that situation he discusses and come to at a decision.

Hence, from the above mentioned various styles of decision making manager of residential home is able take decision related to various expenditures incurred to offer services to consumers.

TASK 3 3.1 Cash budget for next three months and financial shortfalls Cash budget is a budget which indicate cash inflows and outflows for upcoming years and very helpful for management. It helps to management in order to determine that whether company is able to achieve budgeted data or not. The budget is important for managers in Avail the Best Human Resource Dissertation Topics Ideas from the Writers of Instant Assignment Help at Affordable Price.

variance analysis where budgeted data are compare with actual data (Durst and Wilhelm, 2012).

Cash Budget October (in £) November (in £) Cash Inflows

Particulars Monthly allocation from government Self generated income Total cash inflows Purchases (Cash) Purchases (Credit) Prepaid rent Labour cost Other Expenditure Repayment of bank loan Furniture and kitchen upgrade Semi annual insurance cost Total Cash Outflows Net Cash Flow (Deficit or surplus) Opening cash balance Closing cash balance

150000 20000 170000 Cash Outflows 50000 20800 56000 14000 10000

December (in £)

155000 38000 193000

170000 46000 216000

60000 18000 60000 10000 10000

65000 24000 54000 15000 10000

23000

-

-

173800

20000 178000

168000

-3800 14000 10200

15000 10200 25200

48000 25200 73200

Cash budget for next three months ending December on the basis of given data is as follows:

From the above cash budget it can be interpreted that cash inflows and cash outflows are consistently increases and fluctuated respectively. In the present case government is allocating fund on monthly basis in increasing pattern. In the month October fund allocation by government is £150000, in the month November £155000 and in December fund allocation is worth £170000.

On the other hand in cash inflow, income is generated by company itself is worth £20000, £38000 and £46000 in the month ending October, November and December respectively.

Financial shortfalls is in month October is worth £3800 which is unfavourable situation and impact to adversely on the business.

To reduce and manage financial shortfalls company should review all the necessary expenses and bills which paid, manager should include all expenditures related to business, Avail the Best Human Resource Dissertation Topics Ideas from the Writers of Instant Assignment Help at Affordable Price.

should collect all the debts, loans. Apart from this it should sell the stock or inventory which is easily convertible in cash and not used to generate sales.

3.2 Explanation in case of suspected fraud Fraud is a type of criminal deception done to earn money by deceiving people as well as manipulate accounting and financial statements. It is a deceitful practice where managers are intended to gain financial and personal by deceive others. From this goodwill or brand image of the firm is affected in negative manner. There are various types of frauds such as financial, accounting, personal, scam, cheque, insurance etc. In case of frauds she can use various ways by which it overcomes and reduce in upcoming years. In a residential care home when fraud is suspected then manager needs to analyse all the information as well as all financial statements that is there any activity is going in a wrong direction or not. She requires analysing accounting and financial transactions to measure reliability of every treatment (Barquet and et.al., 2013). It is not necessary that maker of the statements are checker of that, in this manager needs to appoint a person who can analyse and check the transactions which lead to reduce number of frauds. To identify evidence of suspected fraud she needs to analyse that where and due to which reason fraud is occurs. In the residential home fraud can be suspected by kitchen manager, to reduce this fraud she requires using CCTV cameras in kitchen. She needs to make positive changes to prepare financial aspects as well as she requires securing the data of company. Data are steal and hacked by employees and hackers by which situation of fraud occurs, so security will be very helpful to reduce frauds in residential care. Hence, from the above methods she can overcome from suspected frauds and detect evidences of frauds.

In order to this there are other methods which are helpful to overcome frauds which occur in the firm. The techniques and methods are such as follows:  Check the books of account on the regular basis.  Review and evaluate financial data and transactions of the firm over the specific period of time.  Establish and formulate effective policies for purchases on credit.  Needs to use various fraud assessments.  Provide information related to the fraud system to the employees.

