The budgets help an organization to pre-set its financial targets relating to expenditure and income for a particular period. These are the sources that are not considered as the main sources of generating income for the organization.
There should be proper monitoring systems present in Care Tech. Task 3 Assuming there was financial shortfall in CareTech PLC; explain how this situation could be managed Financial short falls are regarded as harmful for an organization.
The organization is required to manage its financial resources in order to avoid any financial short fall.
For this the regular monitoring system should be arranged in order to revise the figures which are incorporated in the budgets. Chances of frauds should be highlighted as soon as possible. At the end of such period the business compares its actual performance with the budgeted one in order to evaluate the performance of the business.
There is required to be present a proper internal and external auditing system within the organization. Budget monitoring should be done in all departments and every fund source group in the organization.
In general, income is regarded as the revenue earned by an organization during a particular time period. There should be proper whistle blower mechanism present at Care Tech to detect fraud at an earlier stage McDougal, Periodic review of a budget report provides an important check that funds are being used appropriately to achieve unit objectives, that transactions are being recorded accurately, the Mfrd 1 governed by external restrictions are being appropriately utilized.
While keeping an observation upon the costs of a concern the managers are helped to detect the conflicting areas of the observation process.
The organization should take proper initiatives to reduce its cash flows and increase its cash inflows. Explain what action you would take if you suspect occurrence of financial fraud in your organisation There are several cases of financial frauds found in different organization.
The below are the principles of budget monitoring and controlling the system. The policies framed by the organization to prevent fraud should be followed at such situations.
Costing and management accounting system: The business should analyse the market condition, as by doing so it will be able to find out the opportunities to make profitable investments and deals Linzer and Linzer, Analyse the factors that may influence the availability of financial resources in CareTech PLC The financial resources are very much helpful in making an organization function properly and their availability is entirely dependent upon certain factors that are presented below: This fulfils the overall budget of the organization Comparing actual spending with the budget: This makes the organization to identify the areas where extra spending done and based on that further action will be taken to control.
Reserve funds are kept to counter the situations of financial shortfalls.
A master budget includes various budgets formed in a business such as sales budget, cash flow budgets, capital budgets etc. Auditing helps as a check relating to the management of the financial resources of the organization. Thi targets enable Mfrd 1 budget owner to know whether they are meeting the internal budgets on a regular basis.
Policies of the organization: In order to monitor and control the spending the key task of the budget owners is to compare the actual expenditure in the business with the budget expenditure. The form of the entity decides the financial resources that the entity will receive.
The general sources of income for Care Tech are the sources through which the business earns income in the ordinary course of business, such as provision of accommodation, mental health care etc.
In Care Tech the budget formed by the organization can be monitored in the following ways: A cash flows budget helps in increasing the cash inflows and controlling the cash outflows of an organization.
The cost and management accounting system is help full in keeping the cost record of the organization so that the organization can control its cost and manage the financial resources present within.
The budgeting helps in managing the financial resources of the organization as it sets the future targets of the company in relation to cost and revenue of the organization thereby it helps in proper utilization of the financial resources. Controlling the financial resources: There are various factors to control and manage the financial shortfalls; however they vary from organization to organization.Multi-Function Radar Display Do More With Less We make it easy and economical to upgrade your aircraft with our open architecture multifunction radar display (MFRD).
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In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading/5(3). Unit 2 MFRD Assignment – Care Tech Holding PLC. Introduction. The health care industry has become a financially strong industry at present.
The industry has made incredible developments in recent years and has become a mentionable contributor to the GDP. It was just after 1 a.m. when firefighters responded to the vicinity of Dauphin Island Parkway and David Drive, as passers-by reported heavy smoke in the area.
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