Explain the importance of effective financial management

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

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