Managing Financial Resources in Health and Social Care Essay

Managing Financial Resources in wellness and Social Care - Essay ExampleThe essay presents how various aspects of financial resources should be managed in wellness and social care. It is the responsibility of the management to ensurethat funding is available to meet the daily needs of the organization. In the occasion of events, finance may be needed in order to invest in equipment stocks, pay employees, equipment and put up for sales made on credit. If not well taken care of, sources of finance may curio up dry this may make an institution to be in financial jeopardy. Financial domination plays a critical role in helping the business meets its objectives.As a manager, my role is to ensure that only these are achieved. Financial shortfalls arise when an organization cannot pay its bills on time due to lack of cash. As a manager I have been oriented to be proactive about financial shortfalls small-arm upholding an account for contingency all the time. Through review of BUPAs cas h flow for the last cardinal months, the gild is capable to determine the cash flow in terms of expenditure and income this aids the community in reserving cash needed for purposes of expenditure for the subsequent six months. After realizing the comp whatsoevers assets, the company has a well-planned schedule on how to pay its suppliers to avoid conflicts with respective suppliers. The company also encourages early payments from the guest by offering discounts on such payments this increases the chances of early cash availability. Payment of suppliers on a schedule basis helps the company to avoid shortfalls since suppliers get their due especially when the funds are available. Fraud is an self-evident threat to organizations resources and therefore must be a concern to all employers and employees indoors a specific jurisdiction (Petrucelli 2002). In the event of fraud, managers are expected to set good drill by conforming fully to procedures and controls. As a manger, quick action is necessary to avoid any further loss bearing in mind that this is just an allegation and until the outcome of investigation is determined. proceeding and preservation of evidence to a safe place or location is vital where practicable. Both cozy auditor and director of finance are supposed to be notified. Prompt and vigorous investigation should be carried out after that, report findings should be forwarded to both internal auditor and director of finance. If possible ask with the appropriate departments concerned or involved. Notification to security agents should be carried out by the manager following(a) consultation with the executives of the BUPA at National Director Level. As some may put it, coming up with a reckon may be easy, sticking to it is the hard part. A well planned budget has little no impact without willpower and close monitoring (Amey 1979). A system for recording expenses and producing reports should be in place. As a manger, insisting on regular mo nitoring reports is way of ensuring that whatever was project in the budgets is followed to the latter. Through monitoring reports, it makes it easy to determine actual spending at a feature period of the month compared to what was projected in the budget. The level of expenditure should be documented and clear reports drawn from them the concerned departments should be informed so as to get their input on the same. The audit commissioning should review the reports. After conclusion, there should be immediate action taken