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Different organisational resources are such as physical, human, production, operation, financial etc. and by this it able to know that all the resources are whether meet goals and objectives of the firm or not. 1.2 Identification of information for successfully manage financial resources The management need various information to control and manage financial resources which lead to increase profitability of the firm (Farmer and et.al., 2012). In healthcare business, various needed information are such as below:  Direct costs: Costs which are directly incurred in the production process are known as a direct cost. In the healthcare business, examples of direct costs are purchase of equipments, labour costs, laboratory testing etc.  Indirect costs: A cost which not directly incurred in production process or to produce goods and services known as a indirect cost. . For example: rent of building, loss of productivity, administrative costs, depreciation on equipments etc.  Variable costs: Variable costs are those which fluctuate with production volume in the business. For example: therapeutic suppliers, wages to kitchen staff etc.  Fixed costs: The costs are not varied with the output level are known as the fixed costs. Example of fixed cost in health and social care firm are such as salaries, maintenance expenses, utilities etc (Lee and Lam, 2012). Short term goals are those which are framed to achieve within short period while long term goals are achieved in long time or once in a business. Long term goals of the firm are achieved with help of short term goal in a health care business. . Hence, with help of short term goal, company is able to attain long term goal of business. 1.3 Explanation of regulatory requirement for managing financial resources To manage financial resources, there are various regulatory requirements for managers. The regulatory requirements are given as below:  Meet tax deadlines: When management fulfils its tax obligation and before deadline then it is able to manage finance very properly and effectively.

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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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