Managing Financial Resources in Health and Social Care

Managing Financial Resources in Health and Social Care Essay example
Masters
Essay
Finance & Accounting
Pages 10 (2510 words)
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ESSAY: FINANCIAL RESOURCE MANAGEMENT OF BUPA CARE HOMES By Name: Course: Tutor: Institution: Date: Introduction This paper delves on outlining and analyzing the how to manage the financial resources in the health and the social welfare. In this paper, BUPA Care Homes is our case study…

Introduction

Be very precise and detailed on the demands you want from each stakeholder, link stakeholders’ interest with your aims, and prioritize. In the BUPA report, they work with the government and other organization to aid in aligning the agenda and long-term policies. BUPA Company should involve all the stakeholders for the proper costing to be enhanced. (Baker 2007,pg.125).   The principle of consistency This principle needs the following of a similar procedure and in case of any change then an explanation to the effect is therefore ideal. BUPA Care Homes should ensure that the auditors follow similar steps in the preparation of the financial statements, without this, any change might make correct interpretation of the financial data impossible (Haldane 2011, pg 134). Principle of Transparency This principle states that for effective costing, it requires openness and honesty visibility in all transactions, ensuring that all information on procurement procedures, opportunities, and processes are well outline and publicized. In BUPA Care Homes, transparency is seen when the Directors read out the annual reports and the audited financial statements (Higgins 2004, pg 118). The materiality concept An item is considered material it affects the decision making process of the users. This is the case when the material is not stated correctly or it is omitted. ...
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