Explain the importance of effective financial management

Assignment Help Other Subject
Reference no: EM132333708

Manage Finance within Own Area of Responsibility in Health and Social Care or Children and Young People’s Settings

Unit summary

The purpose of this unit is to assess the learner’s knowledge, understanding and skills required to manage finance in own area of responsibility in a health and social care or children and young people’s settings.

Learning outcomes

1 Understand financial management in own work setting

2 Be able to plan budget requirement for own area of responsibility

3 Be able to manage a budget

4 Be able to evaluate financial expenditure within own area of responsibility

1.1 Explain the importance of effective financial management systems within own work setting

1.2 Outline sources of funding that are used to construct the budget for own work setting

1.3 Outline the roles, responsibilities and accountability of all those involved in financial management of the budget for own work setting

2.1 Work with others to calculate the financial resources required to meet objectives within own area of responsibility

2.2 Communicate budget requirements within remit of role and responsibility to inform overall budget build

2.3 Analyse the impact of an insufficient budget on service delivery

2.4 Work with others to prioritise budget allocation in own area of responsibility

3.1 Explain the financial management systems that are available to monitor budget for own area of responsibility

3.2 Agree roles and responsibilities of others in recording financial expenditure

3.3 Calculate planned expenditure over the financial period

3.4 Monitor actual spend against planned expenditure

3.5 Analyse variances between planned and actual expenditure

3.6 Implement corrective action to address any variances

3.7 Make revisions to the budget to take account of variances and new developments

4.1 Review actual expenditure against planned expenditure within financial period

4.2 Report findings from budget reviews

4.3 Make recommendations for adjustments for budget planning and management

Reference no: EM132333708

Questions Cloud

Describe the data governance techniques : Organizations are struggling to reduce and right-size their information foot-print, using data governance techniques like data cleansing and de-duplication.
What is homeostasis and what is science : What is science? What is the goal of science? What is homeostasis? What is a scientific hypothesis? List the six characteristics of all living things.
Impact of the changes to the organisation : Write your research paper, you will be addressing it to the specific situation of your organisation. However, imagine that you would want to publish.
Describing your first experience with a computer : Using a Microsoft Word document, please describe your first experience with a computer and with use of the internet. Minimum 250 words.
Explain the importance of effective financial management : 042-T/602/2753-Manage Finance within Own Area of Responsibility in Health and Social Care or Children and Young People’s Settings.
Determine what is needed to support the two organisations : Address how these two organisations can improve business operations by changing their communication systems and network elements and by adopting new network
Max tried new fertilizer called supergro on his garden : Max tried a new fertilizer called SuperGro on his garden. He said, "I used it on all my tomato plants, and they grew much better than they did last year.
Control the flow of energy within an ecosystem : Which you discuss how organisms are able to control the flow of energy within an ecosystem. cellular respiration play into the energy flow.
Brief analysis of the luxury market in india : Question - To undergo a brief analysis of the luxury market in India and how it is working in the automotive segment

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd