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 Past cost should not include in future cost: As per the principle, past costs of the company are not to be included in the future cost (Conway, 2013). If firm will include past cost in the future then it will lead to increase cost and price of products and services. Business control system to manage financial resources is such as follows:  Procurement process: It is a system to obtain and purchase various equipments for business to produce goods and services. Example of the process in health care business is purchase of medical equipment which is a raw material for the firm.  Management control system: It is a system for controlling and managing financial resources where management control costs as well as expenses. In present sector, Cost of one resident per month

Amount (in £)

Average variable cost per month

£1200

Fixed cost per year

£900000 per year

Fixed cost per month

£75000 per month

Total cost per month

£76200

Number of beds

65

Cost of one resident per month

£1172.31

Procurement process: This is the process in which the company buys goods and services as a raw material in order to produce finished products and services is identified as a procurement process. In this, there are mainly three steps such as requirements of goods, tendering process and then selection with help of negotiation. Management control system (MCS): It is a process which is used by the health and social care companies to evaluate performance of the firm. With help of MCS, the company is highly able to know performance of various kinds of organisational functions and resources. Avail the Best Human Resource Dissertation Topics Ideas from the Writers of Instant Assignment Help at Affordable Price.

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Managing Financial Resources  

Various principles of costing and regulatory requirements are helpful to manage financial resources in health and social care sector. Read t...

Managing Financial Resources  

Various principles of costing and regulatory requirements are helpful to manage financial resources in health and social care sector. Read t...

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