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 Requires to safeguards and passwords.  Along with this she must use to check background of workers and employees.  She should make sure that procurement process is better or not and are there any obstacles.

3.3 Suggestion and evaluation of methods for monitor and control budget Budgeting control is process where actual data and budgeted data are compared and analysed that there is a deficit or surplus. In residential home and business of another sector budgeting is an important process to control and evaluate cost of production. There are various ways by which management can control and monitor budgeting process in firm. Several methods are given as below:  Variance analysis: It is a method used to compare budgeted data with the actual data in a business (Van Asselt and Zelli, 2014). As per the process the manager can analyse that whether a company is able to meet expected data and achieve objectives or not. When variance is in adverse situation then management able to take corrective actions and formulate effective strategies by which budget can be control. It is widely used method to evaluate budget and analyse about the forecasted and actual data.  Forecasting: Another method of monitoring and controlling a budget is forecasting where management forecast business performance for upcoming years. Data are forecasted on the basis of past performance of the firm and past financial data. As per the method project manager is able to reduce problems in future which are occurred in the past, it will lead to control the budget in future years.  Performance review: As per the method budget is analysed that it is going in a right direction or not. If any problem is happened then corrective action can be taken by management by which budget can effectively control and manage. It will help to the organisation to improve performance of the business in industry where it operates (Martins, 2014).

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TASK 4 4.1 Identifying information for purpose of decision making in order to offer level of services Decisions in a business are cannot be made based on guessing and thinking, there should be a proper information as well as valid data. Level of services are measure in terms of quality offered by a residential home to consumers. Informations which are needed in order to make decision for offer level of services are enumerated below:  Management accounting: It is a process to prepare financial and accounting statements which provide accurate and proper financial informations to the management of residential home. With this she is able to know financial condition of business, when financial condition is strong and profitable then better level of services will be offered to consumers. On the other hand if the firm is not able to earn higher profit then level of services are not better. Hence, from the financial informations she is able to take decisions for offering level of services.  Regulators: Various regulatory bodies are there which set rules and regulation for residential homes (Hendrick and Crawford, 2014). Role of the bodies are to check quality of products and service offered by her, check level of services and analyse about food etc.

If authority body is set a benchmark for service quality and level then she must follow that rules. Hence, on the basis of regulatory informations decisions are made to provide residential services to the consumers.  Current and projected demand for service: Another information is related to demand of consumers where she should identify about present as well as future demand. On the basis of forecasted demand, decision is taken for offering service level to consumers.  Sources of income: As per the information when sources of income are high in the care home then high level of services will be offered while if income is low then service level will be impact in negative manner (Edwards and et.al., 2013). So, source of income is also important information while making decisions of provides quality of services and products.

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4.2 Analysis of relationship among services, costs and expenditures Costs, expenses and level of services are interrelated in every business which are linked with various elements such as follows:  Pricing policies: Pricing policies of services offered by residential home are set with the help of costs and expenditures incurred to produce the services. If costs and expenditures are high then price will be increases as well as quality of services is also helps to determine prices. Cost and expense of products and services are related with quality and level of services, when cost is low then quality is provided better. On the other side cost is high then level of good quality is not offered to consumers.  Accountability: It provides facts and figures of financial position to management of the residential care home (Wright and et.al., 2014). As per the analysis costs and expenses are recorded and analysed by which managers can know financial performance. It helps to determine level of services offered by the business where these all three elements are considered and interrelated.  Transparency with stakeholders: Customers are one of a stakeholder of business and in present case these are plays a significant role to enhance level of financial performance.

As per this customer expect that company will provide better quality of services by which cost and expense to produce service will increase.

Moreover, it can be said that in a residential care cost, expenses as well as level and quality of services provided by it, all are interrelated with each other.

