Managing Financial Resources in the health and Social Care Essay

Managing Financial Resources in the health and Social Care - Essay usageThey volition also provide residential support, transition program, visual therapy, special needs education etc for teenaged people and children. This musical arrangement also has to manage its financial resources to provide such kind of services consistently.thither are few principles of be which significantly exist in the financial management. Care Tech Holdings PLC has to hold fast and apply such principles in their costing activities. If they are unable to reduce the cost or to take in the cost then they never will face the financially healthy situation within the organization. For this creator they cannot take better go-aheads in their activities and cannot help more adults and children. These principles are in general helping whatsoever organization to plan their activities in a systematic way. Break even analysis is one of the important principles among the costing method (Brayley and McLean, 20 08). By applying this method the organization can get information that at which level the participation meet all its costs and expenditure and started to earn profit for further investment or refinement of business. This is generally indicating a point at which the company can recover all its fixed and protean expenses. Minimum cost analysis is another principle to control the business activities. It is generally based on the assumption and prediction before starting a business or before starting any new financial year or before taking any kind of new initiative by the organization. What will be the minimum fixed and variable cost that has to be analyzed and how much revenue can be generated from those particular business activities that also have to be analyzed. If the revenue will be higher than the anticipated cost then the initiative will be granted. This method is generally used as a guideline to operate activities in an efficient way. If the mentioned company will take pl ace these principles then it will never face any kind losses and always can maintain