Managing Financial Resources

should collect all the debts, loans. Apart from this it should sell the stock or inventory which is easily convertible in cash and not used to generate sales.

3.2 Explanation in case of suspected fraud Fraud is a type of criminal deception done to earn money by deceiving people as well as manipulate accounting and financial statements. It is a deceitful practice where managers are intended to gain financial and personal by deceive others. From this goodwill or brand image of the firm is affected in negative manner. There are various types of frauds such as financial, accounting, personal, scam, cheque, insurance etc. In case of frauds she can use various ways by which it overcomes and reduce in upcoming years. In a residential care home when fraud is suspected then manager needs to analyse all the information as well as all financial statements that is there any activity is going in a wrong direction or not. She requires analysing accounting and financial transactions to measure reliability of every treatment (Barquet and et.al., 2013). It is not necessary that maker of the statements are checker of that, in this manager needs to appoint a person who can analyse and check the transactions which lead to reduce number of frauds. To identify evidence of suspected fraud she needs to analyse that where and due to which reason fraud is occurs. In the residential home fraud can be suspected by kitchen manager, to reduce this fraud she requires using CCTV cameras in kitchen. She needs to make positive changes to prepare financial aspects as well as she requires securing the data of company. Data are steal and hacked by employees and hackers by which situation of fraud occurs, so security will be very helpful to reduce frauds in residential care. Hence, from the above methods she can overcome from suspected frauds and detect evidences of frauds.

In order to this there are other methods which are helpful to overcome frauds which occur in the firm. The techniques and methods are such as follows:  Check the books of account on the regular basis.  Review and evaluate financial data and transactions of the firm over the specific period of time.  Establish and formulate effective policies for purchases on credit.  Needs to use various fraud assessments.  Provide information related to the fraud system to the employees.

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