4.3 Evaluation of impact on individuals of financial considerations Company needs to evaluate about various factors which affects to financial considerations of a particular resident home (Berger, 2015). Several factors are given as follows:  Quality of service: One of the most important factor is quality of services provided by a residential home. The factor is affects to the company in positive manner, because better quality is always attracted to more number of consumers which lead to increase sales of the firm. Apart from this price of better quality are high by which financial performance will be increases. When sales and prices both are high then it leads to enhance profitability and financial performance of the firm.

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 Access to service: It is a significant concept in health and social care sector which refers to enter of new products and services. Under this factor company increase number of services and enter with new services in same industry then more capital require but on the other hand more customers attract toward new range of services. This factor will increase profitability and influence to financial consideration in positive manner in a resident home (Westland, 2011).  Change in staffing levels: Staffing policy is different in every company which help to achieve objective and goals of the firm. High and better staff level works very efficiently and productivity also good by which production level is affected in terms of positive.

Furthermore, highly skilled staff is also able to use technologies and produce better quality of services. When a resident home recruit skilled staff then quality will increase and costs will decrease ultimately financial position enhance and impact on financial consideration in positive way.

4.4 Recommendations which are helpful to improve services Every company want to increase number of services and achieve goal of profit maximization. For this organisation have to use various strategies and prepare effective plan. In order to enhance services recommendation to the mentioned firm are given as below:  Reassessment of expenditure: To improve expenditures for generating more number of sales company should analyse every cost and expenses which are occurred while producing services (McConaghy, 2013). In order to this company should increase quality of services and provides luxury products or services by which consumers are expenses more to purchase the goods and services.  Assessing value of money: As per this component, residential company should analyse and evaluate value of money in a business as well as it should estimate nature of services and products offered by the firm. From this the organisation is able to increase sales and money which lead to evaluate value of monetary. The company should check on specific period that whether value of price is up to which extent in the company.  Costs and unit estimations per head: It is an important term where the business entity is calculated which incurred to produce one unit. From analysing this the firm able to Avail the Best Human Resource Dissertation Topics Ideas from the Writers of Instant Assignment Help at Affordable Price.

determine price of particular product and service (Kopitin, 2013). In order to this company should take review of financial accounts and transaction as well as ensure that there is not any fraud or manipulations in statements.  Management consultants: Every business want to improve management condition to enhance level and number of services as well as manage overall firm effectively. In order to this a residential home should hire a consultant who suggest to that what have to do for improving management. On the basis of this company able to formulate proper strategies and improve financial performance as well as services.

CONCLUSION From above mentioned it can be summarized that various principles of costing and regulatory requirements are helpful to manage financial resources in health and social care sector.

There are several sources of income and budgets which important to make effective plan to run a residential care smoothly. It can be interpreted from cash budget is that, company is not able to achieve budgeted value in the month October, for this it should analyse necessary bills, expenses, should sell unused stock as well as easily convertible in cash etc. To control and monitor budget the company should use variance analyse, EVM tool etc. From last task it can be articulated that different informations are considered while make decisions for providing better services to consumers. It can be concluded that various factors which highly affect to the financial considerations of a residential home.

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REFERENCES Books and Journals Bahn, S., 2015. Managing the well-being of temporary skilled migrants. The International Journal of Human Resource Management. 26(16). pp.2102-2120.

Balas, M. C., Casey, C. M. and Happ, M. B., 2012. Assessing and managing critically ill older adults: Resources for educators and clinicians. Journal of gerontological nursing. 36(7). pp.27-35.

Barquet, A. P. B. and et.al., 2013. Employing the business model concept to support the adoption of product–service systems (PSS). Industrial Marketing Management. 42(5). pp.693-704.

Borgelt, E., Anderson, J. A. and Illes, J., 2013. Managing incidental findings: lessons from neuroimaging. The American Journal of Bioethics. 13(2). pp.46-47.

Caplan, M. A., 2014. Financial coping strategies of mental health consumers: Managing social benefits. Community mental health journal. 50(4). pp.409-414.

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